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Mahindra & Mahindra

M&M NSE
₹2,961.90 +53.90 (+1.85%)
P/E
19.94
View as Markdown
MCP
Close 4 Nov 2026 ₹2,961.90 −656.60 −18.1% 1Y
Start ₹3,618.50

Key Fundamentals

LargecapAutomobilesConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
15.10%
Debt to Equity
1.47
EPS (TTM)
₹148.52
Book Value
₹749.15
Market Cap
—
P/E (TTM)
19.94
P/B
3.95
ROE
20.30%
Dividend Yield
1.13%
EBITDA
₹40,426 Cr
52W High
₹3,839.90
52W Low
₹2,744.30
Day Range
₹2,899.70 – ₹2,961.90
Volume
36,19,865

Peer Comparison

Consumer Discretionary › Automobiles › Cars & Utility Vehicles › Passenger Cars & Utility Vehicles

Mahindra & Mahindra peer comparison
Maruti
₹11,995.0028.04₹3,73,667 Cr3.461.18%14.30%18.90%₹2,08,192 Cr₹13,451 Cr
Mahindra & Mahindra (this company)
₹2,961.9019.94₹3,64,230 Cr3.951.13%20.30%15.10%₹2,11,375 Cr₹20,243 Cr
Hyundai Motor India
₹2,063.0036.64₹1,64,832 Cr8.231.03%29.90%38.40%₹73,920 Cr₹4,575 Cr
Tata Motors Passenger Vehicles
₹278.50—₹1,02,686 Cr0.921.08%75.70%2.73%₹3,43,703 Cr₹79,502 Cr
Force Motors
₹18,148.0019.10₹23,063 Cr5.160.28%26.10%36.00%₹9,200 Cr₹1,253 Cr
Olectra Greentech
₹1,058.7048.99₹8,392 Cr7.100.06%15.60%21.00%₹2,540 Cr₹180 Cr
Median 6 companies₹2,512.4528.04₹1,33,759 Cr4.561.06%23.20%19.95%₹1,41,056 Cr₹9,013 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

51 Average

Data confidence 100/100

Category scores

Quality
40
Weak
Returns, margins, earnings quality 22% weight
Valuation
81
Strong
Cheap vs sector & own history 24% weight
Growth
78
Strong
Sales & profit trajectory 9% weight
Financial Health
19
Poor
Solvency, leverage, coverage 9% weight
Momentum
21
Poor
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company has delivered good profit growth of 50.6% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 21.4%

Weaknesses

2
  • Stock is trading at 3.76 times its book value
  • Promoter holding is low: 18.4%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish847
OscillatorsBullish243
Moving AveragesStrong Bearish604

Key readings

RSI (14)
55.65
Neutral
MACD (12,26,9)
−24.54
Bullish
SMA (50)
3,013.80
Bearish
SMA (200)
3,190.31
Bearish

As of

Analyst Rating

Based on 34 analysts
BUY97%

33 of 34 analysts rate Buy, 1 Hold, 0 Sell.

As of

BUY
33
97%
HOLD
1
3%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+10.11%
5Y+21.74%
3Y+17.85%
1Y+24.76%
TTM+26.18%

Net profit

Net profit growth by window
10Y+18.01%
5Y+65.23%
3Y+17.86%
1Y+32.32%
TTM+35.82%

Operating cash flow

Operating cash flow growth by window
10Y+17.20%
5Y−8.23%
3YTurned positive
1Y+267.03%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+5.33 pp
5Y+3.16 pp
3Y+1.87 pp
1Y−0.55 pp
TTM+0.02 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹83,773 Cr
Mar 2018₹92,094 Cr
Mar 2019₹1,04,721 Cr
Mar 2020₹75,382 Cr
Mar 2021₹74,278 Cr
Mar 2022₹90,171 Cr
Mar 2023₹1,21,362 Cr
Mar 2024₹1,39,078 Cr
Mar 2025₹1,59,211 Cr
Mar 2026₹1,98,639 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹4,051 Cr
Mar 2018₹7,958 Cr
Mar 2019₹6,017 Cr
Mar 2020−₹321 Cr
Mar 2021₹1,512 Cr
Mar 2022₹7,253 Cr
Mar 2023₹11,374 Cr
Mar 2024₹12,270 Cr
Mar 2025₹14,073 Cr
Mar 2026₹18,622 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹5,255 Cr
Reported High Mean Low

Analyst consensus here uses a different definition from reported ebitda (they differ 2.0× on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk medium

Mahindra & Mahindra Ltd trades at ₹2,840.30 as of 2026-10-30 with a market capitalisation of ₹3,53,199 crore and a trailing PE of 19.12. The company has delivered 51% compounded profit growth over five years alongside 22% compounded sales growth over the same period, while its stock is currently 26% below its 52-week high of ₹3,839.90.

