M&MFIN

Mahindra & Mahindra Financial Services Limited

Mahindra group's NBFC — vehicle finance and other retail credit

Financial Services›Financial Services›Finance›Non Banking Financial Company (NBFC)

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

Price as of 2026-10-16

Stock price
₹311.55
Market cap
43,319 Cr
Stock P/E
13.3
P/B
1.63
Dividend yield
2.1%
ROE (FY26)
10.7%

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 Financial (Mahindra & Mahindra Financial Services) is a non-banking financial company that lends mainly for vehicles and tractors, with a strong base in rural and semi-urban India.

Company snapshot

11thBy market cap

Ranked among 58 companies in Non Banking Financial Company (NBFC).

Segment mix

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

Largest segment: 90.4% of revenue

SegmentRevenue shareRevenuePBTAssets
Financing activities
90.4%
4,335 Cr1,075 Cr1,34,517 Cr
Others #
9.9%
476 Cr158 Cr908 Cr

What we see

Positives
  • ✓Dividend payout of 32% — the company returns a meaningful share of profits to shareholders.
Concerns
  • ✗Operating cash flow is negative even though the company shows a profit — the business may not be generating real cash yet.
2 more signals from the filings.Sign in free to see them all

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
Net Interest Income1,782 Cr1,895 Cr2,005 Cr1,963 Cr1,992 Cr2,090 Cr2,106 Cr2,188 Cr2,279 Cr2,474 Cr2,553 Cr2,580 Cr
Other income30 Cr37 Cr53 Cr39 Cr14 Cr3 Cr11 Cr23 Cr23 Cr14 Cr21 Cr7 Cr
Net operating income1,812 Cr1,932 Cr2,058 Cr2,002 Cr2,006 Cr2,093 Cr2,117 Cr2,211 Cr2,302 Cr2,488 Cr2,574 Cr2,587 Cr
Employee cost576 Cr567 Cr560 Cr592 Cr558 Cr597 Cr608 Cr634 Cr603 Cr631 Cr641 Cr673 Cr
Other expenses264 Cr286 Cr331 Cr289 Cr311 Cr337 Cr410 Cr357 Cr371 Cr414 Cr425 Cr410 Cr
Provisions & contingencies————————————
Depreciation67 Cr69 Cr72 Cr76 Cr79 Cr82 Cr85 Cr86 Cr94 Cr96 Cr110 Cr99 Cr
Profit before tax383 Cr826 Cr896 Cr661 Cr523 Cr1,233 Cr609 Cr704 Cr759 Cr1,105 Cr1,259 Cr1,242 Cr
Tax %25.1%24.6%25.1%24.9%25.4%25.6%25.1%24.8%25.4%25.3%25.3%25.3%
Net profit287 Cr623 Cr671 Cr497 Cr390 Cr918 Cr456 Cr529 Cr566 Cr826 Cr940 Cr927 Cr
EPS (₹)₹2.28₹5.05₹5.43₹4.03₹3.15₹7.43₹3.70₹4.06₹4.06₹5.93₹6.75₹6.66

Profit & loss (annual)

