Mahindra & Mahindra Financial Services
Mahindra & Mahindra Financial Services
Financial ServicesKey Fundamentals
MidcapNBFCFinancial ServicesPrice-based figures as of 8 Oct 2026, 3:58 pm IST · EPS basis: Consolidated · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 37.4%
Weaknesses
3- Company has low interest coverage ratio.
- Company has a low return on equity of 11.1% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
As of the 2026-10-01 close, Mahindra & Mahindra Financial Services trades at Rs 319.75, giving it a market cap of Rs 44,451 crore, a TTM P/E of 13.66x and a P/B of 1.67x. The share price is about 23% below its 52-week high of Rs 415 and about 18% above its 52-week low of Rs 272. Profit grew 46% over the trailing twelve months and sales grew 14%, but return on equity has stayed near 10-12% for a decade (10.72% currently, 11% on a 3-year average), and the stock's 10-year CAGR is just 4%.
- TTM profit growth of 46% is well ahead of TTM sales growth of 14%, which suggests margins and credit costs are improving. The 5-year compounded profit growth of 35% also points to a strong recovery from earlier lows.
- Revenue has compounded at 18% over 3 years, faster than the 11% 5-year and 12% 10-year rates, so loan-book expansion appears to be speeding up.
- At the 2026-10-01 close, the TTM P/E was 13.66x and the P/B was 1.67x. For an NBFC growing profit at 46% TTM, that is a modest multiple.
- The dividend yield of 2.31% is backed by a payout ratio of 37.4%. This gives some income support while leaving most earnings in the business to fund growth.
- Last year's ROE was 12%, above the 3-year and 5-year average of 11% and the 10-year average of 10%, a sign that profitability may be gradually improving.
- The stock returned 16% over 1 year, well above its 3-year CAGR of 5%. It also sits about 18% above its 52-week low of Rs 272, which suggests sentiment has been improving.
- TTM EPS is Rs 23.4. If profit keeps growing at anything close to recent rates, earnings would compound from a base that the 13.66x P/E does not appear to fully reflect.
- ROE has stayed between 10% and 12% for a decade (currently 10.72%, 11.1% over the last 3 years). For a lender this is low and suggests persistent pressure from credit costs or thin margins.
- ROCE of 8.61% is low and points to weak returns on the total capital in the business, including borrowed funds.
- The company has a low interest coverage ratio. For a leveraged NBFC this leaves little cushion if borrowing costs rise or asset quality worsens.
- There is a flag that the company might be capitalising interest cost. If so, reported profits could look better than the underlying cash economics, which raises questions about the quality of the 46% TTM profit growth.
- Over the long term, the stock has compounded at only 4% over 10 years and 5% over 3 years, even though profit grew at a 14% 10-year CAGR. Earnings growth has not turned into sustained shareholder returns.
- The stock is about 23% below its 52-week high of Rs 415. The trading range of Rs 272-415 is wide, reflecting high volatility and cyclical sentiment tied to rural and vehicle-finance demand.
- The P/B of 1.67x is set against an ROE of 10.72%. That implies the market is paying a premium to book value for returns that may be close to or below the company's cost of equity.
- Debt-to-equity is not available in the data, so balance-sheet leverage cannot be checked here, despite the known concern about interest coverage.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q2FY27 disbursements jump 22% Oct 2
Q2FY27 disbursements grew 22% YoY to ₹16,490 crore. AUM reached ₹1.46 lakh crore, and the company says asset quality improved during the quarter.
- ₹2,000 crore secured NCD issue Sep 24
The board approved up to ₹2,000 crore of secured NCDs through private placement, at a fixed 7.95% coupon and a tenure of 2 years and 364 days. This adds funding for loan growth, but the coupon level will matter for borrowing costs and margins.
- Q2 results board meet Oct 21 Sep 28
The board will meet on October 21 to consider Q2 results. No financial figures or other agenda items were disclosed with the announcement.
- J.P. Morgan investor conference Sep 17
The company will attend an in-person J.P. Morgan investor conference in Mumbai on September 22, 2026, covering Q1 FY27 earnings and business updates. This is routine investor outreach and is not expected to move the stock.
