---
title: "Mahindra & Mahindra Financial Services (M&MFIN) Share Price, Financials & Research"
symbol: "M&MFIN"
company: "Mahindra & Mahindra Financial Services Ltd"
canonical: "https://tapetide.com/stocks/M&MFIN"
isin: "INE774D01024"
nse_symbol: "M&MFIN"
bse_code: "532720"
sector: "Financial Services"
industry: "NBFC"
generated_at: "2026-11-05T01:34:37.434Z"
---

# Mahindra & Mahindra Financial Services (M&MFIN)

Canonical page: https://tapetide.com/stocks/M&MFIN

## Key Facts

- **Price:** ₹270.10 as of 4 Nov 2026, 15:55 IST
- **P/E (TTM):** 11.54 as of 4 Nov 2026
- **1-year price change:** -15.22% from 4 Nov 2025 to 4 Nov 2026, adjusted for splits and bonuses, dividends excluded
- **Revenue, Jun 2026 quarter:** ₹5,717.9 Cr, against ₹4,990.6 Cr in Jun 2025 (+14.57% year on year)
- **Net profit, Jun 2026 quarter:** ₹927.5 Cr, against ₹529.0 Cr in Jun 2025 (+75.33% year on year)
- **Promoter holding:** 52.48% in Sep 2026, a change of -0.01 percentage points from Jun 2026
- **Tapetide Score:** 47/100, Average band as of 4 Nov 2026

## Company

- **NSE symbol:** M&MFIN
- **BSE code:** 532720
- **ISIN:** INE774D01024
- **Macro sector:** Financial Services
- **Sector:** Financial Services
- **Industry:** NBFC
- **Basic industry:** Non Banking Financial Company (NBFC)
- **In the F&O segment:** No

## Latest Price

- **Price:** ₹270.10
- **Change:** No trade today
- **Previous Close:** ₹270.10
- **As of:** 4 Nov 2026, 15:55 IST

## Key Fundamentals

Price-based figures as of 4 Nov 2026, 15:55 IST · EPS basis: Consolidated · TTM.

- **Debt to Equity:** 4.82
- **EPS (TTM):** ₹23.40
- **Book Value:** ₹197.72
- **P/E (TTM):** 11.54
- **P/B:** 1.37
- **ROE:** 12.30%
- **Dividend Yield:** 2.84%
- **52W High:** ₹415.00
- **52W Low:** ₹253.40
- **ROCE:** n/m (Not meaningful for a lender: the ratio describes an industrial company’s balance sheet)
- **EBITDA:** n/m (Not meaningful for a lender: the ratio describes an industrial company’s balance sheet)

## Peer Comparison

Classification: Financial Services › NBFC › Non Banking Financial Company (NBFC)

| Company | Price | P/E | Market Cap | P/B | Div Yield | ROE | ROCE | Sales TTM | Net Profit TTM |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| [Bajaj Finance Ltd (BAJFINANCE)](https://tapetide.com/stocks/BAJFINANCE) | ₹994.00 | 28.53 | ₹6,11,015 Cr | 5.02 | 0.62% | 18.20% | — | ₹90,331 Cr | ₹22,067 Cr |
| [Shriram Finance Ltd (SHRIRAMFIN)](https://tapetide.com/stocks/SHRIRAMFIN) | ₹908.75 | 15.19 | ₹2,13,704 Cr | 1.92 | 0.73% | 16.40% | — | ₹51,877 Cr | ₹12,688 Cr |
| [Cholamandalam Investment & Finance Company Ltd (CHOLAFIN)](https://tapetide.com/stocks/CHOLAFIN) | ₹1,658.00 | 24.45 | ₹1,42,243 Cr | 4.10 | 0.12% | 19.40% | — | ₹32,663 Cr | ₹5,751 Cr |
| [Tata Capital Ltd (TATACAP)](https://tapetide.com/stocks/TATACAP) | ₹337.75 | 26.24 | ₹1,41,036 Cr | 2.93 | 0.17% | 12.40% | — | ₹32,695 Cr | ₹5,478 Cr |
| [Muthoot Finance Ltd (MUTHOOTFIN)](https://tapetide.com/stocks/MUTHOOTFIN) | ₹2,709.80 | 9.57 | ₹1,04,354 Cr | 2.48 | 1.19% | 30.90% | — | ₹33,431 Cr | ₹11,457 Cr |
| [L&T Finance Ltd (LTF)](https://tapetide.com/stocks/LTF) | ₹263.70 | 20.75 | ₹63,912 Cr | 2.26 | 1.09% | 11.20% | — | ₹18,898 Cr | ₹3,198 Cr |
| [SBI Cards & Payment Services Ltd (SBICARD)](https://tapetide.com/stocks/SBICARD) | ₹553.00 | 23.14 | ₹52,160 Cr | 3.06 | 0.47% | 14.70% | — | ₹20,063 Cr | ₹2,275 Cr |
| [Mahindra & Mahindra Financial Services Ltd (M&MFIN)](https://tapetide.com/stocks/M&MFIN) (this company) | ₹270.10 | 11.54 | ₹37,674 Cr | 1.37 | 2.84% | 12.30% | — | ₹21,733 Cr | ₹3,259 Cr |
| Median of 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 4 Nov 2026.

