Mahindra & Mahindra Financial Services Ltd.
•2026-08-21
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
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | BAJFINANCE | 1078.60 | 33.07 | 671531.43 | 0.56 | 6080.60 | 27.60 | 23165.45 | 20.37 | 10.87 | 70.70 |
| 2. | SHRIRAMFIN | 1104.90 | 22.97 | 259981.15 | 0.98 | 3452.77 | 59.90 | 13400.43 | 17.46 | 11.49 | 74.63 |
| 3. | JIOFIN | 242.70 | 77.55 | 160258.25 | 0.25 | 830.25 | 155.73 | 2004.47 | 227.28 | 2.11 | 69.71 |
| 4. | CHOLAFIN | 1866.25 | 27.72 | 159390.07 | 0.11 | 1656.22 | 45.56 | 8856.29 | 21.89 | 9.70 | 70.07 |
| 5. | TATACAP | 365.15 | 28.68 | 155001.39 | 0.16 | 16281.80 | 1464.16 | 88219.30 | 1051.00 | 8.66 | 75.72 |
| 6. | BAJAJHLDNG | 11322.85 | 14.23 | 126015.97 | 1.72 | 2708.08 | -92.27 | 394.33 | 23.34 | 14.81 | 684.72 |
| 7. | MUTHOOTFIN | 2859.20 | 10.09 | 114787.87 | 1.05 | 2824.84 | 43.08 | 8671.60 | 36.25 | 15.87 | 83.76 |
| 8. | ABCAPITAL | 396.75 | 26.46 | 108592.29 | 0.00 | 1223.85 | 43.85 | 12179.54 | 137.84 | 8.82 | 41.91 |
| 9. | LTF | 315.00 | 24.80 | 78940.44 | 0.87 | 915.99 | 30.70 | 5212.92 | 22.38 | 8.54 | 62.13 |
| 10. | SBICARD | 626.30 | 0.00 | 59601.37 | 0.40 | 664.44 | 19.51 | 5040.55 | 7.60 | 11.75 | 29.83 |
| 11. | HDBFS | 681.15 | 26.00 | 56579.31 | 0.59 | 785.20 | 38.31 | 4937.90 | 18.71 | 9.09 | 57.98 |
| 12. | M&MFIN | 389.55 | 16.65 | 54146.33 | 1.93 | 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 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| 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 | |
| Equity Capital | 247 | 247 | 247 | 247 | 247 | 247 | 247 | 247 | 278 | 278 | 278 | 278 | 278 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Equity Capital | 247 | 247 | 247 | 247 | 247 | 247 | 247 | 247 | 278 | 278 | 278 | 278 | 278 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
- 3,060
- 1,147
- Operating Profit
- —
- OPM %
- —
- Other Income
- 41
- Interest
- 1,450
- Depreciation
- 54
- 474
- Tax %
- 25.53%
- Net Profit
- 353
- 3
- Equity Capital
- 247
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 247
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 3,186
- 1,302
- Operating Profit
- —
- OPM %
- —
- Other Income
- 29
- Interest
- 1,566
- Depreciation
- 56
- 316
- Tax %
- 25.64%
- Net Profit
- 235
- 2
- Equity Capital
- 247
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 247
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 3,417
- 1,023
- Operating Profit
- —
- OPM %
- —
- Other Income
- 37
- Interest
- 1,675
- Depreciation
- 58
- 734
- Tax %
- 24.70%
- Net Profit
- 553
- 4
- Equity Capital
- 247
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 247
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 3,626
- 1,079
- Operating Profit
- —
- OPM %
- —
- Other Income
- 52
- Interest
- 1,735
- Depreciation
- 60
- 832
- Tax %
- 25.56%
- Net Profit
- 619
- 5
- Equity Capital
- 247
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 247
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 3,688
- 1,181
- Operating Profit
- —
- OPM %
- —
- Other Income
- 38
- Interest
- 1,829
- Depreciation
- 64
- 686
- Tax %
- 25.27%
- Net Profit
- 513
- 4
- Equity Capital
- 247
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 247
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 3,876
- 1,431
- Operating Profit
- —
- OPM %
