M&M

M & M share price & financials

India's No.1 SUV, tractor and <3.5T commercial-vehicle maker, flagship of the Mahindra Group

Price: ₹3,076.5
Market cap: ₹3.9L Cr
Sector: Automobile and Auto Components
Calls analysed: 8

Open M & M in Inve Case →

Latest concall · Q1 FY27 · call held 30 Jul 2026

M & M Q1 FY27

ROE 23%

What went well

Consolidated profit up 34% YoY, achieving a 23% ROE.
Overall revenue increased 28% YoY, with Auto revenue up 32% and Farm revenue up 15%.
Mahindra Finance profits grew 78% and Tech Mahindra profits increased 28%.

What to watch

Auto margins faced a 400-500 bps impact from commodity price increases in Q1, including an 85 bps hedging loss.
Farm sector profitability experienced a 'temporary blip' due to unhedgeable steel (up 24%) and rubber (up 30%, 53% since calendar year start) inflation.

Read the full call →

What M & M does

Mahindra & Mahindra is the flagship listed company of the Mahindra Group, with core businesses in mobility products and farm solutions. It designs, manufactures and sells SUVs, pickups, light and heavy commercial vehicles, tractors, farm machinery, electric SUVs and three-wheelers, two-wheelers, gensets and construction equipment, having assembled its first vehicle in 1947. Through consolidated subsidiaries it also operates in financial services, IT services, logistics, hospitality and real estate. It earns primarily by manufacturing and selling vehicles and tractors, and from the profits of its group businesses.

Segments

Automotive
Farm Equipment
Financial Services
IT Services
Growth Gems

SUV market position: No.1 in India by revenue market share
Tractor market position: World's largest and India's No.1 by volume
LCV (<3.5T) market position: No.1 in India by volume
Electric 3-wheeler market position: No.1 in India
Automotive units sold (FY25): 941,115
Farm-equipment units sold (FY25): 424,641

Founded 1945Headquarters Mumbai, Maharashtra, IndiaEmployees 3,24,000 (31 March 2025 (Mahindra ) Company website

Guidance record · Q1 FY27

updates from the last two tracked quarters 29 tracked 8 delivered 1 missed 20 open

SUV Volume Growth FY25 delivered said Q1 FY25 Promised: Mid-to-high teens Q1 FY27: Historical promise, no new updates.
LCV Volume Growth FY26 went quiet said Q2 FY26 Promised: Low double digits Q1 FY27: Historical promise, no new updates.
Long-term EPS Growth on track said Q1 FY25 Promised: 15-20% on a longer term basis Q1 FY27: Reported EPS growth of 34% YoY, continuing to significantly outperform the long-term target.

All 29 tracked — see the targets, revisions and supporting evidence.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 22.9%, net profit up 6.8% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	28,919	30,964	31,609	34,143	35,080 +21%	38,942 +26%	39,601 +25%	41,959 +23%
Expenses	23,649	26,070	26,671	29,199	28,560	32,849	33,990	36,809
EBITDA	5,270	4,894	4,938	4,944	6,520 +24%	6,092 +24%	5,611 +14%	5,150 +4%
Margin	18%	16%	16%	14%	19%	16%	14%	12%
Other income	677	181	-206	583	649	225	542	776
Interest	55	61	81	56	59	63	72	100
Depreciation	961	1,045	1,306	1,000	1,041	1,052	1,201	1,050
Profit before tax	4,931	3,968	3,345	4,471	6,069 +23%	5,202 +31%	4,881 +46%	4,776 +7%
Tax rate	22%	25%	27%	23%	26%	24%	23%	23%
Net profit	3,841	2,964	2,437	3,450	4,521 +18%	3,931 +33%	3,737 +53%	3,685 +7%
EPS	30.89	23.84	19.60	27.74	36.35	31.61	30.05	29.63

How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −14.7% 1Y

1Y: ₹3,608 on 16 Sept 2025 → ₹3,076.5. High ₹3,802.4 (2 Jan 2026), low ₹2,931.1 (13 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: +1.9%; 30 Jul
Q4 FY26: +3.4%; 5 May
Q3 FY26: −0.0%; 11 Feb
Q2 FY26: +0.9%; 4 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Valuation and ratios

Current values use the same calculations as the financial screener. Compare FY and TTM where available. Each ratio shows its reporting period.

