M&M

Mahindra & Mahindra Limited

Tractor market leader and SUV maker, anchoring a group spanning finance, IT and real estate

Consumer Discretionary›Automobile and Auto Components›Automobiles›Passenger Cars & Utility Vehicles

mahindra.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹2920.90
Market cap
3,26,479 Cr
Stock P/E
17.7
P/B
3.51
Dividend yield
1.0%
ROE (FY26)
15.6%
ROCE (FY26)
14.5%
Operating margin (FY26)
14.9%
Debt / equity (FY26)
1.39
OCF / EBITDA (FY26)
31.5%
OCF / EBITDA (3Y)
10.0%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

M&M (Mahindra & Mahindra) makes SUVs, light commercial vehicles and tractors, and runs a wider group with finance, IT services, real estate, logistics and aerospace businesses.

Company snapshot

2ndBy market cap

Ranked among 7 companies in Passenger Cars & Utility Vehicles.

Segment mix

Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 72.4% of revenue

SegmentRevenue shareRevenuePBTAssets
Auto Investments
0.0%
5 Cr-79 Cr7,217 Cr
Automotive
72.4%
22,410 Cr2,167 Cr34,405 Cr
Farm Equipment
26.4%
8,167 Cr1,479 Cr10,881 Cr
Farm Investments
0.0%
2 Cr2 Cr2,526 Cr
Investments in Industrial Businesses and Consumer Services
1.4%
419 Cr427 Cr13,945 Cr

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales34,436 Cr35,299 Cr35,452 Cr37,218 Cr37,924 Cr41,470 Cr42,599 Cr45,529 Cr46,106 Cr52,100 Cr54,982 Cr58,188 Cr
Operating expenses (approx.)28,706 Cr29,075 Cr28,848 Cr29,975 Cr30,790 Cr33,239 Cr34,688 Cr37,301 Cr37,177 Cr41,993 Cr45,265 Cr47,623 Cr
EBITDA5,730 Cr6,224 Cr6,604 Cr7,243 Cr7,133 Cr8,231 Cr7,911 Cr8,228 Cr8,929 Cr10,107 Cr9,716 Cr10,565 Cr
OPM %16.6%17.6%18.6%19.5%18.8%19.8%18.6%18.1%19.4%19.4%17.7%18.2%
Other income592 Cr511 Cr356 Cr409 Cr659 Cr411 Cr702 Cr917 Cr676 Cr859 Cr995 Cr1,016 Cr
Interest1,835 Cr1,945 Cr1,989 Cr2,108 Cr2,217 Cr2,362 Cr2,397 Cr2,431 Cr2,347 Cr2,405 Cr2,407 Cr2,560 Cr
Depreciation1,139 Cr1,123 Cr1,335 Cr1,248 Cr1,302 Cr1,495 Cr2,029 Cr1,548 Cr1,669 Cr2,163 Cr1,943 Cr1,760 Cr
Profit before tax3,568 Cr3,912 Cr4,030 Cr4,621 Cr4,740 Cr5,092 Cr4,627 Cr5,644 Cr6,058 Cr6,569 Cr6,914 Cr7,628 Cr
Tax %30.4%23.9%22.5%23.3%29.1%28.8%23.4%22.5%34.6%23.6%23.9%21.4%
Net profit2,484 Cr2,977 Cr3,125 Cr3,546 Cr3,361 Cr3,624 Cr3,542 Cr4,377 Cr3,964 Cr5,021 Cr5,260 Cr5,998 Cr
EPS (₹)₹21.07₹23.86₹24.71₹29.44₹28.43₹28.51₹29.52₹36.58₹32.90₹41.85₹41.77₹48.80

