Skip to content

    M & M

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

    Automobile and Auto Components
    Consumer Discretionary
    View M&M earnings calls
    ₹3,074.8
    -1.54% from avg

    Overview

    Price

    ₹3,074.8

    Market Cap

    ₹4.0L Cr

    Sector

    Automobile and Auto Components

    Consumer Discretionary

    Rank

    3

    Performance

    Explore M&M

    Promise TrackerConcall Analysis

    Financials

    Income Statement

    Financial Trajectories

    11
    Quarterly

    Balance Sheet

    Balance Sheet

    ₹ Cr · Annual
    Line itemFY20FY21FY22FY23FY24FY25FY26FY26
    LiabilitiesEquity Capital597597598599600600558601
    Reserves33.9k34.4k37.6k42.8k51.7k61.0k82.3k73.7k
    Borrowings3.0k7.8k6.7k5.0k2.1k1.7k126.7k1.7k
    Other Liabilities13.0k18.8k21.7k27.4k29.4k36.4k83.4k44.6k
    Total Liabilities50.5k61.6k66.6k75.8k83.7k99.6k292.9k120.6k
    AssetsFixed Assets10.4k12.0k14.9k17.0k17.8k19.7k41.9k19.7k
    CWIP4.0k6.1k5.3k2.8k3.8k3.9k2.6k5.3k
    Investments19.9k21.8k24.2k27.1k29.2k35.5k36.3k42.0k
    Other Assets16.2k21.6k22.2k28.9k32.9k40.6k212.2k53.6k
    Total Assets50.5k61.6k66.6k75.8k83.7k99.6k292.9k120.6k

    Valuation

    Assumptions

    Current — M&M
    Price
    ₹3,075
    EPS (TTM)
    ₹125.75
    PE (TTM)
    24.5
    Profit growth
    16.4%
    ₹

    The Earnings Per Share over the last 12 months.

    %

    Your assumption of the company's expected yearly EPS growth (e.g., 6 for 6%).

    Pre-filled with the lower of median (28.0×) and current (24.5×) PE — the conservative anchor.

    %

    The annualized return you aim to achieve. We solve for the price that delivers it, then compare to today's price.

    Valuation

    Current price
    ₹3,075
    vs
    Fair value · 15% return
    ₹2,858
    7%Overvalued

    At 16.4% growth and a 24× exit, ₹3075 only delivers your return if you pay ₹2,858. The price is currently baking in 18% growth.

    EPS grows 16.4%/yr for 5 years, then fades to 6% over 2, exits at 24×.

    YearGrowthEPS (₹)
    FY2716.4%146.37
    FY2816.4%170.38
    FY2916.4%198.32
    FY3016.4%230.84
    FY3116.4%268.70
    FY3211.2% ·fade298.80
    FY336.0% ·fade316.73

    Methodology: we discount normalized net profit as a proxy for owner earnings (an earnings-power approximation — not full free cash flow). Terminal growth is capped at 6% (≈ nominal GDP) regardless of the required return. This is an analytical tool, not investment advice.

    Learn to analyse M & M

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