Mahindra & Mahindra Ltd.

NSE: M&M · Automobile and Auto Components

₹3,287.20+5.11%06 Nov 2026

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Instant answers about Mahindra & Mahindra Ltd. — computed from its filings, no language model

Market cap₹3,67,588 cr

Current price₹3,287.20

High / Low₹3,802 / ₹2,751

P/E19.0

P/B3.75

Book value₹875.6

ROE19.8%

ROCE14.8%

Debt / equity1.53

Dividend yield0.92%

EPS (TTM)₹173.35

Face value₹5

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

showing latest 6 of 7 periods

	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	95,179	74,278	90,171	1,21,269	1,39,078	1,59,211	1,98,639
EBITDA	12,564	13,677	14,683	20,285	24,892	30,518	36,980
Operating margin	13.2%	18.4%	16.3%	16.7%	17.9%	19.2%	18.6%
Interest	6,065	6,102	5,018	5,830	7,488	9,083	9,591
Depreciation	4,976	3,378	3,508	4,357	4,724	6,074	7,322
Profit before tax	612	4,071	7,506	12,555	14,856	17,542	23,220
Tax	1,976	1,646	2,109	2,686	3,708	5,006	6,563
Net profit	127	1,812	6,577	10,282	11,269	12,929	17,099
EPS ₹	1.15	16.33	59.20	92.41	101.14	115.91	153.10
Operating cash flow	—	—	9,248	-7,074	-5,630	3,176	11,657
Capex	—	—	6,040	6,305	9,946	10,392	9,605
Dividend paid	—	—	1,037	1,522	2,247	2,806	3,376
Total assets	1,67,007	1,66,462	1,74,113	2,05,892	2,36,301	2,77,586	3,17,635
Equity	39,969	41,582	47,123	56,366	66,191	77,039	93,096

Quarterly performance

last 29 quarters · ₹ crore

showing latest 8 of 29 periods

	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	MAR '22	JUN '22	SEP '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
Revenue	26,041	23,936	25,020	20,182	16,321	23,567	21,626	21,456	19,172	21,470	25,934	28,412	29,870	30,620	32,366	33,892	34,436	35,299	35,452	37,218	37,924	41,470	42,599	45,529	46,106	52,100	54,982	58,188	57,553
Operating profit	3,435	3,310	3,405	2,415	1,724	3,843	3,521	3,884	987	4,892	4,278	4,397	5,068	5,253	5,568	6,246	5,730	6,224	6,604	7,243	7,133	8,231	7,911	8,228	8,929	10,107	9,716	10,565	10,221
Operating margin	13.2%	13.8%	13.6%	12.0%	10.6%	16.3%	16.3%	18.1%	5.2%	22.8%	16.5%	15.5%	17.0%	17.2%	17.2%	18.4%	16.6%	17.6%	18.6%	19.5%	18.8%	19.8%	18.6%	18.1%	19.4%	19.4%	17.7%	18.2%	17.8%
Other income	248	213	283	317	199	285	242	315	196	266	281	216	207	300	484	807	592	511	356	409	659	411	702	917	676	859	995	1,016	1,187
Interest	1,425	1,526	1,538	1,576	1,608	1,600	1,516	1,403	1,300	1,285	1,222	1,219	1,382	1,596	1,634	1,719	1,835	1,945	1,989	2,108	2,217	2,362	2,397	2,431	2,347	2,405	2,407	2,560	2,682
Depreciation	1,241	1,259	1,615	1,203	1,163	1,193	847	850	802	852	935	960	1,092	1,110	1,194	1,128	1,139	1,123	1,335	1,248	1,302	1,495	2,029	1,548	1,669	2,163	1,943	1,760	1,832
Profit before tax	1,155	760	527	-1,829	-83	565	1,253	1,625	-967	2,985	2,695	2,451	3,508	3,341	3,255	4,207	3,347	3,667	3,635	4,296	4,274	4,785	4,187	5,166	5,589	6,104	6,361	7,261	6,895
Tax	548	737	697	-7	114	662	528	343	-218	954	648	533	922	738	493	784	1,084	935	905	1,075	1,379	1,468	1,085	1,268	2,094	1,547	1,654	1,631	2,198
Net profit	914	348	200	-1,335	-98	136	704	1,070	424	1,929	2,237	2,196	2,773	2,677	2,637	3,508	2,348	2,658	2,754	3,283	3,171	3,181	3,295	4,083	3,673	4,675	4,668	5,455	4,588
EPS ₹	8.25	3.14	1.80	-12.04	-0.88	1.22	6.35	9.64	3.82	17.35	20.13	19.74	24.93	24.05	23.68	31.50	21.07	23.86	24.71	29.44	28.43	28.51	29.52	36.58	32.90	41.85	41.77	48.80	41.04
Revenue YoY	—	—	—	—	-37.3%	-1.5%	-13.6%	6.3%	17.5%	-8.9%	20.9%	48.2%	39.1%	—	24.8%	19.3%	15.3%	15.3%	9.5%	9.8%	10.1%	17.5%	20.2%	22.3%	21.6%	25.6%	29.1%	27.8%	24.8%
Profit YoY	—	—	—	—	-110.7%	-61.1%	252.3%	—	—	1322.7%	109.1%	418.0%	43.8%	—	17.8%	59.8%	-15.3%	-0.7%	4.5%	-6.4%	35.1%	19.6%	19.6%	24.4%	15.9%	47.0%	41.6%	33.6%	24.9%

