M&MFIN
Mahindra & Mahindra Financial Services share price & financials
- Price
- ₹345.7
- Market cap
- ₹48.9k Cr
- Sector
- Financial Services
- Calls analysed
- 6
Mahindra & Mahindra Financial Services Limited Q1 FY27
What went well
- Core business (wheels) growth at 20%.
- Non-wheels business grew 79%, with SME at 30% and others at 77%.
- GS3 at 3.45% and GS2+GS3 at 8.3%, marking an 8-year low.
What to watch
- Maintained an additional liquidity buffer of INR 5,000 crores due to geopolitical events and potential monsoon impact, causing a drag on loan income.
- Cost of funds increased by 10 bps QoQ.
What Mahindra & Mahindra Financial Services Limited does
Mahindra & Mahindra Financial Services Limited is a Reserve Bank of India-registered non-banking financial company (NBFC) that provides retail asset financing across rural and semi-urban India, primarily for vehicles and farm equipment. Its core business is originating and servicing loans for passenger vehicles, pre-owned vehicles, commercial vehicles and construction equipment, tractors, three-wheelers, SME borrowers, and farm implements, sourced through the Mahindra Group dealer network as well as its own regional offices organised into seven circles spanning most Indian states. Beyond core vehicle and equipment financing, the company operates through subsidiaries and associates in rural housing finance, insurance broking, overseas lending in Sri Lanka, and asset management, and has built a digital lending stack (Udaan) and AI-based tools for underwriting and collections.
Segments
- Passenger Vehicles (PV)
- Pre-Owned Vehicles
- Commercial Vehicles & Construction Equipment (CV & CE)
- Tractors
- 3-Wheelers
- SME
- Others
- Geographic organisation
- 7 regional circles (Delhi, Jaipur, Lucknow, Thane, Chennai, Hyderabad, Kolkata) covering most Indian states and union territories
- Financing product lines
- 7 - Passenger Vehicles, Pre-Owned Vehicles, Commercial Vehicles & Construction Equipment, Tractors, 3-Wheelers, SME loans, and Farm Implements/Gensets/Personal Loans
- Subsidiaries & associates
- 4 - Mahindra Rural Housing Finance (mortgages), Mahindra Insurance Brokers (insurance broking), Mahindra Ideal Finance Sri Lanka (overseas lending), Mahindra Manulife Investment Management (asset management JV)
- Digital lending platform
- Udaan digital stack used for loan originations and disbursements
- AI-powered operations tools
- 'SamurAI' AI agent for faster post-sanction turnaround, plus multilingual AI bots used in early-bucket collections
- Regulatory status
- Registered as a Non-Banking Financial Company (NBFC) with the Reserve Bank of India
Guidance record · Q1 FY27
updates from the last two tracked quarters 19 tracked 5 delivered 0 missed 14 open- SME Business Growth delivered said Q4 FY26 Promised: continue to grow in the 30%-40% kind of range Q1 FY27: SME business grew at 30% YoY, which is at the lower end of the guided range.
- GS2+GS3 delivered said Q1 FY26 Promised: To be within the 10% range Q1 FY27: Target was for FY26 and was achieved. Not mentioned this quarter.
- Overall AUM/Disbursement Growth on track said Q1 FY26 Promised: Target a mid-teen growth Q1 FY27: AUM grew 13% YoY. While slightly below 'mid-teen' (15%), it's an acceleration from FY26's 12% and the company reaffirmed its long-term CAGR target.
All 19 tracked — see the targets, revisions and supporting evidence.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 12.5%, net profit up 69.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,913 | 4,143 | 4,241 | 4,419 | 4,473 +14% | 4,754 +15% | 4,800 +13% | 4,972 +13% |
| Net profit | 369 | 899 | 563 | 530 | 569 +54% | 810 −10% | 873 +55% | 899 +70% |
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 +24.1% 1Y
1Y: ₹278.55 on 16 Sept 2025 → ₹345.7. High ₹412.3 (10 Aug 2026), low ₹272.95 (29 Sept 2025).
How the price took the results
close before → close after
- Q1 FY27
- +8.5%
- 21 Jul
- Q4 FY26
- −0.9%
- 24 Apr
- Q3 FY26
- +1.7%
- 28 Jan
- Q2 FY26
- +0.3%
- 28 Oct
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
- 9.15%
- TTM to Jun 2026
How it is calculated
Adjusted EBIT ÷ average capital employed, including minority equity and deposits.
- 8.72%
- FY ending Mar 2026
How it is calculated
Adjusted EBIT ÷ average capital employed, including minority equity and deposits.
- Return on equity
- 13.92%
- TTM to Jun 2026
How it is calculated
Adjusted profit attributable to owners ÷ average owners’ equity.
