Mahindra & Mahindra Ltd
₹ 3,678
-1.04%
08 Dec
4:01 p.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 Cap ₹ 4,57,425 Cr.
- Current Price ₹ 3,678
- High / Low ₹ 3,796 / 2,360
- Stock P/E 32.1
- Book Value ₹ 666
- Dividend Yield 0.69 %
- ROCE 13.9 %
- ROE 18.0 %
- Face Value ₹ 5.00
Pros
- Company has delivered good profit growth of 113% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 20.1%
Cons
- Stock is trading at 5.52 times its book value
- 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.
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Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 74,001 | 71,448 | 75,841 | 83,773 | 92,094 | 104,721 | 75,382 | 74,278 | 90,171 | 121,269 | 139,078 | 159,211 | 175,704 | |
| 63,830 | 62,655 | 65,759 | 73,038 | 78,868 | 89,514 | 65,224 | 62,791 | 75,488 | 100,983 | 114,186 | 128,693 | 142,406 | |
| Operating Profit | 10,170 | 8,793 | 10,082 | 10,735 | 13,226 | 15,207 | 10,158 | 11,487 | 14,683 | 20,285 | 24,892 | 30,518 | 33,299 |
| OPM % | 14% | 12% | 13% | 13% | 14% | 15% | 13% | 15% | 16% | 17% | 18% | 19% | 19% |
| 773 | 800 | 1,399 | 2,077 | 4,366 | 2,676 | 885 | 1,152 | 3,204 | 3,961 | 3,298 | 3,718 | 4,400 | |
| Interest | 2,954 | 3,157 | 3,368 | 3,648 | 3,987 | 5,021 | 6,021 | 6,102 | 5,018 | 5,830 | 7,488 | 9,083 | 9,537 |
| Depreciation | 2,170 | 2,124 | 2,442 | 2,813 | 3,280 | 3,991 | 3,367 | 3,378 | 3,508 | 4,357 | 4,724 | 6,074 | 6,740 |
| Profit before tax | 5,820 | 4,313 | 5,672 | 6,350 | 10,326 | 8,871 | 1,655 | 3,158 | 9,362 | 14,060 | 15,978 | 19,080 | 21,421 |
| Tax % | 26% | 40% | 37% | 36% | 23% | 32% | 119% | 52% | 23% | 19% | 23% | 26% | |
| 5,154 | 3,381 | 3,554 | 4,051 | 7,958 | 6,017 | -321 | 1,512 | 7,253 | 11,374 | 12,270 | 14,073 | 15,507 | |
| EPS in Rs | 37.89 | 25.26 | 25.35 | 29.77 | 60.41 | 42.76 | 1.02 | 14.58 | 52.91 | 82.68 | 90.62 | 103.97 | 114.46 |
| Dividend Payout % | 18% | 23% | 21% | 22% | 11% | 17% | 205% | 54% | 20% | 18% | 21% | 22% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 8% |
| 5 Years: | 16% |
| 3 Years: | 21% |
| TTM: | 20% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 16% |
| 5 Years: | 113% |
| 3 Years: | 27% |
| TTM: | 20% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 19% |
| 5 Years: | 37% |
| 3 Years: | 43% |
| 1 Year: | 20% |
| Return on Equity | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 16% |
| 3 Years: | 18% |
| Last Year: | 18% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 295 | 296 | 270 | 311 | 543 | 544 | 554 | 555 | 556 | 557 | 557 | 558 | 558 |
| Reserves | 23,012 | 25,561 | 26,222 | 29,467 | 36,232 | 39,439 | 39,415 | 41,027 | 46,567 | 55,809 | 65,633 | 76,481 | 82,286 |
| 35,167 | 37,911 | 41,553 | 48,762 | 55,898 | 70,848 | 82,092 | 80,625 | 77,605 | 92,247 | 108,647 | 129,025 | 126,709 | |
| 29,415 | 30,608 | 31,806 | 35,296 | 43,696 | 51,057 | 43,655 | 42,762 | 47,661 | 55,670 | 59,884 | 69,950 | 83,376 | |