- —
- Other Income
- 12
- Interest
- 1,934
- Depreciation
- 67
- 493
- Tax %
- 25.00%
- Net Profit
- 369
- 3
- Equity Capital
- 247
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 247
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 4,105
- 816
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 2,046
- Depreciation
- 70
- 1,213
- Tax %
- 25.82%
- Net Profit
- 899
- 7
- Equity Capital
- 247
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 247
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 4,196
- 1,327
- Operating Profit
- —
- OPM %
- —
- Other Income
- 4
- Interest
- 2,090
- Depreciation
- 73
- 756
- Tax %
- 25.48%
- Net Profit
- 563
- 4
- Equity Capital
- 247
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 247
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 4,381
- 1,517
- Operating Profit
- —
- OPM %
- —
- Other Income
- 18
- Interest
- 2,152
- Depreciation
- 75
- 693
- Tax %
- 23.63%
- Net Profit
- 530
- 4
- Equity Capital
- 278
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 278
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 4,431
- 1,592
- Operating Profit
- —
- OPM %
- —
- Other Income
- 17
- Interest
- 2,066
- Depreciation
- 83
- 748
- Tax %
- 23.84%
- Net Profit
- 569
- 4
- Equity Capital
- 278
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 278
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 4,708
- 1,387
- Operating Profit
- —
- OPM %
- —
- Other Income
- 10
- Interest
- 2,103
- Depreciation
- 86
- 1,070
- Tax %
- 24.29%
- Net Profit
- 810
- 6
- Equity Capital
- 278
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 278
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 4,750
- 1,479
- Operating Profit
- —
- OPM %
- —
- Other Income
- 10
- Interest
- 2,071
- Depreciation
- 99
- 1,161
- Tax %
- 24.83%
- Net Profit
- 873
- 6
- Equity Capital
- 278
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 278
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- 4,972
- 3,788
- Operating Profit
- —
- OPM %
- —
- Other Income
- 2
- Interest
- 2,208
- Depreciation
- 89
- 1,186
- Tax %
- 24.24%
- Net Profit
- 899
- 1
- Equity Capital
- 278
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 278
- Reserves
- 0
- Promoter Pledge %
- 0.00%
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 | 3,524 | 4,728 | 6,387 | 6,291 | 5,275 | 5,404 | 7,517 | 9,011 | 11,319 | 12,525 | — |
| OPM % | 57 | 71 | 73 | 62 | 50 | 56 | 69 | 67 | 71 | 68 | — |
| Other Income | 64 | 515 | 1,217 | 150 | 62 | 207 | 1,342 | 162 | 56 | 55 | 38 |
| 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 |
| 620 | 1,667 | 2,382 | 1,344 | 422 | 1,357 | 2,698 | 2,355 | 3,147 | 3,673 | 4,166 | |
| Tax % | 35 | 35 | 35 | 33 | 21 | 27 | 26 | 25 | 25 | 24 | 24 |
| Net Profit | 400 | 1,076 | 1,557 | 906 | 335 | 989 | 1,984 | 1,760 | 2,345 | 2,782 | 3,151 |
| EPS | 7 | 18 | 25 | 10 | 3 | 8 | 16 | 14 | 19 | 20 | — |
| Dividend Payout % | 34 | 23 | 26 | 0 | 29 | 45 | 37 | 44 | 34 | 37 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 4 | 10 | 15 | 9 | 3 | 8 | 16 | 14 | 18 | 20 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 4 | 10 | 15 | 9 | 3 | 8 | 16 | 14 | 18 | 20 | — |
- 6,174
- 2,714
- Operating Profit
- 3,524
- OPM %
- 57
- Other Income
- 64
- Interest
- 2,857
- Depreciation
- 46
- 620
- Tax %
- 35
- Net Profit
- 400
- EPS
