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M&M reported volumes of ~60k units, up by ~12% YoY

ICICIdirect Research 02 Jul 2026 DISCLAIMER

News: In tractor space, M&M reported volumes of ~60k units, up by ~12% YoY while Escorts Kubota reported healthy 19% growth at ~13k units.

View: Industry is expected to grow single digit in FY27E amidst high base of FY26 and forecast of below normal monsoon in 2026 at 90% of LPA (IMD forecast)

Impact:Neutral

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