Mahindra & Mahindra Financial Services Ltd logo

Mahindra & Mahindra Financial Services Ltd

M&MFIN NSE

Key Fundamentals

MidcapNBFCFinancial Services
Market Cap
₹55,390 Cr
Volatility
Moderate
P/E Ratio
16.67
EBITDA
₹13,209 Cr
Return on Equity
10.72%
Debt to Equity
5.14
Book Value
₹191.65
EPS
₹16.77
52W High
₹415
52W Low
₹253.05

Insights

Beta

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

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45 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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Technical Indicators

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

Revenue Growth
13.79% ↗
Net Income Growth
26.55% ↗
Cash Flow Change
18.14% ↗
ROE
2.29% ↗
ROCE
3.99% ↗
EBITDA Margin (Avg.)
-0.78% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Mahindra & Mahindra Financial Services Ltd is a rural and semi-urban focused NBFC with a closing AUM of ₹1,19,673 crores as of March 2025 (up 17% YoY), trading at a P/E of 16.9x and P/B of 2.06x with a market cap of ₹56,224 crores. The company delivered 33% PAT growth in FY25 with improving asset quality (GS3 at 3.7%), though NIMs compressed to 6.5% due to elevated funding costs and return on equity remains moderate at ~12%.

Bull Case 8
  • AUM grew 17% YoY to ₹1,19,673 crores in FY25, demonstrating strong loan book expansion in rural/semi-urban markets
  • FY25 PAT grew 33% YoY, with TTM profit growth at 46%, indicating strong earnings momentum
  • Asset quality improved significantly — Gross Stage 3 held at 3.7% in FY25 vs GS2+GS3 of 21.9% in FY22, reflecting sharply better underwriting
  • Credit cost contained at 1.3% for FY25 (down from 2.1% in Q1FY24), reflecting prudent risk management and better collections
  • Healthy dividend payout of 37.4% with dividend yield of 1.89%, providing income support; proposed dividend raised to ₹6.50/share vs ₹6.30 prior year
  • Compounded sales CAGR of 18% over 3 years and 12% over 10 years shows consistent top-line growth trajectory
  • Capital adequacy healthy at 18.5% with Tier-1 at 16.4%, providing comfortable buffer for growth without immediate capital-raise risk
  • Stock CAGR of 53% over 1 year reflects re-rating driven by improved fundamentals, with management guiding mid-to-high teens AUM growth medium term
Bear Case 8
  • Return on equity remains modest at 11-12% over 3-5 years, below peers in the NBFC space, limiting valuation re-rating potential
  • NIMs compressed to 6.5% in FY25 due to higher cost of funds, squeezing spreads despite loan book growth
  • Low interest coverage ratio indicates vulnerability to rising borrowing costs and potential margin pressure
  • Company may be capitalizing interest costs, which could overstate reported profitability and asset values
  • Disbursement growth was only 3% in FY25, suggesting underlying demand weakness in the core wheels business
  • P/B of 2.06x for a company generating only ~12% ROE implies the stock is priced for significant improvement that may not materialize
  • Rural/semi-urban concentration exposes the portfolio to monsoon variability and agricultural income cycles, with GS2+GS3 still at 9.1%
  • 10-year stock CAGR of only 7% suggests prolonged periods of underperformance are possible despite short-term momentum

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 2
  • Q1 net profit surges 70%+ Jul 21

    Consolidated net profit rose 75.4% YoY to ₹927.48 crore in Q1 FY27 from ₹528.96 crore. Total income reached ₹5,724.81 crore.

  • ₹7.50 dividend declared for FY26 Jul 21

    The 36th AGM approved a dividend of ₹7.50 per share for FY26 and re-appointed key directors.

Neutral 1
  • Investor meet on Aug 18 Aug 12

    M&M Financial Services will attend the Motilal Oswal 22nd Annual Global Investor Conference in Mumbai on August 18, 2026 to discuss Q1 FY27 earnings.

