Mahindra & Mahindra
Mahindra & Mahindra
Consumer Discretionary F&OKey Fundamentals
LargecapCars & Utility VehiclesAutomobilesPrice-based figures as of 9 Oct 2026, 3:58 pm IST · EPS basis: Consolidated · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company has delivered good profit growth of 50.6% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 21.4%
Weaknesses
2- Stock is trading at 3.76 times its book value
- Promoter holding is low: 18.4%
Growth Rate
AI Analysis — Bull vs Bear
As of the 2026-10-08 close, Mahindra & Mahindra traded at Rs 2,751.2, a market capitalisation of Rs 342,119.65 crore, on a trailing P/E of 18.52 and a P/B of 3.67. Profit growth has been strong, at 38% TTM and 51% CAGR over 5 years, and ROE is 17.01%. The stock is down 18% over 1 year, sits about 0.25% above its 52-week low of Rs 2,744.3 and about 28.4% below its 52-week high of Rs 3,839.9. Debt-to-equity is 1.47 and promoter holding is 18.4%.
- Profit has compounded at 51% CAGR over 5 years (reported as 50.6%), 23% over 3 years and 38% on a TTM basis, so growth remains well above the 10-year profit CAGR of 19%.
- TTM profit growth of 38% is ahead of TTM sales growth of 26%, which suggests operating leverage or margin expansion rather than purely volume-led growth.
- Sales have compounded at 22% over 5 years and 18% over 3 years, more than double the 10-year sales CAGR of 10%, pointing to a structural step-up in top-line growth.
- The trailing P/E of 18.52 on TTM EPS of Rs 148.52 implies an earnings yield of about 5.4%. That multiple is modest relative to 38% TTM profit growth.
- The stock fell 18% over 1 year while TTM profit grew 38%, so the valuation has de-rated even as earnings expanded. At Rs 2,751.2 it trades about 28.4% below its 52-week high of Rs 3,839.9.
- Return ratios are healthy for a capital-intensive auto business: ROE of 17.01%, ROCE of 17.26%, and ROE averaging 19% over 3 years and 18% over 5 years.
- Dividend payout is 21.4% with a yield of 1.18%, which means roughly 78.6% of earnings are retained for reinvestment while still returning cash to shareholders.
- Long-term shareholder returns have been solid: stock CAGR of 27% over 5 years, 23% over 3 years and 15% over 10 years.
- Price momentum is weak. The stock is down 18% over 1 year and closed at Rs 2,751.2, only about 0.25% above its 52-week low of Rs 2,744.3 and roughly 28.4% below its 52-week high of Rs 3,839.9.
- Debt-to-equity of 1.47 is elevated. Part of this likely reflects the consolidated financial services lending book, but it still raises sensitivity to interest rates and credit cycles.
- Return ratios are trending down. Current ROE of 17.01% is below last year's 20% and the 3-year average of 19%, and ROCE of 17.26% is only modestly above ROE.
- P/B of 3.67 implies a book value of about Rs 750 per share. That is a meaningful premium to book and depends on ROE staying in the high teens.
- Promoter holding is low at 18.4%, which gives promoters less economic alignment and leaves the shareholder base more exposed to institutional flows.
- The 51% 5-year profit CAGR likely benefits from a low base. The 10-year profit CAGR of 19% and 10-year sales CAGR of 10% suggest current growth rates may not be sustainable over a full cycle.
- Dividend yield of 1.18% on a 21.4% payout gives limited income support at the current price of Rs 2,751.2.
- The 1-year stock return of -18% trails the 10-year stock CAGR of 15% by a wide margin, so the market may be pricing in a cyclical peak in auto and tractor demand despite TTM sales growth of 26%.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Stock in sustained downtrend Oct 1
M&M fell 2.79% on Oct 1 after losing 9.54% in September, and was already down 19.05% YTD and 15.07% over one year as of Sep 22 (close ₹3,044.5). The Oct 6 block trade at ₹2,847 suggests a further ~6.5% slide since then.
- Q1 FY27 EBITDA miss, margins shrink Sep 22
Q1 FY27 EBITDA rose 7.9% YoY to ₹5,111 crore, missing the ₹5,353 crore consensus. EBITDA margin contracted to 12.2% from 13.9% a year earlier, below the 12.8% estimate.
