India's No.1 SUV, tractor and <3.5T commercial-vehicle maker, flagship of the Mahindra Group
Price & Snapshot
1Y: ₹3,690.2 on 7 Nov 2025 → ₹3,290.6. High ₹3,802.4 (2 Jan 2026), low ₹2,751.2 (8 Oct 2026).
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 44,282 | +26.2% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 15.0 | −4.0 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 5,102 | +12.9% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 20.51 | +2.3 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 1.28 | +5.4 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 26.82 | +10.3 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Business Mix
Farm Equipment grew from 19% to 21% of revenue over the last two years.
Guidance
8 of 9 judged targets kept · 20 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
Growth SUV Volume Growth FY25 | Mid-to-high teens | Q1 FY25 | Historical promise, no new updates. | Achieved |
Growth LCV Volume Growth FY26 | Low double digits | Q2 FY26 | Historical promise, no new updates. | Ghosted |
Operations Long-term EPS Growth | 15-20% on a longer term basis | Q1 FY25 | Reported EPS growth of 34% YoY, continuing to significantly outperform the long-term target. | On Track |
1 of M & M's 29 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 26 more targets are in the full ledger.
Claimed
Qualified
Supply chain
Named counterparties and similar headwinds disclosed on earnings calls.
Named counterparties & directional relationship
M & M → divests interest in → Erkunt Foundry
we have exited Sampo and Erkunt Foundry already in that stage of exit
Erkunt Foundry: we have exited Sampo and Erkunt Foundry already in that stage of exit
General business impact: Aimed at improving international business profitability over next 2 years.
We've taken action in areas which were not delivering the outcomes that we needed, or which were not going to derive strategic synergy as we were going forward.
undisclosed
closed
we have exited Sampo and Erkunt Foundry already in that stage of exit
doing a voluntary liquidation for the Mitsubishi Ag Machinery business
Not established by the available evidence
M & M → acquires or invests in → Soni Medicare Limited.
Enhances competitiveness and creates synergies for Truck and Bus business, doubling its size.
“Truck and bus, you saw the combination yesterday of SML and our truck and bus division. And this only enhances the competitiveness, it creates more synergies for us, it allows us to do a lot of things in a business that is double its size now and it continues as strong trajectory we've seen in truck and bus from 3 or 4 years ago.”
“Truck and bus, you saw the combination yesterday of SML and our truck and bus division. And this only enhances the competitiveness, it creates more synergies for us, it allows us to do a lot of things in a business that is double its size now and it continues as strong trajectory we've seen in truck and bus from 3 or 4 years ago.”
M & M → acquires or invests in → Soni Medicare Limited.
Strengthening position in trucks and buses segment.
“And trucks and buses, with the SML acquisition completed, integrations going very well right now, we've gained market share marginally also at this point and very well poised for the future.”
“And trucks and buses, with the SML acquisition completed, integrations going very well right now, we've gained market share marginally also at this point and very well poised for the future.”
M & M → acquires or invests in → Global Aerospace Acquisition.
To strengthen the Aerostructures business and move up the aero value chain based on quality and OEM partner demand.
“This is a business where we will move up the aero value chain as a result of the quality. We've got 2 large deals with Airbus recently, we're with a single source globally for the fuselage for 2 helicopters which is a very, very big deal. And that again is a testament to the quality this business can drive. And this is a business we will look at making a potential acquisition globally, based on the strength of this business and what the OEM partner customers that we have want us to do.”
“This is a business where we will move up the aero value chain as a result of the quality. We've got 2 large deals with Airbus recently, we're with a single source globally for the fuselage for 2 helicopters which is a very, very big deal. And that again is a testament to the quality this business can drive. And this is a business we will look at making a potential acquisition globally, based on the strength of this business and what the OEM partner customers that we have want us to do.”
M & M → divests to → Mitsubishi Ag Machinery business.
Voluntary liquidation for businesses not delivering needed outcomes or strategic synergy.