- **Score:** 47/100 (Average)
- **Data confidence:** 94/100

### Category scores

| Category | Score | Band | Weight | Measures |
| --- | ---: | --- | ---: | --- |
| Quality | 38 | Weak | 22% | Returns, margins, earnings quality |
| Valuation | 72 | Strong | 24% | Cheap vs sector & own history |
| Growth | 50 | Average | 9% | Sales & profit trajectory |
| Financial Health | 28 | Poor | 9% | Solvency, leverage, coverage |
| Momentum | 10 | Poor | 12% | Trend strength, vol-adjusted |
| Ownership | 52 | Average | 24% | FII/DII/promoter flows |

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

## Key Insights

### Strengths

- Company has been maintaining a healthy dividend payout of 37.4%

### Weaknesses

- 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

As of 4 Nov 2026.

| 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

| Name | Value | Signal |
| --- | ---: | --- |
| RSI (14) | 29.94 | Bullish |
| MACD (12,26,9) | -20.03 | Bearish |
| Stochastic (14,3,3) | 16.74 | Bullish |
| ADX (14) | 45.85 | Bullish |
| Williams %R (14) | -75.58 | Neutral |
| ATR (14) | 11.60 | Neutral |
| ROC (12) | -13.30 | Bearish |
| Stoch RSI (14) | 70.23 | Neutral |
| UO (7,14,28) | 50.32 | Neutral |

### Moving Averages: Strong Bearish

| Name | Value | Signal |
| --- | ---: | --- |
| SMA (10) | 269.01 | Bullish |
| EMA (10) | 273.04 | Bearish |
| SMA (20) | 291.97 | Bearish |
| EMA (20) | 288.34 | Bearish |
| SMA (50) | 330.00 | Bearish |
| EMA (50) | 316.28 | Bearish |
| SMA (100) | 340.07 | Bearish |
| EMA (100) | 328.72 | Bearish |
| SMA (200) | 335.37 | Bearish |
| EMA (200) | 328.11 | Bearish |

### Pivot Points

| Level | Classic | Fibonacci | Camarilla |
| --- | ---: | ---: | ---: |
| R3 | 287.51 | 280.53 | 273.46 |
| R2 | 280.53 | 275.87 | 272.34 |
| R1 | 275.31 | 272.99 | 271.22 |
| PP | 268.33 | 268.33 | 268.33 |
| S1 | 263.11 | 263.67 | 268.98 |
| S2 | 256.13 | 260.79 | 267.86 |
| S3 | 250.91 | 256.13 | 266.75 |

## Analyst Rating

Based on 34 analysts. 23 of 34 analysts rate Buy, 9 Hold, 2 Sell. As of 4 Nov 2026.

| Rating | Analysts | Share |
| --- | ---: | ---: |
| Buy | 23 | 68% |
| Hold | 9 | 26% |
| Sell | 2 | 6% |

## Growth Rate

Growth computed from the financial statements below. A window with no rate gives the reason instead of a figure.