Earlier results (standalone, Sep '07 – Mar '19)

₹ crore · from BSE, before the NSE XBRL filings begin

Mahindra & Mahindra Ltd. reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 11 periods

	FY09†	FY10†	FY11†	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†	FY18†	FY19†
Revenue	12,605	18,602	23,494	31,868	40,441	40,508	38,945	40,885	47,096	49,403	53,614
Operating profit	1,022	2,955	3,456	3,762	4,709	4,721	4,173	4,570	4,756	6,245	6,640
Operating margin	8.1%	15.9%	14.7%	11.8%	11.6%	11.7%	10.7%	11.2%	10.1%	12.6%	12.4%
Other income	258	199	310	393	549	718	849	855	1,343	1,035	1,689
Interest	60	28	50	85	191	259	214	155	133	111	113
Depreciation	284	371	414	576	711	863	975	1,109	1,327	1,476	1,860
Profit before tax	945	2,847	3,520	3,606	4,447	4,369	4,169	4,230	5,188	6,127	6,325
Tax	140	759	858	727	1,094	611	848	1,062	1,232	1,754	1,529
Net profit	805	2,088	2,662	2,879	3,353	3,758	3,321	3,167	3,956	4,373	4,796

Quarters

showing latest 8 of 47 periods

	SEP '07†	DEC '07†	MAR '08†	JUN '08†	SEP '08†	DEC '08†	MAR '09†	JUN '09†	SEP '09†	DEC '09†	MAR '10†	JUN '10†	SEP '10†	DEC '10†	MAR '11†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†	MAR '18†	JUN '18†	SEP '18†	DEC '18†	MAR '19†
Revenue	2,802	2,940	3,148	3,293	3,138	2,519	3,654	4,243	4,558	4,497	5,305	5,160	5,434	6,121	6,778	6,734	7,361	8,387	9,387	9,367	9,813	10,774	10,487	10,023	8,930	10,556	11,001	10,262	9,544	9,583	9,557	9,830	9,246	11,008	10,801	11,943	11,364	11,778	12,012	12,336	12,182	11,578	13,308	13,520	12,989	13,070	14,035
Operating profit	385	331	342	247	175	39	561	609	831	670	846	776	895	924	862	897	874	1,021	969	1,109	1,119	1,211	1,270	1,287	1,145	1,382	907	1,269	1,009	994	901	1,252	1,026	1,242	1,049	1,286	1,233	1,299	938	1,267	1,729	1,495	1,754	1,872	1,605	1,517	1,646
Operating margin	13.8%	11.3%	10.9%	7.5%	5.6%	1.5%	15.4%	14.4%	18.2%	14.9%	15.9%	15.0%	16.5%	15.1%	12.7%	13.3%	11.9%	12.2%	10.3%	11.8%	11.4%	11.2%	12.1%	12.8%	12.8%	13.1%	8.2%	12.4%	10.6%	10.4%	9.4%	12.7%	11.1%	11.3%	9.7%	10.8%	10.9%	11.0%	7.8%	10.3%	14.2%	12.9%	13.2%	13.8%	12.4%	11.6%	11.7%
