M&M

M & M share price & financials

Price
₹3,074.8
Market cap
₹4.3L Cr
Sector
Automobile and Auto Components
Calls analysed
8
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

what the last two calls moved 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 — every revision, and every one management stopped mentioning.

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 itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue28,919 30,964 31,609 34,143 35,080 +21%38,942 +26%39,601 +25%41,959 +23%
EBITDA5,270 4,894 4,938 4,944 6,520 +24%6,092 +24%5,611 +14%5,150 +4%
Net profit3,841 2,964 2,437 3,450 4,521 +18%3,931 +33%3,737 +53%3,685 +7%
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 −13.8% 1Y

₹3.0k₹3.2k₹3.4k₹3.6k₹3.8kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 4 Nov 2025Q3 FY26 — 11 Feb 2026Q4 FY26 — 5 May 2026Q1 FY27 — 30 Jul 2026

1Y: ₹3,604.4 on 10 Sept 2025 → ₹3,107. 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.

Financials, as filed

Revenue grew 9.8% a year over 3 years, FY23 to FY26. Operating margin held at 15.7%.

Year endingFY23FY24FY25FY26
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
Operating margin15.7%14.9%16.2%15.7%
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
Net margin8.9%10.5%10.0%10.6%
ROCE21.0%26.0%27.0%30.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹597 Cr₹598 Cr₹599 Cr₹600 Cr₹558 Cr₹601 Cr
Reserves₹34.4k Cr₹37.6k Cr₹42.8k Cr₹51.7k Cr₹82.3k Cr₹73.7k Cr
Borrowings₹7.8k Cr₹6.7k Cr₹5.0k Cr₹2.1k Cr₹126.7k Cr₹1.7k Cr
Other liabilities₹18.8k Cr₹21.7k Cr₹27.4k Cr₹29.4k Cr₹83.4k Cr₹44.6k Cr
Total liabilities₹61.6k Cr₹66.6k Cr₹75.8k Cr₹83.7k Cr₹292.9k Cr₹120.6k Cr
Fixed assets₹12.0k Cr₹14.9k Cr₹17.0k Cr₹17.8k Cr₹41.9k Cr₹19.7k Cr
Capital work in progress₹6.1k Cr₹5.3k Cr₹2.8k Cr₹3.8k Cr₹2.6k Cr₹5.3k Cr
Investments₹21.8k Cr₹24.2k Cr₹27.1k Cr₹29.2k Cr₹36.3k Cr₹42.0k Cr
Other assets₹21.6k Cr₹22.2k Cr₹28.9k Cr₹32.9k Cr₹212.2k Cr₹53.6k Cr
Total assets₹61.6k Cr₹66.6k Cr₹75.8k Cr₹83.7k Cr₹292.9k Cr₹120.6k Cr
How to read this

As filed each year. 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

Ownership split by quarter, oldest first. Sep '23: Promoters 19.3%, FIIs 40.3%, DIIs 26.8%, Government 0.1%, Public 9.7%, Others 3.8%.Dec '23: Promoters 19.3%, FIIs 40.9%, DIIs 26.3%, Government 0.1%, Public 9.7%, Others 3.8%.Mar '24: Promoters 18.6%, FIIs 41.8%, DIIs 26.1%, Government 0.1%, Public 9.7%, Others 3.8%.Jun '24: Promoters 18.6%, FIIs 41.9%, DIIs 26.2%, Government 0.1%, Public 9.6%, Others 3.7%.Sep '24: Promoters 18.5%, FIIs 41.2%, DIIs 27.0%, Government 0.1%, Public 9.4%, Others 3.7%.Dec '24: Promoters 18.5%, FIIs 38.9%, DIIs 29.2%, Government 0.1%, Public 9.7%, Others 3.6%.Mar '25: Promoters 18.4%, FIIs 38.3%, DIIs 29.8%, Government 0.1%, Public 9.8%, Others 3.6%.Jun '25: Promoters 18.4%, FIIs 38.5%, DIIs 29.6%, Government 0.1%, Public 9.8%, Others 3.6%.Sep '25: Promoters 18.4%, FIIs 38.0%, DIIs 29.9%, Government 0.1%, Public 9.9%, Others 3.5%.Dec '25: Promoters 18.4%, FIIs 37.5%, DIIs 30.4%, Government 0.1%, Public 10.0%, Others 3.5%.Mar '26: Promoters 18.4%, FIIs 36.2%, DIIs 31.4%, Government 0.2%, Public 10.3%, Others 3.5%.Jun '26: Promoters 18.4%, FIIs 34.9%, DIIs 32.6%, Government 0.1%, Public 10.5%, Others 3.5%.

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.

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.

HolderStakeChange
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 Insurer6.45%unchanged
SBI Nifty 50 ETF With Sub Accounts Mutual fund3.09%+0.10 pp
ICICI Prudential Large Cap Fund With Sub Accounts Mutual fund2.65%+0.34 pp
NPS Trust A/C UTI Pension Fund Limited-Scheme State Govt With Sub Accounts Pension / PF2.48%unchanged
UTI Nifty 50 ETF With Sub Accounts Mutual fund1.72%+0.07 pp
Nippon Life India Trustee Ltd-A/C Nippon India ETF Nifty 50 Bees With Sub Accounts Mutual fund1.55%unchanged
Government Of Singapore - E Sovereign1.48%−0.16 pp
Parag Parikh Flexi Cap Fund With Sub Accounts Mutual fund1.44%+0.17 pp
SBI Life Insurance Co. Ltd Insurer1.19%+0.09 pp
Vanguard Total International Stock Index Fund Global fund house1.11%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
SchemeHoldingLast month
SBI Nifty 50 ETF SBI Mutual Fund₹5.7k Cr+0.91 L
SBI BSE Sensex ETF SBI Mutual Fund₹4.0k Cr+1.19 L
Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund₹1.8k Cr+1.09 L
Nippon India Large Cap Fund Nippon India Mutual Fund₹1.6k Crheld
HDFC Balanced Advantage Fund HDFC Mutual Fund₹971 Crheld
Nippon India ETF BSE Sensex Nippon India Mutual Fund₹936 Cr+0.79 L
Nippon India Multi Cap Fund Nippon India Mutual Fund₹880 Cr+2.84 L
SBI Automotive Opportunities Fund SBI Mutual Fund₹821 Cr−2.00 L

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 · ≈ 4.8% 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 ₹3107, 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 16%.

Growth the price implies
16.4% 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
16% downside if it only repeats history
Price today ₹3,107 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.