MarketFriction

Mahindra & Mahindra Ltd

NSE M&M · BSE 500520 · Passenger Cars & Utility Vehicles
₹2,860.00 -3.05%
NSE close2026-10-01
52 week range2,896.00 - 3,839.90
Market cap₹3,66,965 Cr.
P/E19.1
Results 05-11 Nifty 50Nifty 100Nifty 200Nifty 500Nifty AutoNifty India Consumption No price band Delivery 58.9%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales34,43635,29935,45237,21837,92441,47042,59945,52946,10652,10054,98258,188
Expenses28,70629,07528,84829,97530,79033,23934,65837,11737,16641,93944,85547,360
Operating Profit5,7306,2246,6047,2437,1338,2317,9428,4128,94010,16010,12710,827
OPM %17%18%19%19%19%20%19%18%19%20%18%19%
Other Income8127567507331,1267191,1101,2101,1349761,1371,121
Interest1,8351,9451,9892,1082,2172,3622,3972,4312,3472,4052,4072,560
Depreciation1,1391,1231,3351,2481,3021,4952,0291,5481,6692,1631,9431,760
Profit before tax3,5683,9124,0304,6214,7405,0924,6275,6446,0586,5696,9147,628
Tax %30%24%22%23%29%29%23%22%35%24%24%21%
Net Profit2,4842,9773,1253,5463,3613,6243,5424,3773,9645,0215,2605,998
EPS in Rs18.8821.3822.1526.4025.5025.5826.5032.8429.5437.5937.5343.86
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales75,84183,77392,094104,72175,38274,27890,171121,362139,078159,211198,639211,375
Expenses65,75973,03878,86889,51465,22462,79175,488101,037114,186128,693161,659171,321
Operating Profit10,08210,73513,22615,20710,15811,48714,68320,32524,89230,51836,98040,054
OPM %13%13%14%15%13%15%16%17%18%19%19%19%
Other Income1,3992,0774,3662,6768851,1523,2043,9223,2983,7185,1184,369
Interest3,3683,6483,9875,0216,0216,1025,0185,8307,4889,0839,5919,720
Depreciation2,4422,8133,2803,9913,3673,3783,5084,3574,7246,0747,3227,535
Profit before tax5,6726,35010,3268,8711,6553,1589,36214,06015,97819,08025,18527,169
Tax %37%36%23%32%119%52%23%19%23%26%26%
Net Profit3,5544,0517,9586,017-3211,5127,25311,37412,27014,07318,62220,243
EPS in Rs25.3529.7760.4142.761.0214.5852.9182.6890.62103.97137.50148.52
Dividend Payout %21%22%11%17%205%54%20%18%21%22%22%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth10%22%18%26%
Compounded Profit Growth19%51%23%38%
Stock Price CAGR15%29%24%-14%
Return on Equity15%18%19%20%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital296270311543544554555556557557558559
Reserves25,56126,22229,46736,23239,43939,41541,02746,56755,80965,63376,48192,538
Borrowings37,91141,55348,76255,89870,84882,09280,62577,60592,647108,647129,025136,936
Other Liabilities30,60831,80635,29643,69651,05743,65542,76247,66155,27059,88469,95086,021
Total Liabilities94,37699,852113,835136,369161,889165,716164,968172,388204,283234,722276,013316,054
Fixed Assets19,04720,58520,98926,18228,98329,68921,38026,01827,14028,12934,63638,459
CWIP3,0322,3714,2794,2694,7606,8567,8736,7033,9698,0398,2987,740
Investments10,02711,60314,66216,01818,26819,21028,77830,06035,27235,20841,30940,324
Other Assets62,27065,29373,90589,900109,878109,960106,938109,607137,902163,345191,771229,531
Total Assets94,37699,852113,835136,369161,889165,716164,968172,388204,283234,722276,013316,054
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity1,0552,385183682-4,347-1,45717,9099,248-7,074-5,6303,17611,657
Cash from Investing Activity-4,357-5,506-5,875-5,467-7,174-6,870-19,686-3,252-8,866-5,615-18,616-17,680
Cash from Financing Activity1,6692,9676,1086,31413,1946,933406-5,88315,94612,28115,8345,391
Net Cash Flow-1,633-1544161,5291,672-1,394-1,37011361,037394-632
Free Cash Flow-3,661-1,729-4,780-5,109-11,546-8,25113,2833,328-13,241-15,303-6,6332,545
CFO/OP31%43%20%25%-9%8%172%74%-21%-7%26%48%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days282831343034302621201917
Inventory Days7274646474106918283817865
Days Payable97108107125127142147134118112118112
Cash Conversion Cycle3-6-11-27-23-3-26-27-13-11-21-30
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%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters19.33%19.33%18.58%18.55%18.53%18.48%18.45%18.43%18.43%18.43%18.45%18.44%
FIIs40.26%40.86%41.75%41.90%41.18%38.92%38.30%38.53%38.04%37.49%36.23%34.89%
DIIs26.79%26.26%26.13%26.18%27.04%29.22%29.77%29.57%29.95%30.39%31.37%32.58%
Government0.07%0.07%0.07%0.07%0.07%0.07%0.08%0.08%0.08%0.12%0.21%0.13%
Public9.73%9.71%9.70%9.57%9.44%9.66%9.78%9.77%9.93%10.03%10.25%10.47%
Others3.80%3.77%3.75%3.73%3.69%3.63%3.60%3.58%3.55%3.52%3.50%3.47%
No. of Shareholders6,75,6216,90,0067,21,6727,56,2597,99,5318,55,1758,95,6998,64,1898,81,1548,85,0619,41,4789,89,776