- 12.26%
- FY ending Mar 2026
How it is calculated
Adjusted profit attributable to owners ÷ average owners’ equity.
- Return on assets
- 2.22%
- TTM to Jun 2026
How it is calculated
Total profit excluding exceptional items after tax ÷ average total assets.
- 1.96%
- FY ending Mar 2026
How it is calculated
Total profit excluding exceptional items after tax ÷ average total assets.
- Operating margin (EBITDA)
- —
- TTM to Jun 2026
How it is calculated
Operating profit ÷ revenue.
- —
- FY ending Mar 2026
How it is calculated
Operating profit ÷ revenue.
- Net margin
- 15.45%
- TTM to Jun 2026
How it is calculated
Total profit excluding exceptional items after tax ÷ revenue.
- 14.07%
- FY ending Mar 2026
How it is calculated
Total profit excluding exceptional items after tax ÷ revenue.
- Free cash flow margin
- —
- FY ending Mar 2026
How it is calculated
(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
- Cash conversion (CFO/PAT)
- -446.42%
- FY ending Mar 2026
How it is calculated
Operating cash flow ÷ reported total net profit.
- Capex intensity
- —
- FY ending Mar 2026
How it is calculated
Fixed-asset purchases ÷ revenue.
- Revenue growth (YoY)
- 13.55%
- TTM to Jun 2026
How it is calculated
Revenue change against the same period one year earlier.
- 13.62%
- FY ending Mar 2026
How it is calculated
Revenue change against the same period one year earlier.
- PAT growth (YoY)
- 46.24%
- TTM to Jun 2026
How it is calculated
Adjusted profit attributable to owners vs the same period one year earlier.
- 30.83%
- FY ending Mar 2026
How it is calculated
Adjusted profit attributable to owners vs the same period one year earlier.
- EBITDA growth (YoY)
- —
- TTM to Jun 2026
How it is calculated
Operating profit vs the same period one year earlier.
- —
- FY ending Mar 2026
How it is calculated
Operating profit vs the same period one year earlier.
- Debt to equity
- 4.82×
- FY ending Mar 2026
How it is calculated
Borrowings ÷ owners’ equity.
- Interest coverage
- 1.50×
- TTM to Jun 2026
How it is calculated
Adjusted EBIT ÷ interest expense.
- 1.44×
- FY ending Mar 2026
How it is calculated
Adjusted EBIT ÷ interest expense.
- Asset turnover
- 0.14×
- TTM to Jun 2026
How it is calculated
Revenue ÷ average total assets.
- 0.14×
- FY ending Mar 2026
How it is calculated
Revenue ÷ average total assets.
- Net debt
- ₹1,20,802.00 Cr
- FY ending Mar 2026
How it is calculated
Borrowings less cash equivalents.
- Net debt / EBITDA
- —
- TTM to Jun 2026
How it is calculated
(Borrowings − cash equivalents) ÷ adjusted EBITDA.
- —
- FY ending Mar 2026
How it is calculated
(Borrowings − cash equivalents) ÷ adjusted EBITDA.
- Financial leverage (average assets/equity)
- 5.68×
- FY ending Mar 2026
How it is calculated
Average total assets ÷ closing owners’ equity.
- Net interest income
- ₹12,707.00 Cr
- TTM to Jun 2026
How it is calculated
Interest earned less interest expense.
- ₹12,107.00 Cr
- 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
- 14.59×
- 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.
- 16.57×
- 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
- 1.84×
- 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
- —
- 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.
- —
- 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
- 7.97%
- TTM to Jun 2026
How it is calculated
Adjusted EBIT ÷ enterprise value. Uses current market cap, not the share price at the period end.
- 7.60%
- 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
- —
- FY ending Mar 2026
How it is calculated
Reported receivable days from the annual accounts.
- Inventory days
- —
- FY ending Mar 2026
How it is calculated
Reported inventory days, using material cost / cost of goods sold.
- Days payable
- —
- FY ending Mar 2026
How it is calculated
Reported payable days, using material cost / cost of goods sold.
- Cash conversion cycle
- —
- FY ending Mar 2026
How it is calculated
Reported debtor days plus inventory days less payable days.
- Working capital days
- —
- FY ending Mar 2026
How it is calculated
Reported net working capital days from the annual accounts.
- Dividend payout
- 37.00%
- FY ending Mar 2026
How it is calculated
Reported dividend payout as a percentage of annual profit.
- Market cap
- ₹48,914.00 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.