Return on capital employed: 16.32%; TTM to Jun 2026; How it is calculated

Adjusted EBIT ÷ average capital employed, including minority equity and deposits.; 15.10%; FY ending Mar 2026; How it is calculated

Adjusted EBIT ÷ average capital employed, including minority equity and deposits.
Return on equity: 22.54%; TTM to Jun 2026; How it is calculated

Adjusted profit attributable to owners ÷ average owners’ equity.; 20.33%; FY ending Mar 2026; How it is calculated

Adjusted profit attributable to owners ÷ average owners’ equity.
Return on assets: 7.10%; TTM to Jun 2026; How it is calculated

Total profit excluding exceptional items after tax ÷ average total assets.; 6.36%; FY ending Mar 2026; How it is calculated

Total profit excluding exceptional items after tax ÷ average total assets.
Operating margin (EBITDA): 18.95%; TTM to Jun 2026; How it is calculated

Operating profit ÷ revenue.; 18.62%; FY ending Mar 2026; How it is calculated

Operating profit ÷ revenue.
Net margin: 9.94%; TTM to Jun 2026; How it is calculated

Total profit excluding exceptional items after tax ÷ revenue.; 9.48%; FY ending Mar 2026; How it is calculated

Total profit excluding exceptional items after tax ÷ revenue.
Free cash flow margin: 1.28%; FY ending Mar 2026; How it is calculated

(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Cash conversion (CFO/PAT): 62.60%; FY ending Mar 2026; How it is calculated

Operating cash flow ÷ reported total net profit.
Capex intensity: 4.84%; FY ending Mar 2026; How it is calculated

Fixed-asset purchases ÷ revenue.
Revenue growth (YoY): 26.18%; TTM to Jun 2026; How it is calculated

Revenue change against the same period one year earlier.; 24.76%; FY ending Mar 2026; How it is calculated

Revenue change against the same period one year earlier.
PAT growth (YoY): 38.11%; TTM to Jun 2026; How it is calculated

Adjusted profit attributable to owners vs the same period one year earlier.; 33.77%; FY ending Mar 2026; How it is calculated

Adjusted profit attributable to owners vs the same period one year earlier.
EBITDA growth (YoY): 26.28%; TTM to Jun 2026; How it is calculated

Operating profit vs the same period one year earlier.; 21.17%; FY ending Mar 2026; How it is calculated

Operating profit vs the same period one year earlier.
Debt to equity: 1.47×; FY ending Mar 2026; How it is calculated

Borrowings ÷ owners’ equity.
Interest coverage: 3.90×; TTM to Jun 2026; How it is calculated

Adjusted EBIT ÷ interest expense.; 3.66×; FY ending Mar 2026; How it is calculated

Adjusted EBIT ÷ interest expense.
Asset turnover: 0.71×; TTM to Jun 2026; How it is calculated

Revenue ÷ average total assets.; 0.67×; FY ending Mar 2026; How it is calculated

Revenue ÷ average total assets.
Net debt: ₹1,04,957.00 Cr; FY ending Mar 2026; How it is calculated

Borrowings less cash equivalents.
Net debt / EBITDA: 2.31×; TTM to Jun 2026; How it is calculated

(Borrowings − cash equivalents) ÷ adjusted EBITDA.; 2.48×; FY ending Mar 2026; How it is calculated

(Borrowings − cash equivalents) ÷ adjusted EBITDA.
Financial leverage (average assets/equity): 3.18×; FY ending Mar 2026; How it is calculated

Average total assets ÷ closing owners’ equity.
Net interest income: —; TTM to Jun 2026; How it is calculated

Interest earned less interest expense.; —; FY ending Mar 2026; How it is calculated

Interest earned less interest expense.
Deposit growth: —; FY ending Mar 2026; How it is calculated

Deposits vs the same period one year earlier.
Price to earnings: 20.26×; TTM to Jun 2026; How it is calculated

