Mahindra & Mahindra Ltd (M&M) — Share Price, Financials & Ratios

Key Fundamentals

LargecapCars & Utility VehiclesAutomobiles

Market Cap

4.2L Cr

Volatility

Moderate

P/E Ratio

23.04

EBITDA

₹40,426 Cr

Return on Equity

17.01%

Debt to Equity

1.47

Book Value

₹749.15

EPS

₹88.8

52W High

₹3,839.9

52W Low

₹2,896

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Capital Expenditure

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Cash Flow from Investing

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Debt to Equity

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Deferred Tax

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Depreciation & Amortisation

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39 extracted metrics + investor summaries across FY02–FY26.

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Tapetide Score

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Technical Indicators

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 4.53 times its book value
Promoter holding is low: 18.4%

Growth Rate

Revenue Growth

25.21% ↗

Net Income Growth

32.32% ↗

Cash Flow Change

267.07% ↗

ROE

7.66% ↘

ROCE

14.76% ↗

EBITDA Margin (Avg.)

-1.28% ↘

AI Analysis — Bull vs Bear

anthropic

claude-opus-4.6 3d ago

AI opinion · based on fundamentals

Risk medium

Mahindra & Mahindra is a ₹4.21 lakh crore market-cap automaker trading at a PE of 21x and PB of 4.57x. The company has delivered 50.6% profit CAGR over 5 years with TTM sales growth of 26% and TTM profit growth of 38%, while holding the No.1 SUV revenue market share in India and a near-zero standalone debt-to-equity ratio of 0.02.

Bull Case 8

Exceptional 5-year compounded profit growth of 51% CAGR, with TTM profit growth accelerating to 38%
FY25 consolidated PAT reached a record ₹12,929 crore, up 20% YoY, demonstrating consistent earnings momentum
No.1 SUV player by revenue market share in India at 25.3%, up 260 bps, with highest-ever annual SUV volumes of 5.51 lakh units in FY25 (20% YoY growth)
Near debt-free standalone balance sheet with debt-to-equity ratio at just 0.02, down from 0.03 in the prior year
Strong diversification across SUVs, LCVs (52.3% market share), tractors (43.6% market share), and electric 3-wheelers (40% market share)
EV strategy on track with EVs expected to constitute 20-25% of SUV sales by FY28, providing a structural growth runway
Improving ROE trajectory — 20% last year, up from 15% over the 10-year average, indicating better capital efficiency
5-year stock CAGR of 35% and 3-year CAGR of 30% reflect sustained market re-rating driven by operational improvement

Bear Case 8

Stock trades at 4.57x book value, significantly above historical averages for Indian auto companies, leaving limited margin of safety
Promoter holding is low at just 18.4%, which may raise governance concerns and limit alignment with minority shareholders
Dividend yield of only 0.96% despite healthy payout ratio of 21.4%, offering limited income return at current valuations
TTM sales growth of 26% and profit growth of 38% may be difficult to sustain as the base effect normalises from pandemic-era lows
Intense SUV competition from Tata Motors, Hyundai, and Maruti Suzuki who are aggressively expanding their UV portfolios and narrowing market share gaps
EV transition requires heavy capex and the segment remains loss-making industry-wide; execution risk on 20-25% EV mix target by FY28
PE of 21x prices in strong execution — any miss on SUV volume guidance or margin compression could trigger de-rating
Farm equipment segment is cyclical and monsoon-dependent; tractor market share gains can reverse in weak rural demand years

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

anthropic

claude-opus-4.6 18h ago

Headwinds 3

Steel cost-price gap widens Jul 30

M&M executive flagged price increases have not kept pace with steel inflation, with financial impact expected in Q2. Automotive segment already faced margin pressure in Q1FY27 despite volume growth.
H2 not expected to beat H1 Jul 30

Management cautioned that H2 will not outperform H1, expecting demand to normalise from current elevated levels.
Truck & Bus division divested Jul 30

Board approved slump sale of MTBD to SML Mahindra for ₹525 crore; the division contributed ₹2,989 crore total income (2.02% of operations) in FY26, representing lost revenue going forward.

