Mahindra & Mahindra Ltd.

•

mahindra.comBSE: 500520NSE: M&M

Market Cap₹ 3,87,981 Cr.

Current Price

High / Low₹ 3,840 / 2,896

Stock P/E21.0

Book Value₹ 790

Price to Book3.57

Dividend Yield1.06 %

ROCE16.3 %

ROE22.0 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Automotive: 59.1% • Farm Equipment: 21.3% • Financial Services: 10.5%

AI Sector View

AI GENERATED

Automobile and Auto Components

Buy

Domestic auto demand remains strong across categories, with total vehicles registered up 27% YoY (2026-07), passenger vehicle sales up 14% YoY (2026-06), 2-wheelers up 23% YoY (2026-06), and tractor sales up 18% YoY (2026-07). Core demand is reinforced by vehicle sales of 395199 units (Jul/26) and car registrations of 457810 units (Jul/26), outweighing FPI outflows of INR -11826 crore over 3 months to 2026-08-31. The stance stays positive because fundamentals are stronger than positioning.

Confidence

74%

View full sector analysis →

PROS

Company has delivered good profit growth of 38.1% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 20.6%
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 37.0% YoY, showing strong momentum
Company has delivered good sales growth of 21.6% CAGR over last 5 years

CONS

Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.20x)
Free cash flow has been persistently negative
Growth is decelerating - 3Y profit CAGR (17.9%) trails the 5Y trend (38.1%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Automobile and Auto ComponentsAutomobile & AncillariesAutomobiles - Passenger Cars

Part ofNIFTY 50 NIFTYLARGEMIDCAP250 NIFTY AUTO NIFTY CONSUMPTION NIFTY100 EQL WGT

S.No.	Name
1.	MARUTI	12410.00	27.22	390173.59	1.13	3446.90	-9.11	52469.80	43.27	19.03	8.41
2.	M&M	3120.00	21.01	387981.00	1.06	5997.56	37.04	58187.57	27.80	16.29	18.79
3.	HYUNDAI	2175.00	35.70	176727.69	0.97	888.62	-35.10	16334.63	0.96	38.55	9.25
4.	TMPV	302.00	1.40	111223.32	0.99	859.00	-78.54	95799.00	-7.70	0.67	6.46
5.	MERCURYEV	41.75	158.53	793.14	0.00	1.56	-4.18	33.38	47.91	5.17	9.77
6.	HINDMOTORS	13.82	0.00	288.37	0.00	0.22	-94.71	0.00	—	53.69	—

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	33,892	34,436	35,299	35,452	37,218	37,924	41,470	42,599	45,529	46,106	52,100	54,982	58,188
	27,646	28,706	29,075	28,848	29,975	30,790	33,239	34,688	37,301	37,177	41,993	45,265	51,943
Operating Profit	6,246	5,730	6,224	6,604	7,243	7,133	8,231	7,911	8,228	8,929	10,107	9,716	6,245
OPM %	18.43%	16.64%	17.63%	18.63%	19.46%	18.81%	19.85%	18.57%	18.07%	19.37%	19.40%	17.67%	10.73%
	807	592	511	356	409	659	411	702	917	676	566	995	1,016
Interest	1,719	1,835	1,945	1,989	2,108	2,217	2,362	2,397	2,431	2,347	2,405	2,407	2,560
Depreciation	1,128	1,139	1,123	1,335	1,248	1,302	1,495	2,029	1,548	1,669	2,163	1,943	1,760
Profit before Tax	4,207	3,347	3,667	3,635	4,296	4,274	4,785	4,187	5,166	5,589	6,104	6,361	7,628
Tax %	18.64%	32.37%	25.50%	24.90%	25.02%	32.27%	30.67%	25.91%	24.54%	37.47%	25.35%	26.00%	21.38%
Net Profit	0	0	0	0	3,546	3,361	3,624	3,542	4,377	3,964	5,021	5,260	5,998
	31.50	21.07	23.86	24.71	29.44	28.43	28.51	29.52	36.58	32.90	41.85	41.77	48.80