Bull Case 8
  • Strong five-year compounded profit growth of 51%, well above the ten-year rate of 19%, indicating an acceleration in earnings
  • TTM sales growth of 26% and three-year compounded sales growth of 18% reflect sustained top-line momentum
  • TTM profit growth of 38% demonstrates continued earnings expansion in the most recent period
  • ROE of 17.01% as of 2026-10-30, supported by a three-year average ROE of 19% and last-year ROE of 20%, points to efficient capital utilisation
  • ROCE of 17.26% indicates the company is generating healthy returns on total capital employed
  • Trailing PE of 19.12 is moderate relative to the company's 23% three-year profit CAGR, suggesting earnings growth has kept pace with valuation
  • Consistent dividend payout of 21.4% with a current dividend yield of 1.14% provides a degree of shareholder return
  • Stock is trading at ₹2,840.30, roughly 3.5% above its 52-week low of ₹2,744.30, which may appeal to value-oriented investors looking at the historical range
Bear Case 6
  • Stock has declined 19% over the past one year on a CAGR basis, significantly underperforming its own five-year stock CAGR of 25%
  • Promoter holding is low at 18.4%, which can raise governance and alignment-of-interest concerns
  • Debt-to-equity ratio of 1.47 indicates meaningful leverage on the balance sheet, increasing financial risk in a downturn
  • The stock is 26% below its 52-week high of ₹3,839.90, reflecting a significant correction and potential shift in market sentiment
  • Ten-year compounded sales growth of 10% is notably lower than recent rates, suggesting the current growth pace may not be sustainable over longer cycles
  • Despite strong profit growth, dividend yield at 1.14% remains modest, limiting near-term income for yield-focused investors

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: M&M's auto business is firing on all cylinders with record October vehicle sales of 131,109 units, 77% export growth, and strong Q2 production at 1.22 lakh units. The key risk is the Farm Equipment segment where tractor sales declined 12% YoY, though management attributes this to a Diwali calendar shift rather than structural weakness. Subsidiary M&M Financial faces margin pressure from rising funding costs despite solid profit growth. The trend is improving on the automotive side with record SUV volumes, strong exports, and new product traction, and the upcoming Q2 results on November 5 should confirm whether margin recovery accompanies the volume momentum.

Headwinds 2
  • Tractor sales down 12% YoY Nov 02

    Farm Equipment domestic tractor sales fell 13% YoY to 62,626 units in October 2026, with total tractor sales at 64,846 units, down 12% YoY. Management attributed the decline to the Diwali calendar shift.

  • EBITDA margin contraction in Q1 Oct 09

    Q1 FY27 standalone EBITDA margin contracted to 12.2% from 13.9% a year earlier, missing the consensus estimate of 12.8%. EBITDA of ₹5,111 crore fell short of the ₹5,353 crore estimate despite revenue beating expectations.

Positives 5
  • Record Oct vehicle sales 131K units Nov 01

    M&M achieved record total vehicle sales of 131,109 units in October 2026, up 9% YoY and beating the analyst estimate of 125,800 units. SUV domestic sales hit an all-time high of 73,338 units.

  • Exports surge 77% YoY Nov 02

    Total exports surged 77% YoY to 7,102 units in October 2026, while three-wheeler domestic sales grew 38% YoY, reflecting strong demand diversification beyond core SUV segment.

  • Q2 production up 19% to 1.22L Oct 09

    Q2 FY27 production rose 19.2% YoY to 1.22 lakh units and sales grew 16.3% to 1.14 lakh units, demonstrating robust capacity utilization and sustained demand.