Screen Indian stocks using these ratios →Annual ratio history
| Period ending | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Return on capital employed | 7.58% | 7.42% | 8.87% | 8.74% | 8.83% | 8.72% |
| Return on equity | 4.80% | 6.86% | 11.91% | 10.02% | 10.89% | 12.26% |
| Return on assets | 0.80% | 1.34% | 2.23% | 1.69% | 1.68% | 1.96% |
| Operating margin (EBITDA) | — | — | — | — | — | — |
| Net margin | 5.43% | 9.93% | 16.45% | 12.14% | 12.18% | 14.07% |
| Free cash flow margin | — | — | — | — | — | — |
| Cash conversion (CFO/PAT) | — | 1.57% | — | — | — | -446.42% |
| Capex intensity | — | — | — | — | — | — |
| Revenue growth (YoY) | 3.23% | -7.78% | 12.34% | 24.44% | 16.01% | 13.62% |
| PAT growth (YoY) | -38.05% | 68.35% | 88.28% | -8.67% | 17.06% | 30.83% |
| EBITDA growth (YoY) | — | — | — | — | — | — |
| Debt to equity | 4.13× | 3.68× | 4.39× | 4.93× | 5.53× | 4.82× |
| Interest coverage | 1.13× | 1.35× | 1.56× | 1.37× | 1.36× | 1.44× |
| Asset turnover | 0.15× | 0.13× | 0.14× | 0.14× | 0.14× | 0.14× |
| Net debt | ₹61,064.00 Cr | ₹57,298.00 Cr | ₹77,362.00 Cr | ₹94,864.00 Cr | ₹1,13,246.00 Cr | ₹1,20,802.00 Cr |
| Net debt / EBITDA | — | — | — | — | — | — |
| Financial leverage (average assets/equity) | 5.31× | 5.01× | 5.09× | 5.74× | 6.22× | 5.68× |
| Net interest income | ₹7,074.00 Cr | ₹7,002.00 Cr | ₹7,734.00 Cr | ₹9,004.00 Cr | ₹10,104.00 Cr | ₹12,107.00 Cr |
| Deposit growth | — | — | — | — | — | — |
| Debtor days | — | — | — | — | — | — |
| Inventory days | — | — | — | — | — | — |
| Days payable | — | — | — | — | — | — |
| Cash conversion cycle | — | — | — | — | — | — |
| Working capital days | — | — | — | — | — | — |
| Dividend payout | 13.00% | 39.00% | 36.00% | 40.00% | 35.00% | 37.00% |
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 | ₹12.7k Cr | ₹13.4k Cr | ₹16.0k Cr | ₹18.4k Cr |
| Interest | ₹5.1k Cr | ₹6.4k Cr | ₹7.9k Cr | ₹8.4k Cr |
| Depreciation | ₹226 Cr | ₹228 Cr | ₹274 Cr | ₹343 Cr |
| Net profit | ₹2.1k Cr | ₹1.8k Cr | ₹2.3k Cr | ₹2.8k 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 | ₹247 Cr | ₹247 Cr | ₹247 Cr | ₹247 Cr | ₹278 Cr | ₹278 Cr |
| Reserves | ₹15.4k Cr | ₹16.8k Cr | ₹17.9k Cr | ₹19.6k Cr | ₹24.5k Cr | ₹24.5k Cr |
| Borrowings | ₹55.8k Cr | ₹74.9k Cr | ₹92.2k Cr | ₹112.9k Cr | — | ₹120.3k Cr |
| Other liabilities | ₹3.8k Cr | ₹4.2k Cr | ₹4.8k Cr | ₹2.9k Cr | ₹2.9k Cr | ₹2.8k Cr |
| Total liabilities | ₹75.3k Cr | ₹96.2k Cr | ₹115.2k Cr | ₹135.6k Cr | ₹149.1k Cr | ₹147.9k Cr |
| Fixed assets | ₹393 Cr | ₹696 Cr | ₹826 Cr | ₹1.0k Cr | ₹1.3k Cr | ₹1.2k Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹105 Cr | ₹66 Cr | ₹2 Cr | ₹7 Cr |
| Investments | ₹8.4k Cr | ₹10.0k Cr | ₹9.7k Cr | ₹10.4k Cr | ₹7.8k Cr | ₹6.8k Cr |
| Other assets | ₹66.5k Cr | ₹85.5k Cr | ₹104.6k Cr | ₹124.0k Cr | ₹140.0k Cr | ₹139.9k Cr |
| Total assets | ₹75.3k Cr | ₹96.2k Cr | ₹115.2k Cr | ₹135.6k Cr | ₹149.1k Cr | ₹147.9k 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, DIIs trimmed −0.85 pp while the public added +0.67 pp. The shareholder count grew 6% to 2,41,776.
