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Anand Rathi Report
Q1 core income was in line with estimates, but lower provisions led to M&M Financial Services Ltd.’s earnings beat.
On its strong parentage, healthy growth and potential for improvement, we retain our Buy rating.
We raise our FY26E. At our higher target price of Rs 340, the stock would trade at 1.7 times FY26e book value (earlier 1.6 times FY26e).
Risks: Higher slippages, less-than-expected loan growth.
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