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales88,983 Cr93,265 Cr1,04,721 Cr95,179 Cr74,278 Cr90,171 Cr1,21,269 Cr1,39,078 Cr1,59,211 Cr1,98,639 CrSign in free for the trailing twelve months
Operating expenses (approx.)78,248 Cr80,039 Cr89,514 Cr82,615 Cr60,601 Cr75,488 Cr1,00,983 Cr1,14,186 Cr1,28,693 Cr1,61,659 CrSign in free for the trailing twelve months
EBITDA10,735 Cr13,226 Cr15,207 Cr12,564 Cr13,677 Cr14,683 Cr20,285 Cr24,892 Cr30,518 Cr36,980 CrSign in free for the trailing twelve months
OPM %12.1%14.2%14.5%13.2%18.4%16.3%16.7%17.9%19.2%18.6%Sign in free for the trailing twelve months
Other income730 Cr631 Cr1,086 Cr1,063 Cr1,033 Cr935 Cr1,206 Cr2,176 Cr2,181 Cr3,446 CrSign in free for the trailing twelve months
Interest3,648 Cr3,987 Cr5,021 Cr6,065 Cr6,102 Cr5,018 Cr5,830 Cr7,488 Cr9,083 Cr9,591 CrSign in free for the trailing twelve months
Depreciation2,813 Cr3,280 Cr3,991 Cr4,976 Cr3,378 Cr3,508 Cr4,357 Cr4,724 Cr6,074 Cr7,322 CrSign in free for the trailing twelve months
Profit before tax6,350 Cr10,326 Cr8,871 Cr1,655 Cr3,158 Cr9,362 Cr14,060 Cr15,978 Cr19,080 Cr25,185 CrSign in free for the trailing twelve months
Tax %36.2%22.9%32.2%119.4%52.1%22.5%19.1%23.2%26.2%26.1%Sign in free for the trailing twelve months
Net profit4,051 Cr7,958 Cr6,017 Cr-321 Cr1,512 Cr7,253 Cr11,374 Cr12,270 Cr14,073 Cr18,622 CrSign in free for the trailing twelve months
EPS (₹)₹34.16₹69.20₹48.91₹1.15₹16.33₹59.20₹92.41₹101.14₹115.91₹153.10Sign in free for the trailing twelve months
Dividend payout %————17.9%14.3%13.4%18.3%19.9%18.1%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital271 Cr543 Cr544 Cr554 Cr555 Cr556 Cr557 Cr557 Cr558 Cr559 Cr
Reserves29,467 Cr36,232 Cr39,439 Cr39,415 Cr41,027 Cr46,567 Cr55,809 Cr65,633 Cr76,481 Cr92,538 Cr
Borrowings40,246 Cr45,135 Cr54,067 Cr62,516 Cr59,553 Cr77,605 Cr92,247 Cr1,03,203 Cr1,21,173 Cr1,29,615 Cr
Other liabilities38,401 Cr47,051 Cr60,980 Cr56,830 Cr56,257 Cr39,682 Cr46,563 Cr55,588 Cr67,315 Cr78,529 Cr
Total liabilities1,14,742 Cr1,37,211 Cr1,63,392 Cr1,67,007 Cr1,66,462 Cr1,74,113 Cr2,05,892 Cr2,36,301 Cr2,77,586 Cr3,17,635 Cr
Fixed assets (net)18,307 Cr20,820 Cr22,227 Cr24,417 Cr17,612 Cr21,902 Cr20,351 Cr21,409 Cr25,835 Cr29,012 Cr
CWIP1,888 Cr1,815 Cr2,454 Cr2,552 Cr4,478 Cr3,036 Cr1,223 Cr3,461 Cr3,653 Cr2,368 Cr
Investments14,662 Cr16,018 Cr18,268 Cr19,210 Cr28,778 Cr30,060 Cr35,272 Cr35,208 Cr41,309 Cr40,324 Cr
Loans & advances——28,622 Cr27,964 Cr29,120 Cr29,242 Cr34,685 Cr39,060 Cr44,645 Cr51,137 Cr
Inventories8,886 Cr9,336 Cr12,200 Cr11,112 Cr9,615 Cr11,596 Cr16,855 Cr18,590 Cr20,331 Cr22,044 Cr
Trade receivables7,199 Cr8,490 Cr9,291 Cr6,928 Cr6,008 Cr6,374 Cr7,028 Cr7,459 Cr8,280 Cr9,064 Cr
Cash & bank2,946 Cr4,467 Cr6,139 Cr4,745 Cr3,375 Cr3,488 Cr3,493 Cr4,530 Cr4,924 Cr4,292 Cr
Other assets60,854 Cr76,266 Cr64,190 Cr70,079 Cr67,478 Cr68,414 Cr86,984 Cr1,06,583 Cr1,28,611 Cr1,59,393 Cr
Total assets1,14,742 Cr1,37,211 Cr1,63,392 Cr1,67,007 Cr1,66,462 Cr1,74,113 Cr2,05,892 Cr2,36,301 Cr2,77,586 Cr3,17,635 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity183 Cr682 Cr-4,347 Cr-1,451 Cr17,909 Cr9,248 Cr-7,074 Cr-5,630 Cr3,176 Cr11,657 Cr
Cash from investing-5,875 Cr-5,468 Cr-7,168 Cr-6,901 Cr-19,700 Cr-3,239 Cr-8,900 Cr-5,603 Cr-18,626 Cr-17,794 Cr
Cash from financing6,108 Cr6,315 Cr13,194 Cr6,933 Cr406 Cr-5,883 Cr15,946 Cr12,281 Cr15,834 Cr5,391 Cr
Net cash flow416 Cr1,528 Cr1,678 Cr-1,419 Cr-1,370 Cr113 Cr6 Cr1,037 Cr394 Cr-632 Cr
Free cash flow (OCF − Capex)-4,843 Cr-5,224 Cr-11,687 Cr-8,347 Cr11,919 Cr3,208 Cr-13,379 Cr-15,576 Cr-7,216 Cr2,052 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %13.1%15.9%13.6%7.0%8.4%10.7%12.5%13.0%13.4%14.5%
ROE %10.2%17.7%11.0%0.3%3.6%11.6%15.3%14.5%14.5%15.6%
Debtor days29333227292621201917
Inventory days717079901079190878471
Days payable118137136121172150127120127121
Cash conversion cycle-18-34-25-5-36-33-16-14-25-34
OCF / EBITDA %1.7%5.2%-28.6%-11.5%130.9%63.0%-34.9%-22.6%10.4%31.5%
OCF / EBITDA % (3 years)——-8.9%-12.5%29.2%62.8%41.3%-5.8%-12.6%10.0%
Debt / equity1.351.231.351.561.431.651.641.561.571.39
Current ratio1.221.201.181.181.401.341.291.301.401.27
Net debt / EBITDA3.47—3.154.604.115.054.383.963.813.39