M&M Shares (NSE:M&M) Gain Despite Goldman Sachs’ APAC Conviction List Exit

Mahindra & Mahindra shares (NSE: M&M) are trading higher today, gaining 1.29% into the closing hours of the session despite its recent removal from Goldman Sachs’ Asia-Pacific (APAC) Conviction List.

This shift in Goldman Sachs’ perspective, part of a broader reshuffle of its APAC Conviction List, raises questions about the near-term outlook for the Indian automotive giant, even as domestic analysts maintain a generally positive stance.

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Shares experienced a slight negative trend over the past week, fluctuating between ₹3,160 and ₹3,205 as shifting tariffs weigh on markets. However, this decline was buffered by overall strong performance, placing the stock near its 52-week high of ₹3,302.90, significantly above its 52-week low of ₹2,360.45. 

The removal from the APAC Conviction List coincides with the addition of Jardine Matheson (SGX: J36), listed on the Singapore Exchange, and Namura Shipbuilding (Tokyo listed, TYO:7014), decisions driven by expectations of efficiency gains and underappreciated revenue potential, respectively.

It is worth noting that Goldman Sachs added M&M to the list in November 2024, citing strong SUV order backlogs and upcoming electric vehicle launches as primary growth drivers at the time. The reversal suggests a possible recalibration of these earlier expectations.

M&M’s last reported consolidated net sales for June 2025 stood at ₹45,529.19 crore, a substantial 22.33% year-on-year increase. This robust sales growth underlines the company’s strong market position. 

Despite the removal from the Goldman Sachs list, domestic analysts continue to recommend a “Buy” rating for M&M in the long term, reflecting confidence in the company’s fundamentals.

The removal from Goldman Sachs’ APAC Conviction List may introduce some near-term headwinds, but M&M’s robust fundamentals and positive domestic outlook suggest the company remains a significant player in the Indian automotive market.