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	83,773	92,094	1,04,721	75,382	74,278	90,171	1,21,269	1,38,279	1,58,750	1,97,793	2,11,375
	73,038	78,868	89,514	62,190	60,667	75,591	1,01,037	1,14,186	1,28,693	1,61,659	1,76,378
Operating Profit	10,735	13,226	15,207	13,192	13,611	14,580	20,231	24,093	30,057	36,134	34,997
OPM %	12.81%	14.36%	14.52%	17.50%	18.32%	16.17%	16.68%	17.42%	18.93%	18.27%	16.56%
	1,177	3,259	1,310	-143	-60	1,452	2,692	3,095	2,737	4,083	3,252
Interest	3,648	3,987	5,021	6,021	6,102	5,018	6,012	7,608	9,178	9,676	9,720
Depreciation	2,813	3,280	3,991	3,367	3,378	3,508	4,357	4,724	6,074	7,322	7,535
Profit before Tax	6,350	10,326	8,871	4,688	5,348	9,362	14,060	15,978	19,080	25,185	25,682
Tax %	36.21%	22.93%	32.17%	42.14%	30.78%	22.53%	19.10%	23.21%	26.24%	26.06%	26.97%
Net Profit	4,051	7,958	6,017	2,713	3,702	7,253	11,374	12,270	14,073	18,622	18,756
EPS	33.98	68.86	48.70	1.04	16.15	58.83	91.96	101.09	115.82	153.00	—
Dividend Payout %	19.05%	10.85%	17.40%	205.06%	53.60%	19.53%	17.60%	20.87%	21.84%	21.57%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 22%
3 Years:: 18%

COMPOUNDED PROFIT GROWTH

10 Years:: 18%
5 Years:: 57%
3 Years:: 18%

STOCK PRICE CAGR

10 Years:: 16%
5 Years:: 33%
3 Years:: 26%
1 Year:: -14%

RETURN ON EQUITY

10 Years:: 17%
5 Years:: 20%
3 Years:: 21%
Last Year:: 22%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	271	543	544	554	555	556	557	557	558	559
Minority Interest	6,357	8,250	8,361	7,692	9,070	9,703	10,716	11,319	12,059	16,395
	29,250	36,003	39,206	39,150	40,772	46,343	55,549	65,334	76,172	92,031
	43,642	48,988	60,573	69,658	65,916	63,085	93,453	96,310	1,10,339	1,12,764
Trade Payables	14,797	18,287	20,992	14,985	15,506	19,037	23,836	25,666	30,855	37,889
	19,519	24,297	32,213	33,677	32,926	33,665	20,166	35,536	46,029	56,417
Total Liabilities	1,13,835	1,36,369	1,61,889	1,65,716	1,64,745	1,72,388	2,04,276	2,34,722	2,76,013	3,16,054
	20,989	26,182	28,983	29,689	21,380	26,018	27,140	28,129	34,636	38,459
Capital Work in Progress	1,888	1,815	2,454	2,552	4,478	3,036	1,223	3,461	3,653	2,368
	14,662	16,018	18,268	19,210	28,778	30,060	35,272	35,208	41,309	40,324
	8,886	9,336	12,200	11,112	9,615	11,596	16,855	18,590	20,331	22,044
	0	0	0	0	0	0	0	7,459	8,280	9,064
Cash & Bank	4,654	6,548	8,735	7,911	12,852	11,118	11,273	12,013	20,615	31,979
	62,756	76,472	91,248	95,242	87,643	90,560	1,12,513	1,29,860	1,47,190	1,71,815
Total Assets	1,13,835	1,36,369	1,61,889	1,65,716	1,64,745	1,72,388	2,04,276	2,34,722	2,76,013	3,16,054

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,188	3,346	-1,410	800	19,759	10,808	-4,299	-5,630	3,176	11,657
Cash from Investing	-5,875	-5,468	-7,168	-6,895	-18,447	-3,226	-8,547	-5,598	-18,626	-17,707
Cash from Financing	6,108	6,314	13,194	6,933	406	-5,883	15,946	12,281	15,834	5,391
	416	1,528	1,678	-1,419	-132	139	325	1,054	384	-659

