Mahindra & Mahindra Financial Services
- P/E
- 11.54
Key Fundamentals
SmallcapFinanceFinancial ServicesPrice-based figures as of · EPS basis: Consolidated · TTM
- Debt to Equity
- 4.82
- EPS (TTM)
- ₹23.40
- Book Value
- ₹197.72
- Market Cap
- —
- P/E (TTM)
- 11.54
- P/B
- 1.37
- ROE
- 12.30%
- Dividend Yield
- 2.84%
- 52W High
- ₹415.00
- 52W Low
- ₹253.40
- Day Range
- ₹261.35 – ₹273.55
- Volume
- 31,53,936
- ROCE
- Not meaningful for a lender: the ratio describes an industrial company’s balance sheet
- EBITDA
- Not meaningful for a lender: the ratio describes an industrial company’s balance sheet
Peer Comparison
Financial Services › NBFC › Non Banking Financial Company (NBFC)
| ₹994.00 | 28.53 | ₹6,11,015 Cr | 5.02 | 0.62% | 18.20% | — | ₹90,331 Cr | ₹22,067 Cr | |
| ₹908.75 | 15.19 | ₹2,13,704 Cr | 1.92 | 0.73% | 16.40% | — | ₹51,877 Cr | ₹12,688 Cr | |
| ₹1,658.00 | 24.45 | ₹1,42,243 Cr | 4.10 | 0.12% | 19.40% | — | ₹32,663 Cr | ₹5,751 Cr | |
| ₹337.75 | 26.24 | ₹1,41,036 Cr | 2.93 | 0.17% | 12.40% | — | ₹32,695 Cr | ₹5,478 Cr | |
| ₹2,709.80 | 9.57 | ₹1,04,354 Cr | 2.48 | 1.19% | 30.90% | — | ₹33,431 Cr | ₹11,457 Cr | |
| ₹263.70 | 20.75 | ₹63,912 Cr | 2.26 | 1.09% | 11.20% | — | ₹18,898 Cr | ₹3,198 Cr | |
| ₹553.00 | 23.14 | ₹52,160 Cr | 3.06 | 0.47% | 14.70% | — | ₹20,063 Cr | ₹2,275 Cr | |
| Mahindra & Mahindra Financial Services (this company) | ₹270.10 | 11.54 | ₹37,674 Cr | 1.37 | 2.84% | 12.30% | — | ₹21,733 Cr | ₹3,259 Cr |
| Median 8 companies | ₹730.88 | 21.95 | ₹1,22,695 Cr | 2.71 | 0.68% | 15.55% | — | ₹32,679 Cr | ₹5,615 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.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 94/100
Category scores
- Quality
- 38
- Weak
- Returns, margins, earnings quality 22% weight
- Valuation
- 72
- Strong
- Cheap vs sector & own history 24% weight
- Growth
- 50
- Average
- Sales & profit trajectory 9% weight
- Financial Health
- 28
- Poor
- Solvency, leverage, coverage 9% weight
- Momentum
- 10
- Poor
- Trend strength, vol-adjusted 12% weight
- Ownership
- 52
- 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
1- Company has been maintaining a healthy dividend payout of 37.4%
Weaknesses
3- Company has low interest coverage ratio.
- Company has a low return on equity of 11.1% over last 3 years.
- Company might be capitalizing the interest cost
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bearish | 11 | 4 | 4 |
| Oscillators | Bullish | 2 | 4 | 3 |
| Moving Averages | Strong Bearish | 9 | 0 | 1 |
Oscillators
Bullish
Overall
Strong Bearish
Moving Averages
Strong Bearish
Key readings
- RSI (14)
- 29.94
- Bullish
- MACD (12,26,9)
- −20.03
- Bearish
- SMA (50)
- 330.00
- Bearish
- SMA (200)
- 335.37
- Bearish
As of
Analyst Rating
23 of 34 analysts rate Buy, 9 Hold, 2 Sell.
As of
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
| 10Y | +12.32% |
|---|---|
| 5Y | +11.19% |
| 3Y | +17.93% |
| 1Y | +13.62% |
| TTM | +13.55% |
Net profit
| 10Y | +13.78% |
|---|---|
| 5Y | +29.68% |
| 3Y | +11.37% |
| 1Y | +26.54% |
| TTM | +42.13% |
Operating cash flow
Not meaningful
A bank's or NBFC's operating cash flow moves with deposits and loans, so its growth says little about the business.
