Mahindra & Mahindra Ltd
₹ 3,123
-1.60%
15 May
- 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 Cap ₹ 3,88,366 Cr.
- Current Price ₹ 3,123
- High / Low ₹ 3,840 / 2,896
- Stock P/E 23.9
- Book Value ₹ 598
- Dividend Yield 0.81 %
- ROCE 31.1 %
- ROE 23.9 %
- Face Value ₹ 5.00
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 42.7% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 24.9%
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.
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Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 38,445 | 40,875 | 44,054 | 48,686 | 53,614 | 45,488 | 44,630 | 57,787 | 86,645 | 101,336 | 118,625 | 147,765 | |
| 34,271 | 36,255 | 39,539 | 42,462 | 46,974 | 39,690 | 37,672 | 50,759 | 74,581 | 86,206 | 100,209 | 124,598 | |
| Operating Profit | 4,173 | 4,620 | 4,515 | 6,224 | 6,640 | 5,798 | 6,957 | 7,027 | 12,064 | 15,130 | 18,416 | 23,167 |
| OPM % | 11% | 11% | 10% | 13% | 12% | 13% | 16% | 12% | 14% | 15% | 16% | 16% |
| 1,185 | 919 | 1,894 | 1,470 | 1,659 | -346 | -1,888 | 1,845 | -506 | 1,956 | 1,712 | 1,999 | |
| Interest | 214 | 186 | 160 | 112 | 113 | 113 | 396 | 226 | 273 | 140 | 250 | 250 |
| Depreciation | 975 | 1,068 | 1,526 | 1,479 | 1,860 | 2,223 | 2,370 | 2,498 | 3,154 | 3,488 | 4,227 | 4,293 |
| Profit before tax | 4,169 | 4,284 | 4,723 | 6,102 | 6,325 | 3,116 | 2,303 | 6,148 | 8,131 | 13,458 | 15,650 | 20,624 |
| Tax % | 20% | 25% | 23% | 29% | 24% | 57% | 57% | 21% | 19% | 21% | 24% | 24% |
| 3,321 | 3,205 | 3,643 | 4,356 | 4,796 | 1,331 | 984 | 4,870 | 6,549 | 10,642 | 11,855 | 15,639 | |
| EPS in Rs | 26.74 | 25.80 | 29.33 | 35.04 | 38.58 | 10.70 | 7.92 | 39.17 | 52.66 | 85.58 | 95.33 | 125.76 |
| Dividend Payout % | 21% | 22% | 21% | 20% | 21% | 21% | 106% | 28% | 30% | 24% | 26% | 25% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 27% |
| 3 Years: | 19% |
| TTM: | 25% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 18% |
| 5 Years: | 43% |
| 3 Years: | 28% |
| TTM: | 37% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 17% |
| 5 Years: | 31% |
| 3 Years: | 36% |
| 1 Year: | 0% |
| Return on Equity | |
|---|---|
| 10 Years: | 17% |
| 5 Years: | 21% |
| 3 Years: | 22% |
| Last Year: | 24% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 296 | 297 | 595 | 596 | 597 | 597 | 598 | 599 | 600 | 600 | 601 |
| Reserves | 18,959 | 22,127 | 26,489 | 29,699 | 33,613 | 33,871 | 34,354 | 37,600 | 42,758 | 51,692 | 60,985 | 73,724 |
| 3,728 | 2,917 | 2,851 | 2,958 | 2,571 | 3,027 | 7,786 | 6,743 | 5,026 | 2,051 | 1,682 | 1,653 | |
| 9,961 | 10,159 | 10,332 | 14,195 | 15,916 | 13,007 | 18,827 | 21,665 | 27,398 | 29,367 | 36,382 | 44,624 | |
| Total Liabilities | 32,945 | 35,500 | 39,968 | 47,447 | 52,697 | 50,502 | 61,564 | 66,606 | 75,780 | 83,709 | 99,649 | 120,603 |
| 5,929 | 7,596 | 7,771 | 7,859 | 10,082 | 10,395 | 12,011 | 14,904 | 16,976 | 17,805 | 19,651 | 23,307 | |
| CWIP | 2,179 | 1,562 | 2,040 | 3,129 | 2,420 | 4,009 | 6,125 | 5,263 | 2,785 | 3,763 | 3,905 | 1,689 |
| Investments | 13,138 | 13,547 | 17,908 | 20,583 | 22,016 | 19,938 | 21,783 | 24,204 | 27,087 | 29,207 | 35,468 | 42,032 |
| 11,698 | 12,794 | 12,248 | 15,876 | 18,179 | 16,160 | 21,645 | 22,235 | 28,932 | 32,934 | 40,625 | 53,575 | |
| Total Assets | 32,945 | 35,500 | 39,968 | 47,447 | 52,697 | 50,502 | 61,564 | 66,606 | 75,780 | 83,709 | 99,649 | 120,603 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,219 | 5,470 | 3,971 | 7,027 | 4,924 | 3,678 | 9,594 | 6,977 | 9,129 | 11,474 | 16,617 | 22,758 | |
