Mahindra & Mahindra Ltd logo

Mahindra & Mahindra Ltd

M%26M NSE

Key Fundamentals

LargecapCars & Utility VehiclesAutomobiles
Market Cap
3.9L Cr
Volatility
Moderate
P/E Ratio
23.14
EBITDA
₹35,841 Cr
Return on Equity
15.83%
Debt to Equity
1.55
Book Value
₹749.15
EPS
₹88.8
52W High
₹3,839.9
52W Low
₹2,896

Technical Indicators

Key Insights

Strengths

2
  • Company has delivered good profit growth of 51.3% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 21.4%

Weaknesses

2
  • Stock is trading at 4.09 times its book value
  • Promoter holding is low: 18.4%

Growth Rate

Revenue Growth
22.55% ↗
Net Income Growth
30.85% ↗
Cash Flow Change
156.41% ↗
ROE
-0.19% ↘
ROCE
3.01% ↘
EBITDA Margin (Avg.)
-12.93% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium
BUY Worth buying at current levels Conviction 8/10

Mahindra & Mahindra demonstrates exceptional profit growth of 51% CAGR over 5 years with a PE of 20.5x that remains reasonable for a market leader in SUVs and farm equipment. With 97% analyst buy ratings and strong ROE of 21%, the stock offers a compelling growth-at-reasonable-price opportunity despite near-term valuation concerns at 4.1x book value.

Bull Case 8
  • Exceptional 5-year compounded profit growth of 51% CAGR significantly outpaces sector peers and justifies premium valuation
  • Overwhelming analyst consensus with 97.06% buy ratings (33 out of 34 analysts) and zero sell ratings signals strong institutional conviction
  • ROE improved to 21% in the last year from a 10-year average of 15%, indicating structural improvement in capital efficiency
  • TTM sales growth of 25% demonstrates continued top-line momentum and market share gains in UV and tractor segments
  • 3-year stock CAGR of 31% and 5-year CAGR of 32% reflect sustained long-term wealth creation for shareholders
  • PE ratio of 20.5x is reasonable for a diversified conglomerate delivering 37% TTM profit growth, implying a PEG ratio well below 1
  • Consistent dividend payout of 21.4% with 1.07% yield provides income support while retaining capital for growth investments
  • Market cap of Rs 3,83,044 crore provides institutional liquidity and index weight, attracting passive fund flows
Bear Case 8
  • Stock trades at 4.11x book value which is expensive for an auto company with cyclical earnings exposure
  • Promoter holding at just 18.4% is unusually low for an Indian conglomerate, raising governance and alignment concerns
  • 1-year stock return of -3% indicates near-term price fatigue and potential re-rating risk after the multi-year rally
  • 10-year sales CAGR of only 10% suggests the recent 25% TTM growth may not be sustainable long-term and could mean-revert
  • 10-year profit CAGR of 19% versus 5-year CAGR of 51% shows earnings were depressed earlier, flattering recent growth rates
  • Debt-to-equity data unavailable creates uncertainty about balance sheet leverage, particularly in the financial services subsidiary
  • 3-year ROE of 19% versus last year 21% shows improvement is recent and needs several more quarters to confirm durability
  • At 20.5x PE with cyclical auto and agri exposure, any demand slowdown could compress multiples quickly given high expectations

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 1
  • Agriscience stake diluted to associate Jun 17

    M&M's stake in Mahindra Summit Agriscience falls to 58.8% after share subscription, ceasing to be a subsidiary and becoming an associate.

Positives 5
  • May auto sales up 20% YoY Jun 02

    Total vehicle sales reached 99,636 units in May 2026, up 20% YoY, with tractor sales up 22% to 49,695 units and domestic tractor sales growing 23%.

  • Stock surges, 3-day winning streak Jun 15

    M&M gained 3.45% to ₹3,147.8 for a third consecutive session, outperforming Nifty by 2.28 percentage points, with PE at 23.33x TTM and Brent crude falling 4.56% to $83.35.

  • ₹33 per share dividend for FY26 Jun 23

    M&M set July 3, 2026 as record date for ₹33 dividend per share, with 80th AGM scheduled for July 30 via video conferencing.

  • Manulife life insurance JV formed May 30

    M&M and Manulife Holdings incorporated a 50:50 life insurance JV, Mahindra Manulife Insurance Limited, with initial capital of ₹1 crore.

  • MHRIL acquires resort in Chikmagalur Jun 16

    Mahindra Holidays acquired 100% of Aditatva Estates for ₹37.5 crore to expand leisure resorts business in Chikmagalur.

