Mahindra & Mahindra Financial Services Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Financing Activities: 92.8% • Other reconciling items: 7.2%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company has delivered good profit growth of 52.7% CAGR over last 5 years
- Comfortable capital adequacy - CAR of 18.8%
- Asset quality is healthy - gross NPA of just 0.0%
- Solid return on assets for a lender - ROA of 2.0%
- Latest quarter profit grew 69.7% YoY, showing strong momentum
- Company has been maintaining a healthy dividend payout of 37.5%
CONS
- Company has a low return on capital employed of 8.8%
- Free cash flow has been persistently negative
- Equity base is being diluted - shares outstanding up 12.6%
- Thin net interest margin of 0.0%
- Growth is decelerating - 3Y profit CAGR (11.9%) trails the 5Y trend (52.7%)
- Company's return on assets is weak at 2.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJFINANCE | 1060.20 | 32.51 | 660075.68 | 0.57 | 6080.60 | 27.60 | 23165.45 | 20.37 | 10.87 | 70.70 |
| SHRIRAMFIN | 1037.00 | 21.56 | 244004.39 | 1.04 | 3452.77 | 59.90 | 13400.43 | 17.46 | 11.49 | 74.63 |
| TATACAP | 369.00 | 28.99 | 156635.67 | 0.15 | 16281.80 | 1464.16 | 88219.30 | 1051.00 | 8.66 | 75.72 |
| CHOLAFIN | 1832.00 | 27.21 | 156464.89 | 0.11 | 1656.22 | 45.56 | 8856.29 | 21.89 | 9.70 | 70.07 |
| JIOFIN | 234.70 | 74.99 | 154975.73 | 0.26 | 830.25 | 155.73 | 2004.47 | 227.28 | 2.11 | 69.71 |
| BAJAJHLDNG | 11066.15 | 13.91 | 123159.07 | 1.76 | 2708.08 | -92.27 | 394.33 | 23.34 | 14.81 | 684.72 |
| MUTHOOTFIN | 2885.00 | 10.18 | 115823.66 | 1.04 | 2824.84 | 43.08 | 8671.60 | 36.25 | 15.87 | 83.76 |
| ABCAPITAL | 404.90 | 27.01 | 110843.33 | 0.00 | 1223.85 | 43.85 | 12179.54 | 137.84 | 8.82 | 41.91 |
| LTF | 310.80 | 24.48 | 77897.44 | 0.88 | 915.99 | 30.70 | 5212.92 | 22.38 | 8.54 | 62.13 |
| SBICARD | 670.10 | 28.03 | 63769.60 | 0.37 | 664.44 | 19.51 | 5040.55 | 7.60 | 11.75 | 29.83 |
| HDBFS | 685.15 | 26.16 | 56919.86 | 0.58 | 785.20 | 38.31 | 4937.90 | 18.71 | 9.09 | 57.98 |
| M&MFIN | 372.45 | 15.92 | 51777.67 | 2.01 | 927.48 | 75.34 | 5717.91 | 23.09 | 8.63 | 64.82 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,060 | 3,186 | 3,417 | 3,626 | 3,688 | 3,876 | 4,105 | 4,196 | 4,381 | 4,431 | 4,708 | 4,750 | 4,972 | |
| 1,147 | 1,302 | 1,023 | 1,079 | 1,181 | 1,431 | 816 | 1,327 | 1,517 | 1,592 | 1,387 | 1,479 | 3,788 | |
| Operating Profit | 1,937 | 1,910 | 2,430 | 2,575 | 2,541 | 2,482 | 3,327 | 2,914 | 2,902 | 2,880 | 3,132 | 3,321 | 3,482 |
| OPM % | 63.32% | 59.95% | 71.13% | 71.02% | 68.89% | 64.02% | 81.06% | 69.43% | 66.25% | 65.00% | 66.51% | 69.91% | 70.03% |
| Other Income | 41 | 29 | 37 | 52 | 38 | 12 | 1 | 4 | 18 | 17 | 10 | 10 | 2 |
| Interest | 1,450 | 1,566 | 1,675 | 1,735 | 1,829 | 1,934 | 2,046 | 2,090 | 2,152 | 2,066 | 2,103 | 2,071 | 2,208 |
| Depreciation | 54 | 56 | 58 | 60 | 64 | 67 | 70 | 73 | 75 | 83 | 86 | 99 | 89 |
| 474 | 316 | 734 | 832 | 686 | 493 | 1,213 | 756 | 693 | 748 | 1,070 | 1,161 | 1,186 | |
| Tax % | 25.53% | 25.64% | 24.70% | 25.56% | 25.27% | 25.00% | 25.82% | 25.48% | 23.63% | 23.84% | 24.29% | 24.83% | 24.24% |
| Net Profit | 353 | 235 | 553 | 619 | 513 | 369 | 899 | 563 | 530 | 569 | 810 | 873 | 899 |
| 3 | 2 | 4 | 5 | 4 | 3 | 7 | 4 | 4 | 4 | 6 | 6 | 1 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 6,174 | 6,633 | 8,723 | 10,100 | 10,456 | 9,658 | 10,929 | 13,407 | 16,019 | 18,446 | 18,862 | |
| 2,714 | 2,420 | 3,552 | 3,959 | 5,242 | 4,461 | 4,754 | 4,558 | 4,756 | 5,976 | 8,246 | |
| Operating Profit | 3,460 | 4,213 | 5,171 | 6,140 | 5,214 | 5,197 | 6,175 | 8,849 | 11,263 | 12,470 | 10,616 |
| OPM % | 56.04% | 63.51% | 59.28% | 60.80% | 49.86% | 53.81% | 56.50% | 66.00% | 70.31% | 67.60% | 56.28% |
| 64 | 580 | 1,217 | 150 | 68 | 207 | 1,287 | 162 | 56 | -63 | -79 | |