Positives 8

Q1FY27 PAT surges 34% Aug 2

Consolidated PAT rose 34% to ₹5,455 crore on revenue of ₹58,188 crore (up 28% YoY). Services segment margins expanded to 19.9%.
July sales up 26% YoY Aug 1

Total vehicle sales hit 1,03,860 units in July 2026, driven by SUVs at 60,048 domestic units sold.
Last Mile Mobility hits unicorn Jul 30

Subsidiary MLMML raised ₹322 crore from Lightrock, IFC, and IJF at ₹10,822 crore valuation, targeting 1 million EVs by 2031.
₹15,000 crore Nagpur investment Jul 30

Chairman Anand Mahindra outlined aggressive capex including 1,300 patents filed and a ₹15,000 crore investment in Nagpur greenfield plant during 80th AGM.
Capacity doubling plan to FY31 Jul 30

Production scaling to 82,000 units/month by H2 FY27 (70,000 ICE + 12,000 BEV), rising to 92,000 by end-FY28, with total capacity doubling by FY31.
Aerospace subsidiary incorporated Jul 30

Novavayu Aerospace Limited set up as step-down subsidiary focused on aircraft and aerospace manufacturing in the defence sector.
Real Estate sector created Aug 10

Dedicated Real Estate and Hospitality sector established with Amit Kumar Sinha appointed as CEO to accelerate growth.
New Group CSO appointed Aug 9

Shveta Arya joins as Group Chief Strategy Officer from Sep 15, 2026, bringing 23+ years of strategy and M&A experience from Cummins India.

Neutral 6

BE 6 SPORTEQ EV launched Aug 15

BE 6 SPORTEQ electric SUV series introduced with Battery-as-a-Service pricing from ₹11.45 lakh; deliveries begin August 26, 2026.
Next pickup may double segment Aug 14

Upcoming Next pickup truck expected to contribute 5,000-6,000 incremental annual units, potentially doubling India's lifestyle pickup market.
Erkunt Foundry stake divested Aug 6

M&M completed full divestment of step-down subsidiary Erkunt Sanayi via Mahindra Overseas Investment Company (Mauritius) on August 6, 2026.
Institutional block trades recorded Jul 29

Two block trades totalling ~₹64 crore executed on NSE at ₹3,273 and ₹3,220 per share on Jul 27-29, indicating institutional activity.
80th AGM resolutions approved Jul 30

Shareholders approved FY26 financials, re-appointed directors, and ratified related-party transactions at the annual general meeting.
EV demand confidence expressed Jul 30

Executive stated capacity exists to push EV sales higher amid rising demand, though no specific figures were disclosed.

TL;DR: M&M is firing on multiple cylinders — Q1FY27 delivered 34% PAT growth, July volumes surged 26%, and the company is aggressively expanding capacity toward doubling output by FY31. Diversification into aerospace, real estate, and EV three-wheelers (unicorn valuation) broadens the growth runway. Key risks are steel-driven margin compression hitting Q2 and management's own guidance that H2 won't outpace H1 as demand normalises. The trend remains strongly positive on volume and revenue, but margin trajectory bears watching through H2 FY27.