Other income	69	40	27	38	114	44	61	24	133	24	18	20	200	42	47	25	232	41	96	60	323	74	92	164	361	95	98	190	485	84	90	169	485	89	112	217	708	110	308	205	562	97	171	265	846	341	237
Interest	8	7	14	10	15	14	21	6	13	8	1	23	9	3	16	2	5	7	71	46	47	47	51	49	62	63	84	59	49	43	63	39	38	40	38	24	26	38	45	31	23	25	33	33	28	25	28
Depreciation	58	59	65	62	64	65	93	88	89	98	95	98	97	102	117	110	126	141	200	155	178	179	199	181	197	195	291	248	248	234	244	232	250	296	330	312	334	339	342	344	363	369	399	393	461	474	533
Profit before tax	387	460	305	213	220	3	509	538	953	587	768	721	1,007	984	808	814	975	914	903	968	1,216	1,060	1,203	1,222	1,246	1,219	683	1,152	1,197	1,100	719	1,150	1,224	1,058	798	1,257	1,581	1,396	953	1,097	1,905	1,584	1,541	1,732	2,096	1,280	1,217
Tax	101	55	84	54	-6	2	90	137	250	174	198	159	248	249	202	209	238	252	28	243	314	224	314	284	257	285	-214	271	250	158	169	298	300	250	215	302	418	284	228	331	574	368	482	511	447	203	368
Net profit	286	405	221	159	227	1	418	401	703	414	570	562	758	735	607	605	737	662	874	726	902	836	889	938	990	934	897	882	947	942	551	852	924	808	584	955	1,163	1,112	725	766	1,332	1,216	1,059	1,221	1,649	1,077	849
EPS ₹	12.00	16.96	9.25	6.66	9.44	0.05	15.34	14.70	25.73	15.12	10.17	9.94	13.36	12.59	10.33	10.30	12.55	11.26	14.85	12.32	15.30	14.17	15.06	15.89	16.76	15.82	15.19	14.94	16.03	15.95	9.32	14.41	15.61	13.65	9.86	16.12	19.62	18.75	12.22	12.90	22.40	10.23	8.90	10.26	13.86	9.04	7.13
Revenue YoY	—	—	—	—	12.0%	-14.3%	16.1%	28.8%	45.2%	78.5%	45.2%	21.6%	19.2%	36.1%	27.8%	30.5%	35.4%	37.0%	38.5%	39.1%	33.3%	28.5%	11.7%	7.0%	-9.0%	-2.0%	4.9%	2.4%	6.9%	-9.2%	-13.1%	-4.2%	-3.1%	14.9%	13.0%	21.5%	22.9%	7.0%	11.2%	3.3%	7.2%	-1.7%	10.8%	9.6%	6.6%	12.9%	5.5%
Profit YoY	—	—	—	—	-20.7%	-99.7%	89.1%	151.6%	210.0%	34375.0%	36.4%	40.3%	7.9%	77.6%	6.4%	7.6%	-2.8%	-9.9%	44.2%	20.0%	22.3%	26.3%	1.7%	29.3%	9.7%	11.7%	0.9%	-6.0%	-4.3%	0.9%	-38.6%	-3.4%	-2.4%	-14.2%	6.0%	12.1%	26.0%	37.7%	24.2%	-19.8%	14.5%	9.3%	46.0%	59.4%	23.9%	-11.4%	-19.9%