- 7
- Dividend Payout %
- 34
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
- 6,633
- 2,420
- Operating Profit
- 4,728
- OPM %
- 71
- Other Income
- 515
- Interest
- 3,082
- Depreciation
- 44
- 1,667
- Tax %
- 35
- Net Profit
- 1,076
- EPS
- 18
- Dividend Payout %
- 23
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 10
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 10
- 8,723
- 3,552
- Operating Profit
- 6,387
- OPM %
- 73
- Other Income
- 1,217
- Interest
- 3,945
- Depreciation
- 60
- 2,382
- Tax %
- 35
- Net Profit
- 1,557
- EPS
- 25
- Dividend Payout %
- 26
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 15
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 15
- 10,100
- 3,959
- Operating Profit
- 6,291
- OPM %
- 62
- Other Income
- 150
- Interest
- 4,829
- Depreciation
- 118
- 1,344
- Tax %
- 33
- Net Profit
- 906
- EPS
- 10
- Dividend Payout %
- 0
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 9
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 9
- 10,456
- 5,242
- Operating Profit
- 5,275
- OPM %
- 50
- Other Income
- 62
- Interest
- 4,733
- Depreciation
- 126
- 422
- Tax %
- 21
- Net Profit
- 335
- EPS
- 3
- Dividend Payout %
- 29
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 3
- 9,658
- 4,461
- Operating Profit
- 5,404
- OPM %
- 56
- Other Income
- 207
- Interest
- 3,920
- Depreciation
- 127
- 1,357
- Tax %
- 27
- Net Profit
- 989
- EPS
- 8
- Dividend Payout %
- 45
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 8
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 8
- 10,929
- 4,754
- Operating Profit
- 7,517
- OPM %
- 69
- Other Income
- 1,342
- Interest
- 4,577
- Depreciation
- 187
- 2,698
- Tax %
- 26
- Net Profit
- 1,984
- EPS
- 16
- Dividend Payout %
- 37
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 16
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 16
- 13,407
- 4,558
- Operating Profit
- 9,011
- OPM %
- 67
- Other Income
- 162
- Interest
- 6,427
- Depreciation
- 229
- 2,355
- Tax %
- 25
- Net Profit
- 1,760
- EPS
- 14
- Dividend Payout %
- 44
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 14
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 14
- 16,019
- 4,756
- Operating Profit
- 11,319
- OPM %
- 71
- Other Income
- 56
- Interest
- 7,898
- Depreciation
- 273
- 3,147
- Tax %
- 25
- Net Profit
- 2,345
- EPS
- 19
- Dividend Payout %
- 34
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 18
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 18
- 18,446
- 5,976
- Operating Profit
- 12,525
- OPM %
- 68
- Other Income
- 55
- Interest
- 8,392
- Depreciation
- 343
- 3,673
- Tax %
- 24
- Net Profit
- 2,782
- EPS
- 20
- Dividend Payout %
- 37
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 20
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 20
- 18,862
- 8,246
- Operating Profit
- —
- OPM %
- —
- Other Income
- 38
- Interest
- 8,448
- Depreciation
- 357
- 4,166
- Tax %
- 24
- Net Profit
- 3,151
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- —
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:
- 7%
- 5 Years:
- 22%
- 3 Years:
- 12%
- 1 Year:
- 43%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| 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 | |
| 5,790 | 4,467 | 3,725 | 140 | 1,182 | 845 | 5,044 | 32,423 | 39,391 | 52,975 | |