Quarterly Results

	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

Show % Change

Figures in ₹ Crores

Profit & Loss

	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%	—

Show % Change

Figures in ₹ Crores

Balance Sheet

	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

Show % Change

Figures in ₹ Crores

Cash Flow

	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

Show % Change

Figures in ₹ Crores

Ratios

	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%

Show % Change

Shareholding Pattern

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	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
Promoters	19.45%	19.46%	19.46%	19.47%	19.47%	19.45%	19.38%	19.39%	19.37%	19.37%	19.34%	19.32%	18.59%	18.56%	18.54%	18.48%	18.45%	18.44%	18.44%	18.44%	18.45%	18.45%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	40.26%	40.87%	41.75%	41.89%	41.19%	38.91%	38.30%	38.54%	38.04%	37.49%	36.22%	34.89%
DIIs	21.01%	20.53%	21.86%	21.95%	23.13%	23.20%	27.12%	27.73%	27.65%	26.87%	26.79%	26.26%	26.13%	26.18%	27.05%	29.22%	29.79%	29.59%	29.96%	30.44%	31.50%	32.65%
Government	0.24%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%
Public	8.43%	8.81%	9.03%	8.56%	8.87%	8.28%	8.24%	8.16%	8.20%	8.06%	8.09%	8.00%	8.00%	7.89%	7.81%	7.97%	8.06%	8.03%	8.13%	8.20%	8.45%	8.62%
Others	50.87%	51.13%	49.58%	49.94%	48.46%	48.99%	45.18%	44.65%	44.71%	45.63%	5.46%	5.48%	5.46%	5.41%	5.34%	5.34%	5.32%	5.33%	5.36%	5.36%	5.30%	5.33%
No. of Shareholders	0	4,44,750	5,31,369	5,81,779	5,68,603	6,32,816	5,81,288	6,49,341	6,47,141	6,36,984	6,75,621	6,90,006	7,21,672	7,56,259	7,99,531	8,55,175	8,95,699	8,64,189	8,81,154	8,85,061	9,41,478	9,89,776

Show % Change

Documents

1

Un-Audited Standalone And Consolidated Financial Results Of The Company For The First Quarter Ended 30Th June 2026 30 Jul 2026

2

Audited Standalone And Consolidated Financial Results Of The Company For The Fourth Quarter And Financial Year Ended 31St March 2026 5 May 2026

3

Unaudited Standalone And Consolidated Financial Results Of The Company For The Third Quarter And Nine Months Ended On 31St December 2025 11 Feb 2026

4

Un-Audited Standalone And Consolidated Financial Results Of The Company For The Second Quarter Ended 30Th September 2025 4 Nov 2025

5

Unaudited Standalone And Consolidated Financial Results Of The Company For The First Quarter Ended 30Th June 2025 30 Jul 2025

Frequently Asked Questions about Mahindra & Mahindra Ltd

What does Mahindra & Mahindra Ltd do?

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 proc...

Where is Mahindra & Mahindra Ltd (M&M) listed?

Mahindra & Mahindra Ltd is listed on the Indian stock exchanges. It is listed on NSE: M&M and BSE: 500520. You can view its live share price, financials, and ratios on Tapetide.

Which sector does Mahindra & Mahindra Ltd belong to?

Mahindra & Mahindra Ltd operates in the Automobiles sector within the Cars & Utility Vehicles industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.

What is the market capitalisation of Mahindra & Mahindra Ltd?

Mahindra & Mahindra Ltd has a market capitalisation of approximately ₹424229.86 Cr. Based on this, it is classified as a Large Cap stock.

What is the PE ratio of Mahindra & Mahindra Ltd?

The Price-to-Earnings (PE) ratio of Mahindra & Mahindra Ltd is 23.04. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.

What is the 52-week high and low of Mahindra & Mahindra Ltd?

Over the past 52 weeks, Mahindra & Mahindra Ltd has traded between a low of ₹2,896 and a high of ₹3,839.9. This range helps investors understand the stock's price volatility and recent trading levels.

Does Mahindra & Mahindra Ltd pay dividends?

Yes, Mahindra & Mahindra Ltd has a dividend yield of 0.97%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.

What is the Return on Equity (ROE) of Mahindra & Mahindra Ltd?

Mahindra & Mahindra Ltd has a Return on Equity (ROE) of 17.01%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.

How can I research Mahindra & Mahindra Ltd on Tapetide?

On Tapetide, you can view Mahindra & Mahindra Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.