Current market cap ÷ adjusted profit attributable to owners for the selected income period. Uses current market cap, not the share price at the period end.; 22.47×; FY ending Mar 2026; How it is calculated

Current market cap ÷ adjusted profit attributable to owners for the selected income period. Uses current market cap, not the share price at the period end.
Price to book: 4.17×; TTM to Jun 2026; How it is calculated

Market cap ÷ owners’ equity from the balance sheet selected for the TTM inputs. Uses current market cap, not the share price at the period end.
EV / EBITDA: 10.86×; TTM to Jun 2026; How it is calculated

(Market cap + borrowings + deposits − cash equivalents) ÷ adjusted EBITDA. Uses current market cap, not the share price at the period end.; 11.64×; FY ending Mar 2026; How it is calculated

(Market cap + borrowings + deposits − cash equivalents) ÷ adjusted EBITDA. Uses current market cap, not the share price at the period end.
Earnings yield: 7.68%; TTM to Jun 2026; How it is calculated

Adjusted EBIT ÷ enterprise value. Uses current market cap, not the share price at the period end.; 7.11%; FY ending Mar 2026; How it is calculated

Adjusted EBIT ÷ enterprise value. Uses current market cap, not the share price at the period end.
Debtor days: 17.00 days; FY ending Mar 2026; How it is calculated

Reported receivable days from the annual accounts.
Inventory days: 65.00 days; FY ending Mar 2026; How it is calculated

Reported inventory days, using material cost / cost of goods sold.
Days payable: 112.00 days; FY ending Mar 2026; How it is calculated

Reported payable days, using material cost / cost of goods sold.
Cash conversion cycle: -30.00 days; FY ending Mar 2026; How it is calculated

Reported debtor days plus inventory days less payable days.
Working capital days: -40.00 days; FY ending Mar 2026; How it is calculated

Reported net working capital days from the annual accounts.
Dividend payout: 22.00%; FY ending Mar 2026; How it is calculated

Reported dividend payout as a percentage of annual profit.
Market cap: ₹3,88,615.00 Cr; Current market cap; How it is calculated

Market capitalisation from the current stock record.

A dash means inputs are missing or too old, the ratio does not apply, or the value is outside our supported range. FY uses the reported fiscal period; TTM uses the latest twelve months. Valuations use current market cap with the selected earnings period.

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Annual ratio history

Period ending	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Return on capital employed	7.98%	10.51%	12.67%	13.57%	13.93%	15.10%
Return on equity	5.47%	14.17%	18.11%	18.39%	18.05%	20.33%
Return on assets	1.17%	4.11%	5.51%	5.59%	5.51%	6.36%
Operating margin (EBITDA)	15.46%	16.28%	16.75%	17.90%	19.17%	18.62%
Net margin	2.60%	7.69%	8.54%	8.82%	8.84%	9.48%
Free cash flow margin	17.88%	3.69%	-10.91%	-11.00%	-4.17%	1.28%
Cash conversion (CFO/PAT)	—	127.51%	-62.19%	-45.88%	22.57%	62.60%
Capex intensity	8.06%	6.70%	5.20%	7.15%	6.53%	4.84%
Revenue growth (YoY)	-1.46%	21.40%	34.59%	14.60%	14.48%	24.76%
PAT growth (YoY)	—	181.75%	49.09%	20.25%	14.73%	33.77%
EBITDA growth (YoY)	13.08%	27.82%	38.43%	22.47%	22.60%	21.17%
Debt to equity	1.94×	1.65×	1.64×	1.64×	1.67×	1.47×
Interest coverage	1.71×	2.78×	3.20×	3.13×	3.10×	3.66×
Asset turnover	0.45×	0.53×	0.64×	0.63×	0.62×	0.67×
Net debt	₹67,773.00 Cr	₹66,487.00 Cr	₹81,374.00 Cr	₹96,634.00 Cr	₹1,08,410.00 Cr	₹1,04,957.00 Cr
Net debt / EBITDA	4.91×	3.80×	3.54×	3.43×	3.17×	2.48×
Financial leverage (average assets/equity)	3.98×	3.58×	3.34×	3.32×	3.31×	3.18×
Net interest income	—	—	—	—	—	—
Deposit growth	—	—	—	—	—	—
Debtor days	30.00 days	26.00 days	21.00 days	20.00 days	19.00 days	17.00 days
Inventory days	91.00 days	82.00 days	83.00 days	81.00 days	78.00 days	65.00 days
Days payable	147.00 days	134.00 days	118.00 days	112.00 days	118.00 days	112.00 days
Cash conversion cycle	-26.00 days	-27.00 days	-13.00 days	-11.00 days	-21.00 days	-30.00 days
Working capital days	-11.00 days	-13.00 days	-14.00 days	-8.00 days	-14.00 days	-40.00 days
Dividend payout	54.00%	20.00%	18.00%	21.00%	22.00%	22.00%