| -2,423 | -3,538 | -3,221 | -5,110 | -2,549 | -2,576 | -14,564 | -3,961 | -4,753 | -5,361 | -13,874 | -19,733 | |
| -1,585 | -2,007 | -1,056 | -1,033 | -1,555 | -1,015 | 3,514 | -3,166 | -3,784 | -5,547 | -3,355 | -3,529 | |
| Net Cash Flow | -788 | -75 | -305 | 884 | 820 | 86 | -1,456 | -150 | 593 | 566 | -612 | -504 |
| Free Cash Flow | 1,197 | 3,319 | 1,911 | 4,358 | 1,892 | -266 | 6,282 | 3,685 | 5,698 | 6,628 | 11,968 | 16,680 |
| CFO/OP | 97% | 138% | 110% | 134% | 96% | 82% | 154% | 108% | 92% | 95% | 109% | 119% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 24 | 22 | 24 | 24 | 27 | 24 | 18 | 19 | 17 | 16 | 18 | 16 |
| Inventory Days | 32 | 33 | 31 | 29 | 37 | 39 | 58 | 51 | 50 | 48 | 44 | 34 |
| Days Payable | 70 | 83 | 78 | 92 | 92 | 78 | 129 | 111 | 97 | 92 | 99 | 97 |
| Cash Conversion Cycle | -14 | -27 | -23 | -39 | -29 | -15 | -53 | -41 | -30 | -27 | -38 | -47 |
| Working Capital Days | -25 | -26 | -19 | -28 | -19 | -18 | -51 | -27 | -23 | -16 | -26 | 1 |
| ROCE % | 18% | 18% | 16% | 18% | 18% | 14% | 14% | 15% | 21% | 26% | 27% | 31% |
Insights
In beta| Mar 2005 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mahindra Finance AUM Rs. K Cr |
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| Automotive Standalone Sales Volume Units |
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| Global Tractor Sales Volume Units |
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| Mahindra Lifespaces Residential Sales Rs. Cr |
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| LCV <3.5T Volume Market Share % |
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| SUV Revenue Market Share % |
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| Mahindra Finance Asset Quality (90+ DPD) % |
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| R&D Expenditure (Percentage of Turnover) % |
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Documents
Announcements
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''Transfer Of Equity Shares By Mahindra & Mahindra Employees Stock Option Trust To The Stock Option Grantees''.
2d - M&M ESOP Trust transferred 68,019 shares to grantees on 14 May 2026.
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Sale Of Remaining Stake In CIE Automotive S.A By Mahindra Overseas Investment Company (Mauritius) Limited
2d - MOICML sold remaining 3.58% stake in CIE Automotive S.A. for about EUR 126 million; holding now nil.
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Report For The Month Of April 2026
9 May - Mahindra & Mahindra reported April 2026 production of 95,276 units, sales of 92,631, and exports of 5,007.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
8 May - Transcript of Q4 FY26 Earnings Call is enclosed
- Announcement under Regulation 30 (LODR)-Newspaper Publication 6 May
Annual reports
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Financial Year 2025
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Financial Year 2018
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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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Concalls
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May 2026Transcript PPT
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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