Mahindra & Mahindra Ltd.

•

mahindra.comBSE: 500520NSE: M&M

Market Cap₹ 3,87,981 Cr.

Current Price

High / Low₹ 3,840 / 2,896

Stock P/E24.4

Book Value₹ 623

Price to Book4.81

Dividend Yield1.06 %

ROCE30.4 %

ROE23.2 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Automotive: 73.9% • Farm Equipment: 24.6% • Investment in Industrial Businesses & Consumer Services: 1.4%

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 73.9% CAGR over last 5 years
Company is almost debt free
Company has a healthy return on capital (ROCE) of 28.2%
Company has a good return on equity (ROE) track record: 3 Years ROE 22.2%
Company has delivered good sales growth of 26.7% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.33x)

CONS

Growth is decelerating - 3Y profit CAGR (33.7%) trails the 5Y trend (73.9%)

* 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	24,403	25,762	25,737	25,434	27,133	28,919	30,964	31,609	34,143	35,080	38,942	39,601	41,959
	20,852	21,402	22,088	22,006	23,017	23,649	26,154	27,389	29,348	28,612	33,224	34,091	37,959
Operating Profit	3,551	4,360	3,649	3,428	4,116	5,270	4,810	4,219	4,795	6,467	5,717	5,509	4,000
OPM %	14.55%	16.93%	14.18%	13.48%	15.17%	18.22%	15.53%	13.35%	14.05%	18.44%	14.68%	13.91%	9.53%
	663	823	387	224	258	677	265	513	732	702	600	644	776
Interest	33	33	35	40	53	55	61	81	56	59	63	72	100
Depreciation	840	828	831	988	915	961	1,045	1,306	1,000	1,041	1,052	1,201	1,050
Profit before Tax	3,341	4,322	3,170	2,624	3,406	4,931	3,968	3,345	4,471	6,069	5,202	4,881	4,776
Tax %	17.42%	21.49%	21.47%	23.79%	23.30%	22.11%	25.29%	27.14%	22.84%	25.52%	24.43%	23.44%	22.84%
Net Profit	2,759	3,393	2,490	2,000	2,613	3,841	2,964	2,437	3,450	4,521	3,931	3,737	3,685
	23.03	28.31	20.77	16.68	21.78	32.01	24.70	20.30	28.73	37.64	32.72	31.10	30.65

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	44,054	48,686	53,614	45,488	44,630	57,787	84,960	99,098	1,16,484	1,45,576	1,55,581
	39,539	42,462	46,974	39,690	37,672	50,759	74,581	86,206	1,00,209	1,25,276	1,33,887
Operating Profit	4,515	6,224	6,640	5,798	6,957	7,027	10,379	12,892	16,275	20,300	21,694
OPM %	10.25%	12.78%	12.38%	12.75%	15.59%	12.16%	12.22%	13.01%	13.97%	13.94%	13.94%
	1,938	1,563	1,755	-250	-1,640	2,139	1,361	4,311	3,939	4,950	2,722
Interest	204	206	209	209	644	520	455	257	337	334	293
Depreciation	1,526	1,479	1,860	2,223	2,370	2,498	3,154	3,488	4,227	4,293	4,343
Profit before Tax	4,723	6,102	6,325	3,116	2,303	6,148	8,131	13,458	15,650	20,624	20,929
Tax %	22.85%	28.62%	24.17%	57.30%	57.27%	20.79%	19.46%	20.92%	24.25%	24.17%	24.15%
Net Profit	3,643	4,356	4,796	1,331	984	4,870	6,549	10,642	11,855	15,639	15,874
EPS	30.54	36.47	40.13	11.12	8.21	40.58	54.49	88.74	98.73	130.10	—
Dividend Payout %	21.18%	20.49%	21.12%	21.07%	106.23%	28.38%	29.73%	23.78%	25.63%	25.36%	—

COMPOUNDED SALES GROWTH

10 Years:: 14%
5 Years:: 27%
3 Years:: 20%

COMPOUNDED PROFIT GROWTH

10 Years:: 17%
5 Years:: 74%
3 Years:: 34%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 15%
5 Years:: 19%
3 Years:: 22%
Last Year:: 23%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	297	595	596	597	597	598	599	600	600	601
	26,272	29,470	33,380	33,606	34,099	37,369	42,497	51,393	60,676	73,218
	3,263	3,353	3,085	3,630	8,104	7,239	3,706	3,070	2,895	3,064
Trade Payables	6,881	8,603	9,678	6,786	10,643	12,970	17,146	18,590	23,406	29,500
	3,001	5,426	5,958	5,883	8,122	8,430	11,832	10,056	12,071	14,220
Total Liabilities	39,713	47,447	52,697	50,502	61,564	66,606	75,780	83,709	99,649	1,20,603
	7,771	7,859	10,082	10,395	12,011	14,904	16,976	17,805	19,651	19,688
Capital Work in Progress	410	1,080	707	1,197	2,891	1,624	950	1,853	1,763	1,689
	17,908	20,583	22,016	19,938	21,783	24,204	27,087	29,207	35,468	42,032
	2,758	2,702	3,839	3,401	4,783	5,970	8,881	9,718	10,333	10,306
	0	0	0	0	0	0	0	4,568	5,726	6,486
Cash & Bank	1,687	2,894	3,732	4,237	6,395	3,651	4,482	5,665	10,791	18,480
	9,179	12,329	12,322	11,335	13,701	16,253	17,403	14,894	15,917	21,922
Total Assets	39,713	47,447	52,697	50,502	61,564	66,606	75,780	83,709	99,649	1,20,603