Revenue by year
| Mar 2017 | ₹7,189 Cr |
|---|---|
| Mar 2018 | ₹7,910 Cr |
| Mar 2019 | ₹10,429 Cr |
| Mar 2020 | ₹11,995 Cr |
| Mar 2021 | ₹12,382 Cr |
| Mar 2022 | ₹11,419 Cr |
| Mar 2023 | ₹12,828 Cr |
| Mar 2024 | ₹15,963 Cr |
| Mar 2025 | ₹18,519 Cr |
| Mar 2026 | ₹21,041 Cr |
Net profit by year
| Mar 2017 | ₹530 Cr |
|---|---|
| Mar 2018 | ₹1,216 Cr |
| Mar 2019 | ₹1,867 Cr |
| Mar 2020 | ₹1,086 Cr |
| Mar 2021 | ₹780 Cr |
| Mar 2022 | ₹1,150 Cr |
| Mar 2023 | ₹2,071 Cr |
| Mar 2024 | ₹1,943 Cr |
| Mar 2025 | ₹2,261 Cr |
| Mar 2026 | ₹2,861 Cr |
Analyst Forecasts
Analyst consensus here uses a different definition from reported ebitda (they differ 3.4× 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
Mahindra & Mahindra Financial Services Ltd trades at ₹270.1 as of 2026-11-04, with a market cap of ₹37,674 crore and a P/E of 11.54x on trailing earnings. The stock sits 34.9% below its 52-week high of ₹415 while TTM profit growth of 46% and a dividend yield of 2.84% present a mixed picture of value and risk for a rural-focused NBFC.
- TTM profit growth of 46% is the strongest among all compounding periods, signalling an accelerating earnings trajectory in the most recent period.
- At a P/E of 11.54x, the stock trades at a modest multiple relative to its 5-year compounded profit growth of 35%, implying a PEG well below 1 on that basis.
- Dividend yield of 2.84% is well above the broader market average, supported by a consistent payout ratio of 37.4%, providing a tangible cash return to shareholders.
- Compounded sales growth of 18% over the last 3 years indicates the loan book has been expanding at a healthy pace, outstripping the 10-year sales CAGR of 12%.
- ROE improved to 12% in the last year from a 3-year average of 11% and a 10-year average of 10%, showing a gradual upward trend in capital efficiency.
- The stock is trading only 6.6% above its 52-week low of ₹253.4, which may indicate that much of the negative sentiment is already reflected in the current price of ₹270.1.
- The stock has declined 34.9% from its 52-week high of ₹415 to ₹270.1, reflecting significant erosion in market confidence over the trailing twelve months.
- ROE of 10.72% and ROCE of 8.61% as of 2026-11-04 remain subdued, suggesting the company is not generating strong returns relative to the capital and equity deployed.
- The 3-year ROE average of 11% is low for the financial services sector, indicating structural constraints on profitability rather than a temporary dip.
- There are indications the company might be capitalizing interest costs, which could flatter reported earnings and understate the true cost structure in the income statement.
- Despite 5-year compounded profit growth of 35%, the 5-year stock CAGR is only 12% and the 10-year stock CAGR is just 4%, meaning earnings growth has not translated proportionally into shareholder returns.
- TTM sales growth of 14% trails the 3-year compounded sales growth of 18%, hinting at a possible deceleration in top-line momentum.
- As a rural and semi-urban focused NBFC, the company's asset quality is inherently sensitive to monsoon outcomes, agricultural commodity prices, and rural economic cycles, adding volatility to credit costs.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: M&M Financial Services delivered solid Q2FY27 numbers with 22% YoY disbursement growth and a healthy AUM base of ₹1.46 lakh crore. Asset quality is on an improving trajectory. No headwinds surfaced in the latest coverage. The trend is positive, though sustainability of this growth pace amid broader macro conditions bears watching.
- Strong Q2 disbursement growth Oct 02
Q2FY27 disbursements rose 22% YoY to ₹16,490 crore, with AUM reaching ₹1.46 lakh crore and improving asset quality.
