Brokerages maintained a broadly stable outlook on Mahindra & Mahindra Financial Services (M&M Fin) following its September quarter performance, pointing to improving margins and resilient asset quality even as loan disbursements showed uneven traction across segments.

CLSA kept an ‘Outperform’ rating and raised its target price to ₹350, highlighting that calculated NIM improved by around 20 bps sequentially (adjusted for higher trade advances) due to a 30-bps decline in cost of funds.

The brokerage noted that GS2+3% remained stable sequentially, unlike the deterioration seen last year, and said the lender continues to benefit from strong tractor financing demand.

Morgan Stanley remained more reserved with an ‘Equal-Weight’ stance and a ₹300 target. It flagged a 4% beat in core operating

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