| Total Liabilities | 87,889 | 94,376 | 99,852 | 113,835 | 136,369 | 161,889 | 165,716 | 164,968 | 172,388 | 204,283 | 234,722 | 276,013 | 292,930 |
| 18,381 | 19,047 | 20,585 | 20,989 | 26,182 | 28,983 | 29,689 | 21,380 | 26,018 | 27,140 | 28,129 | 34,636 | 41,872 | |
| CWIP | 2,191 | 3,032 | 2,371 | 4,279 | 4,269 | 4,760 | 6,856 | 7,873 | 6,703 | 3,969 | 8,039 | 8,298 | 2,570 |
| Investments | 8,082 | 10,027 | 11,603 | 14,662 | 16,018 | 18,268 | 19,210 | 28,778 | 30,060 | 35,272 | 35,208 | 41,309 | 36,327 |
| 59,234 | 62,270 | 65,293 | 73,905 | 89,900 | 109,878 | 109,960 | 106,938 | 109,607 | 137,902 | 163,345 | 191,771 | 212,160 | |
| Total Assets | 87,889 | 94,376 | 99,852 | 113,835 | 136,369 | 161,889 | 165,716 | 164,968 | 172,388 | 204,283 | 234,722 | 276,013 | 292,930 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -244 | 1,055 | 2,385 | 183 | 682 | -4,347 | -1,457 | 17,909 | 9,248 | -7,074 | -5,630 | 3,176 | |
| -4,524 | -4,357 | -5,506 | -5,875 | -5,467 | -7,174 | -6,870 | -19,686 | -3,252 | -8,866 | -5,615 | -18,616 | |
| 5,577 | 1,669 | 2,967 | 6,108 | 6,314 | 13,194 | 6,933 | 406 | -5,883 | 15,946 | 12,281 | 15,834 | |
| Net Cash Flow | 810 | -1,633 | -154 | 416 | 1,529 | 1,672 | -1,394 | -1,370 | 113 | 6 | 1,037 | 394 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 28 | 28 | 28 | 31 | 34 | 30 | 34 | 30 | 26 | 21 | 20 | 19 |
| Inventory Days | 68 | 72 | 74 | 64 | 64 | 74 | 106 | 91 | 82 | 83 | 81 | 78 |
| Days Payable | 96 | 97 | 108 | 107 | 125 | 127 | 142 | 147 | 134 | 118 | 112 | 118 |
| Cash Conversion Cycle | 0 | 3 | -6 | -11 | -27 | -23 | -3 | -26 | -27 | -13 | -11 | -21 |
| Working Capital Days | 16 | -5 | -3 | -2 | -8 | -14 | -20 | -11 | -13 | -14 | -8 | -14 |
| ROCE % | 14% | 11% | 13% | 12% | 13% | 12% | 7% | 8% | 11% | 13% | 14% | 14% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
5h - Mahindra reveals XUV 7XO name; world premiere on January 5, 2026.
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Announcement Under Regulation 30 - Updates
4 Dec - MOICML sold 3.58% stake in CIE Automotive for approx. €119 million on December 4, 2025.
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Announcement under Regulation 30 (LODR)-Credit Rating
3 Dec - CARE reaffirms M&M bank facility ratings: LT CARE AAA Stable (₹24.11cr), LT/ST ₹10cr, ST CARE A1+ (₹2,139.06cr)
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
1 Dec - Nov 2025: Total auto sales 92,670; SUVs 56,336; tractors domestic 42,273; trucks & buses 2,232; exports 2,923.
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Announcement under Regulation 30 (LODR)-Acquisition
29 Nov - MLDL acquired Actis's MHPL stake for Rs.86.40 crore; MHPL now wholly-owned; SPA executed 28 Nov 2025.
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
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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