TL;DR: M&M Financial's business is picking up: Q2FY27 disbursements grew 22% YoY to ₹16,490 crore, AUM reached ₹1.46 lakh crore, and the company reports better asset quality. None of these articles point to a clear headwind. The main open questions are funding costs, given the 7.95% coupon on the ₹2,000 crore NCD issue, and whether profits and credit costs keep pace with loan growth. The October 21 Q2 results should show whether the stronger disbursements are turning into margin and earnings growth.
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,583 | 3,833 | 4,100 | 4,280 | 4,316 | 4,465 | 4,797 | 4,886 | 4,991 | 5,026 | 5,450 | 5,539 | 5,718 |
| Expenses | 1,504 | 1,724 | 1,456 | 1,520 | 1,676 | 1,830 | 1,325 | 2,001 | 1,964 | 2,015 | 1,913 | 1,987 | 2,034 |
| Financing Profit | 482 | 406 | 846 | 900 | 679 | 573 | 1,297 | 667 | 746 | 814 | 1,301 | 1,332 | 1,312 |
| Fin. Margin % | 13% | 11% | 21% | 21% | 16% | 13% | 27% | 14% | 15% | 16% | 24% | 24% | 23% |
| Other Income | 67 | 44 | 50 | 68 | 58 | 28 | 19 | 27 | 43 | 39 | -100 | 37 | 29 |
| Interest | 1,597 | 1,703 | 1,798 | 1,861 | 1,960 | 2,062 | 2,175 | 2,218 | 2,280 | 2,198 | 2,236 | 2,220 | 2,372 |
| Depreciation | 66 | 67 | 69 | 72 | 76 | 79 | 82 | 85 | 86 | 94 | 96 | 110 | 99 |
| PBT | 483 | 383 | 826 | 896 | 661 | 523 | 1,233 | 609 | 704 | 759 | 1,105 | 1,259 | 1,242 |
| Tax % | 25% | 25% | 25% | 25% | 25% | 25% | 26% | 25% | 25% | 25% | 25% | 25% | 25% |
| Net Profit | 362 | 287 | 623 | 671 | 497 | 390 | 918 | 456 | 529 | 566 | 826 | 940 | 927 |
| EPS in Rs | 2.58 | 2.02 | 4.48 | 4.82 | 3.58 | 2.8 | 6.6 | 3.29 | 3.8 | 4.06 | 5.93 | 6.75 | 6.66 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 6,051 | 6,586 | 7,189 | 7,910 | 10,429 | 11,995 | 12,382 | 11,419 | 12,828 | 15,963 | 18,519 | 21,041 | 21,733 |
| Expenses | 1,972 | 2,459 | 3,123 | 2,547 | 3,129 | 4,903 | 6,046 | 5,347 | 4,696 | 6,204 | 6,832 | 7,878 | 7,947 |
| Financing Profit | 1,435 | 1,258 | 880 | 1,927 | 2,868 | 1,702 | 1,028 | 1,654 | 3,038 | 2,799 | 3,271 | 4,229 | 4,760 |
| Fin. Margin % | 24% | 19% | 12% | 24% | 28% | 14% | 8% | 14% | 24% | 18% | 18% | 20% | 22% |
| Other Income | 10 | 12 | 12 | 33 | 49 | 47 | 57 | 47 | -8 | 64 | 77 | -17 | 4 |
| Interest | 2,643 | 2,868 | 3,186 | 3,436 | 4,432 | 5,391 | 5,308 | 4,417 | 5,094 | 6,959 | 8,415 | 8,934 | 9,026 |
| Depreciation | 46 | 46 | 54 | 55 | 76 | 147 | 151 | 152 | 226 | 275 | 321 | 386 | 399 |
| PBT | 1,400 | 1,224 | 838 | 1,905 | 2,841 | 1,602 | 934 | 1,549 | 2,804 | 2,588 | 3,027 | 3,826 | 4,365 |
| Tax % | 34% | 36% | 37% | 36% | 34% | 32% | 16% | 26% | 26% | 25% | 25% | 25% | — |
| Net Profit | 925 | 787 | 530 | 1,216 | 1,867 | 1,086 | 780 | 1,150 | 2,071 | 1,943 | 2,261 | 2,861 | 3,260 |
| EPS in Rs | 7.13 | 6.03 | 4 | 8.53 | 13.15 | 7.73 | 5.56 | 8.18 | 14.91 | 13.9 | 16.27 | 20.54 | 23.4 |