The same formulas applied to each reported year. Periods longer or shorter than twelve months are labelled and are not annualised. Current prices are not used for historical valuations.

Financials, as filed

Year ending	FY23	FY24	FY25	FY26
Revenue	₹111.5k Cr	₹101.3k Cr	₹118.6k Cr	₹147.8k Cr
Operating profit	₹17.6k Cr	₹15.1k Cr	₹19.2k Cr	₹23.2k Cr
Interest	₹4.3k Cr	₹141 Cr	₹250 Cr	₹250 Cr
Depreciation	₹4.0k Cr	₹3.5k Cr	₹4.2k Cr	₹4.3k Cr
Net profit	₹9.9k Cr	₹10.6k Cr	₹11.9k Cr	₹15.6k Cr

How to read this

Reported financial amounts. Ratios and their reporting periods are shown above.

Balance sheet

Year ending	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sept 2025	Mar 2026
Equity capital	₹598 Cr	₹599 Cr	₹600 Cr	₹600 Cr	₹558 Cr	₹601 Cr
Reserves	₹37.6k Cr	₹42.8k Cr	₹51.7k Cr	₹61.0k Cr	₹82.3k Cr	₹73.7k Cr
Borrowings	₹6.7k Cr	₹5.0k Cr	₹2.1k Cr	₹1.7k Cr	₹126.7k Cr	₹1.7k Cr
Other liabilities	₹21.7k Cr	₹27.4k Cr	₹29.4k Cr	₹36.4k Cr	₹83.4k Cr	₹44.6k Cr
Total liabilities	₹66.6k Cr	₹75.8k Cr	₹83.7k Cr	₹99.6k Cr	₹292.9k Cr	₹120.6k Cr
Fixed assets	₹14.9k Cr	₹17.0k Cr	₹17.8k Cr	₹19.7k Cr	₹41.9k Cr	₹19.7k Cr
Capital work in progress	₹5.3k Cr	₹2.8k Cr	₹3.8k Cr	₹3.9k Cr	₹2.6k Cr	₹5.3k Cr
Investments	₹24.2k Cr	₹27.1k Cr	₹29.2k Cr	₹35.5k Cr	₹36.3k Cr	₹42.0k Cr
Other assets	₹22.2k Cr	₹28.9k Cr	₹32.9k Cr	₹40.6k Cr	₹212.2k Cr	₹53.6k Cr
Total assets	₹66.6k Cr	₹75.8k Cr	₹83.7k Cr	₹99.6k Cr	₹292.9k Cr	₹120.6k Cr

How to read this

As filed on each reporting date, including interim balance sheets. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −3.64 pp while DIIs added +3.01 pp. The shareholder count grew 15% to 9,89,776.

Promoters: 18.4%
FIIs: 34.9%
DIIs: 32.6%
Government: 0.1%
Public: 10.5%
Others: 3.5%

Since Jun 2025

FIIs −3.64 pp
DIIs +3.01 pp
Public +0.70 pp

How it drifted, 12 quarters

Over this window DIIs went from 26.8% to 32.6% — +5.8 pp.

