Mahindra & Mahindra Ltd

Mahindra & Mahindra Ltd

₹ 1,927 -1.70%
04 Mar 4:01 p.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

Global Presence
The group has a presence across 22 industries, 100+ countries and operates 150+ entities on a consolidated basis. [1]

  • Market Cap 2,39,603 Cr.
  • Current Price 1,927
  • High / Low 1,982 / 1,123
  • Stock P/E 21.5
  • Book Value 486
  • Dividend Yield 0.83 %
  • ROCE 12.7 %
  • ROE 18.1 %
  • Face Value 5.00

Pros

  • Company has been maintaining a healthy dividend payout of 30.2%

Cons

  • Stock is trading at 3.95 times its book value
  • Promoter holding is low: 19.3%
  • Company has a low return on equity of 12.8% over last 3 years.

* 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.

Loading peers table ...

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
21,626 21,456 19,172 21,470 23,594 25,934 28,414 29,870 30,621 32,456 33,892 34,436 35,299
19,103 18,057 18,184 16,578 19,068 21,657 24,016 24,802 25,368 26,798 27,642 28,706 29,075
Operating Profit 2,523 3,399 987 4,892 4,526 4,278 4,399 5,068 5,254 5,658 6,249 5,730 6,224
OPM % 12% 16% 5% 23% 19% 16% 15% 17% 17% 17% 18% 17% 18%
528 347 565 690 815 1,135 675 1,348 1,184 662 1,065 812 756
Interest 1,516 1,403 1,300 1,285 1,211 1,222 1,219 1,382 1,596 1,634 1,719 1,835 1,945
Depreciation 847 850 802 852 919 935 960 1,092 1,110 1,194 1,128 1,139 1,123
Profit before tax 687 1,493 -550 3,445 3,211 3,256 2,894 3,943 3,732 3,492 4,468 3,568 3,912
Tax % 77% 23% 40% 28% 23% 20% 18% 23% 20% 14% 18% 30% 24%
160 1,150 -332 2,491 2,485 2,608 2,361 3,021 2,994 2,998 3,684 2,484 2,977
EPS in Rs 5.67 0.64 3.41 15.51 15.99 18.00 17.66 22.30 21.53 21.20 28.21 18.88 21.38
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
59,399 68,693 74,001 71,448 75,841 83,773 92,094 104,721 75,382 74,278 90,171 121,269 136,082
52,140 59,578 63,830 62,655 65,759 73,038 78,868 89,514 65,224 62,791 75,488 100,983 112,222
Operating Profit 7,259 9,116 10,170 8,793 10,082 10,735 13,226 15,207 10,158 11,487 14,683 20,285 23,861
OPM % 12% 13% 14% 12% 13% 13% 14% 15% 13% 15% 16% 17% 18%
526 841 773 800 1,399 2,077 4,366 2,676 885 1,152 3,204 3,961 3,294
Interest 1,800 2,297 2,954 3,157 3,368 3,648 3,987 5,021 6,021 6,102 5,018 5,830 7,132
Depreciation 1,802 2,080 2,170 2,124 2,442 2,813 3,280 3,991 3,367 3,378 3,508 4,357 4,583
Profit before tax 4,184 5,580 5,820 4,313 5,672 6,350 10,326 8,871 1,655 3,158 9,362 14,060 15,439
Tax % 34% 35% 26% 40% 37% 36% 23% 32% 119% 52% 23% 19%
3,060 4,129 5,154 3,381 3,554 4,051 7,958 6,017 -321 1,512 7,253 11,374 12,143
EPS in Rs 25.46 33.38 37.89 25.26 25.35 29.77 60.41 42.76 1.02 14.58 52.91 82.68 89.67
Dividend Payout % 24% 19% 18% 23% 21% 22% 11% 17% 205% 54% 20% 18%
Compounded Sales Growth
10 Years: 6%
5 Years: 6%
3 Years: 17%
TTM: 19%
Compounded Profit Growth
10 Years: 10%
5 Years: 10%
3 Years: 143%
TTM: 26%
Stock Price CAGR
10 Years: 15%
5 Years: 24%
3 Years: 33%
1 Year: 55%
Return on Equity
10 Years: 12%
5 Years: 10%
3 Years: 13%
Last Year: 18%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 295 295 295 296 270 311 543 544 554 555 556 557 557
Reserves 16,409 19,666 23,012 25,561 26,222 29,467 36,232 39,439 39,415 41,027 46,567 55,809 59,929
23,121 28,711 35,167 37,911 41,553 48,762 55,898 70,848 82,092 80,625 77,605 92,247 99,712
23,623 27,460 29,415 30,608 31,806 35,296 43,696 51,057 43,655 42,762 47,661 55,670 60,575
Total Liabilities 63,448 76,131 87,889 94,376 99,852 113,835 136,369 161,889 165,716 164,968 172,388 204,283 220,773
17,198 18,307 18,381 19,047 20,585 20,989 26,182 28,983 29,689 21,380 26,018 27,140 30,544
CWIP 1,488 1,631 2,191 3,032 2,371 4,279 4,269 4,760 6,856 7,873 6,703 3,969 2,014
Investments 5,347 6,440 8,082 10,027 11,603 14,662 16,018 18,268 19,210 28,778 30,060 35,272 33,964
39,414 49,752 59,234 62,270 65,293 73,905 89,900 109,878 109,960 106,938 109,607 137,902 154,250
Total Assets 63,448 76,131 87,889 94,376 99,852 113,835 136,369 161,889 165,716 164,968 172,388 204,283 220,773

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
61 -922 -244 1,055 2,385 183 682 -4,347 -1,457 17,909 9,248 -7,074
-2,968 -2,903 -4,524 -4,357 -5,506 -5,875 -5,467 -7,174 -6,870 -19,686 -3,252 -8,866
4,256 4,508 5,577 1,669 2,967 6,108 6,314 13,194 6,933 406 -5,883 15,946
Net Cash Flow 1,349 684 810 -1,633 -154 416 1,529 1,672 -1,394 -1,370 113 6

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 33 28 28 28 28 31 34 30 34 30 26 21
Inventory Days 74 73 68 72 74 64 64 74 106 91 82 83
Days Payable 103 104 96 97 108 107 125 127 142 147 134 118
Cash Conversion Cycle 3 -3 0 3 -6 -11 -27 -23 -3 -26 -27 -13
Working Capital Days 28 25 30 31 31 42 37 23 29 15 95 89
ROCE % 15% 15% 14% 11% 13% 12% 13% 12% 7% 8% 11% 13%

Shareholding Pattern

Numbers in percentages

83 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
19.45% 19.46% 19.46% 19.47% 19.47% 19.45% 19.38% 19.39% 19.37% 19.37% 19.33% 19.33%
38.93% 40.05% 38.92% 38.66% 37.30% 37.94% 38.27% 39.16% 39.24% 40.14% 40.26% 40.86%
27.35% 26.12% 27.08% 27.81% 28.78% 28.93% 28.50% 27.72% 27.66% 26.89% 26.79% 26.26%
0.24% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%
9.91% 10.20% 10.40% 9.95% 10.40% 9.66% 9.83% 9.77% 9.81% 9.71% 9.73% 9.71%
4.12% 4.10% 4.07% 4.03% 3.97% 3.95% 3.92% 3.88% 3.85% 3.83% 3.80% 3.77%
No. of Shareholders 4,44,7505,31,3695,81,7795,68,6036,32,8165,81,2886,49,3416,36,9566,47,1416,36,9846,75,6216,90,006

* 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.

Click on the line-items to see the names of individual entities.

Documents

Concalls