Fundamentals

Market Cap₹ 3,66,965 Cr.
Current Price₹ 2,951
Stock P/E19.1
Book Value₹ 749
ROCE15.1 %
ROE20.3 %
Dividend Yield1.13 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)26%
Compounded Profit Growth (TTM)38%
Consolidated figures.
Valuation
Market capRs 319,625 Cr
Enterprise valueRs 424,582 Cr
P/E (TTM)17.30x
Price to book3.43x
Price to sales1.51x
EV / EBITDA9.56x
EV / EBIT11.51x
EV / sales2.01x
Price to cash flow27.42x
Earnings yield5.78%
Dividend yield1.15%
P/E, 3-year average20.45x
P/B, 3-year average3.55x
P/E, 5-year average17.50x
P/B, 5-year average2.97x
Profitability
Operating margin (excl. other income)18.62%
Operating margin (incl. other income)21.19%
EBITDA margin21.02%
Pre-tax margin12.85%
Net profit margin8.74%
Net margin, latest quarter9.37%
ROE20.10%
ROCE15.95%
ROA5.78%
ROE, 3-year average18.85%
ROCE, 3-year average15.08%
ROA, 3-year average5.32%
ROE, 5-year average18.25%
ROCE, 5-year average14.28%
ROA, 5-year average5.07%
ROIC (approx.)13.77%
Tax rate26.06%
Other income / net worth5.50%
Growth
Sales growth (latest year)24.76%
Profit growth (latest year)32.25%
Sales CAGR, 3 years17.85%
Sales CAGR, 5 years21.74%
Profit CAGR, 3 years18.48%
Profit CAGR, 5 years56.65%
Sales growth QoQ5.83%
Profit growth QoQ16.86%
Sales growth YoY (latest quarter)27.80%
Profit growth YoY (latest quarter)33.58%
Per share
EPS (TTM)Rs 165.27
EPS (latest year)Rs 153.00
EPS (latest quarter)Rs 48.81
EPS, 3-year averageRs 123.30
EPS, 5-year averageRs 104.27
Book value per shareRs 833.03
Sales per shareRs 1,891.38
Cash flow per shareRs 104.31
Free cash flow per shareRs 22.77
Dividend per share (latest year)Rs 33.00
Dividend per share, 3-year averageRs 26.47
Dividend per share, 5-year averageRs 21.44
Dividends
Dividend payout21.57%
Dividend payout, 3-year average21.43%
Dividend payout, 5-year average20.28%
Efficiency
Asset turnover0.63x
Fixed asset turnover5.16x
Inventory turnover5.87x
Inventory days62 days
Debtor days17 days
Debtors turnover21.91x
Creditor days112 days
Cash conversion cycle-30 days
Working capital days-40 days
Leverage
Total debtRs 136,936 Cr
Cash and bankRs 31,979 Cr
Net debtRs 104,957 Cr
Debt to equity1.47x
Net debt / EBITDA2.36x
Interest coverage3.80x
Current ratio (filing 2026-03-31)1.27x
Quick ratio (filing 2026-03-31)1.08x
Trade payables (filing 2026-03-31)Rs 37,889 Cr
Owners' fund to total sources29.46%
Debt to assets43.33%
Cash flow
Cash from Operating Activity (latest year)Rs 11,657 Cr
Cash from Investing Activity (latest year)Rs -17,680 Cr
Cash from Financing Activity (latest year)Rs 5,391 Cr
Net Cash Flow (latest year)Rs -632 Cr
Free cash flow (latest year)Rs 2,545 Cr
FCFE (approx.: FCF + change in debt)Rs 10,456 Cr
Cash from ops / profit, 5 years0.18x