| Interest | 2,857 | 3,082 | 3,945 | 4,829 | 4,733 | 3,920 | 4,577 | 6,427 | 7,898 | 8,392 | 8,448 |
| Depreciation | 46 | 44 | 60 | 118 | 126 | 127 | 187 | 229 | 273 | 343 | 357 |
| Profit before Tax | 620 | 1,667 | 2,382 | 1,344 | 422 | 1,357 | 2,698 | 2,355 | 3,147 | 3,673 | 4,166 |
| Tax % | 35.45% | 35.44% | 34.64% | 32.55% | 20.66% | 27.13% | 26.45% | 25.30% | 25.49% | 24.24% | 24.35% |
| Net Profit | 400 | 1,076 | 1,557 | 906 | 335 | 989 | 1,984 | 1,760 | 2,345 | 2,782 | 3,151 |
| EPS | 7.04 | 18.49 | 25.28 | 10.08 | 3.02 | 8.01 | 16.08 | 14.25 | 18.99 | 20.02 | — |
| Dividend Payout % | 33.88% | 22.84% | 25.67% | 0.00% | 29.41% | 44.89% | 37.30% | 44.20% | 34.23% | 37.46% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 12%
- 5 Years:
- 12%
- 3 Years:
- 19%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 15%
- 5 Years:
- 53%
- 3 Years:
- 12%
STOCK PRICE CAGR
- 10 Years:
- 6%
- 5 Years:
- 18%
- 3 Years:
- 8%
- 1 Year:
- 38%
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 11%
- 3 Years:
- 12%
- Last Year:
- 12%
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 | 113 | 123 | 123 | 123 | 246 | 247 | 247 | 247 | 247 | 278 |
| 6,340 | 9,478 | 10,751 | 11,192 | 14,422 | 15,350 | 16,819 | 17,898 | 19,556 | 24,463 | |
| 27,862 | 40,138 | 52,923 | 59,520 | 58,660 | 55,903 | 75,035 | 94,653 | 1,13,344 | 1,20,689 | |
| Trade Payables | 578 | 1,055 | 1,014 | 636 | 643 | 1,005 | 1,166 | 1,459 | 1,209 | 856 |
| 10,213 | 1,371 | 1,896 | 2,111 | 2,203 | 1,947 | 2,313 | 211 | 552 | 966 | |
| Total Liabilities | 45,105 | 52,165 | 66,706 | 73,582 | 76,174 | 74,452 | 95,579 | 1,14,468 | 1,34,907 | 1,47,251 |
| 112 | 120 | 163 | 364 | 330 | 393 | 696 | 826 | 1,049 | 1,188 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 10 | 0 | 0 | 0 | 1 | 2 |
| 1,873 | 2,734 | 3,792 | 5,911 | 11,705 | 8,440 | 9,989 | 9,651 | 10,400 | 6,820 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | 53 | 86 | |
| Cash & Bank | 578 | 411 | 958 | 1,426 | 3,322 | 4,151 | 2,832 | 2,689 | 5,536 | 7,340 |
| 42,542 | 48,900 | 61,793 | 65,881 | 60,806 | 61,468 | 82,063 | 1,01,278 | 1,17,868 | 1,31,815 | |
| Total Assets | 45,105 | 52,165 | 66,706 | 73,582 | 76,174 | 74,452 | 95,579 | 1,14,468 | 1,34,907 | 1,47,251 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -4,479 | -6,555 | -10,242 | -2,656 | -1,694 | -5,912 | -23,404 | -24,888 | -21,031 | -17,897 | |
| Cash from Investing | -256 | 211 | -1,317 | -2,573 | -7,252 | 2,613 | -1,321 | 1,959 | -1,011 | 1,109 |
| Cash from Financing | 5,360 | 6,755 | 12,465 | 5,899 | 2,260 | -2,855 | 18,728 | 16,503 | 17,648 | 8,821 |
| 197 | -140 | 230 | 175 | -106 | -243 | -78 | 61 | 1,355 | -1,275 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about Credit Rating
2026-09-05 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about Schedule of Investor Conference
2026-09-03 - Mahindra & Mahindra Financial Services Limited has informed the Exchange regarding Allotment of Equity Shares to Mahindra & Mahindra Financial Services Limited Employees' Stock Option Trust
2026-09-03 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about ESG Rating
2026-08-28 - Mahindra & Mahindra Financial Services Limited has informed the Exchange regarding 'Transfer of Equity Shares from Mahindra & Mahindra Financial Services Limited Employees Stock Option Trust to eligible persons.'.
2026-08-27 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about Schedule of Investor Conference
2026-08-12 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about Schedule of Investor Conference
2026-08-10 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about Schedule of Investor Conference
2026-08-07 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about Credit Rating
News
Recent coverage and analyst commentary for M&MFIN
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