Mahindra & Mahindra logo

Mahindra & Mahindra

M&M NSE

Key Fundamentals

LargecapCars & Utility VehiclesAutomobiles
Market Cap
3.8L Cr
Volatility
Moderate
P/E Ratio
20.92
EBITDA
₹40,426 Cr
Return on Equity
17.01%
Debt to Equity
1.47
Book Value
₹749.15
EPS
₹88.8
52W High
₹3,839.9
52W Low
₹2,896

Tapetide Score

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

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 4.15 times its book value
  • Promoter holding is low: 18.4%

Growth Rate

Revenue Growth
25.21% higher than 3Y
Net Income Growth
32.32% higher than 3Y
Cash Flow Change
267% lower than 3Y
ROE
7.66% lower than 3Y
ROCE
14.76% lower than 3Y
EBITDA Margin (Avg.)
-1.28% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2h ago
AI opinion · based on fundamentals
Risk medium

Mahindra & Mahindra commands a market cap of ₹3,82,795 Cr with a PE of 19.4x and ROE of 20% in the last year. The company has delivered 51% compounded profit CAGR over 5 years and 26% TTM sales growth, though the stock has corrected 13% over the past year and trades at 4.15x book value.

Bull Case 7
  • Exceptional 5-year compounded profit CAGR of 51%, indicating strong earnings momentum and operational leverage across auto and farm equipment segments
  • TTM sales growth of 26% significantly outpaces the 10-year sales CAGR of 10%, suggesting an acceleration in revenue trajectory
  • ROE has improved from a 10-year average of 15% to 20% in the last year, reflecting better capital efficiency and return generation
  • PE of 19.4x is reasonable relative to the 38% TTM profit growth, implying a PEG ratio of roughly 0.5x which suggests earnings growth is not fully priced in
  • 3-year stock CAGR of 26% and 10-year CAGR of 16% demonstrate sustained long-term wealth creation for shareholders
  • Consistent dividend payout of 21.4% with a 1.06% yield provides a baseline cash return to shareholders even during growth phases
  • 3-year compounded profit growth of 23% and 3-year sales growth of 18% show the company has sustained double-digit growth over a meaningful period, not just a single-year spike
Bear Case 7
  • Stock trades at 4.15x book value, which is elevated for an auto company and leaves limited margin of safety if earnings growth slows
  • Promoter holding at 18.4% is notably low, raising concerns about alignment of interests and vulnerability to hostile actions or activist pressure
  • Stock has declined 13% over the past 1 year despite strong underlying profit growth, indicating possible market concerns about forward valuations or sector headwinds
  • 52-week high and low data are unavailable (reported as 0), limiting visibility into recent price range and volatility patterns
  • Debt-to-equity ratio is not available in reported data, creating uncertainty about the company's leverage and balance sheet health
  • The gap between 5-year profit CAGR of 51% and 5-year sales CAGR of 22% suggests a significant portion of profit growth came from margin expansion, which may be difficult to sustain at current levels
  • EPS data is unavailable, making it harder to assess per-share earnings trajectory and dilution impact independently

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 3
  • Stock underperforms Nifty YTD Sep 1

    M&M shares down 12.20% YTD versus Nifty 50's 7.80% gain, trading well below the 52-week high of ₹3,839.90 hit in January 2026 with annualised volatility at 33.82%.

  • Tractor growth lags estimates Sep 1

    Tractor sales grew only 5% YoY to 29,507 units in August 2026, missing Nomura's estimate of 29,800 units and declining sequentially from 34,420 units in July.

  • Sell-side pressure despite strong sales Sep 1

    Despite 42% sales jump, sell-side order flow dominated at 60.73% of queued quantity vs 39.27% buy-side, pulling the stock down ₹86 from its intraday high of ₹3,368.

Positives 8
  • August sales surge 42% YoY Sep 1

    M&M reported total vehicle sales of 107,648 units in August 2026, a 42% YoY jump beating the analyst estimate of 107,400 units. SUV sales grew 50% to 59,257 units.

