Mahindra & Mahindra Ltd.
₹2,844.00-₹56.00 (-1.9%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹4,55,423 Cr
- P/E
- 32.5x
- EV / EBITDA
- 26.4x
- Revenue
- ₹1,18,625 Cr
- Net margin
- 10.5%
- ROCE
- 27.8%
Price chart
Technical chartScreen technicals →-18.8% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -3.5%
- 3M
- -13.3%
- 6M
- -8.2%
- 1Y
- -18.8%
- 5Y
- +225.8%
52-week range
Day change -₹56.00 (-1.9%) from ₹2,900 to ₹2,844 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in M&M, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Strong 5-year revenue CAGR of 17.4%
Concerns0
Rule-based from financial data. Not advice.
About the company
Mahindra & Mahindra Limited provides mobility products and farm solutions in India and internationally. It operates through five segments: Automotive; Farm Equipment; Auto Investments; Farm Investments; and Investments in Industrial Businesses and Consumer Services.
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Mahindra & Mahindra Limited provides mobility products and farm solutions in India and internationally. It operates through five segments: Automotive; Farm Equipment; Auto Investments; Farm Investments; and Investments in Industrial Businesses and Consumer Services. The company offers commercial vehicles, trucks, buses, vans, passenger cars, utility vehicles, and electric vehicles (EV), as well as motorcycles; aero and defense products; offers construction equipment, such as rotaries, tillers, loaders, and backhoes under the Mahindra EarthMaster brand; and road construction equipment comprising motor graders under the Mahindra RoadMaster brand. It is also involved in the provision of farm equipment, including tractors under the Mahindra, Swaraj, and Trakstar brands, as well as farm mechanization solutions, such as rotavators, cultivators, harvesters, rice transplanters, balers, sprayers, and implements and attachments; and renewable energy business comprising installation of EV chargers and provision of Li-ion batteries. In addition, the company offers financial services, such as fixed deposits, retail and other loans, leasing, SME finance, housing finance, mutual funds, and life and non-life insurance broking services, as well as vehicle and equipment financing; provides logistics services; power backup solutions, including diesel and gas generators; and technology services comprising business process, integrated engineering, infrastructure and cloud, network, application development and maintenance, supply chain digital transformation, and design services. Further, it engages in the sale of timeshare and vacation ownership through its resorts; develops and sells residential properties, and engages in the development, management, and operation of commercial complexes; and processing and trading of steel for automotive, non-automotive, and power industries. The company has a strategic partnership with Embraer S.A. for the development of C-390 Millennium multi-mission military transport aircraft in India. The company was incorporated in 1945 and is headquartered in Mumbai, India.
- Sector
- Automobiles & Components
- Shares outstanding
- 124 Cr shares
- ISIN
- INE101A01026
- BSE code
- 500520
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹4,55,423 Cr
- P/E
- 32.5x
- P/B
- 6.8x
- EV / EBITDA
- 26.4x
- EV / Sales
- 4.4x
- P/S
- 4.5x
- Earnings yield
- 3.1%
- 52-week high
- ₹3,801.80
- 52-week low
- ₹2,770.00
Profitability
- Operating margin
- 14.9%
- Net margin
- 10.5%
- EBITDA margin
- 16.9%
- ROE
- 20.4%
- ROCE
- 27.8%
- ROA
- 12.7%
- Dividend payout
- 24.0%
- Tax rate
- 21.0%
- Other income, % of PBT
- 14.5%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹1,18,625 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 17.1%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 17.4%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹17,086 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 47.8%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 11.4%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 51.6%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹11,474 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 25.7%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹612 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 10.5%
Solvency and efficiency
- Current ratio
- 2.12
- Debt / Equity
- 0.04
- Debt / Assets
- 0.02
- Debt / EBITDA
- 0.12
- Interest coverage
- 108.07
- Financial leverage
- 1.60
- CFO / Net profit
- 1.08
- Cash / Market cap