| Metric | Window | Growth | What it compares |
| --- | --- | ---: | --- |
| Revenue | 10Y | 12.32% | compounded annual rate, Mar 2016 to Mar 2026 |
| Revenue | 5Y | 11.19% | compounded annual rate, Mar 2021 to Mar 2026 |
| Revenue | 3Y | 17.93% | compounded annual rate, Mar 2023 to Mar 2026 |
| Revenue | 1Y | 13.62% | fiscal year to Mar 2026 vs the year to Mar 2025 |
| Revenue | TTM | 13.55% | four quarters to Jun 2026 vs the four to Jun 2025 |
| Net profit | 10Y | 13.78% | compounded annual rate, Mar 2016 to Mar 2026 |
| Net profit | 5Y | 29.68% | compounded annual rate, Mar 2021 to Mar 2026 |
| Net profit | 3Y | 11.37% | compounded annual rate, Mar 2023 to Mar 2026 |
| Net profit | 1Y | 26.54% | fiscal year to Mar 2026 vs the year to Mar 2025 |
| Net profit | TTM | 42.13% | four quarters to Jun 2026 vs the four to Jun 2025 |
| Operating cash flow | All | Not meaningful | A bank's or NBFC's operating cash flow moves with deposits and loans, so its growth says little about the business. |

## Analyst Forecasts

Consensus of analyst estimates, as of 4 Nov 2026. Low and High are the range of the estimates, not a confidence interval.

### EBITDA (annual)

FY27 consensus: ₹5,096 Cr.

Analyst consensus here uses a different definition from reported ebitda (they differ 3.4x on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| FY27 | ₹5,096 Cr | ₹5,096 Cr | ₹5,096 Cr |
| FY28 | ₹5,688 Cr | ₹5,688 Cr | ₹5,688 Cr |

### EPS (quarterly)

Dec 2026 consensus: ₹6.78 (+3.7% vs ₹6.54 in Sep 2026).

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| Dec 2026 | ₹6.78 | ₹6.78 | ₹6.78 |
| Mar 2027 | ₹8.01 | ₹8.01 | ₹8.01 |
| Jun 2027 | ₹6.89 | ₹6.89 | ₹6.89 |
| Sep 2027 | ₹6.92 | ₹6.92 | ₹6.92 |

### Net Income (quarterly)

Dec 2026 consensus: ₹2,123 Cr (+133.2% vs ₹911 Cr in Sep 2026).

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| Dec 2026 | ₹2,123 Cr | ₹873 Cr | ₹3,374 Cr |
| Mar 2027 | ₹922 Cr | ₹894 Cr | ₹950 Cr |

### Price (quarterly)

Mar 2027 consensus: ₹374.79 (+15.4% vs ₹324.85 in Sep 2026).

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| Mar 2027 | ₹374.79 | ₹281.00 | ₹425.00 |

### Revenue (quarterly)

Dec 2026 consensus: ₹5,461 Cr.

Analyst consensus here uses a different definition from reported revenue (they differ 2.1x on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| Dec 2026 | ₹5,461 Cr | ₹5,461 Cr | ₹5,461 Cr |
| Mar 2027 | ₹3,103 Cr | ₹3,103 Cr | ₹3,103 Cr |

### ROA (annual)

FY27 consensus: 2.3% (+0.4 pp vs 1.9% in FY26).

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| FY27 | 2.3% | 2.0% | 2.5% |
| FY28 | 2.2% | 1.8% | 2.5% |

### ROE (annual)

FY27 consensus: 13.9% (+3.2 pp vs 10.7% in FY26).

| Period | Mean | Low | High |
| --- | ---: | ---: | ---: |
| FY27 | 13.9% | 12.1% | 15.8% |
| FY28 | 14.2% | 11.4% | 16.4% |

## AI Analysis — Bull vs Bear

AI-generated opinion, based on fundamentals. Figures as of 4 Nov 2026. Not investment advice, and not a recommendation to buy, sell or hold. Statements that rate the stock or set a price target are left out of this copy.

- **Risk (AI assessment):** High

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.

### Bull Case

- 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.

### Bear Case

- 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

AI-generated summary of recent news, generated 31 Oct 2026. Not investment advice, and not a recommendation to buy, sell or hold. Statements that rate the stock or set a price target are left out of this copy.

**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.

### Positives

- **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.