TL;DR: M&M Financial Services delivered a strong Q1 FY27 with net profit jumping 75% YoY, signalling robust asset quality and business momentum. Shareholder returns are healthy with a ₹7.50 dividend. No visible headwinds in recent news flow. The trend is clearly improving, with investor engagement events likely to reinforce confidence in the growth trajectory.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %
16%
12%
8%
14%
17%
9%
5%
7%
12%
10%
11%
12%

Shareholding Pattern

As of Jun 2026
Promoters 52.49%
DIIs 31.49%
FIIs 9.53%
Public 5.63%
Others 0.86%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
52.16%
52.16%
52.16%
52.16%
52.16%
52.16%
52.16%
52.16%
52.16%
52.16%
52.16%
52.16%
52.16%
52.16%
52.16%
52.16%
52.16%
52.49%
52.49%
52.49%
52.49%
52.49%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
14.09%
0.00%
11.96%
10.09%
10.19%
10.48%
10.68%
9.34%
9.59%
9.11%
9.40%
9.53%
DIIs
15.36%
15.11%
15.18%
14.94%
15.72%
16.72%
15.69%
23.76%
25.18%
26.95%
25.84%
19.68%
28.61%
30.67%
31.57%
31.16%
31.31%
32.33%
32.29%
32.35%
32.09%
31.49%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
5.39%
9.17%
8.06%
8.46%
8.88%
7.75%
6.99%
6.44%
6.31%
5.70%
6.24%
6.77%
6.03%
6.02%
5.22%
5.38%
5.12%
5.05%
4.92%
5.18%
5.27%
5.63%
Others
27.09%
23.57%
24.60%
24.45%
23.25%
23.37%
25.16%
17.65%
16.36%
15.20%
1.67%
21.39%
1.24%
1.07%
0.86%
0.81%
0.73%
0.78%
0.70%
0.88%
0.75%
0.86%
No. of Shareholders
1,88,131
2,96,357
2,37,701
2,49,889
2,50,678
2,17,677
2,14,897
1,93,555
1,86,265
1,85,705
2,19,510
2,39,372
2,27,512
2,24,273
2,11,051
2,24,415
2,17,620
2,27,483
2,22,526
2,43,019
2,36,252
2,41,776

Documents

1
Concall - Apr 2017 Apr 2017
2
Concall - Apr 2017 Apr 2017
3
Concall - Jul 2017 Jul 2017
4
Concall - Oct 2017 Oct 2017
5
Concall - Jan 2018 Jan 2018

Frequently Asked Questions about Mahindra & Mahindra Financial Services Ltd

What does Mahindra & Mahindra Financial Services Ltd do?
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]
Where is Mahindra & Mahindra Financial Services Ltd (M&MFIN) listed?
Mahindra & Mahindra Financial Services Ltd is listed on the Indian stock exchanges. It is listed on NSE: M&MFIN and BSE: 532720. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Mahindra & Mahindra Financial Services Ltd belong to?
Mahindra & Mahindra Financial Services Ltd operates in the Financial Services sector within the NBFC industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Mahindra & Mahindra Financial Services Ltd?
Mahindra & Mahindra Financial Services Ltd has a market capitalisation of approximately ₹55390.35 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Mahindra & Mahindra Financial Services Ltd?
The Price-to-Earnings (PE) ratio of Mahindra & Mahindra Financial Services Ltd is 16.67. 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 Financial Services Ltd?
Over the past 52 weeks, Mahindra & Mahindra Financial Services Ltd has traded between a low of ₹253.05 and a high of ₹415. This range helps investors understand the stock's price volatility and recent trading levels.
Does Mahindra & Mahindra Financial Services Ltd pay dividends?
Yes, Mahindra & Mahindra Financial Services Ltd has a dividend yield of 1.89%. 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 Financial Services Ltd?
Mahindra & Mahindra Financial Services Ltd has a Return on Equity (ROE) of 10.72%. 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 Financial Services Ltd on Tapetide?
On Tapetide, you can view Mahindra & Mahindra Financial Services 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 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]

Website mahindrafinance.com
CEO Mr. Raul Rebello
Listed 2006-03-17
Face Value ₹ 2
Issued Size 1,38,99,71,160

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