New Delhi, Feb. 24 -- Mahindra & Mahindra (M&M) stock has been firing on all cylinders. From SUVs to tractors and electric vehicles (EVs), the company has positioned itself at the centre of India's mobility transformation. The stock has more than doubled in the last three years, rewarding investors who saw its potential.

But with competition heating up and the stock trading at historical highs, the next question is: can M&M sustain its dream run over the next three years, or is the best of the rally already in the rear-view mirror?

Breaking down M&M's growth story

Over the past five years, M&M's sales and profit have grown at a robust compound annual rate of 6% and 15%, respectively. More importantly, return ratios have been on an upsw...