## Financial Statements

### Quarterly Results

Figures in ₹ crore unless the row name gives another unit.

| Item | 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 |
| Financing 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 |
| Profit before tax | 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 in Rs | 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

Figures in ₹ crore unless the row name gives another unit.

| Item | 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 |
| Financing 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 |
| Profit before tax | 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 in Rs | 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 |
| Dividend Payout % | 25% | 29% | 27% | 21% | 22% | 0% | 13% | 39% | 36% | 40% | 35% | 37% | — |

### Balance Sheet

Figures in ₹ crore unless the row name gives another unit.

| Item | 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

Figures in ₹ crore unless the row name gives another unit.

| Item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash from Operating Activity | -3,970 | -4,957 | -6,467 | -8,510 | -12,078 | -3,115 | 5,826 | 18 | -17,395 | -18,449 | -15,602 | -12,772 |
| Cash from Investing Activity | 34 | -440 | -97 | 243 | -1,213 | -2,689 | -8,348 | 3,112 | -1,635 | 2,671 | -1,077 | 770 |
| Cash from Financing Activity | 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

| Item | 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% |

## Shareholding Pattern

### Quarterly Shareholding

Holdings in % of shares; shareholders as a count.

| Holder | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | 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 | Sep 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Promoters | 52.16% | 52.16% | 52.16% | 52.16% | 52.16% | 52.16% | 52.16% | 52.16% | 52.16% | 52.16% | 52.16% | 52.16% | 52.16% | 52.16% | 52.16% | 52.16% | 52.16% | 52.49% | 52.49% | 52.49% | 52.49% | 52.49% | 52.48% |
| FIIs | 20.17% | 17.94% | 18.99% | 19.24% | 17.90% | 17.55% | 16.93% | 16.09% | 14.85% | 13.92% | 14.09% | 12.73% | 11.96% | 10.09% | 10.19% | 10.48% | 10.68% | 9.34% | 9.59% | 9.11% | 9.40% | 9.53% | 9.96% |
| DIIs | 16.76% | 16.53% | 15.80% | 15.38% | 16.16% | 17.95% | 22.12% | 23.76% | 25.18% | 26.95% | 25.84% | 26.96% | 28.61% | 30.67% | 31.57% | 31.16% | 31.31% | 32.33% | 32.29% | 32.35% | 32.09% | 31.49% | 31.56% |
| Government | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Public | 10.62% | 13.09% | 12.78% | 12.99% | 13.58% | 12.13% | 8.60% | 7.82% | 6.31% | 6.83% | 6.24% | 8.06% | 6.03% | 6.02% | 5.22% | 5.38% | 5.12% | 5.05% | 4.92% | 5.18% | 5.27% | 5.63% | 5.18% |
| Others | n/m | n/m | n/m | n/m | n/m | n/m | n/m | n/m | 1.51% | n/m | 1.67% | n/m | 1.24% | 1.07% | 0.86% | 0.81% | 0.73% | 0.78% | 0.70% | 0.88% | 0.75% | 0.86% | 0.82% |
| No. of Shareholders | 1,88,131 | 2,96,357 | 2,37,701 | 2,49,889 | 2,50,678 | 2,17,677 | 2,14,897 | 1,93,555 | 1,86,265 | 1,85,705 | 2,19,510 | 2,39,372 | 2,27,512 | 2,24,273 | 2,11,051 | 2,24,415 | 2,17,620 | 2,27,483 | 2,22,526 | 2,43,019 | 2,36,252 | 2,41,776 | 2,29,567 |

n/m: 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

### Concalls

Latest 12 of 52.

