India's No.1 SUV, tractor and <3.5T commercial-vehicle maker, flagship of the Mahindra Group
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 58,188 | +27.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 19.0 | +1.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 5,998 | +37.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 22.54 | +2.3 pts | Trailing twelve months | TTM to Jun 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) | 26.18 | +10.3 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
8 of 9 judged targets kept · 20 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| SUV Volume Growth FY25 | Mid-to-high teens | Q1 FY25 | Historical promise, no new updates. | Achieved |
| LCV Volume Growth FY26 | Low double digits | Q2 FY26 | Historical promise, no new updates. | Ghosted |
| 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
Price
1Y: ₹3,625 on 24 Oct 2025 → ₹2,853.1. High ₹3,802.4 (2 Jan 2026), low ₹2,751.2 (8 Oct 2026).
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
close before → close after
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.
Guidance
8 of 9 judged targets kept · 20 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| SUV Volume Growth FY25 | Mid-to-high teens | Q1 FY25 | Historical promise, no new updates. | Achieved |
| LCV Volume Growth FY26 | Low double digits | Q2 FY26 | Historical promise, no new updates. | Ghosted |
| 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: +37% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 37,924 | 41,470 | 42,599 | 45,529 | 46,106 | 52,100 | 54,982 | 58,188 |
| Expenses | 30,790 | 33,239 | 34,658 | 37,117 | 37,166 | 41,939 | 44,855 | 47,360 |
| Operating profit | 7,133 | 8,231 | 7,942 | 8,412 | 8,940 | 10,160 | 10,127 | 10,827 |
| Operating margin | 19.0% | 20.0% | 19.0% | 18.0% | 19.0% | 20.0% | 18.0% | 19.0% |
| Other income | 1,126 | 719 | 1,110 | 1,210 | 1,134 | 976 | 1,137 | 1,121 |
| Interest | 2,217 | 2,362 | 2,397 | 2,431 | 2,347 | 2,405 | 2,407 | 2,560 |
| Depreciation | 1,302 | 1,495 | 2,029 | 1,548 | 1,669 | 2,163 | 1,943 | 1,760 |
| Profit before tax | 4,740 | 5,092 | 4,627 | 5,644 | 6,058 | 6,569 | 6,914 | 7,628 |
| Tax rate | 29.0% | 29.0% | 23.0% | 22.0% | 35.0% | 24.0% | 24.0% | 21.0% |
| Net profit | 3,361 | 3,624 | 3,542 | 4,377 | 3,964 | 5,021 | 5,260 | 5,998 |
| EPS (₹ per share) | 25.50 | 25.58 | 26.50 | 32.84 | 29.54 | 37.59 | 37.53 | 43.86 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 1,11,519 | 1,39,079 | 1,59,211 | 1,98,717 |
| Expenses | 93,960 | 1,14,271 | 1,28,662 | 1,61,077 |
| Operating profit | 17,561 | 24,807 | 30,549 | 37,639 |
| Other income | 2,987 | 3,383 | 3,688 | 4,457 |
| Interest | 4,267 | 7,488 | 9,084 | 9,590 |
| Depreciation | 4,001 | 4,725 | 6,074 | 7,323 |
| Profit before tax | 12,280 | 15,978 | 19,080 | 25,185 |
| Net profit | 9,925 | 12,270 | 14,073 | 18,622 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 556 | 557 | 557 | 558 | 558 | 559 |
| Reserves | 46,567 | 55,809 | 65,633 | 76,481 | 82,286 | 92,538 |
| Borrowings | 77,605 | 92,647 | 1,08,647 | 1,29,025 | 1,26,709 | 1,36,936 |
| Other liabilities | 47,661 | 55,270 | 59,884 | 69,950 | 83,376 | 86,021 |
| Total liabilities | 1,72,388 | 2,04,283 | 2,34,722 | 2,76,013 | 2,92,930 | 3,16,054 |
| Fixed assets | 26,018 | 27,140 | 28,129 | 34,636 | 41,872 | 38,459 |
| Capital work in progress | 6,703 | 3,969 | 8,039 | 8,298 | 2,570 | 7,740 |
| Investments | 30,060 | 35,272 | 35,208 | 41,309 | 36,327 | 40,324 |
| Other assets | 1,09,607 | 1,37,902 | 1,63,345 | 1,91,771 | 2,12,160 | 2,29,531 |
| Total assets | 1,72,388 | 2,04,283 | 2,34,722 | 2,76,013 | 2,92,930 | 3,16,054 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 30 | 26 | 21 | 20 | 19 | 17 |
| Inventory days | 91 | 82 | 83 | 81 | 78 | 65 |
| Days payable | 147 | 134 | 118 | 112 | 118 | 112 |
| Cash conversion cycle | -26 | -27 | -13 | -11 | -21 | -30 |
| Working capital days | -11 | -13 | -14 | -8 | -14 | -40 |
| Return on capital employed | 8.0% | 11.0% | 13.0% | 14.0% | 14.0% | 15.0% |
| Dividend payout | 54.0% | 20.0% | 18.0% | 21.0% | 22.0% | 22.0% |
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 ₹2853, this stock must grow earnings at 10% every year for 7 years. Our analysis caps realistic growth at ~23%. At that growth it is worth ₹5710 — upside of 100%.
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
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