| Trade Payables | 578 | 1,055 | 1,014 | 636 | 643 | 1,005 | 1,166 | 1,459 | 1,209 | 856 |
| 32,285 | 37,043 | 51,094 | 61,491 | 59,680 | 57,005 | 72,304 | 62,440 | 74,505 | 68,680 | |
| 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 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 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 |
| Total Debt | 34,538 | 40,093 | 52,847 | 59,462 | 58,577 | 55,814 | 74,946 | 93,979 | 1,12,873 | 1,20,335 |
| Net Working Capital | 4,354 | 41,371 | 55,687 | 65,070 | 62,507 | 61,117 | 73,581 | -28,856 | -30,251 | -45,545 |
| Contingent Liabilities | 368 | 382 | 734 | 1,262 | 1,737 | 1,891 | 2,163 | 1,635 | 1,051 | 1,301 |
| Book Value per Share | 114.20 | 156.24 | 176.85 | 183.88 | 119.06 | 126.49 | 138.34 | 147.00 | 160.36 | 178.05 |
| Face Value | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
| Total Debt | 34,538 | 40,093 | 52,847 | 59,462 | 58,577 | 55,814 | 74,946 | 93,979 | 1,12,873 | 1,20,335 |
| Net Working Capital | 4,354 | 41,371 | 55,687 | 65,070 | 62,507 | 61,117 | 73,581 | -28,856 | -30,251 | -45,545 |
| Contingent Liabilities | 368 | 382 | 734 | 1,262 | 1,737 | 1,891 | 2,163 | 1,635 | 1,051 | 1,301 |
| Book Value per Share | 114.20 | 156.24 | 176.85 | 183.88 | 119.06 | 126.49 | 138.34 | 147.00 | 160.36 | 178.05 |
| Face Value | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
- Equity Capital
- 113
- 6,340
- 5,790
- Trade Payables
- 578
- 32,285
- Total Liabilities
- 45,105
- 112
- Capital Work in Progress
- 0
- 1,873
- 0
- Cash & Bank
- 578
- 42,542
- Total Assets
- 45,105
- Total Debt
- 34,538
- Net Working Capital
- 4,354
- Contingent Liabilities
- 368
- Book Value per Share
- 114.20
- Face Value
- 2.00
- Total Debt
- 34,538
- Net Working Capital
- 4,354
- Contingent Liabilities
- 368
- Book Value per Share
- 114.20
- Face Value
- 2.00
- Equity Capital
- 123
- 9,478
- 4,467
- Trade Payables
- 1,055
- 37,043
- Total Liabilities
- 52,165
- 120
- Capital Work in Progress
- 0
- 2,734
- 0
- Cash & Bank
- 411
- 48,900
- Total Assets
- 52,165
- Total Debt
- 40,093
- Net Working Capital
- 41,371
- Contingent Liabilities
- 382
- Book Value per Share
- 156.24
- Face Value
- 2.00
- Total Debt
- 40,093
- Net Working Capital
- 41,371
- Contingent Liabilities
- 382
- Book Value per Share
- 156.24
- Face Value
- 2.00
- Equity Capital
- 123
- 10,751
- 3,725
- Trade Payables
- 1,014
- 51,094
- Total Liabilities
- 66,706
- 163
- Capital Work in Progress
- 0
- 3,792
- 0
- Cash & Bank
- 958
- 61,793
- Total Assets
- 66,706
- Total Debt
- 52,847
- Net Working Capital
- 55,687
- Contingent Liabilities
- 734
- Book Value per Share
- 176.85
- Face Value
- 2.00
- Total Debt
- 52,847
- Net Working Capital
- 55,687
- Contingent Liabilities
- 734
- Book Value per Share
- 176.85
- Face Value
- 2.00
- Equity Capital
- 123
- 11,192
- 140
- Trade Payables
- 636
- 61,491
- Total Liabilities
- 73,582
- 364
- Capital Work in Progress
- 0
- 5,911
- 0
- Cash & Bank
- 1,426
- 65,881
- Total Assets
- 73,582
- Total Debt
- 59,462
- Net Working Capital
- 65,070
- Contingent Liabilities
- 1,262
- Book Value per Share
- 183.88
- Face Value
- 2.00
- Total Debt
- 59,462
- Net Working Capital
- 65,070
- Contingent Liabilities
- 1,262
- Book Value per Share
- 183.88
- Face Value
- 2.00
- Equity Capital
- 246
- 14,422
- 1,182
- Trade Payables
- 643
- 59,680
