Mahindra & Mahindra Ltd
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]
- Market Cap ₹ 3,80,955 Cr.
- Current Price ₹ 3,064
- High / Low ₹ 3,276 / 2,360
- Stock P/E 29.5
- Book Value ₹ 620
- Dividend Yield 0.69 %
- ROCE 14.1 %
- ROE 18.0 %
- Face Value ₹ 5.00
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 4.94 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
Sector: Automobile Industry: Automobiles - Passenger Cars
Part of BSE Sensex Nifty 50 BSE 500 BSE 100 BSE 200
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
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: | 48% |
3 Years: | 50% |
1 Year: | 21% |
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% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
9h - Mahindra shared prior presentation at BNP Paribas EV conference, no unpublished info disclosed.
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Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
17h - Promoter Anuja P. Sharma sold 1,350 M&M shares (0.00%) on 19 May 2025 via open market.
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Announcement under Regulation 30 (LODR)-Updates on Acquisition
1d - Mahindra & Mahindra approves Rs.1496 Cr subscription to Mahindra Lifespace Developers' Rs.1496 Cr rights issue.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
16 May - Pursuant to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Schedule of Analyst or Institutional Investor Meeting(s) with the Company
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Transfer Of Equity Shares By Mahindra & Mahindra Employees' Stock Option Trust To The Stock Option Grantees
14 May - Transfer of 92,672 shares to employees exercising stock options on 14 May 2025.
Annual reports
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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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Financial Year 2011
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Concalls
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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