- SUV growth slows, dealer inventory high Oct 1
Domestic SUV growth slowed sharply to 14% YoY in September from 50.4% in August, as August's record dispatches pulled demand forward. Industry PV inventory swelled to 38-40 days, well above FADA's 21-day benchmark.
- CAFE norms, monsoon, geopolitical risks Oct 1
Newly notified CAFE regulations for 2027-2032 point to higher compliance costs, and uneven monsoon distribution clouds rural and tractor demand. West Asia tensions had already disrupted some auto exports in August.
- August domestic sales jump 40% Sep 9
Domestic sales rose 40.4% YoY to 104,009 units in August 2026 on strong UV demand. Production grew 28.2% to 114,737 units and exports rose 71.6%.
- Q1 profit and revenue beat Sep 22
Q1 FY27 standalone net profit rose 6.8% YoY to ₹3,685 crore, beating the ₹3,569 crore Bloomberg consensus. Revenue grew 23% to ₹41,920 crore against a ₹41,845 crore estimate.
- September SUV sales still growing Oct 1
Domestic SUV sales grew 14% YoY to 64,092 units in September while Bajaj's domestic 2W sales fell 12%. Management said demand 'continues to remain strong', citing the updated Scorpio-N and BE 6 SPORTEQ.
- Thar franchise guided 10%+ growth Sep 23
M&M expects Thar and Thar Roxx sales to rise at least 10% over the next year. The original Thar alone is expected to contribute about 60,000 units a year.
- Cheaper valuation than auto peers Oct 1
M&M trades at a PE of 18.11 vs 25.83 for Bajaj Auto, so it took smaller sector hits. Its premium SUV-heavy mix made it more resilient than price-sensitive 2W players.
- CEO sells shares for ESOP tax Sep 22
Group CEO and MD Anish Shah sold 76,357 shares on Sep 22, 2026. Most of the proceeds will fund tax on ESOPs vesting in FY27, so this is not a signal of reduced conviction.
- ₹56.94 crore block trade flagged Oct 6
About 200,000 shares changed hands on BSE at ₹2,847 each, totalling ₹56.94 crore. Buyer and seller identities were not yet disclosed.
- M&M Finance ₹2,000 crore NCD issue Sep 24
The subsidiary approved up to ₹2,000 crore of NCDs (₹1,000 crore base plus ₹1,000 crore greenshoe) at a 7.95% coupon, maturing Sep 28, 2029. Its Q1 FY27 profit rose 70% to ₹898.65 crore, yet the stock closed at ₹339, down 16% YTD.
- Investor meets with UBS, CLSA, JPM Sep 21
Management attended the UBS India Summit on Sep 4 and CLSA/J.P. Morgan conferences in Hong Kong and Mumbai on Sep 21. No unpublished price-sensitive information was shared.
TL;DR: M&M's operations are holding up: August domestic sales rose 40%, September SUVs still grew 14%, Q1 profit and revenue beat estimates, and management expects 10%+ Thar growth. The risks are margin compression (EBITDA margin fell to 12.2% from 13.9%), slowing growth after August's pull-forward, high dealer inventory and CAFE compliance costs, while the stock is down about 19% YTD and still falling into early October. Momentum is weakening but fundamentals are intact, so October-November festive retail sales, not dispatches, will show whether this correction is a buying opportunity or has further to run.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 33,892 | 34,436 | 35,299 | 35,452 | 37,218 | 37,924 | 41,470 | 42,599 | 45,529 | 46,106 | 52,100 | 54,982 | 58,188 |