- Total Liabilities
- 76,174
- 330
- Capital Work in Progress
- 10
- 11,705
- 0
- Cash & Bank
- 3,322
- 60,806
- Total Assets
- 76,174
- Total Debt
- 58,577
- Net Working Capital
- 62,507
- Contingent Liabilities
- 1,737
- Book Value per Share
- 119.06
- Face Value
- 2.00
- Total Debt
- 58,577
- Net Working Capital
- 62,507
- Contingent Liabilities
- 1,737
- Book Value per Share
- 119.06
- Face Value
- 2.00
- Equity Capital
- 247
- 15,350
- 845
- Trade Payables
- 1,005
- 57,005
- Total Liabilities
- 74,452
- 393
- Capital Work in Progress
- 0
- 8,440
- 0
- Cash & Bank
- 4,151
- 61,468
- Total Assets
- 74,452
- Total Debt
- 55,814
- Net Working Capital
- 61,117
- Contingent Liabilities
- 1,891
- Book Value per Share
- 126.49
- Face Value
- 2.00
- Total Debt
- 55,814
- Net Working Capital
- 61,117
- Contingent Liabilities
- 1,891
- Book Value per Share
- 126.49
- Face Value
- 2.00
- Equity Capital
- 247
- 16,819
- 5,044
- Trade Payables
- 1,166
- 72,304
- Total Liabilities
- 95,579
- 696
- Capital Work in Progress
- 0
- 9,989
- 0
- Cash & Bank
- 2,832
- 82,063
- Total Assets
- 95,579
- Total Debt
- 74,946
- Net Working Capital
- 73,581
- Contingent Liabilities
- 2,163
- Book Value per Share
- 138.34
- Face Value
- 2.00
- Total Debt
- 74,946
- Net Working Capital
- 73,581
- Contingent Liabilities
- 2,163
- Book Value per Share
- 138.34
- Face Value
- 2.00
- Equity Capital
- 247
- 17,898
- 32,423
- Trade Payables
- 1,459
- 62,440
- Total Liabilities
- 1,14,468
- 826
- Capital Work in Progress
- 0
- 9,651
- 25
- Cash & Bank
- 2,689
- 1,01,278
- Total Assets
- 1,14,468
- Total Debt
- 93,979
- Net Working Capital
- -28,856
- Contingent Liabilities
- 1,635
- Book Value per Share
- 147.00
- Face Value
- 2.00
- Total Debt
- 93,979
- Net Working Capital
- -28,856
- Contingent Liabilities
- 1,635
- Book Value per Share
- 147.00
- Face Value
- 2.00
- Equity Capital
- 247
- 19,556
- 39,391
- Trade Payables
- 1,209
- 74,505
- Total Liabilities
- 1,34,907
- 1,049
- Capital Work in Progress
- 1
- 10,400
- 53
- Cash & Bank
- 5,536
- 1,17,868
- Total Assets
- 1,34,907
- Total Debt
- 1,12,873
- Net Working Capital
- -30,251
- Contingent Liabilities
- 1,051
- Book Value per Share
- 160.36
- Face Value
- 2.00
- Total Debt
- 1,12,873
- Net Working Capital
- -30,251
- Contingent Liabilities
- 1,051
- Book Value per Share
- 160.36
- Face Value
- 2.00
- Equity Capital
- 278
- 24,463
- 52,975
- Trade Payables
- 856
- 68,680
- Total Liabilities
- 1,47,251
- 1,188
- Capital Work in Progress
- 2
- 6,820
- 86
- Cash & Bank
- 7,340
- 1,31,815
- Total Assets
- 1,47,251
- Total Debt
- 1,20,335
- Net Working Capital
- -45,545
- Contingent Liabilities
- 1,301
- Book Value per Share
- 178.05
- Face Value
- 2.00
- Total Debt
- 1,20,335
- Net Working Capital
- -45,545
- Contingent Liabilities
- 1,301
- Book Value per Share
- 178.05
- Face Value
- 2.00
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -4,907 | -7,106 | -10,918 | -3,151 | 4,886 | -0 | -17,485 | -18,401 | -15,281 | -11,206 | |
| 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 | |
| Free Cash Flow | -4,940 | -7,145 | -11,008 | -3,451 | 4,807 | -85 | -17,881 | -18,633 | -15,635 | -11,531 |
| OCF / Net Profit | -12.26 | -6.60 | -7.01 | -3.48 | 14.58 | -0.00 | -8.81 | -10.46 | -6.52 | -4.03 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -21,737 | -16,883 | -27,619 | -35,244 | -47,428 | -63,766 |
