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рдорд╣рд┐рдВрджреНрд░рд╛ рдПрдВрдб рдорд╣рд┐рдВрджреНрд░рд╛ рдХреЗ рдЗрдиреНрд╡реЗрд╕реНрдЯрд░ рдбреЗ рдХреЗ рдмрд╛рдж, рд╡реИрд╢реНрд╡рд┐рдХ рдмреНрд░реЛрдХрд░реЗрдЬ CLSA, Citi, Nomura, рдФрд░ Morgan Stanley рдиреЗ рд╕рдХрд╛рд░рд╛рддреНрдордХ рд░рд┐рдкреЛрд░реНрдЯ рдЬрд╛рд░реА рдХреА рд╣реИрдВ, 'рдЖрдЙрдЯрдкрд░рдлреЙрд░реНрдо' рдпрд╛ 'рдмрд╛рдп' рд░реЗрдЯрд┐рдВрдЧ рдмрдирд╛рдП рд░рдЦреА рд╣реИрдВ рдФрд░ рдЯрд╛рд░рдЧреЗрдЯ рдкреНрд░рд╛рдЗрд╕ рдмрдврд╝рд╛рдП рд╣реИрдВред рдкреНрд░рдмрдВрдзрди рдиреЗ рдорд╣рддреНрд╡рд╛рдХрд╛рдВрдХреНрд╖реА рдпреЛрдЬрдирд╛рдПрдВ рдкреЗрд╢ рдХреА рд╣реИрдВ, рдЬрд┐рдирдХрд╛ рд▓рдХреНрд╖реНрдп FY26-FY30 рд╕реЗ 15-40% рдСрд░реНрдЧреЗрдирд┐рдХ рд░реЗрд╡реЗрдиреНрдпреВ CAGR рд╣реИ, рд╕рд╛рде рд╣реА SUVs, рдЯреНрд░реИрдХреНрдЯрд░реНрд╕ рдФрд░ LCVs рдореЗрдВ рдорд╣рддреНрд╡рдкреВрд░реНрдг рд╡реГрджреНрдзрд┐ рдФрд░ рдирд┐рд░реНрдпрд╛рдд рдкрд░ рдлреЛрдХрд╕ рдмрдврд╝рд╛рдирд╛ рд╣реИред рдкреНрд░рдореБрдЦ рдЕрдиреБрдорд╛рдиреЛрдВ рдореЗрдВ 9% рдЯреНрд░реИрдХреНрдЯрд░ рд╡реЙрд▓реНрдпреВрдо рдЧреНрд░реЛрде рдЖрдЙрдЯрд▓реБрдХ рдФрд░ рд╡рд┐рднрд┐рдиреНрди рд╡реНрдпрд╛рд╡рд╕рд╛рдпрд┐рдХ рдЦрдВрдбреЛрдВ рдореЗрдВ рдкрд░реНрдпрд╛рдкреНрдд рд░рд╛рдЬрд╕реНрд╡ рд╡реГрджреНрдзрд┐ рд╢рд╛рдорд┐рд▓ рд╣реИ, рд╕рд╛рде рд╣реА рдПрдХ рдирдП SUV рд▓реЙрдиреНрдЪ рдХрд╛ рдЯреАрдЬрд╝рд░ рднреА рд╣реИред
Mahindra & Mahindra Ltd is one of the most diversified automobile company in India with presence across 2-wheelers, 3-wheelers, PVs, CVs, tractors & earthmovers.It also has presence across financial services, auto components, hospitality, infrastructure, retail, logistics, steel trading and processing, IT businesses, agri, aerospace, consulting services, defence, energy and industrial equipmentthrough its subsidiaries and group companies.It was incorporated in 1945 by Ghulam Mohammad and two Mahindra Brothers (KC & JC Mahindra) and was later renamed as Mahindra & Mahindra in 1948.[1]
Market Leadership[1][2]Mahindra & Mahindra operates diverse businesses including Auto, Farm, TechM, and Financial Services. It holds market leadership in SUVs and LCVs, is the#1 tractor manufacturer, and #1 in EV Re
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Maruti Suzuki | 15977.00 | 33.99 | 502371.87 | 0.84 | 3349.00 | 7.95 | 42344.20 | 13.07 | 21.70 | 160633.80 | 12.22 | 14779.40 | 3349.00 | 5.04 | 11.69 | 0.00 |