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4,703	8,316	6,358	4,760	10,732	7,575	11,067	11,474	16,617	22,758
Cash from Investing	-2,782	-5,110	-2,549	-2,576	-14,536	-3,964	-4,753	-5,384	-13,874	-19,733
Cash from Financing	-1,161	-1,033	-1,555	-1,015	3,514	-3,166	-3,784	-5,547	-3,355	-3,529
	-233	883	820	87	-1,428	-153	592	543	-612	-504

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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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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

24,403

25,762

25,737

25,434

27,133

28,919

30,964

31,609

34,143

35,080

38,942

39,601

41,959

20,852

21,402

22,088

22,006

23,017

23,649

26,154

27,389

29,348

28,612

33,224

34,091

37,959

Operating Profit

3,551

4,360

3,649

3,428

4,116

5,270

4,810

4,219

4,795

6,467

5,717

5,509

4,000

OPM %

14.55%

16.93%

14.18%

13.48%

15.17%

18.22%

15.53%

13.35%

14.05%

18.44%

14.68%

13.91%

9.53%

663

823

387

224

258

677

265

513

732

702

600

644

776

Interest

100

Depreciation

840

828

831

988

915

961

1,045

1,306

1,000

1,041

1,052

1,201

1,050

Profit before Tax

3,341

4,322

3,170

2,624

3,406

4,931

3,968

3,345

4,471

6,069

5,202

4,881

4,776

Tax %

17.42%

21.49%

21.47%

23.79%

23.30%

22.11%

25.29%

27.14%

22.84%

25.52%

24.43%

23.44%

22.84%

Net Profit

2,759

3,393

2,490

2,000

2,613

3,841

2,964

2,437

3,450

4,521

3,931

3,737

3,685

23.03

28.31

20.77

16.68

21.78

32.01

24.70

20.30

28.73

37.64

32.72

31.10

30.65

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

44,054

48,686

53,614

45,488

44,630

57,787

84,960

99,098

1,16,484

1,45,576

1,55,581

39,539

42,462

46,974

39,690

37,672

50,759

74,581

86,206

1,00,209

1,25,276

1,33,887

Operating Profit

4,515

6,224

6,640

5,798

6,957

7,027

10,379

12,892

16,275

20,300

21,694

OPM %

10.25%

12.78%

12.38%

12.75%

15.59%

12.16%

12.22%

13.01%

13.97%

13.94%

1,938

1,563

1,755

-250

-1,640

2,139

1,361

4,311

3,939

4,950

2,722

Interest

204

206

209

644

520

455

257

337

334

293

Depreciation

1,526

1,479

1,860

2,223

2,370

2,498

3,154

3,488

4,227

4,293

4,343

Profit before Tax

4,723

6,102

6,325

3,116

2,303

6,148

8,131

13,458

15,650

20,624

20,929

Tax %

22.85%

28.62%

24.17%

57.30%

57.27%

20.79%

19.46%

20.92%

24.25%

24.17%

24.15%

Net Profit

3,643

4,356

4,796

1,331

984

4,870

6,549

10,642

11,855

15,639

15,874

EPS

30.54

36.47

40.13

11.12

8.21

40.58

54.49

88.74

98.73

130.10

—

Dividend Payout %

21.18%

20.49%

21.12%

21.07%

106.23%

28.38%

29.73%

23.78%

25.63%

25.36%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

297

595

596

597

598

599

600

601

26,272

29,470

33,380

33,606

34,099

37,369

42,497

51,393

60,676

73,218

3,263

3,353

3,085

3,630

8,104

7,239

3,706

3,070

2,895

3,064

Trade Payables

6,881

8,603

9,678

6,786

10,643

12,970

17,146

18,590

23,406

29,500

3,001

5,426

5,958

5,883

8,122

8,430

11,832

10,056

12,071

14,220

Total Liabilities

39,713

47,447

52,697

50,502

61,564

66,606

75,780

83,709

99,649

1,20,603

7,771

7,859

10,082

10,395

12,011

14,904

16,976

17,805

19,651

19,688

Capital Work in Progress

410

1,080

707

1,197

2,891

1,624

950

1,853

1,763

1,689

17,908

20,583

22,016

19,938

21,783

24,204

27,087

29,207

35,468

42,032

2,758

2,702

3,839

3,401

4,783

5,970

8,881

9,718

10,333

10,306

4,568

5,726

6,486

Cash & Bank

1,687

2,894

3,732

4,237

6,395

3,651

4,482

5,665

10,791

18,480

9,179

12,329

12,322

11,335

13,701

16,253

17,403

14,894

15,917

21,922

Total Assets

39,713

47,447

52,697

50,502

61,564

66,606

75,780

83,709

99,649

1,20,603

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

4,703

8,316

6,358

4,760

10,732

7,575

11,067

11,474

16,617

22,758

Cash from Investing

-2,782

-5,110

-2,549

-2,576

-14,536

-3,964

-4,753

-5,384

-13,874

-19,733

Cash from Financing

-1,161

-1,033

-1,555

-1,015

3,514

-3,166

-3,784

-5,547

-3,355

-3,529

-233

883

820

-1,428

-153

592

543

-612

-504

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