Mahindra & Mahindra Financial Services Ltd.

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mahindrafinance.comBSE: 532720NSE: M&MFIN

Market Cap₹ 49,484 Cr.

Current Price

High / Low₹ 415 / 267

Stock P/E15.2

Book Value₹ 198

Price to Book1.49

Dividend Yield2.11 %

ROCE8.6 %

ROE11.9 %

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 29.7% 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%
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 75.3% YoY, showing strong momentum

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 (11.4%) trails the 5Y trend (29.7%)
Company's return on assets is weak at 1.9%

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

Peer comparison

Financial ServicesFinanceFinance - NBFC

Part ofNIFTY DIV OPPS 50 NIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100 NIFTY MIDCAP 150

S.No.	Name
1.	BAJFINANCE	1034.20	31.71	643888.19	0.58	6080.60	27.60	23165.45	20.37	10.87	70.70
2.	SHRIRAMFIN	1028.00	21.37	241893.03	1.05	3452.77	59.90	13400.43	17.46	11.49	74.63
3.	CHOLAFIN	1845.00	27.40	157575.18	0.11	1656.22	45.56	8856.29	21.89	9.70	70.07
4.	TATACAP	362.80	28.50	154003.85	0.16	16281.80	1464.16	88219.30	1051.00	8.66	75.72
5.	JIOFIN	230.00	73.49	151872.26	0.26	830.25	155.73	2004.47	227.28	2.11	69.71
6.	BAJAJHLDNG	11120.70	13.97	123766.17	1.75	2708.08	-92.27	394.33	23.34	14.81	684.72
7.	MUTHOOTFIN	2794.40	9.86	112186.35	1.07	2824.84	43.08	8671.60	36.25	15.87	83.76
8.	ABCAPITAL	398.60	26.59	109118.68	0.00	1223.85	43.85	12179.54	137.84	8.82	41.91
9.	LTF	309.50	24.37	77571.61	0.89	915.99	30.70	5212.92	22.38	8.54	62.13
10.	SBICARD	656.05	27.44	62432.55	0.38	664.44	19.51	5040.55	7.60	11.75	29.83
11.	HDBFS	668.65	25.53	55549.10	0.60	785.20	38.31	4937.90	18.71	9.09	57.98
12.	M&MFIN	355.95	15.21	49483.85	2.11	927.48	75.34	5717.91	23.09	8.63	64.82

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
	3,403	3,529	3,742	3,951	4,005	4,178	4,420	4,841	4,645	4,686	4,980	5,489	5,718
	1,504	1,724	1,456	1,520	1,676	1,830	1,325	2,001	1,964	2,015	1,913	1,987	4,505
Operating Profit	2,079	2,109	2,644	2,761	2,639	2,636	3,472	2,885	3,026	3,012	3,271	3,552	3,707
OPM %	61.09%	59.78%	70.65%	69.88%	65.89%	63.08%	78.54%	59.59%	65.15%	64.27%	65.69%	64.71%	64.82%
Other Income	54	30	37	53	39	14	3	11	23	23	14	21	7
Interest	1,597	1,703	1,798	1,861	1,960	2,062	2,175	2,218	2,280	2,198	2,236	2,220	2,372
Depreciation	66	67	69	72	76	79	82	85	86	94	96	110	99
	469	369	814	880	642	509	1,217	594	683	743	1,087	1,243	1,242
Tax %	25.71%	26.02%	25.00%	25.57%	25.60%	26.14%	25.91%	25.82%	25.55%	25.92%	25.67%	25.63%	25.34%
Net Profit	0	0	0	0	497	390	918	456	529	566	826	940	927
	3	2	5	5	4	3	7	4	4	4	6	7	1