Quarterly Results
₹ Cr| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,583 | 3,833 | 4,100 | 4,280 | 4,316 | 4,465 | 4,797 | 4,886 | 4,991 | 5,026 | 5,450 | 5,539 | 5,718 |
| Expenses | 1,504 | 1,724 | 1,456 | 1,520 | 1,676 | 1,830 | 1,325 | 2,001 | 1,964 | 2,015 | 1,913 | 1,987 | 2,034 |
| Financing Profit | 482 | 406 | 846 | 900 | 679 | 573 | 1,297 | 667 | 746 | 814 | 1,301 | 1,332 | 1,312 |
| Fin. Margin % | 13% | 11% | 21% | 21% | 16% | 13% | 27% | 14% | 15% | 16% | 24% | 24% | 23% |
| Other Income | 67 | 44 | 50 | 68 | 58 | 28 | 19 | 27 | 43 | 39 | −100 | 37 | 29 |
| Interest | 1,597 | 1,703 | 1,798 | 1,861 | 1,960 | 2,062 | 2,175 | 2,218 | 2,280 | 2,198 | 2,236 | 2,220 | 2,372 |
| Depreciation | 66 | 67 | 69 | 72 | 76 | 79 | 82 | 85 | 86 | 94 | 96 | 110 | 99 |
| PBT | 483 | 383 | 826 | 896 | 661 | 523 | 1,233 | 609 | 704 | 759 | 1,105 | 1,259 | 1,242 |
| Tax % | 25% | 25% | 25% | 25% | 25% | 25% | 26% | 25% | 25% | 25% | 25% | 25% | 25% |
| Net Profit | 362 | 287 | 623 | 671 | 497 | 390 | 918 | 456 | 529 | 566 | 826 | 940 | 927 |
| EPS (₹) | 2.58 | 2.02 | 4.48 | 4.82 | 3.58 | 2.8 | 6.6 | 3.29 | 3.8 | 4.06 | 5.93 | 6.75 | 6.66 |
Profit & Loss
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 6,051 | 6,586 | 7,189 | 7,910 | 10,429 | 11,995 | 12,382 | 11,419 | 12,828 | 15,963 | 18,519 | 21,041 | 21,733 |
| Expenses | 1,972 | 2,459 | 3,123 | 2,547 | 3,129 | 4,903 | 6,046 | 5,347 | 4,696 | 6,204 | 6,832 | 7,878 | 7,947 |
| Financing Profit | 1,435 | 1,258 | 880 | 1,927 | 2,868 | 1,702 | 1,028 | 1,654 | 3,038 | 2,799 | 3,271 | 4,229 | 4,760 |
| Fin. Margin % | 24% | 19% | 12% | 24% | 28% | 14% | 8% | 14% | 24% | 18% | 18% | 20% | 22% |
| Other Income | 10 | 12 | 12 | 33 | 49 | 47 | 57 | 47 | −8 | 64 | 77 | −17 | 4 |
| Interest | 2,643 | 2,868 | 3,186 | 3,436 | 4,432 | 5,391 | 5,308 | 4,417 | 5,094 | 6,959 | 8,415 | 8,934 | 9,026 |
| Depreciation | 46 | 46 | 54 | 55 | 76 | 147 | 151 | 152 | 226 | 275 | 321 | 386 | 399 |
| PBT | 1,400 | 1,224 | 838 | 1,905 | 2,841 | 1,602 | 934 | 1,549 | 2,804 | 2,588 | 3,027 | 3,826 | 4,365 |
| Tax % | 34% | 36% | 37% | 36% | 34% | 32% | 16% | 26% | 26% | 25% | 25% | 25% | — |
| Net Profit | 925 | 787 | 530 | 1,216 | 1,867 | 1,086 | 780 | 1,150 | 2,071 | 1,943 | 2,261 | 2,861 | 3,260 |
| EPS (₹) | 7.13 | 6.03 | 4 | 8.53 | 13.15 | 7.73 | 5.56 | 8.18 | 14.91 | 13.9 | 16.27 | 20.54 | 23.4 |
| Div. Payout % | 25% | 29% | 27% | 21% | 22% | 0% | 13% | 39% | 36% | 40% | 35% | 37% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 113 | 113 | 113 | 123 | 123 | 123 | 246 | 247 | 247 | 247 | 247 | 278 |
| Reserves | 5,830 | 6,356 | 6,847 | 9,732 | 11,146 | 11,846 | 15,530 | 16,650 | 18,313 | 19,686 | 21,282 | 26,361 |
| Borrowing | 29,232 | 34,044 | 40,644 | 44,986 | 58,802 | 65,634 | 65,101 | 62,126 | 81,429 | 98,319 | 1,19,093 | 1,28,370 |
| Other Liabilities | 3,459 | 4,494 | 5,619 | 3,889 | 4,505 | 4,189 | 4,724 | 4,787 | 5,096 | 5,463 | 3,483 | 3,635 |
