Mahindra & Mahindra Financial Services Ltd logo

Mahindra & Mahindra Financial Services Ltd

M&MFIN NSE

Key Fundamentals

MidcapNBFCFinancial Services
Market Cap
₹53,159 Cr
Volatility
Moderate
P/E Ratio
16.18
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

Data-driven rating, 0–100. How it works →

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 4d ago
AI opinion · based on fundamentals
Risk medium

Mahindra & Mahindra Financial Services is a rural and semi-urban focused NBFC with a market cap of approximately ₹54,473 crore, trading at a P/E of 16.6x and P/B of 2.03x. The company has delivered 14% TTM revenue growth and 46% TTM profit growth, while maintaining a 3-year average ROE of around 11% and a dividend payout of 37.4%.

Bull Case 8
  • Strong TTM profit growth of 46% driven by improving margins, lower credit costs, and operating leverage
  • AUM grew 12% YoY in FY26 to ₹1,34,096 crore, with management aspiring to grow AUM 5x this decade
  • Asset quality improved significantly — GS2+GS3 declined from 21.9% in FY22 to 8.2% in FY26, with GS3 stable at 3.4%
  • Return on Assets reached 2.0% in FY26, up from 1.9% in FY25, indicating improving profitability on the asset base
  • Capital adequacy remains healthy at 18.5% with Tier-1 capital at 16.4%, providing a comfortable buffer above regulatory requirements
  • Stock has delivered a 1-year CAGR of 46% and 5-year CAGR of 23%, reflecting strong re-rating on improving fundamentals
  • FY26 standalone PAT grew 19% YoY to ₹2,782 crore; Q4 FY26 PAT jumped 55% YoY supported by higher fee income and lower cost of funds
  • Healthy dividend payout of 37.4% with a current dividend yield of 1.93%, providing income alongside growth
Bear Case 8
  • 3-year average ROE of only 11.1% is modest for an NBFC, indicating the company does not generate exceptional returns on shareholder equity
  • Low interest coverage ratio flagged as a structural concern — for a lending NBFC, thin spread between earning and borrowing rates compresses margins
  • Potential capitalisation of interest costs may overstate reported profitability and asset quality metrics
  • Disbursement growth slowed to just 6% YoY in FY26 (annual) after 3% in FY25, suggesting challenges in scaling origination volumes
  • P/B of 2.03x is not cheap relative to the 11-12% ROE profile — limited margin of safety if asset quality deteriorates
  • 10-year stock CAGR of only 7% highlights prolonged periods of underperformance, with recent gains potentially reflecting mean reversion rather than structural improvement
  • Concentrated rural and semi-urban exposure makes the portfolio vulnerable to monsoon variability, agri-commodity price swings, and rural economic slowdowns
  • GS2+GS3 ticked up to 10.2% in Q3 FY25 before improving to 8.2% by March 2026, showing asset quality can be volatile quarter-to-quarter

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

AI News Digest

Anthropic anthropic claude-opus-4.6 4h ago
Neutral 1
  • Investor meet on Aug 18 Aug 12

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

TL;DR: Limited news flow for M&MFIN with only an upcoming investor conference scheduled. No material positive or negative catalysts in the current cycle. The Q1 FY27 earnings discussion at the Aug 18 conference may provide forward-looking guidance on asset quality and disbursement trends.

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 ₹53159.45 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 16.18. 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 1.97%. 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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