| OCF / Net Profit | -12.26 | -6.60 | -7.01 | -3.48 | 14.58 | -0.00 | -8.81 | -10.46 | -6.52 | -4.03 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | -21,737 | -16,883 | -27,619 | -35,244 | -47,428 | -63,766 |
- -4,907
- Cash from Investing
- -256
- Cash from Financing
- 5,360
- 197
- Free Cash Flow
- -4,940
- OCF / Net Profit
- -12.26
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -12.26
- Cumulative 5-Year FCF
- 0
- -7,106
- Cash from Investing
- 211
- Cash from Financing
- 6,755
- -140
- Free Cash Flow
- -7,145
- OCF / Net Profit
- -6.60
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -6.60
- Cumulative 5-Year FCF
- 0
- -10,918
- Cash from Investing
- -1,317
- Cash from Financing
- 12,465
- 230
- Free Cash Flow
- -11,008
- OCF / Net Profit
- -7.01
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -7.01
- Cumulative 5-Year FCF
- 0
- -3,151
- Cash from Investing
- -2,573
- Cash from Financing
- 5,899
- 175
- Free Cash Flow
- -3,451
- OCF / Net Profit
- -3.48
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- -3.48
- Cumulative 5-Year FCF
- 0
- 4,886
- Cash from Investing
- -7,252
- Cash from Financing
- 2,260
- -106
- Free Cash Flow
- 4,807
- OCF / Net Profit
- 14.58
- Cumulative 5-Year FCF
- -21,737
- OCF / Net Profit
- 14.58
- Cumulative 5-Year FCF
- -21,737
- -0
- Cash from Investing
- 2,613
- Cash from Financing
- -2,855
- -243
- Free Cash Flow
- -85
- OCF / Net Profit
- -0.00
- Cumulative 5-Year FCF
- -16,883
- OCF / Net Profit
- -0.00
- Cumulative 5-Year FCF
- -16,883
- -17,485
- Cash from Investing
- -1,321
- Cash from Financing
- 18,728
- -78
- Free Cash Flow
- -17,881
- OCF / Net Profit
- -8.81
- Cumulative 5-Year FCF
- -27,619
- OCF / Net Profit
- -8.81
- Cumulative 5-Year FCF
- -27,619
- -18,401
- Cash from Investing
- 1,959
- Cash from Financing
- 16,503
- 61
- Free Cash Flow
- -18,633
- OCF / Net Profit
- -10.46
- Cumulative 5-Year FCF
- -35,244
- OCF / Net Profit
- -10.46
- Cumulative 5-Year FCF
- -35,244
- -15,281
- Cash from Investing
- -1,011
- Cash from Financing
- 17,648
- 1,355
- Free Cash Flow
- -15,635
- OCF / Net Profit
- -6.52
- Cumulative 5-Year FCF
- -47,428
- OCF / Net Profit
- -6.52
- Cumulative 5-Year FCF
- -47,428
- -11,206
- Cash from Investing
- 1,109
- Cash from Financing
- 8,821
- -1,275
- Free Cash Flow
- -11,531
- OCF / Net Profit
- -4.03
- Cumulative 5-Year FCF
- -63,766
- OCF / Net Profit
- -4.03
- Cumulative 5-Year FCF
- -63,766
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | 7.08 | 17.51 | 25.32 | 14.73 | 2.72 | 8.02 | 16.09 | 14.25 | 18.99 | 20.02 |
| Book Value (₹) | 114.20 | 156.24 | 176.85 | 183.88 | 119.06 | 126.49 | 138.34 | 147.00 | 160.36 | 178.05 |
| Dividend per Share (₹) | 2.40 | 4.00 | 6.50 | 0.00 | 0.80 | 3.60 | 6.00 | 6.30 | 6.50 | 7.50 |
| Cash EPS (₹) | 4.69 | 10.82 | 15.61 | 9.88 | 3.64 | 8.80 | 17.13 | 15.67 | 20.63 | 22.49 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 57.07% | 71.27% | 73.22% | 62.29% | 50.45% | 55.95% | 68.78% | 66.00% | 70.31% | 67.60% |
| Net Margin % | 6.48% | 16.22% | 17.85% | 8.97% | 3.21% | 10.24% | 18.16% | 13.12% | 14.64% | 15.08% |
| ROE % | 6.40% | 13.41% | 15.21% | 8.17% | 2.58% | 6.53% | 12.15% | 9.99% | 12.36% | 12.49% |
| ROCE % | 9.08% | 10.47% | 11.15% | 9.17% | 7.15% | 7.29% | 8.90% | 8.60% | 9.02% | 8.69% |