| Expenses | 27,642 | 28,706 | 29,075 | 28,848 | 29,975 | 30,790 | 33,239 | 34,658 | 37,117 | 37,166 | 41,939 | 44,855 | 47,360 |
| Operating Profit | 6,249 | 5,730 | 6,224 | 6,604 | 7,243 | 7,133 | 8,231 | 7,942 | 8,412 | 8,940 | 10,160 | 10,127 | 10,827 |
| OPM % | 18% | 17% | 18% | 19% | 19% | 19% | 20% | 19% | 18% | 19% | 20% | 18% | 19% |
| Other Income | 1,065 | 812 | 756 | 750 | 733 | 1,126 | 719 | 1,110 | 1,210 | 1,134 | 976 | 1,137 | 1,121 |
| Interest | 1,719 | 1,835 | 1,945 | 1,989 | 2,108 | 2,217 | 2,362 | 2,397 | 2,431 | 2,347 | 2,405 | 2,407 | 2,560 |
| Depreciation | 1,128 | 1,139 | 1,123 | 1,335 | 1,248 | 1,302 | 1,495 | 2,029 | 1,548 | 1,669 | 2,163 | 1,943 | 1,760 |
| PBT | 4,468 | 3,568 | 3,912 | 4,030 | 4,621 | 4,740 | 5,092 | 4,627 | 5,644 | 6,058 | 6,569 | 6,914 | 7,628 |
| Tax % | 18% | 30% | 24% | 22% | 23% | 29% | 29% | 23% | 22% | 35% | 24% | 24% | 21% |
| Net Profit | 3,684 | 2,484 | 2,977 | 3,125 | 3,546 | 3,361 | 3,624 | 3,542 | 4,377 | 3,964 | 5,021 | 5,260 | 5,998 |
| EPS in Rs | 28.21 | 18.88 | 21.38 | 22.15 | 26.4 | 25.5 | 25.58 | 26.5 | 32.84 | 29.54 | 37.59 | 37.53 | 43.86 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 71,448 | 75,841 | 83,773 | 92,094 | 1,04,721 | 75,382 | 74,278 | 90,171 | 1,21,362 | 1,39,078 | 1,59,211 | 1,98,639 | 2,11,375 |
| Expenses | 62,655 | 65,759 | 73,038 | 78,868 | 89,514 | 65,224 | 62,791 | 75,488 | 1,01,037 | 1,14,186 | 1,28,693 | 1,61,659 | 1,71,321 |
| Operating Profit | 8,793 | 10,082 | 10,735 | 13,226 | 15,207 | 10,158 | 11,487 | 14,683 | 20,325 | 24,892 | 30,518 | 36,980 | 40,054 |
| OPM % | 12% | 13% | 13% | 14% | 15% | 13% | 15% | 16% | 17% | 18% | 19% | 19% | 19% |
| Other Income | 800 | 1,399 | 2,077 | 4,366 | 2,676 | 885 | 1,152 | 3,204 | 3,922 | 3,298 | 3,718 | 5,118 | 4,369 |
| Interest | 3,157 | 3,368 | 3,648 | 3,987 | 5,021 | 6,021 | 6,102 | 5,018 | 5,830 | 7,488 | 9,083 | 9,591 | 9,720 |
| Depreciation | 2,124 | 2,442 | 2,813 | 3,280 | 3,991 | 3,367 | 3,378 | 3,508 | 4,357 | 4,724 | 6,074 | 7,322 | 7,535 |
| PBT | 4,313 | 5,672 | 6,350 | 10,326 | 8,871 | 1,655 | 3,158 | 9,362 | 14,060 | 15,978 | 19,080 | 25,185 | 27,169 |
| Tax % | 40% | 37% | 36% | 23% | 32% | 119% | 52% | 23% | 19% | 23% | 26% | 26% | — |
| Net Profit | 3,381 | 3,554 | 4,051 | 7,958 | 6,017 | -321 | 1,512 | 7,253 | 11,374 | 12,270 | 14,073 | 18,622 | 20,243 |
| EPS in Rs | 25.26 | 25.35 | 29.77 | 60.41 | 42.76 | 1.02 | 14.58 | 52.91 | 82.68 | 90.62 | 104 | 138 | 149 |
| Div. Payout % | 23% | 21% | 22% | 11% | 17% | 205% | 54% | 20% | 18% | 21% | 22% | 22% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 296 | 270 | 311 | 543 | 544 | 554 | 555 | 556 | 557 | 557 | 558 | 559 |
| Reserves | 25,561 | 26,222 | 29,467 | 36,232 | 39,439 | 39,415 | 41,027 | 46,567 | 55,809 | 65,633 | 76,481 | 92,538 |
| Borrowings | 37,911 | 41,553 | 48,762 | 55,898 | 70,848 | 82,092 | 80,625 | 77,605 | 92,647 | 1,08,647 | 1,29,025 | 1,36,936 |
| Other Liabilities | 30,608 | 31,806 | 35,296 | 43,696 | 51,057 | 43,655 | 42,762 | 47,661 | 55,270 | 59,884 | 69,950 | 86,021 |
| Total Liabilities | 94,376 | 99,852 | 1,13,835 | 1,36,369 | 1,61,889 | 1,65,716 | 1,64,968 | 1,72,388 | 2,04,283 | 2,34,722 | 2,76,013 | 3,16,054 |