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

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Net Interest Income——5,537 Cr6,067 Cr6,396 Cr6,441 Cr6,935 Cr7,453 Cr8,151 Cr9,495 CrSign in free for the trailing twelve months
Other income54 Cr40 Cr59 Cr114 Cr120 Cr83 Cr133 Cr173 Cr67 Cr81 CrSign in free for the trailing twelve months
Net operating income54 Cr40 Cr5,596 Cr6,181 Cr6,516 Cr6,524 Cr7,068 Cr7,627 Cr8,218 Cr9,576 CrSign in free for the trailing twelve months
Employee cost887 Cr1,157 Cr1,478 Cr1,610 Cr1,384 Cr1,613 Cr2,115 Cr2,261 Cr2,355 Cr2,510 CrSign in free for the trailing twelve months
Other expenses847 Cr996 Cr804 Cr849 Cr559 Cr888 Cr1,112 Cr1,119 Cr1,347 Cr1,568 CrSign in free for the trailing twelve months
Provisions & contingencies——————————Sign in free for the trailing twelve months
Depreciation54 Cr55 Cr76 Cr147 Cr151 Cr152 Cr226 Cr275 Cr321 Cr386 CrSign in free for the trailing twelve months
Profit before tax838 Cr1,662 Cr2,841 Cr1,602 Cr934 Cr1,549 Cr2,804 Cr2,588 Cr3,027 Cr3,826 CrSign in free for the trailing twelve months
Tax %36.8%36.7%34.3%32.2%16.5%25.8%26.1%24.9%25.3%25.2%Sign in free for the trailing twelve months
Net profit530 Cr1,051 Cr1,867 Cr1,086 Cr780 Cr1,150 Cr2,071 Cr1,943 Cr2,261 Cr2,861 CrSign in free for the trailing twelve months
EPS (₹)₹9.06₹17.62₹29.73₹17.48₹6.99₹9.23₹16.81₹15.66₹18.32₹20.88Sign in free for the trailing twelve months
Dividend payout %—————8.6%21.4%38.1%34.4%31.6%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 capital113 Cr123 Cr123 Cr123 Cr246 Cr247 Cr247 Cr247 Cr247 Cr278 Cr
Reserves6,847 Cr9,792 Cr11,146 Cr11,846 Cr15,530 Cr16,650 Cr18,313 Cr19,686 Cr21,282 Cr26,361 Cr
Borrowings32,051 Cr36,667 Cr58,802 Cr65,634 Cr65,101 Cr62,126 Cr81,429 Cr98,319 Cr1,19,093 Cr1,28,370 Cr
Other liabilities14,112 Cr16,813 Cr4,427 Cr4,100 Cr4,625 Cr4,645 Cr4,955 Cr5,422 Cr3,439 Cr3,582 Cr
Total liabilities53,223 Cr63,538 Cr74,576 Cr81,793 Cr85,601 Cr83,809 Cr1,05,085 Cr1,23,716 Cr1,44,105 Cr1,58,644 Cr
Fixed assets (net)129 Cr137 Cr168 Cr428 Cr379 Cr461 Cr855 Cr983 Cr1,027 Cr1,075 Cr
CWIP0.56 Cr—0 Cr0 Cr10 Cr0 Cr0 Cr0 Cr0.52 Cr2 Cr
Investments1,374 Cr1,188 Cr3,327 Cr5,340 Cr12,028 Cr8,654 Cr10,063 Cr9,598 Cr10,590 Cr7,407 Cr
Loans & advances——68,939 Cr72,864 Cr67,076 Cr67,660 Cr86,456 Cr1,06,344 Cr1,23,514 Cr1,39,265 Cr
Trade receivables23 Cr60 Cr54 Cr53 Cr55 Cr65 Cr98 Cr173 Cr247 Cr326 Cr
Cash & bank604 Cr485 Cr537 Cr783 Cr809 Cr765 Cr587 Cr904 Cr1,830 Cr465 Cr
Other assets51,092 Cr61,667 Cr1,551 Cr2,325 Cr5,244 Cr6,204 Cr7,026 Cr5,714 Cr6,897 Cr10,104 Cr
Total assets53,223 Cr63,538 Cr74,576 Cr81,793 Cr85,601 Cr83,809 Cr1,05,085 Cr1,23,716 Cr1,44,105 Cr1,58,644 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 activity-6,467 Cr-9,535 Cr-12,078 Cr-3,115 Cr—18 Cr-17,395 Cr-18,449 Cr-15,602 Cr-12,772 Cr
Cash from investing-97 Cr405 Cr-1,213 Cr-2,689 Cr—3,111 Cr-1,635 Cr2,670 Cr-1,077 Cr770 Cr
Cash from financing6,766 Cr9,039 Cr13,490 Cr6,050 Cr—-3,173 Cr18,852 Cr16,095 Cr17,605 Cr10,637 Cr
Net cash flow202 Cr-91 Cr199 Cr245 Cr—-43 Cr-179 Cr317 Cr927 Cr-1,365 Cr
Free cash flow (OCF − Capex)-6,530 Cr-9,606 Cr-12,213 Cr-3,233 Cr—-283 Cr-17,809 Cr-18,772 Cr-16,044 Cr-13,188 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %7.2%10.2%16.1%8.9%4.9%6.7%11.1%9.7%10.5%10.7%
Debt / equity4.603.705.225.484.133.684.394.925.534.82