| 0.95% | 2.21% | 2.62% | 1.29% | 0.45% | 1.31% | 2.33% | 1.68% | 1.88% | 1.97% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 5.35x | 4.18x | 4.86x | 5.26x | 3.99x | 3.58x | 4.39x | 5.18x | 5.70x | 4.86x |
| Interest Coverage (x) | 1.22x | 1.54x | 1.60x | 1.28x | 1.09x | 1.35x | 1.59x | 1.37x | 1.40x | 1.44x |
| 1.26x | 6.57x | 9.09x | 21.11x | 14.18x | 14.62x | 9.15x | 0.17x | 0.27x | 0.18x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 5.48% | 7.44% | 31.50% | 15.78% | 3.53% | -7.63% | 13.16% | 22.68% | 19.48% | 15.15% |
| Operating Profit Growth % | -5.24% | 34.17% | 35.10% | -1.51% | -16.14% | 2.44% | 39.09% | 19.88% | 25.61% | 10.65% |
| Net Profit Growth % | -40.49% | 168.86% | 44.70% | -41.79% | -63.02% | 195.02% | 100.69% | -11.32% | 33.27% | 18.64% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -11.38% | 33.22% | 5.44% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 19.03x | 14.50x | 14.29x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.90x | 1.76x | 1.61x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 2.26% | 2.30% | 2.62% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 13.95x | 12.57x | 12.20x |
- EPS (₹)
- 7.08
- Book Value (₹)
- 114.20
- Dividend per Share (₹)
- 2.40
- Cash EPS (₹)
- 4.69
- Operating Margin %
- 57.07%
- Net Margin %
- 6.48%
- ROE %
- 6.40%
- ROCE %
- 9.08%
- 0.95%
- Debtor Days
- 0
- Inventory Days
- 0
- Payable Days
- 0
- 0
- Debt to Equity (x)
- 5.35x
- Interest Coverage (x)
- 1.22x
- 1.26x
- Revenue Growth %
- 5.48%
- Operating Profit Growth %
- -5.24%
- Net Profit Growth %
- -40.49%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 17.51
- Book Value (₹)
- 156.24
- Dividend per Share (₹)
- 4.00
- Cash EPS (₹)
- 10.82
- Operating Margin %
- 71.27%
- Net Margin %
- 16.22%
- ROE %
- 13.41%
- ROCE %
- 10.47%
- 2.21%
- Debtor Days
- 0
- Inventory Days
- 0
- Payable Days
- 0
- 0
- Debt to Equity (x)
- 4.18x
- Interest Coverage (x)
- 1.54x
- 6.57x
- Revenue Growth %
- 7.44%
- Operating Profit Growth %
- 34.17%
- Net Profit Growth %
- 168.86%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 25.32
- Book Value (₹)
- 176.85
- Dividend per Share (₹)
- 6.50
- Cash EPS (₹)
- 15.61
- Operating Margin %
- 73.22%
- Net Margin %
- 17.85%
- ROE %
- 15.21%
- ROCE %
- 11.15%
- 2.62%
- Debtor Days
- 0
- Inventory Days
- 0
- Payable Days
- 0
- 0
- Debt to Equity (x)
- 4.86x
- Interest Coverage (x)
- 1.60x
- 9.09x
- Revenue Growth %
- 31.50%
- Operating Profit Growth %
- 35.10%
- Net Profit Growth %
- 44.70%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 14.73
- Book Value (₹)
- 183.88
- Dividend per Share (₹)
- 0.00
- Cash EPS (₹)
- 9.88
- Operating Margin %
- 62.29%
- Net Margin %
- 8.97%
- ROE %
- 8.17%
- ROCE %
- 9.17%
- 1.29%
- Debtor Days
- 0
- Inventory Days
- 0
- Payable Days
- 0
- 0
- Debt to Equity (x)
- 5.26x
- Interest Coverage (x)
- 1.28x
- 21.11x
- Revenue Growth %
- 15.78%
- Operating Profit Growth %
- -1.51%
- Net Profit Growth %
- -41.79%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 2.72
- Book Value (₹)
- 119.06
- Dividend per Share (₹)
- 0.80
- Cash EPS (₹)
- 3.64
- Operating Margin %
- 50.45%
- Net Margin %
- 3.21%
- ROE %
- 2.58%
- ROCE %
- 7.15%
- 0.45%
- Debtor Days
- 0
- Inventory Days
- 0
- Payable Days
- 0
- 0
- Debt to Equity (x)
- 3.99x