“We spoke, and Anish reinforced this. You know about it. We've taken action in areas which were not delivering the outcomes that we needed, or which were not going to derive strategic synergy as we were going forward. So, we have exited Sampo and Erkunt Foundry already in that stage of exit, and doing a voluntary liquidation for the Mitsubishi Ag Machinery business.”
“We spoke, and Anish reinforced this. You know about it. We've taken action in areas which were not delivering the outcomes that we needed, or which were not going to derive strategic synergy as we were going forward. So, we have exited Sampo and Erkunt Foundry already in that stage of exit, and doing a voluntary liquidation for the Mitsubishi Ag Machinery business.”
M & M → divests to → Erkunt Foundry.
Exited businesses not delivering needed outcomes or strategic synergy.
“We spoke, and Anish reinforced this. You know about it. We've taken action in areas which were not delivering the outcomes that we needed, or which were not going to derive strategic synergy as we were going forward. So, we have exited Sampo and Erkunt Foundry already in that stage of exit, and doing a voluntary liquidation for the Mitsubishi Ag Machinery business.”
“We spoke, and Anish reinforced this. You know about it. We've taken action in areas which were not delivering the outcomes that we needed, or which were not going to derive strategic synergy as we were going forward. So, we have exited Sampo and Erkunt Foundry already in that stage of exit, and doing a voluntary liquidation for the Mitsubishi Ag Machinery business.”
M & M → divests to → Sampo.
Exited businesses not delivering needed outcomes or strategic synergy.
“We spoke, and Anish reinforced this. You know about it. We've taken action in areas which were not delivering the outcomes that we needed, or which were not going to derive strategic synergy as we were going forward. So, we have exited Sampo and Erkunt Foundry already in that stage of exit, and doing a voluntary liquidation for the Mitsubishi Ag Machinery business.”
“We spoke, and Anish reinforced this. You know about it. We've taken action in areas which were not delivering the outcomes that we needed, or which were not going to derive strategic synergy as we were going forward. So, we have exited Sampo and Erkunt Foundry already in that stage of exit, and doing a voluntary liquidation for the Mitsubishi Ag Machinery business.”
M & M → divests to → Erkunt foundry.
Non-strategic asset, impairment taken
“And Erkunt foundry is not strategic for us, which is where we've taken an impairment this quarter as well.”
“And Erkunt foundry is not strategic for us, which is where we've taken an impairment this quarter as well.”
M & M → acquires or invests in → Automobili Pininfarina.
Culling non-performing assets, another exit
“We also announced Automobili Pininfarina that we were not continuing that forward, we merged that with Pininfarina. So that was, in a sense, another exit that we took.”
“We also announced Automobili Pininfarina that we were not continuing that forward, we merged that with Pininfarina. So that was, in a sense, another exit that we took.”
M & M → divests to → Sampo.
Culling non-performing assets
“You saw that with Sampo a few quarters ago, where we exited Sampo.”
“You saw that with Sampo a few quarters ago, where we exited Sampo.”
M & M → partners with → Mitsui Fudosan.
External investor for Lifespaces business
“We've had an external investor, Mitsui Fudosan, come in; that was announced a couple of days ago.”
“We've had an external investor, Mitsui Fudosan, come in; that was announced a couple of days ago.”
M & M reported: Auto margins impacted by 400-500 bps commodity price increase and 85 bps hedging loss; Farm sector faces unhedgeable steel (up 24%) and rubber (up 30%, 53% since calendar year start) inflation.
TVS Motor Company Limited (TVSMOTOR) reported (period ended 2026-06-30): Sharp upward trend in commodity prices in Q1, with ongoing volatility due to war situation affecting aluminum and oil-related parts.
Eicher Motors Limited (EICHERMOT) reported (period ended 2026-06-30): Significant inflation in input costs (aluminum, crude oil, steel, copper, precious metals) impacting gross margins.
Hyundai Motor India Limited (HYUNDAI) reported (period ended 2026-06-30): Elevated commodity prices, particularly in precious metals and copper, impacted Q1 margins by roughly 100 basis points QoQ and 200 basis points YoY.
Uno Minda (UNOMINDA) reported (period ended 2026-06-30): Created input cost pressures, diluting Q1 EBITDA margins by approximately 40 basis points even with price adjustments.