Neutral 4
  • Active global investor engagement Jun 12

    M&M participated in Jefferies India Access Day (London, Jun 11), BOFA India Conference (Mumbai, Jun 2), Nomura Forum Asia (Singapore, Jun 2-3), and scheduled London roadshows Jun 9-11.

  • Nomura fireside chat on Jun 29 Jun 23

    M&M to host a virtual analyst meet with Nomura on June 29, 2026; no unpublished price sensitive information will be shared.

  • ₹33.86 crore NSE block trade Jun 23

    Approximately 110,309 shares changed hands at ₹3,070 per share in an institutional block deal worth ₹33.86 crore on the NSE.

  • Morgan Stanley forum cancelled Jun 02

    M&M cancelled its participation in the Morgan Stanley India Investment Forum 2026 Keynote scheduled for June 2 in Mumbai.

TL;DR: M&M is firing on all cylinders operationally with 20% YoY vehicle sales growth and 22% tractor growth in May 2026, supported by strong UV and farm equipment demand. The stock trades at a reasonable 23.33x PE with positive momentum and a healthy ₹33 dividend. No material headwinds are visible beyond the Agriscience stake dilution, which is minor. The outlook remains constructive as falling crude prices, a strong rupee, and India's manufacturing PMI at 55.0 provide macro tailwinds heading into Q1FY27.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
32,456
33,892
34,436
35,299
35,452
37,218
37,924
41,470
42,599
45,529
46,106
52,100
54,982
Expenses
26,798
27,642
28,706
29,075
28,848
29,975
30,790
33,239
34,658
37,301
37,166
41,939
44,855
Operating Profit
5,658
6,249
5,730
6,224
6,604
7,243
7,133
8,231
7,942
8,228
8,940
10,160
10,127
OPM %
17%
18%
17%
18%
19%
19%
19%
20%
19%
18%
19%
20%
18%
Other Income
662
1,065
812
756
750
733
1,126
719
1,110
1,395
1,134
976
1,137
Interest
1,634
1,719
1,835
1,945
1,989
2,108
2,217
2,362
2,397
2,431
2,347
2,405
2,407
Depreciation
1,194
1,128
1,139
1,123
1,335
1,248
1,302
1,495
2,029
1,548
1,669
2,163
1,943
PBT
3,492
4,468
3,568
3,912
4,030
4,621
4,740
5,092
4,627
5,644
6,058
6,569
6,914
Tax %
14%
18%
30%
24%
22%
23%
29%
29%
23%
22%
35%
24%
24%
Net Profit
2,998
3,684
2,484
2,977
3,125
3,546
3,361
3,624
3,542
4,377
3,964
5,021
5,260
EPS in Rs
21.2
28.21
18.88
21.38
22.15
26.4
25.5
25.58
26.5
32.84
29.54
37.59
37.53
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
1,61,077
Operating Profit
8,793
10,082
10,735
13,226
15,207
10,158
11,487
14,683
20,325
24,892
30,518
37,561
OPM %
12%
13%
13%
14%
15%
13%
15%
16%
17%
18%
19%
19%
Other Income
800
1,399
2,077
4,366
2,676
885
1,152
3,204
3,922
3,298
3,718
4,536
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
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
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
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
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
Div. Payout %
23%
21%
22%
11%
17%
205%
54%
20%
18%
21%
22%
22%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
1,33,963
Other Liabilities
30,608
31,806
35,296
43,696
51,057
43,655
42,762
47,661
55,270
59,884
69,950
90,575
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
3,17,635
Fixed Assets
19,047
20,585
20,989
26,182
28,983
29,689
21,380
26,018
27,140
28,129
34,636
43,831
CWIP
3,032
2,371
4,279
4,269
4,760
6,856
7,873
6,703
3,969
8,039
8,298
2,368
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
2,31,112
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
3,17,635
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
-17,707
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
-659
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
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
-2
ROCE %
11%
13%
12%
13%
12%
7%
8%
11%
13%
14%
14%
15%

Shareholding Pattern

As of Mar 2026
FIIs 36.22%
DIIs 31.50%
Promoters 18.45%
Public 8.45%
Others 5.30%
Government 0.07%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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%
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%
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%
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%
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%
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%
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

Documents

1
Concall - Mar 2017 Mar 2017
2
Concall - Apr 2017 Apr 2017
3
Concall - May 2017 May 2017
4
Concall - Aug 2017 Aug 2017
5
Concall - Sep 2017 Sep 2017

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%26M 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 Consumer Discretionary sector within the Automobiles 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 ₹390679.45 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 23.14. 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 1.08%. 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 15.83%. 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.

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]

Website mahindra.com
CEO Mr. Anand Gopal Mahindra
Employees 3,24,000
Listed 1996-01-03
Face Value ₹ 5
Issued Size 1,24,35,28,831

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