| Month | Call documents |
| --- | --- |
| Jul 2026 | [Transcript](https://media.mahindrafinance.com/2026/07/SELtrEarningsTranscriptsigned-1.pdf?_gl=1*2261fk*_gcl_au*NTAyNDQ5OTcyLjE3ODQ2MjkyNjY.*_ga*MTEyNzA2OTY4OC4xNzg0NjI5MjY3*_ga_1D9L489JZ4*czE3ODgzMjg0MjQkbzMkZzEkdDE3ODgzMjg0MzkkajQ1JGwwJGgw), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=22737925-1a7e-434f-92de-ff9f45f3ab22.pdf), [Recording](https://media.mahindrafinance.com/2026/07/Mahindra-Finance-Q1FY27-Concall-Audio.mp3) |
| Apr 2026 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0fba23c5-c629-4d96-86ea-632f44735f97.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cd0da870-5a0f-4fc6-a542-6faee0ca885a.pdf), [Recording](https://media.mahindrafinance.com/2026/04/Mahindra-Finance-Q4FY26-ConCall-Audio.mp3?_gl=1*1j1lraz*_gcl_au*MTMzNTcxMTM5Mi4xNzc1MDM5NTA4*_ga*MTc5MTk0MDY0Ny4xNzY2OTg4NzYy*_ga_1D9L489JZ4*czE3NzcwNDQ4OTQkbzExNyRnMSR0MTc3NzA0NTY2NSRqNTQkbDAkaDA.) |
| Feb 2026 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6ace4357-f372-420c-b4b9-266c6e605fda.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=332d24a0-7bf4-42c4-8e69-3adbcfe7bb7b.pdf) |
| Nov 2025 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=049424f8-dde3-4d6d-9aaf-52f2fcb844fb.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=b09d6d65-f41d-4e2f-8851-a374255b1fe5.pdf), [Recording](https://youtu.be/VXHjfzIBrkw) |
| Oct 2025 | [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=78d2661d-43c9-415c-a0f6-406940aae24b.pdf) |
| Jul 2025 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5f943e44-06d0-464c-b321-221b43727d1c.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=37d68583-e7ba-4a9a-8da3-5c644d985a5a.pdf) |
| Apr 2025 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=496fd86a-7eee-4fc7-8373-3cd5b1f95e4b.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=89d36f48-32a5-4455-8200-a8f89a523c38.pdf), [Recording](https://www.mahindrafinance.com/wp-content/uploads/2025/04/Mahindra-Finance-Q4-FY25-Concall-Audio.mp3) |
| Feb 2025 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8dc71dd6-4b55-46f0-9867-9ad37001ff07.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=650c2013-7940-4f02-a2c9-e7e3bb980e6d.pdf), [Recording](https://youtu.be/0Ln3oJ2jkiM) |
| Oct 2024 | [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=a2279838-f20a-456b-a608-e4cbf2b7d489.pdf) |
| Oct 2024 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1fc4ab43-f7f9-411a-96e5-2eb769bd91c3.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e0b57f12-6c21-4d7c-a13d-4420fc9ad222.pdf) |
| Jul 2024 | [Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e3cf8774-ba54-4d9a-af8b-2cb29ad04de0.pdf), [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=2afac15d-f162-466a-b59f-b4ef809d1272.pdf) |
| Jun 2024 | [PPT](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=f15c43bf-8a26-4f6b-af8d-3c72767e0007.pdf) |

### Results

Latest 12 of 29.

| Date | Document |
| --- | --- |
| 21 Oct 2026 | [Outcome Of Board Meeting- Unaudited Standalone And Consolidated Financial Results For The Second Quarter And Half Year Ended 30Th September 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=5b2bd9ff-3bda-408b-90ea-d130085378e2.pdf) |
| 21 Jul 2026 | [Outcome Of Board Meeting - Unaudited Standalone And Consolidated Financial Results Of The Company For The First Quarter Ended 30Th June 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=edeb7a2b-3284-4e40-8ded-c8f1e6fd1b63.pdf) |
| 24 Apr 2026 | [Audited Standalone And Consolidated Financial Results For The Quarter And Year Ended 31St March 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=101f02af-364f-49d3-9668-f7899f253b73.pdf) |
| 28 Jan 2026 | [Outcome Of Board Meeting - Unaudited Standalone And Consolidated Financial Results For The Third Quarter And Nine Months Ended 31St December 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6f4c00f4-4e0f-4e61-b851-8298f027b644.pdf) |
| 28 Oct 2025 | [Outcome Of Board Meeting - Unaudited Standalone And Consolidated Financial Results For The Second Quarter And Half Year Ended 30Th September 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c02106ea-2f11-4fd6-817f-bbd89630a9b2.pdf) |
| 22 Jul 2025 | [Financial Results For The First Quarter Ended 30Th June 2025](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=93515620-9586-4eaa-b308-9aada4ae8ca2.pdf) |
| 22 Apr 2025 | [Re-Submission Of Outcome Of Board Meeting - Corrigendum](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7d35c6f2-90e0-4d19-ac75-bdb2e93ecb3d.pdf) |
| 28 Jan 2025 | [Financial Results For The Quarter And Nine Months Ended 31St December 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=31557e9b-8fbe-40bb-862c-07debafcfd76.pdf) |
| 22 Oct 2024 | [Outcome Of Board Meeting_ Financial Results _ 30Th September 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c0bab027-e026-4764-b161-e1465190da92.pdf) |
| 23 Jul 2024 | [Outcome Of Board Meeting - Financial Results For The First Quarter Ended 30Th June 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=61d2ce1d-6982-49f0-b84f-f4065473053c.pdf) |
| 4 May 2024 | [Outcome Of The Meeting Of The Board Of Directors Held On 4Th May 2024](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=35cffa44-2bf0-43f8-bf75-0380f9387e5e.pdf) |
| 30 Jan 2024 | [Results-Financial Results For The Third Quarter And Nine Months Ended 31St December 2023](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=974877fb-1ef4-47ae-a897-62fef9ad828f.pdf) |