Auto margins impacted by 400-500 bps commodity price increase and 85 bps hedging loss; Farm sector faces unhedgeable steel (up 24%) and rubber (up 30%, 53% since calendar year start) inflation.
M & M reported: Volatile work environment, supplier disruptions, and 'black swan' events like rains, flooding, and a supplier fire caused 3 days of lost production in July for Auto.
Bajaj Auto (BAJAJ-AUTO) reported (period ended 2026-06-30): The global supply chain for EV components (software, hardware, batteries) is an important and potentially challenging factor.
TVS Motor Company Limited (TVSMOTOR) reported (period ended 2026-06-30): Intermittent supply chain disruptions affected availability, particularly in April, though recovered in May and June.
Eicher Motors Limited (EICHERMOT) reported (period ended 2026-06-30): Ongoing disruptions in supply chain and logistics, though mitigated so far.
Bosch (BOSCHLTD) reported (period ended 2026-06-30): Commodity outlook is volatile due to global conditions, geopolitics, supply chain issues, and logistics issues.
Volatile work environment, supplier disruptions, and 'black swan' events like rains, flooding, and a supplier fire caused 3 days of lost production in July for Auto.
M & M reported: Rainfall deficit was 15% in Q1, though recovered from worse levels in June; potential impact on rural demand for the farm sector.
TVS Motor Company Limited (TVSMOTOR) reported (period ended 2026-06-30): Q3 requires close watch due to El Nino, base effect from GST benefits ending in September, and other factors.
Eicher Motors Limited (EICHERMOT) reported (period ended 2026-06-30): Dynamic macroeconomic and geopolitical environment causing rough patches in some international markets.
Tenneco Clean Air India Limited (TENNIND) reported (period ended 2026-06-30): Macroeconomic conditions in Europe and Americas could pose a challenge for export growth.
CEAT (CEATLTD) reported (period ended 2026-06-30): El Niño poses a risk to rural demand on account of reduced farm incomes.
Rainfall deficit was 15% in Q1, though recovered from worse levels in June; potential impact on rural demand for the farm sector.
| Period | Other calls | Own calls |
|---|---|---|
| Q2 2026 | 0 | 2 |
| Q1 2026 | 0 | 4 |
| Q4 2025 | 0 | 4 |
Live Summary
Overview
Based on the company's own presentations, annual report and earnings calls.
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
Moved an average of ±1.8% across the last 3 priced result releases
| Quarter | Release | Revenue (₹ Cr) | Net profit (₹ Cr) | Rev YoY | Before → After | Reaction |
|---|---|---|---|---|---|---|
| Q1 FY27 | 30 Jul 26 | 41,959 | 3,685 | +22.9% | ₹3,221.8 → ₹3,283.7 | +1.9% |
| Q4 FY26 | 5 May 26 | 39,601 | 3,737 | +25.3% | ₹3,106.5 → ₹3,210.8 | +3.4% |
| Q3 FY26 | 11 Feb 26 | 38,942 | 3,931 | +25.8% | ₹3,675.8 → ₹3,674.9 | −0.0% |
The move from the last close before each results date to the first close on or after it — the market's first read on the quarter alongside what was filed.
Guidance
8 of 9 judged targets kept · 20 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
Growth SUV Volume Growth FY25 | Mid-to-high teens | Q1 FY25 | Historical promise, no new updates. | Achieved |
Growth LCV Volume Growth FY26 | Low double digits | Q2 FY26 | Historical promise, no new updates. | Ghosted |
Operations Long-term EPS Growth | 15-20% on a longer term basis | Q1 FY25 | Reported EPS growth of 34% YoY, continuing to significantly outperform the long-term target. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 29 tracked commitments, with each call’s wording and source.
Call summaries
M & M Q1 FY27
Mahindra & Mahindra delivered a strong Q1 FY27, with robust profit and revenue growth across its core and growth businesses, despite significant commodity headwinds and production challenges. The company is actively expanding capacity, particularly in EVs, and leveraging AI for operational efficiencies. Management expressed cautious optimism for the future, focusing on profitable growth and strategic diversification.