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
	7,146	7,884	10,372	11,885	12,111	11,318	12,700	15,797	18,463	21,005	20,873
	3,123	2,921	4,215	4,908	6,047	5,433	6,120	6,212	6,832	7,878	10,419
Operating Profit	4,023	4,963	6,157	6,977	6,064	5,885	6,580	9,584	11,631	13,127	10,455
OPM %	56.30%	62.95%	59.36%	58.70%	50.07%	51.99%	51.81%	60.67%	62.99%	62.50%	50.09%
	54	402	1,145	117	289	189	1,501	182	175	-52	-68
Interest	3,186	3,436	4,432	5,391	5,308	4,417	5,094	6,959	8,523	8,934	9,026
Depreciation	54	55	76	147	151	152	226	275	321	386	399
Profit before Tax	838	1,905	2,841	1,602	934	1,549	2,804	2,588	3,027	3,826	4,315
Tax %	36.77%	36.15%	34.27%	32.22%	16.47%	25.76%	26.13%	24.93%	25.31%	25.22%	25.61%
Net Profit	530	1,216	1,867	1,086	780	1,150	2,071	1,943	2,261	2,861	3,210
EPS	9.00	20.37	29.67	11.95	6.98	9.21	16.79	15.66	18.32	20.54	—
Dividend Payout %	26.50%	20.74%	21.87%	0.00%	12.75%	39.04%	35.72%	40.24%	35.49%	36.51%	—

COMPOUNDED SALES GROWTH

10 Years:: 12%
5 Years:: 12%
3 Years:: 18%

COMPOUNDED PROFIT GROWTH

10 Years:: 14%
5 Years:: 30%
3 Years:: 11%

STOCK PRICE CAGR

10 Years:: 6%
5 Years:: 17%
3 Years:: 8%
1 Year:: 31%

RETURN ON EQUITY

10 Years:: 11%
5 Years:: 10%
3 Years:: 11%
Last Year:: 12%

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	113	123	123	123	246	247	247	247	247	278
Minority Interest	100	145	79	90	99	141	141	42	44	53
	6,823	9,710	11,109	11,792	15,480	16,607	18,273	18,872	21,256	26,328
	33,097	45,031	58,878	65,692	65,184	62,215	81,517	99,341	1,19,576	1,28,799
Trade Payables	607	1,138	1,148	723	779	1,164	1,286	1,679	1,441	1,142
	11,726	1,864	2,789	2,794	2,868	2,484	2,874	2,734	714	1,218
Total Liabilities	52,466	58,012	74,126	81,214	84,656	82,857	1,04,339	1,22,914	1,43,277	1,57,818
	133	147	201	455	399	515	871	1,008	1,207	1,328
Capital Work in Progress	1	0	0	0	10	0	0	0	1	2
	1,374	2,378	3,327	5,340	12,126	8,654	10,063	9,598	10,590	7,407
	0	0	0	0	0	0	0	173	247	326
Cash & Bank	604	478	994	1,532	4,037	4,828	4,067	4,075	5,847	7,568
	50,354	55,009	69,603	73,886	68,083	68,860	89,338	1,08,059	1,25,386	1,41,187
Total Assets	52,466	58,012	74,126	81,214	84,656	82,857	1,04,339	1,22,914	1,43,277	1,57,818

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
	-5,934	-7,845	-11,254	-2,527	-1,544	-6,566	-23,944	-25,576	-21,936	-19,910
Cash from Investing	-97	243	-1,213	-2,689	-8,348	3,111	-1,635	2,670	-1,077	770
Cash from Financing	6,766	8,174	13,490	6,050	2,548	-3,173	18,852	16,095	17,605	10,637
	202	-93	199	245	26	-44	-179	317	927	-1,365

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
	52.16	52.16	52.16	52.16	52.49	52.49	52.49	52.49	52.49
	10.07	10.19	10.47	10.68	9.33	9.59	9.11	9.40	9.53
	30.66	31.58	31.17	31.31	32.33	32.29	32.34	32.09	31.48
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	7.09	6.08	6.20	5.85	5.84	5.63	6.06	6.02	6.49

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