### Annual reports

Latest 12 of 16.

| Year | Report |
| --- | --- |
| FY2026 | [Annual report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e39313f9-c084-4672-8a6f-5c7651d5fe24.pdf) |
| FY2025 | [Annual report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=50d6aa85-5eef-4495-b69a-8cc0d3215824.pdf) |
| FY2024 | [Annual report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=cbb2676f-5e67-4ec8-a85d-ff41cce18ea1.pdf) |
| FY2023 | [Annual report](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=32d99e3e-cfd8-45c1-a7b7-239cf2316565.pdf) |
| FY2022 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/532720/73418532720.pdf) |
| FY2021 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/532720/68713532720.pdf) |
| FY2020 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/532720/5327200320.pdf) |
| FY2019 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/532720/5327200319.pdf) |
| FY2018 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/532720/5327200318.pdf) |
| FY2017 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/532720/5327200317.pdf) |
| FY2016 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/532720/5327200316.pdf) |
| FY2015 | [Annual report](https://www.bseindia.com/bseplus/AnnualReport/532720/5327200315.pdf) |

### Credit ratings

| Date | Document |
| --- | --- |
| 14 Aug 2026 | [Credit rating update — CRISIL](https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/MahindraandMahindraFinancialServicesLimited_August%2014_%202026_RR_402695.html) |
| 9 Jul 2026 | [Credit rating update — CARE Ratings](https://www.careratings.com/upload/CompanyFiles/PR/202607140748_Mahindra_And_Mahindra_Financial_Services_Limited.pdf) |
| 22 Apr 2026 | [Credit rating update — CRISIL](https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/MahindraandMahindraFinancialServicesLimited_April%2022_%202026_RR_394086.html) |
| 7 Oct 2025 | [Credit rating update — CARE Ratings](https://www.careratings.com/upload/CompanyFiles/PR/202510151015_Mahindra_and_Mahindra_Financial_Services_Limited.pdf) |
| 11 Jun 2025 | [Credit rating update — Brickwork Ratings](https://www.brickworkratings.com/Admin/PressRelease/Mahindra-Mahindra-Financial-Services-11June2025%20%281%29.pdf) |
| 22 Apr 2025 | [Credit rating update — CRISIL](https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/MahindraandMahindraFinancialServicesLimited_April%2022_%202025_RR_363440.html) |
| 25 Feb 2025 | [Credit rating update — India Ratings](https://www.indiaratings.co.in/pressrelease/75205) |
| 9 Oct 2024 | [Credit rating update — CARE Ratings](https://www.careratings.com/upload/CompanyFiles/PR/202410131040_Mahindra_and_Mahindra_Financial_Services_Limited.pdf) |
| 13 Jun 2024 | [Credit rating update — Brickwork Ratings](https://www.brickworkratings.com/Admin/PressRelease/Mahindra-Mahindra-Financial-Services-13June2024%20.pdf) |

### Exchange filings

Latest 12 of 132.