| Div. Payout % | 25% | 29% | 27% | 21% | 22% | 0% | 13% | 39% | 36% | 40% | 35% | 37% | — |
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 | 113 | 113 | 113 | 123 | 123 | 123 | 246 | 247 | 247 | 247 | 247 | 278 |
| Reserves | 5,830 | 6,356 | 6,847 | 9,732 | 11,146 | 11,846 | 15,530 | 16,650 | 18,313 | 19,686 | 21,282 | 26,361 |
| Borrowing | 29,232 | 34,044 | 40,644 | 44,986 | 58,802 | 65,634 | 65,101 | 62,126 | 81,429 | 98,319 | 1,19,093 | 1,28,370 |
| Other Liabilities | 3,459 | 4,494 | 5,619 | 3,889 | 4,505 | 4,189 | 4,724 | 4,787 | 5,096 | 5,463 | 3,483 | 3,635 |
| Total Liabilities | 38,633 | 45,007 | 53,223 | 58,730 | 74,576 | 81,793 | 85,601 | 83,809 | 1,05,085 | 1,23,716 | 1,44,105 | 1,58,644 |
| Fixed Assets | 119 | 129 | 133 | 147 | 201 | 455 | 399 | 515 | 871 | 1,008 | 1,207 | 1,328 |
| CWIP | 0 | 0 | 1 | 0 | 1 | 1 | 12 | 2 | 3 | 105 | 66 | 7 |
| Investments | 654 | 1,199 | 1,374 | 2,378 | 3,327 | 5,340 | 12,126 | 8,654 | 10,063 | 9,598 | 10,590 | 7,407 |
| Other Assets | 37,860 | 43,679 | 51,714 | 56,205 | 71,046 | 75,996 | 73,064 | 74,637 | 94,148 | 1,13,004 | 1,32,242 | 1,49,902 |
| Total Assets | 38,633 | 45,007 | 53,223 | 58,730 | 74,576 | 81,793 | 85,601 | 83,809 | 1,05,085 | 1,23,716 | 1,44,105 | 1,58,644 |
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 | -3,970 | -4,957 | -6,467 | -8,510 | -12,078 | -3,115 | 5,826 | 18 | -17,395 | -18,449 | -15,602 | -12,772 |
| Investing | 34 | -440 | -97 | 243 | -1,213 | -2,689 | -8,348 | 3,112 | -1,635 | 2,671 | -1,077 | 770 |
| Financing | 3,907 | 5,431 | 6,766 | 8,174 | 13,490 | 6,050 | 2,548 | -3,173 | 18,852 | 16,095 | 17,605 | 10,637 |
| Net Cash Flow | -29 | 34 | 202 | -93 | 199 | 245 | 26 | -43 | -179 | 317 | 927 | -1,365 |
| Free Cash Flow | -4,009 | -5,010 | -6,529 | -8,579 | -12,211 | -3,231 | 5,785 | -276 | -17,794 | -18,719 | -15,975 | -13,120 |
| CFO/OP | -83 | -104 | -146 | -146 | -154 | -36 | 102 | 10 | -207 | -181 | -126 | -91 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 16% | 12% | 8% | 14% | 17% | 9% | 5% | 7% | 12% | 10% | 11% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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66 extracted metrics + investor summaries across FY04–FY27.
Documents
Frequently Asked Questions about Mahindra & Mahindra Financial Services
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Does Mahindra & Mahindra Financial Services Ltd pay dividends?
What is the Return on Equity (ROE) of Mahindra & Mahindra Financial Services Ltd?
Company Information
Mahindra & Mahindra Financial Services Limited (MMFSL), a part of the Mahindra Group,is a NBFC primarily engaged in the business of financing purchase of new and pre-owned auto and utility vehicles, tractors, cars, commercial vehicles, construction equipment and SME Financing. [1]
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