Sales to cash flow17.04x
Statement figures
Net sales (TTM)Rs 211,375 Cr
Net sales (latest year)Rs 198,639 Cr
Sales (latest quarter)Rs 58,188 Cr
Operating profit excl. other income (latest year)Rs 36,980 Cr
Operating profit (latest quarter)Rs 10,827 Cr
Other income (TTM)Rs 4,369 Cr
EBITDA (TTM)Rs 44,423 Cr
PBDT (TTM)Rs 34,704 Cr
Profit before tax (TTM)Rs 27,169 Cr
Tax (latest year)Rs 6,563 Cr
Net profit (TTM)Rs 18,470 Cr
Net profit (latest year)Rs 17,099 Cr
Net profit (latest quarter)Rs 5,455 Cr
Depreciation (TTM)Rs 7,535 Cr
Depreciation (latest quarter)Rs 1,760 Cr
Interest (TTM)Rs 9,720 Cr
Cost of goods sold (latest year)Rs 129,315 Cr
Total expenditure (latest year)Rs 161,659 Cr
Total income (latest year)Rs 203,756 Cr
Share capitalRs 559 Cr
ReservesRs 92,538 Cr
Shareholders' fundsRs 93,096 Cr
Total assetsRs 316,054 Cr
Net blockRs 38,459 Cr
Capital work in progressRs 7,740 Cr
InvestmentsRs 40,324 Cr
ReceivablesRs 9,064 Cr
InventoryRs 22,044 Cr
Other liabilitiesRs 86,021 Cr
Shares outstanding (crore)111.76
Ownership
Promoter holding18.44% (+0.01 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 17.3 is at the 29th percentile of its own 8.4-year range (median 21.2, low 6.0, high 63.8).
P/B 3.43 is at the 69th percentile (median 2.78).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodM&MNifty 50Difference
1 week-4.1%-2.8% -1.3 pts
1 month-12.2%-6.8% -5.5 pts
3 months-8.8%-7.6% -1.2 pts
6 months-3.2%+0.4% -3.6 pts
1 year-19.0%-9.9% -9.1 pts
2 years-6.2%-13.6% +7.3 pts
3 years+84.0%+14.2% +69.8 pts
5 years+245.5%+27.9% +217.6 pts
551 mutual fund schemes hold about ₹57,336 Cr. Over three months 450 bought more and 67 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Parag Parikh Flexi Cap Fund3.97%5,857 +23%
ICICI Pru Large Cap Fund2.47%1,982 +23%
Nippon India Large Cap Fund2.92%1,582 +39%
Axis Large Cap Fund3.99%1,252 +27%
Mirae Asset Large Cap Fund3.06%1,184 +18%
ICICI Pru India Opp Fund2.49%953 +14%
Aditya Birla SL Large Cap Fund3.20%952 +11%
HDFC Balanced Advantage Fund0.87%938 +16%
Nippon India Multi Cap Fund1.56%880 +103%
Axis ELSS-Tax Saver Fund2.57%841 +9%
ICICI Pru Flexi Cap Fund3.23%835 +145%
ICICI Pru Balanced Advantage Fund(M1.06%796 +23%
UTI Nifty 50 Index Fund2.66%784 +17%
SBI Automotive Opportunities Fund12.92%743 -8%
Canara Rob Large and Mid Cap Fund2.50%659 +2%
HDFC Nifty 50 Index Fund2.66%643 +17%
Invesco India Contra Fund3.06%632 -1%
Franklin India Flexi Cap Fund3.22%624 +30%
UTI Flexi Cap Fund2.53%611 +14%
ICICI Pru Equity Savings Fund(Q3.56%575 +13%
SBI Balanced Advantage Fund1.32%557 -10%
DSP Flexi Cap Fund4.28%535 +49%
Canara Rob Large Cap Fund3.12%533 +15%
UTI Transportation & Logistics Fund12.21%530 +7%
ICICI Pru Transportation and Logistics Fund12.63%520 +10%