Neutral 2
  • Q2 FY27 analyst meet Nov 5 Oct 15

    M&M will conduct its Q2 FY27 analyst meeting on November 5, 2026 in Mumbai as a hybrid event requiring pre-registration for webcast access.

  • NY institutional roadshow held Oct 09

    M&M participated in a Non-Deal Roadshow in New York on October 8, 2026, presenting its Q1 FY27 analyst deck to institutional investors.

Quarterly Results

₹ Cr
M&M quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
33,892
34,436
35,299
35,452
37,218
37,924
41,470
42,599
45,529
46,106
52,100
54,982
58,188
Expenses
27,642
28,706
29,075
28,848
29,975
30,790
33,239
34,658
37,117
37,166
41,939
44,855
47,360
Operating Profit
6,249
5,730
6,224
6,604
7,243
7,133
8,231
7,942
8,412
8,940
10,160
10,127
10,827
OPM %
18%
17%
18%
19%
19%
19%
20%
19%
18%
19%
20%
18%
19%
Other Income
1,065
812
756
750
733
1,126
719
1,110
1,210
1,134
976
1,137
1,121
Interest
1,719
1,835
1,945
1,989
2,108
2,217
2,362
2,397
2,431
2,347
2,405
2,407
2,560
Depreciation
1,128
1,139
1,123
1,335
1,248
1,302
1,495
2,029
1,548
1,669
2,163
1,943
1,760
PBT
4,468
3,568
3,912
4,030
4,621
4,740
5,092
4,627
5,644
6,058
6,569
6,914
7,628
Tax %
18%
30%
24%
22%
23%
29%
29%
23%
22%
35%
24%
24%
21%
Net Profit
3,684
2,484
2,977
3,125
3,546
3,361
3,624
3,542
4,377
3,964
5,021
5,260
5,998
EPS (₹)
28.21
18.88
21.38
22.15
26.4
25.5
25.58
26.5
32.84
29.54
37.59
37.53
43.86

Profit & Loss

₹ Cr
M&M profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
71,448
75,841
83,773
92,094
1,04,721
75,382
74,278
90,171
1,21,362
1,39,078
1,59,211
1,98,639
2,11,375
Expenses
62,655
65,759
73,038
78,868
89,514
65,224
62,791
75,488
1,01,037
1,14,186
1,28,693
1,61,659
1,71,321
Operating Profit
8,793
10,082
10,735
13,226
15,207
10,158
11,487
14,683
20,325
24,892
30,518
36,980
40,054
OPM %
12%
13%
13%
14%
15%
13%
15%
16%
17%
18%
19%
19%
19%
Other Income
800
1,399
2,077
4,366
2,676
885
1,152
3,204
3,922
3,298
3,718
5,118
4,369
Interest
3,157
3,368
3,648
3,987
5,021
6,021
6,102
5,018
5,830
7,488
9,083
9,591
9,720
Depreciation
2,124
2,442
2,813
3,280
3,991
3,367
3,378
3,508
4,357
4,724
6,074
7,322
7,535
PBT
4,313
5,672
6,350
10,326
8,871
1,655
3,158
9,362
14,060
15,978
19,080
25,185
27,169
Tax %
40%
37%
36%
23%
32%
119%
52%
23%
19%
23%
26%
26%
—
Net Profit
3,381
3,554
4,051
7,958
6,017
−321
1,512
7,253
11,374
12,270
14,073
18,622
20,243
EPS (₹)
25.26
25.35
29.77
60.41
42.76
1.02
14.58
52.91
82.68
90.62
104
138
149
Div. Payout %
23%
21%
22%
11%
17%
205%
54%
20%
18%
21%
22%
22%
—