  • Exports soar 71% in August Sep 1

    Exports surged 71% YoY to 6,054 units in August 2026. YTD exports reached 26,012 units, up 63% from 15,983 units, reflecting accelerating international expansion.

  • Scorpio Lifestyler global pickup launch Aug 23

    M&M unveiled the Scorpio Lifestyler pickup targeting South Africa, Australia, Middle East, Latin America and ASEAN markets. India launch set for April 2027.

  • EV penetration hits 12% of SUVs Aug 23

    M&M's EV penetration rose from 0% to 12% of SUV volume in 16-17 months. EV sales jumped 4X to 57,472 units in FY26 from 14,183 in FY25.

  • BE 6 SPORTEQ EV launched Aug 15

    Mahindra launched the BE 6 SPORTEQ electric SUV with BaaS pricing starting at ₹11.45 lakh, with deliveries beginning August 26, 2026.

  • BaaS expanded to XEV 9S, 9e Aug 28

    Battery-as-a-Service extended to XEV 9S and 9e SUVs via dual financing, with battery usage cost set at ₹3.75/km to lower upfront EV ownership costs.

  • ESG rating of 71 received Sep 3

    M&M received an unsolicited ESG rating of 71 from NSE Sustainability Ratings & Analytics on September 2, 2026, based on publicly available data.

  • CV and 3W segments strong Sep 1

    Three-wheeler sales grew 42% to 14,922 units and trucks/buses (CV >3.5T) surged 47% to 2,495 units in August 2026, with 3W YTD growth at 62%.

Neutral 4
  • UBS India Summit participation Sep 10

    M&M attended the UBS India Summit 2026 on September 4 in Mumbai, presenting its July 30 analyst deck with no unpublished price-sensitive information shared.

  • Elara India Dialogue investor meet Aug 26

    M&M scheduled an analyst and institutional investor meeting in Mumbai on September 2 as part of Elara India Dialogue 2026.

  • Motilal Oswal conference attendance Aug 19

    M&M participated in Motilal Oswal's 22nd Annual Global Investor Conference on August 19 in Mumbai, presenting Q1FY27 analyst deck.

  • Singapore non-deal roadshow Aug 18

    M&M conducted a non-deal institutional investor roadshow in Singapore on August 21, 2026, scheduled from 7:00 am to 1:20 pm IST.

TL;DR: M&M is delivering exceptional volume growth across SUVs (50% YoY), exports (71% YoY), and commercial vehicles, with August 2026 total sales of 107,648 units beating estimates. The EV push is gaining traction fast — penetration went from 0% to 12% of SUV volume in under 18 months — and the Scorpio Lifestyler opens new global pickup markets. However, the stock remains 12% down YTD despite strong fundamentals, tractor growth is underwhelming at 5%, and sell-side pressure persists. The festive season and expanding EV lineup should support near-term momentum, but the price needs to catch up with the operational story.

Quarterly Results

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 in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

DIIs32.59%Govt.0.13%FIIs34.89%Others5.33%Public8.62%Promot.18.45%As ofJun 2026
0.01% of promoter holding pledged as of Jun 2026

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. It also has presence across financial services, auto components, hospitality, infrastructure, retail, logistics, steel trading and proc...
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 market capitalisation of Mahindra & Mahindra Ltd?
Mahindra & Mahindra Ltd has a market capitalisation of ₹3,82,795 Cr, which places it in the Large Cap band.
What is the PE ratio of Mahindra & Mahindra Ltd?
Mahindra & Mahindra Ltd trades at a PE ratio of 20.92, on earnings per share of ₹88.8, 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 ₹2,896 and ₹3,839.9.
Does Mahindra & Mahindra Ltd pay dividends?
Mahindra & Mahindra Ltd has a dividend yield of 1.06%.
What is the Return on Equity (ROE) of Mahindra & Mahindra Ltd?
Mahindra & Mahindra Ltd reported a return on equity of 17.01%. 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.[1]

Website mahindra.com
CEO Mr. Anand Gopal Mahindra
Employees 3,24,000
Listed 1996-01-03
Face Value ₹ 5
Issued Size 1,24,35,28,831

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