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 23 periods

	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
ROE	0.3%	-2.2%	-2.7%	-1.5%	4.4%	5.6%	9.9%	19.6%	18.2%	20.6%	18.5%	18.4%	17.0%	16.7%	16.8%	17.6%	16.8%	17.8%	17.2%	19.0%	18.4%	19.8%	19.8%
ROCE	6.5%	5.5%	5.4%	6.1%	22.8%	20.0%	25.0%	13.0%	12.4%	13.9%	13.1%	13.5%	13.2%	13.5%	13.1%	14.0%	13.4%	14.0%	14.2%	14.9%	14.7%	15.7%	14.8%
Net margin	0.1%	-1.0%	-1.3%	-0.7%	2.2%	2.7%	4.9%	8.6%	8.5%	9.1%	8.5%	8.2%	8.1%	7.8%	8.1%	8.1%	8.1%	8.2%	8.1%	8.4%	8.6%	8.7%	8.7%
EBITDA margin	13.2%	12.7%	13.4%	14.1%	15.6%	14.3%	15.9%	16.5%	16.7%	17.5%	17.4%	17.5%	17.8%	18.1%	18.6%	19.2%	19.2%	18.8%	19.0%	18.9%	18.6%	18.6%	18.2%
Debt / equity	1.56	1.56	1.56	1.56	—	—	—	1.65	1.64	1.64	1.65	1.65	1.56	1.56	1.61	1.61	1.57	1.57	1.48	1.48	1.39	1.39	1.53
Interest coverage	1.10	0.90	0.87	0.99	1.55	1.43	1.89	3.21	3.15	3.26	3.09	3.03	2.98	2.90	2.92	2.96	2.93	2.96	3.07	3.20	3.42	3.60	3.65
Asset turnover	0.57	0.51	0.51	0.49	0.50	0.52	0.50	0.60	0.59	0.62	0.59	0.62	0.59	0.60	0.57	0.60	0.57	0.60	0.60	0.64	0.63	0.67	0.63

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 18 periods

	MAR '14‡	MAR '15‡	MAR '16‡	MAR '17‡	MAR '18‡	MAR '19‡	MAR '20‡	MAR '21‡	MAR '22‡	SEP '22	MAR '23	SEP '23	MAR '24	SEP '24	MAR '25	SEP '25	MAR '26	SEP '26
Share capital	295	296	270	271	543	544	554	555	556	556	557	557	557	558	558	558	559	559
Other equity / reserves	17,279	19,668	26,222	29,467	36,232	39,439	39,415	41,027	46,567	49,956	55,809	59,929	65,633	69,944	76,481	82,286	92,538	97,358
Total equity	17,574	19,964	26,493	29,738	36,775	39,983	39,969	41,582	47,123	50,512	56,366	60,486	66,191	70,502	77,039	82,844	93,096	97,917
Borrowings	28,272	29,504	30,676	40,246	45,135	54,067	62,516	—	—	83,273	92,247	99,712	1,03,203	1,13,269	1,21,173	1,22,655	1,29,614	1,49,385
Current liabilities	27,558	33,733	36,644	39,832	49,150	58,609	54,010	51,446	56,288	65,146	70,579	73,566	75,546	86,035	90,322	99,798	1,16,099	1,35,675
Non-current liabilities	31,672	29,363	31,576	38,815	43,036	56,438	65,336	64,364	60,999	61,548	68,230	76,164	83,246	87,396	98,166	95,041	92,045	1,01,016
Total assets	88,270	94,844	1,00,632	1,14,742	1,37,211	1,63,392	1,67,007	1,66,462	1,74,113	1,92,115	2,05,892	2,20,773	2,36,301	2,55,280	2,77,586	2,92,930	3,17,635	3,52,268
Property, plant & equipment	16,058	17,247	18,005	18,307	20,820	22,227	24,417	17,612	21,902	18,679	20,351	20,503	21,409	22,764	25,835	27,878	29,012	29,438
Capital work-in-progress	1,244	1,273	753	1,888	1,815	2,454	2,552	4,478	3,036	1,720	1,223	2,014	3,461	4,544	3,653	2,570	2,368	4,020
Investments	—	—	—	5,867	6,596	7,477	7,981	16,521	16,911	32,272	35,272	33,964	35,208	34,411	41,309	36,327	40,324	48,240
Inventories	8,354	8,453	9,116	8,886	9,336	12,200	11,112	9,615	11,596	14,832	16,855	17,844	18,590	19,765	20,331	24,588	22,044	24,125
Receivables	5,725	5,476	6,294	7,776	9,004	9,292	7,484	6,374	6,683	7,967	7,311	8,904	7,730	8,809	8,536	9,766	9,272	10,071
Cash & equivalents	6,523	4,912	2,522	2,946	4,467	6,139	4,745	3,375	3,488	3,914	3,493	3,753	4,530	3,794	4,924	2,945	4,292	8,166