Balance Sheet

₹ Cr
M&M balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
296
270
311
543
544
554
555
556
557
557
558
559
Reserves
25,561
26,222
29,467
36,232
39,439
39,415
41,027
46,567
55,809
65,633
76,481
92,538
Borrowings
37,911
41,553
48,762
55,898
70,848
82,092
80,625
77,605
92,647
1,08,647
1,29,025
1,36,936
Other Liabilities
30,608
31,806
35,296
43,696
51,057
43,655
42,762
47,661
55,270
59,884
69,950
86,021
Total Liabilities
94,376
99,852
1,13,835
1,36,369
1,61,889
1,65,716
1,64,968
1,72,388
2,04,283
2,34,722
2,76,013
3,16,054
Fixed Assets
19,047
20,585
20,989
26,182
28,983
29,689
21,380
26,018
27,140
28,129
34,636
38,459
CWIP
3,032
2,371
4,279
4,269
4,760
6,856
7,873
6,703
3,969
8,039
8,298
7,740
Investments
10,027
11,603
14,662
16,018
18,268
19,210
28,778
30,060
35,272
35,208
41,309
40,324
Other Assets
62,270
65,293
73,905
89,900
1,09,878
1,09,960
1,06,938
1,09,607
1,37,902
1,63,345
1,91,771
2,29,531
Total Assets
94,376
99,852
1,13,835
1,36,369
1,61,889
1,65,716
1,64,968
1,72,388
2,04,283
2,34,722
2,76,013
3,16,054

Cash Flow

₹ Cr
M&M cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,055
2,385
183
682
−4,347
−1,457
17,909
9,248
−7,074
−5,630
3,176
11,657
Investing
−4,357
−5,506
−5,875
−5,467
−7,174
−6,870
−19,686
−3,252
−8,866
−5,615
−18,616
−17,680
Financing
1,669
2,967
6,108
6,314
13,194
6,933
406
−5,883
15,946
12,281
15,834
5,391
Net Cash Flow
−1,633
−154
416
1,529
1,672
−1,394
−1,370
113
6
1,037
394
−632
Free Cash Flow
−3,661
−1,729
−4,780
−5,109
−11,546
−8,251
13,283
3,328
−13,241
−15,303
−6,633
2,545
CFO/OP
31
43
20
25
−9
8
172
74
−21
−7
26
48

Ratios

M&M financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
28
28
31
34
30
34
30
26
21
20
19
17
Inventory Days
72
74
64
64
74
106
91
82
83
81
78
65
Days Payable
97
108
107
125
127
142
147
134
118
112
118
112
Cash Conversion Cycle
3
−6
−11
−27
−23
−3
−26
−27
−13
−11
−21
−30
Working Capital Days
−5
−3
−2
−8
−14
−20
−11
−13
−14
−8
−14
−40
ROCE %
11%
13%
12%
13%
12%
7%
8%
11%
13%
14%
14%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Mahindra & Mahindra insights

65 extracted metrics across FY02–FY27.

Shareholding Pattern

As of Sep 2026

  • DIIs 34.24%
  • FIIs 33.35%
  • Promoters 18.39%
  • Public 10.50%
  • Government 0.07%

0.01% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Mahindra & Mahindra

What does Mahindra & Mahindra Ltd do?
Mahindra & Mahindra Ltd is one of the most diversified automobile company in India with presence across 2-wheelers, 3-wheelers, PVs, CVs, tractors & earthmovers.
Where is Mahindra & Mahindra Ltd (M&M) listed?
Mahindra & Mahindra Ltd trades as M&M on the NSE and under code 500520 on the BSE.
Which sector does Mahindra & Mahindra Ltd belong to?
Mahindra & Mahindra Ltd is classified under the Automobiles sector, in the Cars & Utility Vehicles industry.
What is the PE ratio of Mahindra & Mahindra Ltd?
Mahindra & Mahindra Ltd trades at a PE ratio of 19.94 as of 4 Nov 2026, on earnings per share of ₹148.52, against a book value of ₹749.15 per share.
What is the 52-week high and low of Mahindra & Mahindra Ltd?
Over the last 52 weeks Mahindra & Mahindra Ltd has traded between ₹2,744.3 and ₹3,839.9 as of 4 Nov 2026.
Does Mahindra & Mahindra Ltd pay dividends?
Mahindra & Mahindra Ltd has a dividend yield of 1.13%.
What is the Return on Equity (ROE) of Mahindra & Mahindra Ltd?
Mahindra & Mahindra Ltd reported a return on equity of 20.30%. Its debt-to-equity ratio is 1.47.

Company Information

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.

Website mahindra.com
CEO Mr. Anand Gopal Mahindra
Employees 3,24,000
Listed 3 Jan 1996
Face Value ₹5

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