- Interest Coverage (x)
- 1.09x
- 14.18x
- Revenue Growth %
- 3.53%
- Operating Profit Growth %
- -16.14%
- Net Profit Growth %
- -63.02%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 8.02
- Book Value (₹)
- 126.49
- Dividend per Share (₹)
- 3.60
- Cash EPS (₹)
- 8.80
- Operating Margin %
- 55.95%
- Net Margin %
- 10.24%
- ROE %
- 6.53%
- ROCE %
- 7.29%
- 1.31%
- Debtor Days
- 0
- Inventory Days
- 0
- Payable Days
- 0
- 0
- Debt to Equity (x)
- 3.58x
- Interest Coverage (x)
- 1.35x
- 14.62x
- Revenue Growth %
- -7.63%
- Operating Profit Growth %
- 2.44%
- Net Profit Growth %
- 195.02%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 16.09
- Book Value (₹)
- 138.34
- Dividend per Share (₹)
- 6.00
- Cash EPS (₹)
- 17.13
- Operating Margin %
- 68.78%
- Net Margin %
- 18.16%
- ROE %
- 12.15%
- ROCE %
- 8.90%
- 2.33%
- Debtor Days
- 1
- Inventory Days
- 0
- Payable Days
- 0
- 1
- Debt to Equity (x)
- 4.39x
- Interest Coverage (x)
- 1.59x
- 9.15x
- Revenue Growth %
- 13.16%
- Operating Profit Growth %
- 39.09%
- Net Profit Growth %
- 100.69%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
- EPS (₹)
- 14.25
- Book Value (₹)
- 147.00
- Dividend per Share (₹)
- 6.30
- Cash EPS (₹)
- 15.67
- Operating Margin %
- 66.00%
- Net Margin %
- 13.12%
- ROE %
- 9.99%
- ROCE %
- 8.60%
- 1.68%
- Debtor Days
- 1
- Inventory Days
- 0
- Payable Days
- 0
- 1
- Debt to Equity (x)
- 5.18x
- Interest Coverage (x)
- 1.37x
- 0.17x
- Revenue Growth %
- 22.68%
- Operating Profit Growth %
- 19.88%
- Net Profit Growth %
- -11.32%
- -11.38%
- P/E (x)
- 19.03x
- P/B (x)
- 1.90x
- Dividend Yield %
- 2.26%
- 13.95x
- EPS (₹)
- 18.99
- Book Value (₹)
- 160.36
- Dividend per Share (₹)
- 6.50
- Cash EPS (₹)
- 20.63
- Operating Margin %
- 70.31%
- Net Margin %
- 14.64%
- ROE %
- 12.36%
- ROCE %
- 9.02%
- 1.88%
- Debtor Days
- 1
- Inventory Days
- 0
- Payable Days
- 0
- 1
- Debt to Equity (x)
- 5.70x
- Interest Coverage (x)
- 1.40x
- 0.27x
- Revenue Growth %
- 19.48%
- Operating Profit Growth %
- 25.61%
- Net Profit Growth %
- 33.27%
- 33.22%
- P/E (x)
- 14.50x
- P/B (x)
- 1.76x
- Dividend Yield %
- 2.30%
- 12.57x
- EPS (₹)
- 20.02
- Book Value (₹)
- 178.05
- Dividend per Share (₹)
- 7.50
- Cash EPS (₹)
- 22.49
- Operating Margin %
- 67.60%
- Net Margin %
- 15.08%
- ROE %
- 12.49%
- ROCE %
- 8.69%
- 1.97%
- Debtor Days
- 1
- Inventory Days
- 0
- Payable Days
- 0
- 1
- Debt to Equity (x)
- 4.86x
- Interest Coverage (x)
- 1.44x
- 0.18x
- Revenue Growth %
- 15.15%
- Operating Profit Growth %
- 10.65%
- Net Profit Growth %
- 18.64%
- 5.44%
- P/E (x)
- 14.29x
- P/B (x)
- 1.61x
- Dividend Yield %
- 2.62%
- 12.20x
Documents
Announcements
- Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-12 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about Schedule of Investor Conference
- Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-10 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about Schedule of Investor Conference
Annual Reports
Credit Ratings
- Credit Rating
2026-08-07 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about Credit Rating
- Credit Rating
2026-07-21 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about Credit Rating
- Credit Rating
2026-07-10 - Mahindra & Mahindra Financial Services Limited has informed the Exchange about Credit Rating
Concalls
Jul 2026
Apr 2026
Feb 2026

