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Mahindra & Mahindra Financial Services Ltd.

•
mahindrafinance.comBSE: 532720NSE: M&MFIN
Market Cap₹ 51,778 Cr.
Current Price
High / Low₹ 415 / 266
Stock P/E16.4
Book Value₹ 184
Price to Book1.61
Dividend Yield2.01 %
ROCE8.7 %
ROE12.5 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Financing Activities: 92.8% • Other reconciling items: 7.2%

AI Sector View

AI GENERATED

Financial Services

Buy

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.

Confidence
84%
View full sector analysis →

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

Financial ServicesFinanceFinance - NBFC
Part ofNIFTY DIV OPPS 50NIFTYLARGEMIDCAP250NIFTYMIDCAP150NIFTY MIDCAP 100NIFTY MIDCAP 150
S.No.Name
1.BAJFINANCE1060.2032.51660075.680.576080.6027.6023165.4520.3710.8770.70
2.SHRIRAMFIN1037.0021.56244004.391.043452.7759.9013400.4317.4611.4974.63
3.TATACAP369.0028.99156635.670.1516281.801464.1688219.301051.008.6675.72
4.CHOLAFIN1832.0027.21156464.890.111656.2245.568856.2921.899.7070.07
5.JIOFIN234.7074.99154975.730.26830.25155.732004.47227.282.1169.71
6.BAJAJHLDNG11066.1513.91123159.071.762708.08-92.27394.3323.3414.81684.72
7.MUTHOOTFIN2885.0010.18115823.661.042824.8443.088671.6036.2515.8783.76
8.ABCAPITAL404.9027.01110843.330.001223.8543.8512179.54137.848.8241.91
9.LTF310.8024.4877897.440.88915.9930.705212.9222.388.5462.13
10.SBICARD670.1028.0363769.600.37664.4419.515040.557.6011.7529.83
11.HDBFS685.1526.1656919.860.58785.2038.314937.9018.719.0957.98
12.M&MFIN372.4515.9251777.672.01927.4875.345717.9123.098.6364.82
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
3,0603,1863,4173,6263,6883,8764,1054,1964,3814,4314,7084,7504,972
1,1471,3021,0231,0791,1811,4318161,3271,5171,5921,3871,4793,788
Operating Profit1,9371,9102,4302,5752,5412,4823,3272,9142,9022,8803,1323,3213,482
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 Income41293752381214181710102
Interest1,4501,5661,6751,7351,8291,9342,0462,0902,1522,0662,1032,0712,208
Depreciation54565860646770737583869989
4743167348326864931,2137566937481,0701,1611,186
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 Profit353235553619513369899563530569810873899
3245437444661

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
6,1746,6338,72310,10010,4569,65810,92913,40716,01918,44618,862
2,7142,4203,5523,9595,2424,4614,7544,5584,7565,9768,246
Operating Profit3,4604,2135,1716,1405,2145,1976,1758,84911,26312,47010,616
OPM %56.04%63.51%59.28%60.80%49.86%53.81%56.50%66.00%70.31%67.60%56.28%
645801,217150682071,28716256-63-79
Interest2,8573,0823,9454,8294,7333,9204,5776,4277,8988,3928,448
Depreciation464460118126127187229273343357
Profit before Tax6201,6672,3821,3444221,3572,6982,3553,1473,6734,166
Tax %35.45%35.44%34.64%32.55%20.66%27.13%26.45%25.30%25.49%24.24%24.35%
Net Profit4001,0761,5579063359891,9841,7602,3452,7823,151
EPS7.0418.4925.2810.083.028.0116.0814.2518.9920.02—
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

Corporate actions

2026

Jul 13

₹ 3.75

Rs.7.5000 per share(375%)Final Dividend

2025

Jul 15

₹ 3.25

Rs.6.5000 per share(325%)Final Dividend

2024

Jul 16

₹ 3.15

Rs.6.3000 per share(315%)Final Dividend

2023

Jul 21

₹ 3

Rs.6.0000 per share(300%)Dividend

2022

Jul 20

₹ 1.80

Rs.3.6000 per share(180%)Dividend

2021

Jul 16

₹ 0.40

Rs.0.8000 per share(40%)Dividend

2018

Jul 19

₹ 2

Rs.4.0000 per share(200%)Dividend

2017

Jul 14

₹ 1.20

Rs.2.4000 per share(120%)Dividend

2016

Jul 14

₹ 2

Rs.4.0000 per share(200%)Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital113123123123246247247247247278
6,3409,47810,75111,19214,42215,35016,81917,89819,55624,463
27,86240,13852,92359,52058,66055,90375,03594,6531,13,3441,20,689
Trade Payables5781,0551,0146366431,0051,1661,4591,209856
10,2131,3711,8962,1112,2031,9472,313211552966
Total Liabilities45,10552,16566,70673,58276,17474,45295,5791,14,4681,34,9071,47,251
1121201633643303936968261,0491,188
Capital Work in Progress00001000012
1,8732,7343,7925,91111,7058,4409,9899,65110,4006,820
0000000255386
Cash & Bank5784119581,4263,3224,1512,8322,6895,5367,340
42,54248,90061,79365,88160,80661,46882,0631,01,2781,17,8681,31,815
Total Assets45,10552,16566,70673,58276,17474,45295,5791,14,4681,34,9071,47,251

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
-4,479-6,555-10,242-2,656-1,694-5,912-23,404-24,888-21,031-17,897
Cash from Investing-256211-1,317-2,573-7,2522,613-1,3211,959-1,0111,109
Cash from Financing5,3606,75512,4655,8992,260-2,85518,72816,50317,6488,821
197-140230175-106-243-78611,355-1,275

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
52.1652.1652.1652.1652.4952.4952.4952.4952.49
10.0710.1910.4710.689.339.599.119.409.53
30.6631.5831.1731.3132.3332.2932.3432.0931.48
Government0.000.000.000.000.000.000.000.000.00
7.096.086.205.855.845.636.066.026.49

Documents

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

2026-09-08
Credit Rating

2026-09-08 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about Credit Rating

2026-09-05
Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-05 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about Schedule of Investor Conference

2026-09-03
ESOP/ESOS/ESPS

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
General Updates

2026-09-03 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about ESG Rating

2026-08-28
Updates

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
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-27 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about Schedule of Investor Conference

2026-08-12
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-12 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about Schedule of Investor Conference

2026-08-10
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about Schedule of Investor Conference

2026-08-07
Credit Rating

2026-08-07 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about Credit Rating

News

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