| Total Liabilities | 38,633 | 45,007 | 53,223 | 58,730 | 74,576 | 81,793 | 85,601 | 83,809 | 1,05,085 | 1,23,716 | 1,44,105 | 1,58,644 |
| Fixed Assets | 119 | 129 | 133 | 147 | 201 | 455 | 399 | 515 | 871 | 1,008 | 1,207 | 1,328 |
| CWIP | 0 | 0 | 1 | 0 | 1 | 1 | 12 | 2 | 3 | 105 | 66 | 7 |
| Investments | 654 | 1,199 | 1,374 | 2,378 | 3,327 | 5,340 | 12,126 | 8,654 | 10,063 | 9,598 | 10,590 | 7,407 |
| Other Assets | 37,860 | 43,679 | 51,714 | 56,205 | 71,046 | 75,996 | 73,064 | 74,637 | 94,148 | 1,13,004 | 1,32,242 | 1,49,902 |
| Total Assets | 38,633 | 45,007 | 53,223 | 58,730 | 74,576 | 81,793 | 85,601 | 83,809 | 1,05,085 | 1,23,716 | 1,44,105 | 1,58,644 |
Cash Flow
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | −3,970 | −4,957 | −6,467 | −8,510 | −12,078 | −3,115 | 5,826 | 18 | −17,395 | −18,449 | −15,602 | −12,772 |
| Investing | 34 | −440 | −97 | 243 | −1,213 | −2,689 | −8,348 | 3,112 | −1,635 | 2,671 | −1,077 | 770 |
| Financing | 3,907 | 5,431 | 6,766 | 8,174 | 13,490 | 6,050 | 2,548 | −3,173 | 18,852 | 16,095 | 17,605 | 10,637 |
| Net Cash Flow | −29 | 34 | 202 | −93 | 199 | 245 | 26 | −43 | −179 | 317 | 927 | −1,365 |
| Free Cash Flow | −4,009 | −5,010 | −6,529 | −8,579 | −12,211 | −3,231 | 5,785 | −276 | −17,794 | −18,719 | −15,975 | −13,120 |
| CFO/OP | −83 | −104 | −146 | −146 | −154 | −36 | 102 | 10 | −207 | −181 | −126 | −91 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE % | 16% | 12% | 8% | 14% | 17% | 9% | 5% | 7% | 12% | 10% | 11% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Mahindra & Mahindra Financial Services insights
58 extracted metrics across FY04–FY27.
Documents
- Q1 FY27 concall · Jul 2026Transcript PPT Recording
- Q4 FY26 concall · Apr 2026Transcript PPT Recording
- Q3 FY26 concall · Feb 2026Transcript PPT
- Q2 FY26 concall · Nov 2025Transcript PPT Recording
- Q2 FY26 concall · Oct 2025PPT
- 14 Aug 2026
- 9 Jul 2026
- 22 Apr 2026
- 7 Oct 2025
- 11 Jun 2025
- General announcements 3 Nov 2026
- General announcements 3 Nov 2026
Frequently Asked Questions about Mahindra & Mahindra Financial Services
What does Mahindra & Mahindra Financial Services Ltd do?
Where is Mahindra & Mahindra Financial Services Ltd (M&MFIN) listed?
Which sector does Mahindra & Mahindra Financial Services Ltd belong to?
What is the PE ratio of Mahindra & Mahindra Financial Services Ltd?
What is the 52-week high and low of Mahindra & Mahindra Financial Services Ltd?
Does Mahindra & Mahindra Financial Services Ltd pay dividends?
What is the Return on Equity (ROE) of Mahindra & Mahindra Financial Services Ltd?
Company Information
Mahindra & Mahindra Financial Services Limited (MMFSL), a part of the Mahindra Group,is a NBFC primarily engaged in the business of financing purchase of new and pre-owned auto and utility vehicles, tractors, cars, commercial vehicles, construction equipment and SME Financing.
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