- Promoters
- 52.5%
- FIIs
- 9.5%
- DIIs
- 31.5%
- Public
- 6.5%
- Others
- 0.0%
Since Jun 2025
- DIIs −0.85 pp
- Public +0.67 pp
- FIIs +0.20 pp
How it drifted, 12 quarters
Over this window DIIs went from 25.8% to 31.5% — +5.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 52.2%, FIIs 14.1%, DIIs 25.8%, Public 7.8%, Others 0.1%.Dec '23: Promoters 52.2%, FIIs 12.7%, DIIs 27.0%, Public 8.1%, Others 0.1%.Mar '24: Promoters 52.2%, FIIs 11.9%, DIIs 28.6%, Public 7.2%, Others 0.1%.Jun '24: Promoters 52.2%, FIIs 10.1%, DIIs 30.7%, Public 7.0%, Others 0.1%.Sep '24: Promoters 52.2%, FIIs 10.2%, DIIs 31.6%, Public 6.0%, Others 0.1%.Dec '24: Promoters 52.2%, FIIs 10.5%, DIIs 31.2%, Public 6.1%, Others 0.1%.Mar '25: Promoters 52.2%, FIIs 10.7%, DIIs 31.3%, Public 5.8%, Others 0.1%.Jun '25: Promoters 52.5%, FIIs 9.3%, DIIs 32.3%, Public 5.8%, Others 0.1%.Sep '25: Promoters 52.5%, FIIs 9.6%, DIIs 32.3%, Public 5.6%, Others 0.0%.Dec '25: Promoters 52.5%, FIIs 9.1%, DIIs 32.3%, Public 6.0%, Others 0.0%.Mar '26: Promoters 52.5%, FIIs 9.4%, DIIs 32.1%, Public 6.0%, Others 0.0%.Jun '26: Promoters 52.5%, FIIs 9.5%, DIIs 31.5%, Public 6.5%, Others 0.0%.
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.
- Bandhan Mutual Fund Multiple Accounts Mutual fund newly disclosed 1.17% held
- HDFC Mutual Fund Multiple Accounts Mutual fund +0.47 pp 5.65% held
- Aditatva Estates Private Limited newly disclosed 0.00% held
- Mahindra Kandivali Developers Limited newly disclosed 0.00% held
- Mahindra Manulife Insurance Limited newly disclosed 0.00% held
The same filing shows 4 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 Mahindra & Mahindra Financial Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Mahindra & Mahindra Limited | 52.49% | unchanged |
| Life Insurance Corporation of India, LIC-P&GS Fund, LICI Funds Insurer | 10.26% | unchanged |
| HDFC Mutual Fund Multiple Accounts Mutual fund | 5.65% | +0.47 pp |
| SBI Mutual Fund Multiple Accounts Mutual fund | 4.77% | −0.80 pp |
| HDFC Life Insurance Company Limited Insurer | 2.24% | −0.27 pp |
| SBI Life Insurance Co. Ltd Insurer | 1.41% | −0.14 pp |
| Bandhan Mutual Fund Multiple Accounts Mutual fund | 1.17% | newly disclosed |
| Ashish Dhawan | 1.05% | unchanged |
| Sundaram Mutual Fund Multiple Accounts Mutual fund | 1.02% | −0.30 pp |
| The Birmingham Small Arms Company Limited | 0.00% | unchanged |
| BSA Corporation Limited | 0.00% | unchanged |
| B.S.A. Motor Cycles Limited | 0.00% | 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&MFIN
Filings to Aug 2026
0 new, 9 added, 2 trimmed, 0 sold out — net −1.65 L shares (−0.2%).
- Held by funds
- ₹3.3k Cr
- 17 schemes
- Biggest holder
- SBI Contra Fund
- ₹1.0k Cr · 2.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Contra Fund SBI Mutual Fund | ₹1.0k Cr | held | May '22 |
| SBI Balanced Advantage Fund SBI Mutual Fund | ₹487 Cr | held | May '25 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹392 Cr | held | Feb '21 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹379 Cr | held | Dec '22 |
| SBI Multi Asset Allocation Fund SBI Mutual Fund | ₹344 Cr | held | Oct '25 |
| SBI Midcap Fund SBI Mutual Fund | ₹293 Cr | −21.45 L | Aug '21 |
| Nippon India Vision Large & Mid Cap Fund Nippon India Mutual Fund | ₹149 Cr | +6.45 L | May '26 |
| HDFC Value Fund HDFC Mutual Fund | ₹71 Cr | +7.07 L | Jun '26 |
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
9 added, 2 trimmed — net −1.65 L shares (−0.2%)
- Funds are sitting on
- +23%
- vs est. average cost
- Held by funds
- ₹3.3k Cr
- 17 schemes · ≈ 6.1% of the company
- Biggest holder
- SBI Contra Fund
- ₹1.0k Cr · 2.1% of that fund
- Longest holder
- Nippon India ETF Nifty Midcap 150
- 7y 8m · since Jan '19
Shares held by these funds +25%
Aug '23 8.77 cr shares Jul '26
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Mahindra & Mahindra Financial Services Limited
Guides on how to read this kind of business and the numbers that matter.