Mahindra & Mahindra
Mahindra & Mahindra
Automobiles F&OKey Fundamentals
LargecapCars & Utility VehiclesAutomobilesTapetide 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 3.82 times its book value
- Promoter holding is low: 18.4%
Growth Rate
AI Analysis — Bull vs Bear
Mahindra & Mahindra has a market capitalisation of about ₹3,71,939 crore and trades at a P/E of 18.6x and a P/B of 4.05x. Profit has compounded at 51% over 5 years and 38% on a TTM basis, with ROE of 20% last year. The stock has fallen 11% over the past year despite a 30% 5-year CAGR, and promoter holding is relatively low at 18.4%.
- Profit growth has been exceptional: 50.6% compounded profit CAGR over 5 years, with TTM profit growth still high at 38%. This points to strong operating leverage and a turnaround from a low base.
- Top-line growth remains strong, with TTM sales growth of 26%, 3-year sales CAGR of 18% and 5-year sales CAGR of 22%. That is well above the 10-year sales CAGR of 10%, so growth has sped up recently.
- Return on equity has improved steadily: 15% over 10 years, 18% over 5 years, 19% over 3 years and 20% last year. This suggests better capital efficiency.
- A P/E of 18.6x looks modest next to TTM profit growth of 38% and 3-year profit CAGR of 23%. Earnings growth has run ahead of the earnings multiple.
- The stock has created long-term value, with price CAGR of 30% over 5 years, 25% over 3 years and 16% over 10 years.
- The company pays a steady dividend, with a 21.4% payout ratio and a 1.09% dividend yield. It returns cash to shareholders while keeping most earnings for growth.
- Profit growth has outpaced sales growth over every period shown (for example, 23% vs 18% over 3 years and 51% vs 22% over 5 years). This implies margins have expanded.
- The stock trades at 4.05x book value, which is a premium to book. It leaves less room for error if growth or ROE of 20% slips.
- Promoter holding is low at 18.4%. This may mean less alignment between promoters and minority shareholders and more exposure to shifts in institutional ownership.
- The stock has returned -11% over the past year even though TTM profit growth was 38%. Recent price momentum has not tracked earnings.
- The 5-year profit CAGR of 51% is partly flattered by a low base. The 10-year profit CAGR of 19% and 3-year profit CAGR of 23% show a more normal long-term rate, so the 5-year pace may not repeat.
- Sales growth of 26% TTM and 22% over 5 years compares with only 10% over 10 years. The automobile and tractor businesses are cyclical, so current growth rates may not last through a downturn.
- The dividend yield of 1.09% is low. Investors looking for income get little, since most of the return depends on price appreciation.
- ROE of 20% last year is healthy, but the 10-year average is lower at 15%. Returns have historically been more volatile, and the current level may partly reflect a cyclical upswing.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Stock down 19% YTD Sep 22
M&M closed 0.35% lower at ₹3,044.5 on Sep 22. The stock is down 10.78% over one month, 19.05% year-to-date and 15.07% over one year.
- Q1 EBITDA miss, margin squeeze Sep 22
Q1 FY27 EBITDA rose 7.9% YoY to ₹5,111 crore but missed the ₹5,353 crore consensus. EBITDA margin contracted to 12.2% from 13.9% a year earlier, below the 12.8% estimate.
- MMFSL shares slide 16% YTD Sep 24
M&M Financial Services fell 2.77% to ₹339 on Sep 24 and is down 10% over the month and 16% YTD. It is well off its 52-week high of ₹415 from Aug 10, 2026.
- August domestic sales jump 40% Sep 9
Domestic sales rose 40.4% YoY to 104,009 units in August 2026 on strong utility vehicle demand. Production rose 28.2% to 114,737 units and exports grew 71.6%.
- Q1 profit, revenue beat estimates Sep 22
Q1 FY27 standalone net profit rose 6.8% YoY to ₹3,685 crore, beating the ₹3,569 crore consensus. Revenue grew 23% to ₹41,920 crore against the ₹41,845 crore estimate.
- MMFSL Q1 profit surges 70% Sep 24
The financial services arm's Q1 FY27 standalone net profit rose 70% YoY to ₹898.65 crore from ₹529.50 crore. Interest income grew 11% to ₹4,620.87 crore.
- Thar sales seen up 10%+ Sep 23
Mahindra expects Thar and Thar Roxx sales to grow at least 10% over the next year. The original Thar alone is expected to add about 60,000 units a year to SUV volumes.
- NSE ESG rating of 71 Sep 3
NSE Sustainability Ratings & Analytics gave M&M an unsolicited ESG rating of 71 on Sep 2, 2026, based on public data.
- 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 routine and not a bearish signal.
- MMFSL ₹2,000 cr NCD at 7.95% Sep 24
MMFSL approved secured NCDs of up to ₹2,000 crore (₹1,000 crore base plus ₹1,000 crore green shoe) at a 7.95% fixed coupon. Allotment is on Sep 29, 2026, with maturity on Sep 28, 2029 and 1.1x security cover.
- Investor meets: CLSA, JPM, UBS Sep 21
M&M met investors at CLSA and J.P. Morgan conferences in Hong Kong and Mumbai on Sep 21, after the UBS India Summit on Sep 4. No unpublished price-sensitive information was shared.
TL;DR: M&M's operations are strong: August domestic sales rose 40.4%, Q1 FY27 profit and revenue beat estimates, and the financing arm grew profit 70%. The concerns are margin pressure, with EBITDA margin falling to 12.2% from 13.9%, and a weak share price that is down 19% YTD and 10.8% over the past month. So business volumes are improving while sentiment is getting worse. Whether margins recover in Q2 FY27 alongside the sustained SUV and Thar demand will decide if the stock re-rates.
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
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64 extracted metrics + investor summaries across FY02–FY27.
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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]
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