Mahindra & Mahindra Ltd
Mahindra & Mahindra Ltd
Automobiles F&OKey Fundamentals
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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39 extracted metrics + investor summaries across FY02–FY26.
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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 4.58 times its book value
- Promoter holding is low: 18.4%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 1d agoMahindra & 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.
- 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
- 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 2h ago- Steel cost-price gap widens Jul 30
M&M executive flagged price increases lagging 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 H2 will not outperform H1 and demand will eventually normalise from current elevated levels, signalling a potential growth deceleration.
- Q1FY27 PAT surges 34% Aug 02
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 01
Total vehicle sales hit 1,03,860 units in July 2026, driven by SUVs at 60,048 domestic units sold.
- Last Mile Mobility turns 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 cr Nagpur investment announced Jul 30
Chairman Anand Mahindra outlined strategic acceleration at 80th AGM, citing 1,300 patents and a ₹15,000 crore Nagpur investment to double capacity by FY31.
- Aerospace subsidiary incorporated Jul 30
M&M incorporated Novavayu Aerospace Limited as a step-down subsidiary focused on aircraft and aerospace product manufacturing in the defence sector.
- New Real Estate sector created Aug 10
M&M announced a dedicated strategic focus on Real Estate and Hospitality, appointing Amit Kumar Sinha as CEO to accelerate growth.
- Group CSO appointed from Cummins Aug 09
Shveta Arya joins as Group Chief Strategy Officer effective Sep 15, 2026, bringing 23+ years of strategy and M&A experience from Cummins India.
- Capacity target 82K units/month Jul 30
M&M targets 82,000 monthly units by H2 FY27 (70K ICE + 12K BEV), scaling to 92,000 by end-FY28, with total capacity doubling by FY31 via Nagpur greenfield plant.
- BE 6 SPORTEQ EV launched Aug 15
Mahindra introduced the BE 6 SPORTEQ electric SUV series with Battery as a Service pricing from ₹11.45 lakh; deliveries begin August 26, 2026.
- Truck & Bus division slump sale Jul 30
Board approved slump sale of MTBD (₹2,989 crore revenue, ~2% of total income) to subsidiary SML Mahindra for ₹525 crore, expected to close by Jan 31, 2027.
- Next pickup could double segment Aug 14
Upcoming Next pickup truck projected to add 5,000-6,000 incremental annual units, potentially doubling India's lifestyle pickup market.
- Erkunt Foundry stake divested Aug 06
M&M completed full divestment of its stake in Turkish step-down subsidiary Erkunt Sanayi via Mahindra Overseas Investment Company (Mauritius).
- Institutional block trades recorded Jul 29
Two block trades totalling ~₹64 crore executed on NSE at ₹3,220-₹3,273 per share, indicating institutional activity.
- FY26 sustainability report released Aug 07
19th Sustainability Report published detailing progress on carbon neutrality, renewable energy adoption, and green revenue growth.
TL;DR: M&M is firing on most cylinders — Q1FY27 delivered 34% PAT growth, July volumes surged 26%, and the company is aggressively expanding capacity and diversifying into aerospace, real estate, and EVs. Key risks are steel cost inflation squeezing auto margins in Q2 and management guidance that H2 growth will moderate from H1 levels. The trend remains strongly positive on volume and strategic positioning, but near-term margin headwinds and demand normalisation warrant monitoring.
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 |
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% | — |
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 |
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 |
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% |
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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]