Red flags

F-score 6 of 8
explainWeak cash conversion Cash from operations was 22% of net profit over the last 3 years
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2025-09-30Mahendra BhaleraoEmployees/Designated Employesell1,000Rs 0.34 CrMarket Sale
2025-09-29Sriram RamachandranEmployees/Designated Employesell476Rs 0.16 CrMarket Sale
2025-09-26Sriram RamachandranEmployees/Designated Employesell24Rs 0.01 CrMarket Sale
2025-09-24Vinod SahayEmployees/Designated Employesell301Rs 0.11 CrMarket Sale
2025-09-23Mahindra & Mahindra Employees' StoOtherother121,048Rs 0.06 CrESOP
2025-09-23ANISH DILIP SHAHDirectorother76,357Rs 27.61 CrESOP
2025-09-23Surender KalraEmployees/Designated Employeother1,670Rs 0.60 CrESOP
2025-09-23Abhay KulkarniEmployees/Designated Employeother1,000Rs 0.36 CrESOP
2025-09-23Ramesh RamachandranEmployees/Designated Employeother2,497Rs 0.90 CrESOP
2025-09-23Damodhar TotaEmployees/Designated Employeother1,003Rs 0.36 CrESOP
2025-09-23Vinod SahayEmployees/Designated Employeother1,039Rs 0.38 CrESOP
2025-09-23Sameer DesaiEmployees/Designated Employeother650Rs 0.24 CrESOP
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹58,188 Cr +27.8% vs Jun 2025. Net profit ₹5,998 Cr +37.0%.
Against our estimate for Jun 2026: sales +0.4%, profit +7.9% beat. Our estimate for Sep 2026: sales Rs 59,217 Cr, profit Rs 5,686 Cr (how).

Activity

Compare
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Maruti Suzuki India Ltd373,41626.018.9 %
Hyundai Motor India Ltd170,63434.538.4 %
Tata Motors Passenger Vehicles Ltd103,4741042.73 %
Force Motors Ltd22,27420.236.0 %
Olectra Greentech Ltd9,33252.621.0 %
Mercury EV-Tech Ltd7351612.64 %
Hindustan Motors Ltd31872.416.7 %
No bulk or block deals on record.
Ex-dateActionFactor
2026-07-03Dividend - Rs 33 Per Share
2025-07-04Dividend - Rs 25.30 Per Share
2024-07-05Annual General Meeting/Dividend - Rs 21.10 Per Share
2023-07-14Annual General Meeting/Dividend - Rs 16.25 Per Share
2022-07-14Annual General Meeting/Dividend - Rs 11.55 Per Share
2021-07-15 Annual General Meeting/Dividend - Rs 8.75 Per Share
2020-07-16 Annual General Meeting/Dividend - Rs 2.35 Per Share
2019-07-18 Annual General Meeting/Dividend - Rs 8.50 Per Share
2018-07-12 Annual General Meeting/Dividend- Rs 7.50 Per Share
2017-12-21 Bonus 1:10.5000
2017-07-13 Annual General Meeting/Dividend - Rs 13/- Per Share
2016-07-21 Annual General Meeting/ Dividend - Rs 12/- Per Share
2015-07-16Annual General Meeting/Dividend - Rs 12/- Per Share
2014-07-17Annual General Meeting / Dividend - Rs 13.50/- Per Share + Special Dividend - Re 0.50/- Per Share
2013-07-18Annual General Meeting/Dividend 12.50/-+Special Dividend 0.50/- Per Share
2012-07-12Annual General Meeting And Dividend - Rs.12.50 Per Share
2011-07-14Annual General Meeting/Final Dividend Rs.10.50 Per Share And Special Dividend Re.1/- Per Share
2010-07-08Annual General Meeting/Final Dividend Rs.8.75 Per Share And Special Dividend Re.0.75 Per Share (Purpose Revised)
2010-03-29Fv Split Rs.10 To Rs.50.5000
2009-07-09Agm/Div-Rs.10/- Per Sharepurpose Revised
2008-07-03Agm/Dividend - 115% Purpose Revised
2007-07-05Agm/Div Fin-25% + Spl-15%Purpose Revised
2007-03-23Interim Dividend-75% Purpose Revised
2006-06-29Agm/Div.-Fin.75%+Spl.25%
DateTypeWhat it says
2026-10-01Monthly updateMonthly Business Updates for the month of September 2026
2026-09-30UpdatesTransfer Of Equity Shares by Mahindra & Mahindra Employees Stock Option Trust to the Stock Option Grantees.
2026-09-30Concall / analyst meetSchedule of Investor Meet
2026-09-28Credit RatingCredit Rating
2026-09-22UpdatesTransfer of Equity Shares by Mahindra & Mahindra Employees Stock Option Trust to the Stock Option Grantees.
2026-09-22UpdatesThe sale of Equity Shares of the Company.
2026-09-22Concall / analyst meetParticipation in Investor Meeting
2026-09-21Concall / analyst meetParticipation in Analyst/Investor Meeting
2026-09-18Credit RatingCredit Rating
2026-09-15Concall / analyst meetSchedule of meet
2026-09-10Concall / analyst meetParticipation in Analyst/Investor Meeting
2026-09-09General UpdatesProduction, Sales and Export figures for the month of August 2026
2026-09-07Credit RatingCredit Rating
2026-09-04Concall / analyst meetSchedule of Analyst or Institutional Investor meet
2026-09-03General UpdatesIntimation Under Regulation 30 Of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ESG Ratings
2026-09-02Concall / analyst meetAbout
2026-09-01Press ReleaseA press release dated September 01, 2026, titled "Three Press Releases issued by Mahindra & Mahindra Limited ".
2026-08-31UpdatesTransfer of Equity Shares by Mahindra & Mahindra Employees Stock Option Trust to the Stock Option Grantees.
2026-08-28Press ReleaseA press note dated August 28, 2026, titled "Mahindra expands Battery-as-a-Service across its entire Electric Origin SUV Portfolio".
2026-08-26Concall / analyst meetSchedule of Investor Meet
2026-08-20Concall / analyst meetUpdate on Analyst/Investor Meeting
2026-08-19Concall / analyst meetParticipation in Investor Meeting
2026-08-19UpdatesTransfer of Equity Shares by Mahindra & Mahindra Employees Stock Option Trust to the Stock Option Grantees.
2026-08-18Concall / analyst meetSchedule of investor meet
2026-08-15Press ReleaseA press release dated August 15, 2026, titled "Mahindra introduces the BE 6 SPORTEQ, a bold new expression of sport, technology, and electric performa...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.62
Max pain (expiry 2026-10-27)3,000
Largest call open interest at3,000
Largest put open interest at3,000
Implied volatility, at the money24.2%
Underlying at snapshot2,860.00
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-30266
2026-09-29600
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2020-02-13CESTATMAHINDRA AND MAHINDRA LTD ---VS.--- COMMISSIONER, CENTRAL EXCISE & CGST-JAIPUR I
2019-12-13CESTATMAHINDRA AND MAHINDRA LTD ---VS.--- COMMISSIONER, CENTRAL EXCISE & CGST-JAIPUR I
2018-07-04CESTATMAHINDRA AND MAHINDRA LTD ---VS.--- MEERUT-II
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Mahindra & Mahindra Ltd?

Mahindra & Mahindra Ltd (M&M) has a market capitalisation of Rs 3,66,965 Cr. at the 2026-10-01 close.

What is the P/E ratio of Mahindra & Mahindra Ltd?

Mahindra & Mahindra Ltd trades at a P/E of 19.1 on trailing twelve-month profit, at the 2026-10-01 close.

What were Mahindra & Mahindra Ltd's latest quarterly results?

In the Jun 2026 quarter, Mahindra & Mahindra Ltd sales was Rs 58,188 Cr (+27.8% vs Jun 2025) and net profit was Rs 5,998 Cr.

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

The 52-week high is Rs 3,839.90 and the 52-week low is Rs 2,896.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03