| Fixed Assets | 19,047 | 20,585 | 20,989 | 26,182 | 28,983 | 29,689 | 21,380 | 26,018 | 27,140 | 28,129 | 34,636 | 38,459 |
| CWIP | 3,032 | 2,371 | 4,279 | 4,269 | 4,760 | 6,856 | 7,873 | 6,703 | 3,969 | 8,039 | 8,298 | 7,740 |
| Investments | 10,027 | 11,603 | 14,662 | 16,018 | 18,268 | 19,210 | 28,778 | 30,060 | 35,272 | 35,208 | 41,309 | 40,324 |
| Other Assets | 62,270 | 65,293 | 73,905 | 89,900 | 1,09,878 | 1,09,960 | 1,06,938 | 1,09,607 | 1,37,902 | 1,63,345 | 1,91,771 | 2,29,531 |
| Total Assets | 94,376 | 99,852 | 1,13,835 | 1,36,369 | 1,61,889 | 1,65,716 | 1,64,968 | 1,72,388 | 2,04,283 | 2,34,722 | 2,76,013 | 3,16,054 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 1,055 | 2,385 | 183 | 682 | -4,347 | -1,457 | 17,909 | 9,248 | -7,074 | -5,630 | 3,176 | 11,657 |
| Investing | -4,357 | -5,506 | -5,875 | -5,467 | -7,174 | -6,870 | -19,686 | -3,252 | -8,866 | -5,615 | -18,616 | -17,680 |
| Financing | 1,669 | 2,967 | 6,108 | 6,314 | 13,194 | 6,933 | 406 | -5,883 | 15,946 | 12,281 | 15,834 | 5,391 |
| Net Cash Flow | -1,633 | -154 | 416 | 1,529 | 1,672 | -1,394 | -1,370 | 113 | 6 | 1,037 | 394 | -632 |
| Free Cash Flow | -3,661 | -1,729 | -4,780 | -5,109 | -11,546 | -8,251 | 13,283 | 3,328 | -13,241 | -15,303 | -6,633 | 2,545 |
| CFO/OP | 31 | 43 | 20 | 25 | -9 | 8 | 172 | 74 | -21 | -7 | 26 | 48 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 28 | 28 | 31 | 34 | 30 | 34 | 30 | 26 | 21 | 20 | 19 | 17 |
| Inventory Days | 72 | 74 | 64 | 64 | 74 | 106 | 91 | 82 | 83 | 81 | 78 | 65 |
| Days Payable | 97 | 108 | 107 | 125 | 127 | 142 | 147 | 134 | 118 | 112 | 118 | 112 |
| Cash Conversion Cycle | 3 | -6 | -11 | -27 | -23 | -3 | -26 | -27 | -13 | -11 | -21 | -30 |
| Working Capital Days | -5 | -3 | -2 | -8 | -14 | -20 | -11 | -13 | -14 | -8 | -14 | -40 |
| ROCE % | 11% | 13% | 12% | 13% | 12% | 7% | 8% | 11% | 13% | 14% | 14% | 15% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Mahindra & Mahindra insights
64 extracted metrics + investor summaries across FY02–FY27.
Documents
Frequently Asked Questions about Mahindra & Mahindra
What does Mahindra & Mahindra Ltd do?
Where is Mahindra & Mahindra Ltd (M&M) listed?
Which sector does Mahindra & Mahindra Ltd belong to?
What is the market capitalisation of Mahindra & Mahindra Ltd?
What is the PE ratio of Mahindra & Mahindra Ltd?
What is the 52-week high and low of Mahindra & Mahindra Ltd?
Does Mahindra & Mahindra Ltd pay dividends?
What is the Return on Equity (ROE) of Mahindra & Mahindra Ltd?
Company Information
Mahindra & Mahindra Ltd is one of the most diversified automobile company in India with presence across 2-wheelers, 3-wheelers, PVs, CVs, tractors & earthmovers. It also has presence across financial services, auto components, hospitality, infrastructure, retail, logistics, steel trading and processing, IT businesses, agri, aerospace, consulting services, defence, energy and industrial equipment through its subsidiaries and group companies. It was incorporated in 1945 by Ghulam Mohammad and two Mahindra Brothers (KC & JC Mahindra) and was later renamed as Mahindra & Mahindra in 1948.[1]
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/M%26M.md for Mahindra & Mahindra Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live,
structured queries instead of documents, use our MCP server.