Mahindra & Mahindra Ltd

₹ 3,158 -0.12%

11 Jul 9:03 a.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 ₹ 3,92,706 Cr.
Current Price ₹ 3,158
High / Low ₹ 3,276 / 2,360
Stock P/E 33.1
Book Value ₹ 495
Dividend Yield 0.80 %
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 26.4%

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

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

Part of BSE Sensex Nifty 50 BSE 500 BSE 100 BSE 200 Nifty 500 BSE Auto Nifty 100 Nifty India Consumption Nifty Auto Nifty 200 Nifty Alpha 50 Nifty Growth Sectors 15 Nifty 100 Equal Weight BSE Allcap BSE LargeCap BSE Consumer Discretionary BSE India Manufacturing Index BSE SENSEX 50 BSE 100 ESG Index (INR) BSE 250 LargeMidCap Index BSE Dividend Stability Index BSE Momentum 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 Nifty500 Momentum 50 Nifty Midsmallcap400 Momentum Quality 100 Nifty 100 Alpha 30 Index Nifty India New Age Consumption Nifty500 Equal Weight Nifty EV & New Age Automotive Nifty500 LargeMidSmall Equal-Cap Weighted

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Detailed Comparison with:

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	101,336	118,625
	35,787	34,271	36,255	39,539	42,462	46,974	39,690	37,672	50,759	74,581	86,206	100,209
Operating Profit	4,722	4,173	4,620	4,515	6,224	6,640	5,798	6,957	7,027	12,064	15,130	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	1,956	1,712
Interest	259	214	186	160	112	113	113	396	226	273	140	250
Depreciation	863	975	1,068	1,526	1,479	1,860	2,223	2,370	2,498	3,154	3,488	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	13,458	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	10,642	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	85.58	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:	17%
5 Years:	42%
3 Years:	40%
1 Year:	17%

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	51,692	60,985
	4,045	3,728	2,917	2,851	2,958	2,571	3,027	7,786	6,743	5,026	2,051	1,682
	10,452	9,961	10,159	10,332	14,195	15,916	13,007	18,827	21,665	27,398	29,367	36,382
Total Liabilities	31,289	32,945	35,500	39,968	47,447	52,697	50,502	61,564	66,606	75,780	83,709	99,649
	5,877	5,929	7,596	7,771	7,859	10,082	10,395	12,011	14,904	16,976	17,805	19,651
CWIP	1,228	2,179	1,562	2,040	3,129	2,420	4,009	6,125	5,263	2,785	3,763	3,905
Investments	11,380	13,138	13,547	17,908	20,583	22,016	19,938	21,783	24,204	27,087	29,207	35,468
	12,803	11,698	12,794	12,248	15,876	18,179	16,160	21,645	22,235	28,932	32,934	40,625
Total Assets	31,289	32,945	35,500	39,968	47,447	52,697	50,502	61,564	66,606	75,780	83,709	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	11,474	16,617
	-2,362	-2,423	-3,538	-3,221	-5,110	-2,549	-2,576	-14,564	-3,961	-4,753	-5,361	-13,874
	-824	-1,585	-2,007	-1,056	-1,033	-1,555	-1,015	3,514	-3,166	-3,784	-5,547	-3,355
Net Cash Flow	542	-788	-75	-305	884	820	86	-1,456	-150	593	566	-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	48	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	-27	-38
Working Capital Days	-18	-24	-23	-15	-23	-16	-11	-50	-22	-13	-14	-25
ROCE %	23%	18%	18%	16%	18%	18%	14%	14%	15%	21%	26%	27%

Shareholding Pattern

Numbers in percentages

53 Recently

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 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	5,81,288	6,49,341	6,36,956	6,47,141	6,36,984	6,75,621	6,90,006	7,21,672	7,56,259	7,99,531	8,55,175	8,95,699

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	26.69%	21.71%	21.51%	19.89%	19.45%	19.47%	19.37%	18.58%	18.45%
	36.44%	33.60%	31.30%	33.88%	38.93%	37.30%	39.24%	41.75%	38.30%
	21.06%	21.33%	23.44%	28.12%	27.35%	28.78%	27.66%	26.13%	29.77%
	0.16%	0.17%	0.19%	0.17%	0.24%	0.07%	0.07%	0.07%	0.08%
	15.66%	18.30%	18.85%	13.58%	9.91%	10.40%	9.81%	9.70%	9.78%
	0.00%	4.90%	4.71%	4.35%	4.12%	3.97%	3.85%	3.75%	3.60%
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

* 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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