Read the full callM & M Q4 FY26
Mahindra & Mahindra delivered a strong Q4 and FY26, with consolidated PAT growing 42% and 35% respectively, driven by robust performance across Auto, Farm, and Mahindra Finance. The company achieved a 20% ROE and 57% annualized EPS growth over five years. Strategic exits from international farm businesses and a foundry incurred impairments, while supply chain challenges persist, necessitating proactive inventory management.
Read the full callM & M Q3 FY26
Mahindra & Mahindra delivered a strong Q3 FY26, marked by robust growth across its Auto and Farm sectors, significant turnaround in Mahindra Finance, and breakthrough profitability in Lifespaces and Logistics. The company outlined ambitious capacity expansion plans and long-term growth targets, while actively managing commodity inflation and supply chain challenges like memory chip shortages.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +13% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| 30,964 | 31,609 | 34,143 | 35,080 | 38,942 | 39,601 | 41,959 | 44,282 | |
| 26,070 | 26,671 | 29,199 | 28,560 | 32,849 | 33,990 | 36,809 | 37,564 | |
| 4,894 | 4,938 | 4,944 | 6,520 | 6,092 | 5,611 | 5,150 | 6,718 | |
| 16.0% | 16.0% | 14.0% | 19.0% | 16.0% | 14.0% | 12.0% | 15.0% | |
| 181 | -206 | 583 | 649 | 225 | 542 | 776 | 1,062 | |
| 61 | 81 | 56 | 59 | 63 | 72 | 100 | 67 | |
| 1,045 | 1,306 | 1,000 | 1,041 | 1,052 | 1,201 | 1,050 | 1,074 | |
| 3,968 | 3,345 | 4,471 | 6,069 | 5,202 | 4,881 | 4,776 | 6,638 | |
| 25.0% | 27.0% | 23.0% | 26.0% | 24.0% | 23.0% | 23.0% | 23.0% | |
| 2,964 | 2,437 | 3,450 | 4,521 | 3,931 | 3,737 | 3,685 | 5,102 | |
| 23.84 | 19.60 | 27.74 | 36.35 | 31.61 | 30.05 | 29.63 | 41.03 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 1,11,519 | 76,956 | 1,18,625 | 1,47,766 | |
| 93,960 | 86,216 | 99,407 | 1,24,598 | |
| 17,561 | 15,120 | 19,218 | 23,167 | |
| 2,987 | 1,965 | 910 | 1,999 | |
| 4,267 | 141 | 250 | 250 | |
| 4,001 | 3,487 | 4,227 | 4,294 | |
| 12,280 | 13,457 | 15,650 | 20,623 | |
| 9,925 | 10,642 | 11,855 | 15,639 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| 599 | 600 | 600 | 558 | 601 | 601 | |
| 42,758 | 51,692 | 60,985 | 82,286 | 73,724 | 78,560 | |
| 5,026 | 2,051 | 1,682 | 1,26,709 | 1,653 | 1,139 | |
| 27,398 | 29,367 | 36,382 | 83,376 | 44,624 | 52,038 | |
| 75,780 | 83,709 | 99,649 | 2,92,930 | 1,20,603 | 1,32,338 | |
| 16,976 | 17,805 | 19,651 | 41,872 | 19,688 | 23,883 | |
| 2,785 | 3,763 | 3,905 | 2,570 | 5,308 | 3,037 | |
| 27,087 | 29,207 | 35,468 | 36,327 | 42,032 | 46,516 | |
| 28,932 | 32,934 | 40,625 | 2,12,160 | 53,575 | 58,902 | |
| 75,780 | 83,709 | 99,649 | 2,92,930 | 1,20,603 | 1,32,338 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| 18 | 19 | 17 | 16 | 18 | 16 | |
| 58 | 51 | 50 | 48 | 44 | 34 | |
| 129 | 111 | 97 | 92 | 99 | 97 | |
| -53 | -41 | -30 | -27 | -38 | -47 | |
| -51 | -27 | -23 | -16 | -26 | -35 | |
| 14.0% | 15.0% | 21.0% | 26.0% | 27.0% | 30.0% | |
| 106.0% | 28.0% | 30.0% | 24.0% | 26.0% | 25.0% |
The businesses behind the company’s reported revenue.
