Mahindra & Mahindra Ltd

₹ 3,055 0.11%

21 Sep - close price

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 F&O

Market Cap ₹ 3,79,935 Cr.
Current Price ₹ 3,055
High / Low ₹ 3,840 / 2,896
Stock P/E 19.8
Book Value ₹ 749
Dividend Yield 1.08 %
ROCE 15.1 %
ROE 20.3 %
Face Value ₹ 5.00

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Pros

Company has delivered good profit growth of 50.6% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 21.4%

Cons

Stock is trading at 4.08 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.

Peer comparison

Consumer Discretionary Automobile and Auto Components Automobiles Passenger Cars & Utility Vehicles

Part of BSE Sensex Nifty 50 BSE 500 BSE 100 BSE 200 BSE Dollex 200 Nifty 500 BSE Dollex 30 BSE Auto Nifty 100 BSE Dollex 100 Nifty India Consumption Nifty Auto Nifty 200 Nifty High Beta 50 Nifty Growth Sectors 15 Nifty 100 Equal Weight BSE Consumer Discretionary BSE India Manufacturing BSE SENSEX 50 BSE 100 ESG BSE 250 LargeMidCap Index BSE Dividend Stability Index Nifty 50 Equal Weight BSE 100 LargeCap TMC Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty100 ESG Nifty India Manufacturing Nifty Total Market Nifty500 Multicap India Manufacturing 50:30:20 Nifty100 Enhanced ESG BSE Select Business Groups BSE 200 Equal Weight BSE Sensex Sixty 65:35 BSE Sensex Sixty BSE Premium Consumption BSE Sensex Equal Weight Nifty 100 Alpha 30 Index NIFTY Mobility Nifty Transportation & Logistics Nifty India New Age Consumption Nifty India Select 5 Corporate Groups Nifty Top 15 Equal Weight Nifty500 Equal Weight Nifty Top 20 Equal Weight Nifty Rural Nifty EV & New Age Automotive Nifty500 LargeMidSmall Equal-Cap Weighted BSE India 150 BSE India Sector Leaders BSE 1000 Nifty Conglomerate 50 Nifty India FPI 150 BSE India Defence BSE LargeMid (60:40) Stable Dividend 50 Index

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	33,892	34,436	35,299	35,452	37,218	37,924	41,470	42,599	45,529	46,106	52,100	54,982	58,188
	27,642	28,706	29,075	28,848	29,975	30,790	33,239	34,658	37,117	37,166	41,939	44,855	47,360
Operating Profit	6,249	5,730	6,224	6,604	7,243	7,133	8,231	7,942	8,412	8,940	10,160	10,127	10,827
OPM %	18%	17%	18%	19%	19%	19%	20%	19%	18%	19%	20%	18%	19%
	1,065	812	756	750	733	1,126	719	1,110	1,210	1,134	976	1,137	1,121
Interest	1,719	1,835	1,945	1,989	2,108	2,217	2,362	2,397	2,431	2,347	2,405	2,407	2,560
Depreciation	1,128	1,139	1,123	1,335	1,248	1,302	1,495	2,029	1,548	1,669	2,163	1,943	1,760
Profit before tax	4,468	3,568	3,912	4,030	4,621	4,740	5,092	4,627	5,644	6,058	6,569	6,914	7,628
Tax %	18%	30%	24%	22%	23%	29%	29%	23%	22%	35%	24%	24%	21%
	3,684	2,484	2,977	3,125	3,546	3,361	3,624	3,542	4,377	3,964	5,021	5,260	5,998
EPS in Rs	28.21	18.88	21.38	22.15	26.40	25.50	25.58	26.50	32.84	29.54	37.59	37.53	43.86
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	71,448	75,841	83,773	92,094	104,721	75,382	74,278	90,171	121,362	139,078	159,211	198,639	211,375
	62,655	65,759	73,038	78,868	89,514	65,224	62,791	75,488	101,037	114,186	128,693	161,659	171,321
Operating Profit	8,793	10,082	10,735	13,226	15,207	10,158	11,487	14,683	20,325	24,892	30,518	36,980	40,054
OPM %	12%	13%	13%	14%	15%	13%	15%	16%	17%	18%	19%	19%	19%
	800	1,399	2,077	4,366	2,676	885	1,152	3,204	3,922	3,298	3,718	5,118	4,369
Interest	3,157	3,368	3,648	3,987	5,021	6,021	6,102	5,018	5,830	7,488	9,083	9,591	9,720
Depreciation	2,124	2,442	2,813	3,280	3,991	3,367	3,378	3,508	4,357	4,724	6,074	7,322	7,535
Profit before tax	4,313	5,672	6,350	10,326	8,871	1,655	3,158	9,362	14,060	15,978	19,080	25,185	27,169
Tax %	40%	37%	36%	23%	32%	119%	52%	23%	19%	23%	26%	26%
	3,381	3,554	4,051	7,958	6,017	-321	1,512	7,253	11,374	12,270	14,073	18,622	20,243
EPS in Rs	25.26	25.35	29.77	60.41	42.76	1.02	14.58	52.91	82.68	90.62	103.97	137.50	148.52
Dividend Payout %	23%	21%	22%	11%	17%	205%	54%	20%	18%	21%	22%	22%