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
18.56	18.54	18.48	18.45	18.44	18.44	18.44	18.45	18.45
41.90	41.18	38.92	38.30	38.53	38.04	37.49	36.23	34.89
26.18	27.04	29.22	29.77	29.57	29.95	30.39	31.36	32.57
0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07	0.07
13.30	13.15	13.31	13.38	13.35	13.49	13.56	13.76	13.95

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Copy of Newspaper Publication

2026-09-11 - Mahindra & Mahindra Limited has informed the Exchange about Copy of Newspaper Publication regarding Special Window for Re-Lodgement of Transfer Request of Physical Shares

2026-09-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - Mahindra & Mahindra Limited has informed the Exchange about Participation in Analyst/Investor Meeting

2026-09-09

General Updates

2026-09-09 - Mahindra & Mahindra Limited has informed the Exchange about Production, Sales and Export figures for the month of August 2026

2026-09-07

Credit Rating

2026-09-07 - Mahindra & Mahindra Limited has informed the Exchange about Credit Rating

2026-09-04

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-04 - Mahindra & Mahindra Limited has informed the Exchange about Schedule of Analyst or Institutional Investor meet

2026-09-03

General Updates

2026-09-03 - Intimation Under Regulation 30 Of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ESG Ratings

2026-09-02

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-02 - Mahindra & Mahindra Limited has informed the Exchange about

2026-09-01

Press Release

2026-09-01 - Mahindra & Mahindra Limited has informed the Exchange regarding a press release dated September 01, 2026, titled "Three Press Releases issued by Mahindra & Mahindra Limited ".

2026-08-31

Updates

2026-08-31 - Mahindra & Mahindra Limited has informed the Exchange regarding 'Transfer of Equity Shares by Mahindra & Mahindra Employees Stock Option Trust to the Stock Option Grantees'.

News

Recent coverage and analyst commentary for M&M

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Mahindra & Mahindra Ltd.