| Date | Document | Category |
| --- | --- | --- |
| 3 Nov 2026 | [Newspaper Publication Regarding Special Window For Transfer And Dematerialization Of Physical Securities.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=3e6f33df-5216-4ad7-994a-e96f71bc2176.pdf) | General announcements |
| 3 Nov 2026 | [Intimation Regarding The Change In Address Of The Corporate Office Of The Registrar To An Issue And Share Transfer Agent](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=9593e55a-acb6-4a44-b7aa-93eef6fc2a14.pdf) | General announcements |
| 27 Oct 2026 | [Announcement under Regulation 30 (LODR)-Earnings Call Transcript](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=67225874-a234-4d91-b15c-05c9c9038abe.pdf) | — |
| 22 Oct 2026 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d9bd0b54-a994-42ce-b7c8-8ba034ef817a.pdf) | General announcements |
| 21 Oct 2026 | [Board Meeting Outcome for Outcome Of Board Meeting- Unaudited Standalone And Consolidated Financial Results For The Second Quarter And Half Year Ended 30Th September 2026](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=25198064-5d58-41b7-b825-7ff61c17045a.pdf) | Outcome |
| 21 Oct 2026 | [Announcement under Regulation 30 (LODR)-Press Release / Media Release](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=23b38c72-a8df-4835-8e07-3c8988393f66.pdf) | General announcements |
| 21 Oct 2026 | [Announcement under Regulation 30 (LODR)-Investor Presentation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8a5a001f-7d95-42d1-8c82-253d988e74da.pdf) | — |
| 21 Oct 2026 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=e944c595-9f4c-4a41-9db2-73249e8b5233.pdf) | — |
| 13 Oct 2026 | [Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=d40ebceb-4ed1-4757-ba77-22466e21d422.pdf) | General announcements |
| 9 Oct 2026 | [Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=7e91853a-ea60-49ec-97f6-6b34ca9cecbf.pdf) | General announcements |
| 8 Oct 2026 | [Announcement under Regulation 30 (LODR)-Credit Rating](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=852c81d3-a4a3-46df-880a-07e9a58cd3b4.pdf) | General announcements |
| 2 Oct 2026 | [Announcement under Regulation 30 (LODR)-Monthly Business Updates](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=fbe01e58-c711-45e8-9bcf-2976129b8055.pdf) | General announcements |

## Frequently Asked Questions about Mahindra & Mahindra Financial Services

### What does Mahindra & Mahindra Financial Services Ltd do?

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.

### Where is Mahindra & Mahindra Financial Services Ltd (M&MFIN) listed?

Mahindra & Mahindra Financial Services Ltd trades as M&MFIN on the NSE and under code 532720 on the BSE.

### Which sector does Mahindra & Mahindra Financial Services Ltd belong to?

Mahindra & Mahindra Financial Services Ltd is classified under the Financial Services sector, in the NBFC industry.

### What is the PE ratio of Mahindra & Mahindra Financial Services Ltd?

Mahindra & Mahindra Financial Services Ltd trades at a PE ratio of 11.54 as of 4 Nov 2026, on earnings per share of ₹23.4, against a book value of ₹197.72 per share.

### What is the 52-week high and low of Mahindra & Mahindra Financial Services Ltd?

Over the last 52 weeks Mahindra & Mahindra Financial Services Ltd has traded between ₹253.4 and ₹415 as of 4 Nov 2026.

### Does Mahindra & Mahindra Financial Services Ltd pay dividends?

Mahindra & Mahindra Financial Services Ltd has a dividend yield of 2.84%.

### What is the Return on Equity (ROE) of Mahindra & Mahindra Financial Services Ltd?

Mahindra & Mahindra Financial Services Ltd reported a return on equity of 12.30%. Its debt-to-equity ratio is 4.82.

## 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.

- **Website:** https://mahindrafinance.com/
- **CEO:** Mr. Raul Rebello
- **Listed:** 17 Mar 2006
- **Face Value:** ₹2

---

Negative figures use an ASCII hyphen-minus (-) so they parse as numbers. Amounts are in Indian rupees; "Cr" is crore (10 million). Dates are Indian Standard Time.

Financial statements, shareholding and filings are as reported by the company. Price, volume and 52-week levels are market data. Technical indicators are computed by Tapetide from daily prices. The Tapetide Score is Tapetide’s own analysis. Analyst ratings and forecasts are the published estimates of third-party analysts, not company statements. The AI sections are generated text.

For research and information only, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Generated 5 Nov 2026, 07:04 IST.