Mahindra & Mahindra Ltd

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Mahindra & Mahindra Ltd

₹ 2,982 -1.68%
09 May - close price
mahindra.com BSE: 500520 NSE: M&M
About

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]

Key Points

Market Leadership[1][2]
Mahindra & Mahindra operates diverse businesses including Auto, Farm, TechM, and Financial Services. It holds market leadership in SUVs and LCVs, is the #1 tractor manufacturer, and #1 in EV Re

Website BSE NSE
  • Market Cap ₹ 3,71,114 Cr.
  • Current Price ₹ 2,982
  • High / Low ₹ 3,276 / 2,159
  • Stock P/E 31.3
  • Book Value ₹ 495
  • Dividend Yield 0.71 %
  • ROCE 27.0 %
  • ROE 20.8 %
  • Face Value ₹ 5.00
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 40.2% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 26.3%

Cons

  • Promoter holding is low: 18.4%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Automobile Industry: Automobiles - Passenger Cars

Part of BSE Sensex Nifty 50 BSE 500 BSE 100 BSE 200

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
17,238 19,813 22,105 22,113 22,614 24,403 25,762 25,737 25,434 27,133 28,919 30,964 31,609
15,302 17,391 18,513 18,840 19,774 20,852 21,270 22,088 22,006 23,017 23,649 26,154 27,389
Operating Profit 1,936 2,422 3,592 3,273 2,840 3,551 4,492 3,649 3,428 4,116 5,270 4,810 4,219
OPM % 11% 12% 16% 15% 13% 15% 17% 14% 13% 15% 18% 16% 13%
355 99 -30 -418 -220 663 691 387 224 258 677 265 513
Interest 56 70 64 69 70 33 33 35 40 53 55 61 81
Depreciation 693 695 791 829 839 840 828 831 988 915 961 1,045 1,306
Profit before tax 1,541 1,755 2,707 1,958 1,711 3,341 4,322 3,170 2,624 3,406 4,931 3,968 3,345
Tax % 18% 20% 24% 22% 9% 17% 21% 21% 24% 23% 22% 25% 27%
1,269 1,404 2,068 1,528 1,549 2,759 3,393 2,490 2,000 2,613 3,841 2,964 2,437
EPS in Rs 10.20 11.29 16.63 12.29 12.46 22.19 27.29 20.02 16.08 21.01 30.89 23.84 19.60
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
40,508 38,445 40,875 44,054 48,686 53,614 45,488 44,630 57,787 86,645 101,219 118,625
35,787 34,271 36,255 39,539 42,462 46,974 39,690 37,672 50,759 74,581 86,097 100,209
Operating Profit 4,722 4,173 4,620 4,515 6,224 6,640 5,798 6,957 7,027 12,064 15,122 18,416
OPM % 12% 11% 11% 10% 13% 12% 13% 16% 12% 14% 15% 16%
770 1,185 919 1,894 1,470 1,659 -346 -1,888 1,845 -506 1,938 1,712
Interest 259 214 186 160 112 113 113 396 226 273 139 250
Depreciation 863 975 1,068 1,526 1,479 1,860 2,223 2,370 2,498 3,154 3,439 4,227
Profit before tax 4,369 4,169 4,284 4,723 6,102 6,325 3,116 2,303 6,148 8,131 13,483 15,650
Tax % 14% 20% 25% 23% 29% 24% 57% 57% 21% 19% 21% 24%
3,758 3,321 3,205 3,643 4,356 4,796 1,331 984 4,870 6,549 10,718 11,855
EPS in Rs 30.51 26.74 25.80 29.33 35.04 38.58 10.70 7.92 39.17 52.66 86.19 95.33
Dividend Payout % 22% 21% 22% 21% 20% 21% 21% 106% 28% 30% 24% 26%
Compounded Sales Growth
10 Years: 12%
5 Years: 21%
3 Years: 27%
TTM: 17%
Compounded Profit Growth
10 Years: 15%
5 Years: 40%
3 Years: 34%
TTM: 11%
Stock Price CAGR
10 Years: 18%
5 Years: 50%
3 Years: 50%
1 Year: 35%
Return on Equity
10 Years: 15%
5 Years: 17%
3 Years: 21%
Last Year: 21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 295 296 296 297 595 596 597 597 598 599 600 600
Reserves 16,496 18,959 22,127 26,489 29,699 33,613 33,871 34,354 37,600 42,758 51,677 60,985
4,045 3,728 2,917 2,851 2,958 2,571 3,027 7,786 6,743 5,026 2,036 1,682
10,452 9,961 10,159 10,332 14,195 15,916 13,007 18,827 21,665 27,398 29,498 36,382
Total Liabilities 31,289 32,945 35,500 39,968 47,447 52,697 50,502 61,564 66,606 75,780 83,811 99,649
5,877 5,929 7,596 7,771 7,859 10,082 10,395 12,011 14,904 16,976 17,528 21,793
CWIP 1,228 2,179 1,562 2,040 3,129 2,420 4,009 6,125 5,263 2,785 3,756 1,763
Investments 11,380 13,138 13,547 17,908 20,583 22,016 19,938 21,783 24,204 27,087 29,995 35,468
12,803 11,698 12,794 12,248 15,876 18,179 16,160 21,645 22,235 28,932 32,532 40,625
Total Assets 31,289 32,945 35,500 39,968 47,447 52,697 50,502 61,564 66,606 75,780 83,811 99,649

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
3,728 3,219 5,470 3,971 7,027 4,924 3,678 9,594 6,977 9,129 11,279 16,617
-2,362 -2,423 -3,538 -3,221 -5,110 -2,549 -2,576 -14,564 -3,961 -4,753 -5,182 -13,874
-824 -1,585 -2,007 -1,056 -1,033 -1,555 -1,015 3,514 -3,166 -3,784 -5,538 -3,355
Net Cash Flow 542 -788 -75 -305 884 820 86 -1,456 -150 593 559 -612

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 23 24 22 24 24 27 24 18 19 17 16 18
Inventory Days 35 32 33 31 29 37 39 58 51 50 47 44
Days Payable 75 70 83 78 92 92 78 129 111 97 92 99
Cash Conversion Cycle -18 -14 -27 -23 -39 -29 -15 -53 -41 -30 -28 -38
Working Capital Days -18 -24 -23 -15 -23 -16 -11 -50 -22 -13 -15 15
ROCE % 23% 18% 18% 16% 18% 18% 14% 14% 15% 21% 27% 27%

Shareholding Pattern

Numbers in percentages

32 Recently
Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
19.45% 19.38% 19.39% 19.37% 19.37% 19.33% 19.33% 18.58% 18.55% 18.53% 18.48% 18.45%
37.94% 38.27% 39.16% 39.24% 40.14% 40.26% 40.86% 41.75% 41.90% 41.18% 38.92% 38.30%
28.93% 28.50% 27.72% 27.66% 26.89% 26.79% 26.26% 26.13% 26.18% 27.04% 29.22% 29.77%
0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.08%
9.66% 9.83% 9.77% 9.81% 9.71% 9.73% 9.71% 9.70% 9.57% 9.44% 9.66% 9.78%
3.95% 3.92% 3.88% 3.85% 3.83% 3.80% 3.77% 3.75% 3.73% 3.69% 3.63% 3.60%
No. of Shareholders 5,81,2886,49,3416,36,9566,47,1416,36,9846,75,6216,90,0067,21,6727,56,2597,99,5318,55,1758,95,699

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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