Automotive contributes 57.5% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
₹34,387.25 crore
₹12,500.77 crore
₹7,200.72 crore
₹5,697.83 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Automotive | 34,387.25 | 57.5% |
| Farm Equipment | 12,500.77 | 20.9% |
| Industrial Businesses and Consumer Services | 7,200.72 | 12.0% |
| Financial Services | 5,697.83 | 9.5% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Farm Equipment grew from 19% to 21% of revenue over the last two years.
| Segment | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Automotive | 57% | 52% | 56% | 55% | 59% | 56% | 57% | 58% | +32.3% |
| Farm Equipment | 19% | 25% | 21% | 22% | 18% | 23% | 22% | 21% | +14.8% |
| Industrial Businesses and Consumer Services | 13% | 12% | 12% | 11% | 12% | 10% | 11% | 12% | +46.9% |
| Financial Services | 12% | 11% | 11% | 11% | 11% | 11% | 11% | 10% | +14.6% |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
To justify its price of ₹3291, this stock must grow earnings at 17% every year for 7 years. Our analysis caps realistic growth at ~19%. At that growth it is worth ₹3706 — upside of 13%.
Ownership
Domestic institutions hold 34.19% as of Sept 2026; institutions added 0.06 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of M & M above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 10.82% | unchanged | |
| Insurer | 7.05% | +0.60 pp |
| 6.91% | unchanged | |
| Mutual fund | 3.23% | +0.58 pp |
| Mutual fund | 3.14% | +0.05 pp |
| 2.55% | newly disclosed | |
| Mutual fund | 1.76% | unchanged |
| Mutual fund | 1.73% | +0.18 pp |
| Mutual fund | 1.63% | +0.19 pp |
| Sovereign | 1.50% | unchanged |
| Insurer | 1.20% | unchanged |
| Global fund house | 1.12% | 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.
Filings to Sep 2026
0 new, 16 added, 19 trimmed, 1 sold out — net +4.99 L shares (+0.6%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Parag Parikh Flexi Cap Fund PPFAS Mutual Fund | ₹5.6k Cr | +12.77 L | Mar '24 |
| SBI Nifty 50 ETF SBI Mutual Fund | ₹5.1k Cr | +0.12 L | Aug '21 |
| SBI BSE Sensex ETF SBI Mutual Fund | ₹3.5k Cr | +0.60 L | Aug '21 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹1.6k Cr | +1.29 L | Jan '19 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹1.3k Cr | −4.97 L | Oct '21 |
| Nippon India ETF BSE Sensex Nippon India Mutual Fund | ₹852 Cr | +0.71 L | Sep '14 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹843 Cr | held | Dec '22 |
| SBI Automotive Opportunities Fund SBI Mutual Fund | ₹738 Cr | held | 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 Sep 2026
16 added, 19 trimmed — net +4.99 L shares (+0.6%)
Shares held by these funds +23%
Oct '23 8.71 cr shares Sep '26
Your own record
Free account: one company. Everything above stays public.
Write why you follow M & M and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.
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Quick Answers
Compiled directly from M&M's filed financial statements, earnings call transcripts, and ownership disclosures.
For the quarter ended Sept 2026, M & M reported revenue of ₹44.3k Cr, net profit of ₹5.1k Cr, an operating margin of 15.0%. Diluted earnings per share stood at ₹41.03.
M & M (M&M) trades at ₹3,290.6, with a market capitalization of ₹409.6k Cr. Reverse-DCF analysis shows the current stock price implies 17.1% annual earnings growth over the next 7 years compared with its historical net-profit CAGR of 16.4%.
As of Sept 2026, Promoters hold 18.4%, FIIs hold 33.3%, DIIs hold 34.2%, Public shareholders hold 10.5%.
Guides on how to read this kind of business and the numbers that matter.