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Free 5nance Account

Name

MARUTI

12410.00

27.22

390173.59

1.13

3446.90

-9.11

52469.80

43.27

19.03

8.41

M&M

3120.00

21.01

387981.00

1.06

5997.56

37.04

58187.57

27.80

16.29

18.79

HYUNDAI

2175.00

35.70

176727.69

0.97

888.62

-35.10

16334.63

0.96

38.55

9.25

TMPV

302.00

1.40

111223.32

0.99

859.00

-78.54

95799.00

-7.70

0.67

6.46

MERCURYEV

41.75

158.53

793.14

0.00

1.56

-4.18

33.38

47.91

5.17

9.77

HINDMOTORS

13.82

0.00

288.37

0.00

0.22

-94.71

0.00

—

53.69

—

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

33,892

34,436

35,299

35,452

37,218

37,924

41,470

42,599

45,529

46,106

52,100

54,982

58,188

27,646

28,706

29,075

28,848

29,975

30,790

33,239

34,688

37,301

37,177

41,993

45,265

51,943

Operating Profit

6,246

5,730

6,224

6,604

7,243

7,133

8,231

7,911

8,228

8,929

10,107

9,716

6,245

OPM %

18.43%

16.64%

17.63%

18.63%

19.46%

18.81%

19.85%

18.57%

18.07%

19.37%

19.40%

17.67%

10.73%

807

592

511

356

409

659

411

702

917

676

566

995

1,016

Interest

1,719

1,835

1,945

1,989

2,108

2,217

2,362

2,397

2,431

2,347

2,405

2,407

2,560

Depreciation

1,128

1,139

1,123

1,335

1,248

1,302

1,495

2,029

1,548

1,669

2,163

1,943

1,760

Profit before Tax

4,207

3,347

3,667

3,635

4,296

4,274

4,785

4,187

5,166

5,589

6,104

6,361

7,628

Tax %

18.64%

32.37%

25.50%

24.90%

25.02%

32.27%

30.67%

25.91%

24.54%

37.47%

25.35%

26.00%

21.38%

Net Profit

3,546

3,361

3,624

3,542

4,377

3,964

5,021

5,260

5,998

31.50

21.07

23.86

24.71

29.44

28.43

28.51

29.52

36.58

32.90

41.85

41.77

48.80

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

83,773

92,094

1,04,721

75,382

74,278

90,171

1,21,269

1,38,279

1,58,750

1,97,793

2,11,375

73,038

78,868

89,514

62,190

60,667

75,591

1,01,037

1,14,186

1,28,693

1,61,659

1,76,378

Operating Profit

10,735

13,226

15,207

13,192

13,611

14,580

20,231

24,093

30,057

36,134

34,997

OPM %

12.81%

14.36%

14.52%

17.50%

18.32%

16.17%

16.68%

17.42%

18.93%

18.27%

16.56%

1,177

3,259

1,310

-143

-60

1,452

2,692

3,095

2,737

4,083

3,252

Interest

3,648

3,987

5,021

6,021

6,102

5,018

6,012

7,608

9,178

9,676

9,720

Depreciation

2,813

3,280

3,991

3,367

3,378

3,508

4,357

4,724

6,074

7,322

7,535

Profit before Tax

6,350

10,326

8,871

4,688

5,348

9,362

14,060

15,978

19,080

25,185

25,682

Tax %

36.21%

22.93%

32.17%

42.14%

30.78%

22.53%

19.10%

23.21%

26.24%

26.06%

26.97%

Net Profit

4,051

7,958

6,017

2,713

3,702

7,253

11,374

12,270

14,073

18,622

18,756

EPS

33.98

68.86

48.70

1.04

16.15

58.83

91.96

101.09

115.82

153.00

—

Dividend Payout %

19.05%

10.85%

17.40%

205.06%

53.60%

19.53%

17.60%

20.87%

21.84%

21.57%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

271

543

544

554

555

556

557

558

559

Minority Interest

6,357

8,250

8,361

7,692

9,070

9,703

10,716

11,319

12,059

16,395

29,250

36,003

39,206

39,150

40,772

46,343

55,549

65,334

76,172

92,031

43,642

48,988

60,573

69,658

65,916

63,085

93,453

96,310

1,10,339

1,12,764

Trade Payables

14,797

18,287

20,992

14,985

15,506

19,037

23,836

25,666

30,855

37,889

19,519

24,297

32,213

33,677

32,926

33,665

20,166

35,536

46,029

56,417

Total Liabilities

1,13,835

1,36,369

1,61,889

1,65,716

1,64,745

1,72,388

2,04,276

2,34,722

2,76,013

3,16,054

20,989

26,182

28,983

29,689

21,380

26,018

27,140

28,129

34,636

38,459

Capital Work in Progress

1,888

1,815

2,454

2,552

4,478

3,036

1,223

3,461

3,653

2,368

14,662

16,018

18,268

19,210

28,778

30,060

35,272

35,208

41,309

40,324

8,886

9,336

12,200

11,112

9,615

11,596

16,855

18,590

20,331

22,044

7,459

8,280

9,064

Cash & Bank

4,654

6,548

8,735

7,911

12,852

11,118

11,273

12,013

20,615

31,979

62,756

76,472

91,248

95,242

87,643

90,560

1,12,513

1,29,860

1,47,190

1,71,815

Total Assets

1,13,835

1,36,369

1,61,889

1,65,716

1,64,745

1,72,388

2,04,276

2,34,722

2,76,013

3,16,054

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

2,188

3,346

-1,410

800

19,759

10,808

-4,299

-5,630

3,176

11,657

Cash from Investing

-5,875

-5,468

-7,168

-6,895

-18,447

-3,226

-8,547

-5,598

-18,626

-17,707

Cash from Financing

6,108

6,314

13,194

6,933

406

-5,883

15,946

12,281

15,834

5,391

416

1,528

1,678

-1,419

-132

139

325

1,054

384

-659

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

18.56

18.54

18.48

18.45

18.44

18.45

41.90

41.18

38.92

38.30

38.53

38.04

37.49

36.23

34.89

26.18

27.04

29.22

29.77

29.57

29.95

30.39

31.36

32.57

0.07

13.30

13.15

13.31

13.38

13.35

13.49

13.56

13.76

13.95

Mahindra & Mahindra Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Mahindra & Mahindra Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI