MarketFriction

Mahindra & Mahindra Financial Services Ltd

NSE M&MFIN · BSE 532720 · Non Banking Financial Company (NBFC)
₹319.75 -1.57%
NSE close2026-10-01
52 week range269.50 - 415.00
Market cap₹45,035 Cr.
P/E13.5
Results 21-10 Nifty 200Nifty 500Nifty Midcap 100Midcap 150 Price band 20% Delivery 64.8%

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
Revenue3,8334,1004,2804,3164,4654,7974,8864,9915,0265,4505,5395,718
Interest1,7031,7981,8611,9602,0622,1752,2182,2802,1982,2362,2202,372
Expenses1,7241,4561,5201,6761,8301,3252,0011,9642,0151,9131,9872,034
Financing Profit4068469006795731,2976677468141,3011,3321,312
Financing Margin %11%21%21%16%13%27%14%15%16%24%24%23%
Other Income445068582819274339-1003729
Depreciation6769727679828586949611099
Profit before tax3838268966615231,2336097047591,1051,2591,242
Tax %25%25%25%25%25%26%25%25%25%25%25%25%
Net Profit287623671497390918456529566826940927
EPS in Rs2.024.484.823.582.806.603.293.804.065.936.756.66
Gross NPA %
Net NPA %
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue6,5867,1897,91010,42911,99512,38211,41912,82815,96318,51921,04121,733
Interest2,8683,1863,4364,4325,3915,3084,4175,0946,9598,4158,9349,026
Expenses2,4593,1232,5473,1294,9036,0465,3474,6966,2046,8327,8787,947
Financing Profit1,2588801,9272,8681,7021,0281,6543,0382,7993,2714,2294,760
Financing Margin %19%12%24%28%14%8%14%24%18%18%20%22%
Other Income12123349475747-86477-174
Depreciation46545576147151152226275321386399
Profit before tax1,2248381,9052,8411,6029341,5492,8042,5883,0273,8264,365
Tax %36%37%36%34%32%16%26%26%25%25%25%
Net Profit7875301,2161,8671,0867801,1502,0711,9432,2612,8613,260
EPS in Rs6.034.008.5313.157.735.568.1814.9113.9016.2720.5423.40
Dividend Payout %29%27%21%22%0%13%39%36%40%35%37%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth12%11%18%14%
Compounded Profit Growth14%35%12%46%
Stock Price CAGR4%13%4%19%
Return on Equity10%11%11%12%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital113113113123123123246247247247247278
Reserves5,8306,3566,8479,73211,14611,84615,53016,65018,31319,68621,28226,361
Borrowing29,23234,04440,64444,98658,80265,63465,10162,12681,42998,319119,093128,370
Other Liabilities3,4594,4945,6193,8894,5054,1894,7244,7875,0965,4633,4833,635
Total Liabilities38,63345,00753,22358,73074,57681,79385,60183,809105,085123,716144,105158,644
Fixed Assets1191291331472014553995158711,0081,2071,328
CWIP0010111223105667
Investments6541,1991,3742,3783,3275,34012,1268,65410,0639,59810,5907,407
Other Assets37,86043,67951,71456,20571,04675,99673,06474,63794,148113,004132,242149,902
Total Assets38,63345,00753,22358,73074,57681,79385,60183,809105,085123,716144,105158,644
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-3,970-4,957-6,467-8,510-12,078-3,1155,82618-17,395-18,449-15,602-12,772
Cash from Investing Activity34-440-97243-1,213-2,689-8,3483,112-1,6352,671-1,077770
Cash from Financing Activity3,9075,4316,7668,17413,4906,0502,548-3,17318,85216,09517,60510,637
Net Cash Flow-2934202-9319924526-43-179317927-1,365
Free Cash Flow-4,009-5,010-6,529-8,579-12,211-3,2315,785-276-17,794-18,719-15,975-13,120
CFO/OP-83%-104%-146%-146%-154%-36%102%10%-207%-181%-126%-91%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %16%12%8%14%17%9%5%7%12%10%11%12%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters52.16%52.16%52.16%52.16%52.16%52.16%52.16%52.49%52.49%52.49%52.49%52.49%
FIIs14.10%12.72%11.95%10.08%10.19%10.49%10.68%9.33%9.59%9.11%9.40%9.53%
DIIs25.84%26.96%28.61%30.66%31.58%31.17%31.31%32.33%32.29%32.34%32.09%31.48%
Public7.79%8.06%7.18%7.00%6.01%6.14%5.81%5.79%5.58%6.02%5.98%6.46%
Others0.14%0.10%0.09%0.09%0.07%0.06%0.05%0.05%0.04%0.04%0.03%0.03%
No. of Shareholders2,19,5102,39,3722,27,5122,24,2732,11,0512,24,4152,17,6202,27,1412,22,5262,43,0192,36,2522,41,776

Fundamentals

Market Cap₹ 45,035 Cr.
Current Price₹ 324
Stock P/E13.5
Book Value₹ 192
ROCE8.72 %
ROE12.3 %
Dividend Yield2.28 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)14%
Compounded Profit Growth (TTM)46%
Consolidated figures.
Valuation
Market capRs 44,444 Cr
Enterprise valueRs 165,247 Cr
P/E (TTM)13.66x
Price to book1.67x
Price to sales2.04x
EV / EBITDA11.98x
EV / EBIT12.34x
EV / sales7.60x
Earnings yield7.32%
Dividend yield2.34%
P/E, 3-year average15.43x
P/B, 3-year average1.58x
P/E, 5-year average15.30x
P/B, 5-year average1.48x
Profitability
Operating margin (excl. other income)62.56%
Operating margin (incl. other income)62.48%
EBITDA margin63.45%
Pre-tax margin20.08%
Net profit margin14.97%
Net margin, latest quarter16.20%
ROE11.85%
ROCE8.63%
ROA1.89%
ROE, 3-year average10.93%
ROCE, 3-year average8.74%
ROA, 3-year average1.75%
ROE, 5-year average10.29%
ROCE, 5-year average8.50%
ROA, 5-year average1.76%
ROIC (approx.)6.79%
Tax rate25.22%
Other income / net worth-0.06%
Growth
Sales growth (latest year)13.62%
Profit growth (latest year)26.20%
Sales CAGR, 3 years17.93%
Sales CAGR, 5 years11.19%
Profit CAGR, 3 years11.26%
Profit CAGR, 5 years29.85%
Sales growth QoQ3.23%
Profit growth QoQ-1.28%
Sales growth YoY (latest quarter)14.57%
Profit growth YoY (latest quarter)75.43%
Per share
EPS (TTM)Rs 23.40
EPS (latest year)Rs 20.54
EPS (latest quarter)Rs 6.66
EPS, 3-year averageRs 18.17
EPS, 5-year averageRs 16.10
Book value per shareRs 191.65
Sales per shareRs 156.35
Cash flow per shareRs -91.89
Free cash flow per shareRs -94.39
Dividend per share (latest year)Rs 7.50
Dividend per share, 3-year averageRs 6.76
Dividend per share, 5-year averageRs 5.98
Dividends
Dividend payout36.51%
Dividend payout, 3-year average37.41%
Dividend payout, 5-year average37.40%
Efficiency
Asset turnover0.13x
Fixed asset turnover15.84x
Debtor days6 days
Debtors turnover64.59x
Leverage
Total debtRs 128,370 Cr
Cash and bankRs 7,568 Cr
Net debtRs 120,802 Cr
Debt to equity4.82x
Net debt / EBITDA8.76x
Interest coverage1.48x
Owners' fund to total sources16.79%
Debt to assets80.92%
Cash flow
Cash from Operating Activity (latest year)Rs -12,772 Cr
Cash from Investing Activity (latest year)Rs 770 Cr
Cash from Financing Activity (latest year)Rs 10,637 Cr
Net Cash Flow (latest year)Rs -1,365 Cr
Free cash flow (latest year)Rs -13,120 Cr
FCFE (approx.: FCF + change in debt)Rs -3,843 Cr
Cash from ops / profit, 5 years-6.24x
Statement figures
Net sales (TTM)Rs 21,733 Cr
Net sales (latest year)Rs 21,041 Cr
Sales (latest quarter)Rs 5,718 Cr
Operating profit excl. other income (latest year)Rs 13,163 Cr
Operating profit (latest quarter)Rs 3,684 Cr
Other income (TTM)Rs 4 Cr
EBITDA (TTM)Rs 13,790 Cr
PBDT (TTM)Rs 4,764 Cr
Profit before tax (TTM)Rs 4,365 Cr
Tax (latest year)Rs 965 Cr
Net profit (TTM)Rs 3,253 Cr
Net profit (latest year)Rs 2,855 Cr
Net profit (latest quarter)Rs 926 Cr
Depreciation (TTM)Rs 399 Cr
Depreciation (latest quarter)Rs 99 Cr
Interest (TTM)Rs 9,026 Cr
Cost of goods sold (latest year)Rs 1,716 Cr
Total expenditure (latest year)Rs 7,878 Cr
Total income (latest year)Rs 21,023 Cr
Share capitalRs 278 Cr
ReservesRs 26,361 Cr
Shareholders' fundsRs 26,639 Cr
Total assetsRs 158,644 Cr
Net blockRs 1,328 Cr
Capital work in progressRs 7 Cr
InvestmentsRs 7,407 Cr
ReceivablesRs 326 Cr
Other liabilitiesRs 3,635 Cr
Shares outstanding (crore)139.00
Ownership
Promoter holding52.49% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 13.7 is at the 3th percentile of its own 9.4-year range (median 21.8, low 7.1, high 95.7).
P/B 1.67 is at the 24th percentile (median 2.03).
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&MFINNifty 50Difference
1 week-5.9%-2.8% -3.1 pts
1 month-12.3%-6.8% -5.5 pts
3 months-4.3%-7.6% +3.3 pts
6 months+11.8%+0.4% +11.4 pts
1 year+14.4%-9.9% +24.3 pts
2 years-3.7%-13.6% +9.9 pts
3 years+6.1%+14.2% -8.1 pts
5 years+71.6%+27.9% +43.7 pts
127 mutual fund schemes hold about ₹9,877 Cr. Over three months 105 bought more and 20 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Mid Cap Fund2.28%2,466 +15%
SBI Contra Fund2.12%1,007 +23%
SBI Balanced Advantage Fund1.16%492 +23%
Sundaram Mid Cap Fund2.94%436 +16%
Sundaram Mid Cap Fund2.94%426 +16%
Nippon India Growth Mid Cap Fund0.75%392 +16%
HSBC Midcap Fund2.27%391 +31%
HDFC Large & Mid Cap Fund1.21%367 +19%
SBI Multi Asset Allocation Fund(A1.65%344 +14%
SBI Midcap Fund1.20%293 -29%
SBI Midcap Fund1.20%291 -29%
Bandhan Value Fund2.06%205 +17%
Franklin India Mid Cap Fund1.47%192 -28%
Bandhan Large & Mid Cap Fund0.89%186 +41%
HSBC Value Fund1.13%174 +100%
Tata Large & Mid Cap Fund2.23%172 +1%
UTI Value Fund1.60%153 +11%
Bandhan ELSS-Tax Saver Fund2.14%149 +14%
Nippon India Vision Large & Mid Cap Fund1.88%149 +98%
Axis Large & Mid Cap Fund0.68%118 +17%
Axis Large & Mid Cap Fund0.68%115 +17%
Axis Midcap Fund0.30%102 +100%
HSBC Multi Cap Fund1.33%80 +100%
HSBC Large & Mid Cap Fund1.35%80 +224%
SBI Quant Fund2.37%69 +100%

Red flags

F-score 5 of 8
explainWeak cash conversion Cash from operations was -664% of net profit over the last 3 years
explainLow interest cover Interest cover 1.4x in 2026
lookRegulator order or action Regulator order or action 2026-02-27: Mahindra & Mahindra Financial Services Limited has informed the Exchange about - Intimation under Regulation 30 of the SEBI (Listing Obligat
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
2025-12-30Debasish KarEmployees/Designated Employesell7,000Rs 0.28 CrMarket Sale
2025-12-29Anuraag BindalEmployees/Designated Employeother3,393Rs 0.13 CrESOP
2025-12-29Rahul Bhalchandra PitaleEmployees/Designated Employeother1,896Rs 0.07 CrESOP
2025-12-29Shailesh RaoEmployees/Designated Employeother4,673Rs 0.18 CrESOP
2025-12-29Mahindra & Mahindra Financial ServOtherother21,022Rs 0.81 CrESOP
2025-11-27R SundarEmployees/Designated Employesell4,500Rs 0.16 CrMarket Sale
2025-11-26Sandeep MandrekarEmployees/Designated Employeother11,750Rs 0.41 CrESOP
2025-11-26Debasish KarEmployees/Designated Employeother4,244Rs 0.15 CrESOP
2025-11-26Kapil ToshniwalEmployees/Designated Employeother3,208Rs 0.11 CrESOP
2025-11-26BRIJBALA MOHANLAL BATWALEmployees/Designated Employeother3,749Rs 0.13 CrESOP
2025-11-26DEEPA RANJEETEmployees/Designated Employeother6,527Rs 0.23 CrESOP
2025-11-26Manish SinhaEmployees/Designated Employeother10,326Rs 0.36 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
Revenue ₹5,718 Cr +14.6% vs Jun 2025. Net profit ₹927 Cr +75.2%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-13Dividend - Rs 7.50 Per Share
2025-07-15Dividend - Rs 6.50 Per Share
2025-05-14Rights 1:8 @ Premium Rs 192/-
2024-07-16Annual General Meeting/Dividend - Rs 6.30 Per Share
2023-07-21Annual General Meeting/Dividend - Rs 6 Per Share
2022-07-20Annual General Meeting/Dividend - Rs 3.60 Per Share
2021-07-16 Annual General Meeting/Dividend - Rs 0.80 Per Share
2020-07-22Inferred from price: close fell to 0.675x overnight, no NSE action on record0.6667
2020-07-22 Rights 1:1 @ Premium Rs 48/-
2019-07-15 Annual General Meeting/Dividend - Rs 4 Per Share/ Special Dividend - Rs 2.5 Per Share
2018-07-19 Annual General Meeting/Dividend - Rs 4 Per Share
2017-07-14 Annual General Meeting/Dividend - Rs 2.40 Per Share
2016-07-14 Annual General Meeting/ Dividend -Rs 4/- Per Share
2015-07-02Annual General Meeting/Dividend - Rs 4/- Per Share
2014-07-03Annual General Meeting / Dividend - Rs 3.80/- Per Share
2013-07-04Annual General Meeting/Dividend - Final Rs.3.40 + Special Re.0.20 Per Share
2013-02-15Face Value Split Rs 10 To Rs 20.2000
2012-07-05Annual General Meeting And Dividend Rs.14/- Per Share
2011-07-07Annual General Meeting And Dividend Rs.10/- Per Share
2010-06-30Agm/Div-Rs.7.50 Per Share
2009-07-02Agm/Div-Rs.5.50 Per Share
2008-06-26Agm/Dividend - 45%
2007-06-28Agm/Final Dividend-20%
2007-03-26Interim Dividend-20% Purpose Revised
2006-06-15Agm/Dividend-20%
DateTypeWhat it says
2026-10-02General UpdatesQuarterly Business Update for Q2FY27
2026-09-29AllotmentAllotment of 125000 NCDs at its meeting held on September 29, 2026
2026-09-25UpdatesESOP Transfer
2026-09-24Issue of SecuritiesIssue of NCDs
2026-09-22General UpdatesESG Rating
2026-09-21UpdatesESOP Transfer.
2026-09-17Concall / analyst meetSchedule of Investor Conference
2026-09-15Concall / analyst meetSchedule of Analyst meet
2026-09-08Credit RatingCredit Rating
2026-09-05Concall / analyst meetSchedule of Investor Conference
2026-09-03ESOPAllotment of Equity Shares to Mahindra & Mahindra Financial Services Limited Employees Stock Option Trust
2026-09-03General UpdatesESG Rating
2026-08-28UpdatesTransfer of Equity Shares from Mahindra & Mahindra Financial Services Limited Employees Stock Option Trust to eligible persons..
2026-08-27Concall / analyst meetSchedule of Investor Conference
2026-08-12Concall / analyst meetSchedule of Investor Conference
2026-08-10Concall / analyst meetSchedule of Investor Conference
2026-08-07Credit RatingCredit Rating
2026-08-05Amalgamation/MergerOutcome of Board Meeting - Scheme of Merger
2026-07-29General UpdatesESG Rating
2026-07-27Concall / analyst meetEarnings Call Transcript - Q1 FY27
2026-07-23Shareholder meetingMahindra & Mahindra Financial Services Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 21, 2026 a...
2026-07-21Concall / analyst meetLink of Audio Recording - Q1 FY2027 Earnings Conference Call
2026-07-21Shareholder meetingProceedings of Annual General Meeting held on Tuesday, 21st July 2026.
2026-07-21Credit RatingCredit Rating
2026-07-21Investor PresentationInvestor Presentation
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-04-20NCLTM/s. Mahindra & Mahindra Financial Services Ltd Vs Delhi Baroda Road Corporate Carrier Pvt Ltd.
2021-04-13NCLTM/s. Mahindra & Mahindra Financial Services Ltd Vs Delhi Baroda Road Corporate Carrier Pvt Ltd.
2021-02-16NCLTM/s. Mahindra & Mahindra Financial Services Ltd Vs Delhi Baroda Road Corporate Carrier Pvt Ltd.
2020-12-22NCLTM/s. Mahindra & Mahindra Financial Services Ltd Vs Delhi Baroda Road Corporate Carrier Pvt Ltd.
2020-12-16NCLTM/s. Mahindra & Mahindra Financial Services Ltd Vs Delhi Baroda Road Corporate Carrier Pvt Ltd.
2020-10-22NCLTM/s. Mahindra & Mahindra Financial Services Ltd Vs Delhi Baroda Road Corporate Carrier Pvt Ltd.
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.
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03