Compounded Sales Growth
10 Years:	10%
5 Years:	22%
3 Years:	18%
TTM:	26%

Compounded Profit Growth
10 Years:	19%
5 Years:	51%
3 Years:	23%
TTM:	38%

Stock Price CAGR
10 Years:	16%
5 Years:	32%
3 Years:	24%
1 Year:	-15%

Return on Equity
10 Years:	15%
5 Years:	18%
3 Years:	19%
Last Year:	20%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	296	270	311	543	544	554	555	556	557	557	558	559
Reserves	25,561	26,222	29,467	36,232	39,439	39,415	41,027	46,567	55,809	65,633	76,481	92,538
	37,911	41,553	48,762	55,898	70,848	82,092	80,625	77,605	92,647	108,647	129,025	136,936
	30,608	31,806	35,296	43,696	51,057	43,655	42,762	47,661	55,270	59,884	69,950	86,021
Total Liabilities	94,376	99,852	113,835	136,369	161,889	165,716	164,968	172,388	204,283	234,722	276,013	316,054
	19,047	20,585	20,989	26,182	28,983	29,689	21,380	26,018	27,140	28,129	34,636	38,459
CWIP	3,032	2,371	4,279	4,269	4,760	6,856	7,873	6,703	3,969	8,039	8,298	7,740
Investments	10,027	11,603	14,662	16,018	18,268	19,210	28,778	30,060	35,272	35,208	41,309	40,324
	62,270	65,293	73,905	89,900	109,878	109,960	106,938	109,607	137,902	163,345	191,771	229,531
Total Assets	94,376	99,852	113,835	136,369	161,889	165,716	164,968	172,388	204,283	234,722	276,013	316,054

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,055	2,385	183	682	-4,347	-1,457	17,909	9,248	-7,074	-5,630	3,176	11,657
	-4,357	-5,506	-5,875	-5,467	-7,174	-6,870	-19,686	-3,252	-8,866	-5,615	-18,616	-17,680
	1,669	2,967	6,108	6,314	13,194	6,933	406	-5,883	15,946	12,281	15,834	5,391
Net Cash Flow	-1,633	-154	416	1,529	1,672	-1,394	-1,370	113	6	1,037	394	-632
Free Cash Flow	-3,661	-1,729	-4,780	-5,109	-11,546	-8,251	13,283	3,328	-13,241	-15,303	-6,633	2,545
CFO/OP	31%	43%	20%	25%	-9%	8%	172%	74%	-21%	-7%	26%	48%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	28	28	31	34	30	34	30	26	21	20	19	17
Inventory Days	72	74	64	64	74	106	91	82	83	81	78	65
Days Payable	97	108	107	125	127	142	147	134	118	112	118	112
Cash Conversion Cycle	3	-6	-11	-27	-23	-3	-26	-27	-13	-11	-21	-30
Working Capital Days	-5	-3	-2	-8	-14	-20	-11	-13	-14	-8	-14	-40
ROCE %	11%	13%	12%	13%	12%	7%	8%	11%	13%	14%	14%	15%

Insights

In beta

Mar 2015

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Mar 2027 (P)

Tractor Market Share
% ・Standalone data

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xx,xxx				xx,xxx			xxx,xxx	xxx,xxx
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LCV (<3.5T) Volume Market Share
% ・Standalone data

LCV (<3.5T) Volumes
thousand units ・Standalone data

SUV Revenue Market Share
% ・Standalone data

SUV Volumes (Auto Standalone)
thousand units ・Standalone data

Auto Capacity - SUV (Per Month)
thousand vehicles per month ・Standalone data

Farm Machinery Revenue (incl. MITRA)
Rs crore ・Standalone data

MMFSL Assets Under Management (AUM)
Rs crore ・Standalone data

R&D Expenditure (Percentage of Turnover)
% ・Standalone data

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

2 Recently

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	19.33%	19.33%	18.58%	18.55%	18.53%	18.48%	18.45%	18.43%	18.43%	18.43%	18.45%	18.44%
	40.26%	40.86%	41.75%	41.90%	41.18%	38.92%	38.30%	38.53%	38.04%	37.49%	36.23%	34.89%
	26.79%	26.26%	26.13%	26.18%	27.04%	29.22%	29.77%	29.57%	29.95%	30.39%	31.37%	32.58%
	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.08%	0.08%	0.08%	0.12%	0.21%	0.13%
	9.73%	9.71%	9.70%	9.57%	9.44%	9.66%	9.78%	9.77%	9.93%	10.03%	10.25%	10.47%
	3.80%	3.77%	3.75%	3.73%	3.69%	3.63%	3.60%	3.58%	3.55%	3.52%	3.50%	3.47%
No. of Shareholders	6,75,621	6,90,006	7,21,672	7,56,259	7,99,531	8,55,175	8,95,699	8,64,189	8,81,154	8,85,061	9,41,478	9,89,776

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	26.69%	21.71%	21.51%	19.89%	19.45%	19.47%	19.37%	18.58%	18.45%	18.45%	18.44%
	36.44%	33.60%	31.30%	33.88%	38.93%	37.30%	39.24%	41.75%	38.30%	36.23%	34.89%
	21.06%	21.33%	23.44%	28.12%	27.35%	28.78%	27.66%	26.13%	29.77%	31.37%	32.58%
	0.16%	0.17%	0.19%	0.17%	0.24%	0.07%	0.07%	0.07%	0.08%	0.21%	0.13%
	15.66%	18.30%	18.85%	13.58%	9.91%	10.40%	9.81%	9.70%	9.78%	10.25%	10.47%
	0.00%	4.90%	4.71%	4.35%	4.12%	3.97%	3.85%	3.75%	3.60%	3.50%	3.47%
No. of Shareholders	1,85,877	2,50,390	3,54,812	4,22,287	4,44,750	6,32,816	6,47,141	7,21,672	8,95,699	9,41,478	9,89,776

* 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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