Mahindra & Mahindra Ltd

₹ 3,183 -0.63%

30 Jun - 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

Market Cap ₹ 3,95,568 Cr.
Current Price ₹ 3,183
High / Low ₹ 3,276 / 2,360
Stock P/E 30.6
Book Value ₹ 620
Dividend Yield 0.79 %
ROCE 14.1 %
ROE 18.0 %
Face Value ₹ 5.00

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Pros

Company has delivered good profit growth of 80.5% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 20.1%

Cons

Stock is trading at 5.14 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 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	25,934	28,414	29,870	30,621	32,456	33,892	34,436	35,299	35,452	37,218	37,924	41,470	42,599
	21,657	24,016	24,802	25,368	26,798	27,642	28,706	29,075	28,848	29,975	30,790	33,239	34,688
Operating Profit	4,278	4,399	5,068	5,254	5,658	6,249	5,730	6,224	6,604	7,243	7,133	8,231	7,911
OPM %	16%	15%	17%	17%	17%	18%	17%	18%	19%	19%	19%	20%	19%
	1,135	675	1,348	1,184	662	1,065	812	756	750	733	1,126	719	1,141
Interest	1,222	1,219	1,382	1,596	1,634	1,719	1,835	1,945	1,989	2,108	2,217	2,362	2,397
Depreciation	935	960	1,092	1,110	1,194	1,128	1,139	1,123	1,335	1,248	1,302	1,495	2,029
Profit before tax	3,256	2,894	3,943	3,732	3,492	4,468	3,568	3,912	4,030	4,621	4,740	5,092	4,627
Tax %	20%	18%	23%	20%	14%	18%	30%	24%	22%	23%	29%	29%	23%
	2,608	2,361	3,021	2,994	2,998	3,684	2,484	2,977	3,125	3,546	3,361	3,624	3,542
EPS in Rs	18.00	17.66	22.30	21.53	21.20	28.21	18.88	21.38	22.15	26.40	25.50	25.58	26.50
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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
	74,001	71,448	75,841	83,773	92,094	104,721	75,382	74,278	90,171	121,269	139,078	159,211
	63,830	62,655	65,759	73,038	78,868	89,514	65,224	62,791	75,488	100,983	114,186	128,693
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
OPM %	14%	12%	13%	13%	14%	15%	13%	15%	16%	17%	18%	19%
	773	800	1,399	2,077	4,366	2,676	885	1,152	3,204	3,961	3,298	3,718
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
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
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
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
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
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:	14%

Compounded Profit Growth
10 Years:	16%
5 Years:	80%
3 Years:	27%
TTM:	15%

Stock Price CAGR
10 Years:	17%
5 Years:	45%
3 Years:	42%
1 Year:	11%

Return on Equity
10 Years:	13%
5 Years:	15%
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
Equity Capital	295	296	270	311	543	544	554	555	556	557	557	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
	35,167	37,911	41,553	48,762	55,898	70,848	82,092	80,625	77,605	92,247	108,647	124,949
	29,415	30,608	31,806	35,296	43,696	51,057	43,655	42,762	47,661	55,670	59,884	75,598
Total Liabilities	87,889	94,376	99,852	113,835	136,369	161,889	165,716	164,968	172,388	204,283	234,722	277,586
	18,381	19,047	20,585	20,989	26,182	28,983	29,689	21,380	26,018	27,140	28,129	39,281
CWIP	2,191	3,032	2,371	4,279	4,269	4,760	6,856	7,873	6,703	3,969	8,039	3,653
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
	59,234	62,270	65,293	73,905	89,900	109,878	109,960	106,938	109,607	137,902	163,345	193,344
Total Assets	87,889	94,376	99,852	113,835	136,369	161,889	165,716	164,968	172,388	204,283	234,722	277,586

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	-18,626
	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	384

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	30	31	31	42	37	23	29	15	95	89	87	132
ROCE %	14%	11%	13%	12%	13%	12%	7%	8%	11%	13%	14%	14%

Shareholding Pattern

Numbers in percentages

58 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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