Sep '23Dec '24Jun '26

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Large Cap Fund With Sub Accounts Mutual fund newly disclosed 1.07% held
ICICI Prudential Large Cap Fund With Sub Accounts Mutual fund +0.34 pp 2.65% held
Parag Parikh Flexi Cap Fund With Sub Accounts Mutual fund +0.17 pp 1.44% held
SBI Nifty 50 ETF With Sub Accounts Mutual fund +0.10 pp 3.09% held
SBI Life Insurance Co. Ltd Insurer +0.09 pp 1.19% held
UTI Nifty 50 ETF With Sub Accounts Mutual fund +0.07 pp 1.72% held
Divya Harshita Mahindra newly disclosed 0.00% held
Alsn Sports & Entertainment Llp newly disclosed 0.00% held

The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of M & M above SEBI's 1% disclosure line, and what changed since Mar 2026.

Holder	Stake	Change
Prudential Management And Services Private Limited	10.81%	unchanged
M&M BENEFIT TRUST (Anand Mahindra & Ranjan Pant -Trustees)	6.91%	unchanged
Life Insurance Corporation Of India with Sub Accounts Insurer	6.45%	unchanged
SBI Nifty 50 ETF With Sub Accounts Mutual fund	3.09%	+0.10 pp
ICICI Prudential Large Cap Fund With Sub Accounts Mutual fund	2.65%	+0.34 pp
NPS Trust A/C UTI Pension Fund Limited-Scheme State Govt With Sub Accounts Pension / PF	2.48%	unchanged
UTI Nifty 50 ETF With Sub Accounts Mutual fund	1.72%	+0.07 pp
Nippon Life India Trustee Ltd-A/C Nippon India ETF Nifty 50 Bees With Sub Accounts Mutual fund	1.55%	unchanged
Government Of Singapore - E Sovereign	1.48%	−0.16 pp
Parag Parikh Flexi Cap Fund With Sub Accounts Mutual fund	1.44%	+0.17 pp
SBI Life Insurance Co. Ltd Insurer	1.19%	+0.09 pp
Vanguard Total International Stock Index Fund Global fund house	1.11%	unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in M&M

Filings to Aug 2026

4 new, 17 added, 15 trimmed, 0 sold out — net +7.85 L shares (+1.2%).

Held by funds: ₹22.3k Cr; 58 schemes
Biggest holder: SBI Nifty 50 ETF; ₹5.7k Cr · 2.7% of that fund

Scheme	Holding	Last month	Held since
SBI Nifty 50 ETF SBI Mutual Fund	₹5.7k Cr	+0.91 L	Aug '21
SBI BSE Sensex ETF SBI Mutual Fund	₹4.0k Cr	+1.19 L	Aug '21
Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund	₹1.8k Cr	+1.09 L	Jan '19
Nippon India Large Cap Fund Nippon India Mutual Fund	₹1.6k Cr	held	Oct '21
HDFC Balanced Advantage Fund HDFC Mutual Fund	₹971 Cr	held	Dec '22
Nippon India ETF BSE Sensex Nippon India Mutual Fund	₹936 Cr	+0.79 L	Sep '14
Nippon India Multi Cap Fund Nippon India Mutual Fund	₹880 Cr	+2.84 L	Apr '25
SBI Automotive Opportunities Fund SBI Mutual Fund	₹821 Cr	−2.00 L	Jun '24

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

17 added, 15 trimmed — net +7.85 L shares (+1.2%)

Funds are sitting on: +53%; vs est. average cost
Held by funds: ₹22.3k Cr; 58 schemes · ≈ 5.3% of the company
Biggest holder: SBI Nifty 50 ETF; ₹5.7k Cr · 2.7% of that fund
Longest holder: Nippon India Index Fund - Nifty 50 Plan; 14y · since Sep '12

Shares held by these funds −4%

Aug '23 6.63 cr shares Jul '26

What the price assumes

Attractive

To justify its price of ₹3076, this stock must grow earnings at 16% every year for 7 years. Our analysis caps realistic growth at ~19%. At that growth it is worth ₹3614 — upside of 17%.

Growth the price implies: 16.3% a year; for 7 years, fading to 4%
It has actually compounded at: 16.4% a year; net profit, FY23–FY26 · EPS 19.4%
The gap: -0.0 pp; 17% downside if it only repeats history

Price today ₹3,076.5 Value at the reference growth ₹3,614.43

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse M & M

Guides on how to read this kind of business and the numbers that matter.