- 7.2%
- Cash per share
- ₹264.82
- Asset turnover
- 1.21
- Fixed asset turnover
- 5.69
- Capital intensity
- 0.18
- Debtor days
- 16 days
- Inventory turnover
- 7.60
- Cash conversion cycle
- -27 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹10 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹1.0 L Cr |
| Sales | Operating profit | ₹18,416 Cr |
| Operating profit | Interest | ₹250 Cr |
| Operating profit | Depreciation | ₹4,227 Cr |
| Operating profit | Profit before tax | ₹13,939 Cr |
| Other income | Profit before tax | ₹1,712 Cr |
| Profit before tax | Tax and other | ₹3,795 Cr |
| Profit before tax | Net profit | ₹11,855 Cr |
Revenue and net profit
Revenue grew 17.1% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹44,630 Cr | ₹984 Cr |
| FY2022 | ₹57,787 Cr | ₹4,870 Cr |
| FY2023 | ₹86,645 Cr | ₹6,549 Cr |
| FY2024 | ₹1.0 L Cr | ₹10,642 Cr |
| FY2025 | ₹1.2 L Cr | ₹11,855 Cr |
Cash flows
FY2025: ₹16,617 Cr from operations, ₹2,743 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹9,594 Cr | -₹4,970 Cr |
| FY2022 | ₹6,977 Cr | ₹3,016 Cr |
| FY2023 | ₹9,129 Cr | ₹4,376 Cr |
| FY2024 | ₹11,474 Cr | ₹6,113 Cr |
| FY2025 | ₹16,617 Cr | ₹2,743 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹1.2 L Cr+17.1%1Y
- Net profit
- ₹11,855 Cr+11.4%1Y
- Cash from operations
- ₹16,617 Cr
- Free cash flow
- ₹2,743 Cr-55.1%1Y
- Revenue CAGR, 5Y
- 17.4%
- EBITDA CAGR, 5Y
- 25.7%
- Net profit CAGR, 5Y
- 51.6%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹1.2 L Cr | ₹18,416 Cr | — | ₹11,855 Cr | ₹16,617 Cr | ₹2,743 Cr | 19.2% | +17.1% | +11.4% |
Monthly returns
Month-by-month returns of M&M across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹99,649 Cr |
| Equity capital | ₹600 Cr |
| Reserves | ₹60,985 Cr |
| Borrowings | ₹1,682 Cr |
| Other liabilities | ₹36,382 Cr |
| Assets | ₹99,649 Cr |
| Fixed assets | ₹19,651 Cr |
| Capital work in progress | ₹3,905 Cr |
| Investments | ₹35,468 Cr |
| Other assets | ₹40,625 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
M&M trades at 32.5x earnings against a peer median of 34.8x.
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| Mahindra & Mahindra Ltd.M&Mthis company | ₹4.6 L Cr | 32.5x | 6.8x | 20.4% | 26.4x |
| Maruti Suzuki India Ltd.MARUTI | ₹5.2 L Cr | 36.2x | 5.3x | 15.7% | 25.3x |
| Bajaj Auto LimitedBAJAJ-AUTO | ₹2.7 L Cr | 30.5x | 8.7x | 30.1% | 26.0x |
| Eicher Motors Ltd.EICHERMOT | ₹2.0 L Cr | 43.2x | 10.6x | — | — |
| HYUNDAI MOTOR INDIA LIMITEDHYUNDAI | ₹1.9 L Cr | 33.4x | 11.0x | 57.9% | 17.7x |
| TVS Motor Company Ltd.TVSMOTOR | ₹1.8 L Cr | 56.6x | 18.3x | 26.9% | 49.0x |
| Tata Motors LimitedTMCV | ₹1.6 L Cr | 578.0x | — | — | — |
| TATA MOTORS PASSENGER VEHICLES LIMITEDTMPV | ₹1.3 L Cr | 19.4x | 5.2x | 26.2% | 12.0x |
| Samvardhana Motherson International LimitedMOTHERSON | ₹1.2 L Cr | 65.4x | 3.2x | 3.0% | 73.9x |
| Peer median | — | 34.8x | 5.2x | 16.1% | 21.0x |
Year-to-date ROI
M&M since 1 January, against earlier years.
Historical volatility
M&M's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 16.0% |
| FY2022 | 12.0% |
| FY2023 | 14.0% |
| FY2024 | 15.0% |
| FY2025 | 16.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹1.2 L Cr |
| Costs | |
| Interest | ₹250 Cr |
| Expenses | ₹1.0 L Cr |
| Operating profitOperating Profit | ₹18,416 Cr |
| Other income and charges | |
| Profit before tax | ₹15,650 Cr |
| Tax | |
| Net profitNet Profit | ₹11,855 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹99,649 Cr |
| Equity capitalEquity Capital | ₹600 Cr |
| Reserves | ₹60,985 Cr |
| Borrowings | ₹1,682 Cr |
| Other liabilitiesOther Liabilities | ₹36,382 Cr |
| AssetsTotal Assets | ₹99,649 Cr |
| Fixed assetsFixed Assets | ₹19,651 Cr |
| Capital work in progressCWIP | ₹3,905 Cr |
| Investments | ₹35,468 Cr |
| Other assetsOther Assets | ₹40,625 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹16,617 Cr |
| Investing cash flowCash from Investing Activity | -₹13,874 Cr |
| Financing cash flowCash from Financing Activity | -₹3,355 Cr |
| Change in cashNet Cash Flow | -₹612 Cr |
Learn while you research
Academy chapters picked for Mahindra & Mahindra Ltd. and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 32.5, learn when high multiples are justified.6 min read
- 04 Sectors & IndustriesHow to classify and compare companies across sectors.6 min read
- 05 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read
- 06 How to Read a Cash-Flow StatementProfit can be manipulated; cash flow rarely lies.7 min read