Cash flow

annual · ₹ crore · line = free cash flow

showing latest 5 of 13 periods

	FY14‡	FY15‡	FY16‡	FY17‡	FY18‡	FY19‡	FY20‡	FY21‡	FY22	FY23	FY24	FY25	FY26
Cash from operations	-244	1,055	2,385	183	682	-4,347	-1,457	17,909	9,248	-7,074	-5,630	3,176	11,657
Cash from investing	-4,490	-4,165	-5,799	-5,875	-5,468	-7,168	-6,895	-18,447	-3,239	-8,900	-5,603	-18,626	-17,794
Cash from financing	5,577	1,669	2,967	6,108	6,314	13,194	6,933	406	-5,883	15,946	12,281	15,834	5,391
Capex	3,665	4,759	—	—	—	—	—	—	6,040	6,305	9,946	10,392	9,605
Free cash flow	-3,909	-3,704	—	—	—	—	—	—	3,208	-13,379	-15,576	-7,216	2,052
Dividends paid	1,094	1,200	932	772	846	937	1,135	264	1,037	1,522	2,247	2,806	3,376

Where the assets sit

Sep '26 · ₹ crore

Fixed assets (PPE)

₹29,438 cr8%

CWIP

₹4,020 cr1%

Investments

₹48,240 cr14%

Inventories

₹24,125 cr7%

Receivables

₹10,071 cr3%

Cash & equivalents

₹8,166 cr2%

Other assets

₹2,28,208 cr65%

Peer comparison

largest in Automobile and Auto Components · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Maruti Suzuki India Ltd.	4,00,860	12,750.00	29.8	3.68	12.3%
Mahindra & Mahindra Ltd.	3,67,588	3,287.20	19.0	3.75	19.8%
Bajaj Auto Ltd.	2,99,543	10,900.00	22.9	8.18	35.7%
TVS Motor Company Ltd.	2,13,401	4,491.70	55.8	18.81	33.7%
Eicher Motors Ltd.	2,10,528	7,669.50	36.5	8.39	23.0%
Hyundai Motor India Ltd.	1,73,071	2,130.00	51.8	8.49	16.4%
Samvardhana Motherson International Ltd.	1,67,340	158.55	35.4	3.69	10.4%
Bosch Ltd.	1,49,565	50,700.00	56.5	19.51	34.6%
Hero MotoCorp Ltd.	1,10,343	5,513.00	18.4	4.71	25.6%
Tata Motors Passenger Vehicles Ltd.	1,07,602	292.00	1.4	0.96	70.7%

StoxGud checklist: Neutral setup · 5/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month+17.4%

6 months-2.5%

1 year-7.0%

3Y CAGR+30.2%

5Y CAGR+30.8%

10Y CAGR+16.9%

50-day avg₹3,004.95

200-day avg₹3,187.26

RSI (14)80

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FAQs

What is the share price of Mahindra & Mahindra Ltd.?

Mahindra & Mahindra Ltd. (M&M) closed at ₹3,287.20 on NSE on 06 Nov 2026.

What is the market cap of Mahindra & Mahindra Ltd.?

₹3,67,588 crore at the latest close.

What is the P/E ratio of Mahindra & Mahindra Ltd.?

19.0, on trailing-twelve-month earnings from its filings.

How fast is Mahindra & Mahindra Ltd. growing?

Mahindra & Mahindra Ltd.: revenue has compounded at 17.9% a year over three years; net profit at 18.5% a year. Latest-quarter revenue is up 24.8% year on year, profit up 24.9%.

How profitable is Mahindra & Mahindra Ltd.?

On a trailing-twelve-month basis return on equity is 19.8%, return on capital employed 14.8%, operating margin 18.2%, net margin 8.7%.

How much debt does Mahindra & Mahindra Ltd. have?

Mahindra & Mahindra Ltd. is highly geared: debt to equity is 1.53 with borrowings of ₹1,49,385 cr against cash of ₹8,166 cr (balance sheet of 2026-09-30). Operating profit covers interest 3.6 times.

Financials parsed from Mahindra & Mahindra Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from JUN '19, annual from FY20, balance sheet from Mar '14. * = derived (full year or half year minus earlier quarters). ‡ = balance sheet / cash flow read from the company's published annual report (same basis), for years before the NSE filings carry them; each one checked to add up. Information only, not investment advice.