| 2. | M & M | 3749.60 | 33.30 | 466361.40 | 0.67 | 4520.52 | 17.69 | 35079.82 | 21.30 | 27.04 | 131795.21 | 16.05 | 14003.01 | 4520.52 | 7.01 | 12.93 | 0.02 |
| 3. | Hyundai Motor I | 2335.90 | 33.82 | 189838.02 | 0.90 | 1570.25 | 17.38 | 17061.03 | 1.10 | 54.25 | 66889.41 | 13.20 | 5612.65 | 1570.25 | 11.17 | 19.97 | 0.05 |
| 4. | Tata Motors PVeh | 362.25 | 9.88 | 133410.99 | 1.66 | 76248.00 | -214.83 | 72349.00 | -13.52 | 19.97 | 392137.00 | 9.18 | 13507.54 | -3412.33 | 1.20 | 7.65 | 0.61 |
| 5. | Force Motors | 16901.00 | 27.15 | 22270.47 | 0.24 | 350.70 | 159.72 | 2081.40 | 7.22 | 29.99 | 8624.15 | 14.46 | 820.18 | 350.67 | 6.35 | 11.53 | 0.00 |
| 6. | Olectra Greentec | 1325.90 | 76.29 | 10902.39 | 0.03 | 49.43 | 4.18 | 656.62 | 25.39 | 20.52 | 1968.13 | 13.68 | 142.91 | 49.55 | 9.70 | 7.46 | 0.33 |
| 7. | Mercury EV-Tech | 36.99 | 79.67 | 702.71 | 0.00 | 1.72 | 7.50 | 34.01 | 74.59 | 5.15 | 122.86 | 8.41 | 8.82 | 1.72 | 2.51 | 3.08 | 0.03 |
| тАУ | Median: 8 Co. | 1830.9 | 33.91 | 77840.73 | 0.46 | 960.48 | 7.72 | 9571.22 | 10.14 | 21.11 | 37756.78 | 12.71 | 3216.41 | 200.11 | 6.68 | 9.59 | 0.03 |
Standalone figures in тВ╣ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 22,105 | 22,113 | 22,614 | 24,403 | 25,762 | 25,737 | 25,434 | 27,133 | 28,919 | 30,964 | 31,609 | 34,143 | 35,080 |
Expenses | 18,513 | 18,840 | 19,774 | 20,852 | 21,270 | 22,088 | 22,006 | 23,017 | 23,649 | 26,154 | 26,671 | 29,199 | 28,612 |
Operating Profit | 3,592 | 3,273 | 2,840 | 3,551 | 4,492 | 3,649 | 3,428 | 4,116 | 5,270 | 4,810 | 4,938 | 4,944 | 6,467 |
Other Income | -30 | -418 | -220 | 663 | 691 | 387 | 224 | 258 | 677 | 265 | -206 | 583 | 702 |
Profit before tax | 2,707 | 1,958 | 1,711 | 3,341 | 4,322 | 3,170 | 2,624 | 3,406 | 4,931 | 3,968 | 3,345 | 4,471 | 6,069 |
Tax % | 24% | 22% | 9% | 17% | 21% | 21% | 24% | 23% | 22% | 25% | 27% | 23% | 26% |
Net Profit | 2,068 | 1,528 | 1,549 | 2,759 | 3,393 | 2,490 | 2,000 | 2,613 | 3,841 | 2,964 | 2,437 | 3,450 | 4,521 |
EPS in Rs | 16.63 | 12.29 | 12.46 | 22.19 | 27.29 | 20.02 | 16.08 | 21.01 | 30.89 | 23.84 | 19.60 | 27.74 | 36.35 |
Standalone Figures in тВ╣ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 40,508 | 38,445 | 40,875 | 44,054 | 48,686 | 53,614 | 45,488 | 44,630 | 57,787 | 86,645 | 101,336 | 118,625 | 131,795 |
Expenses | 35,787 | 34,271 | 36,255 | 39,539 | 42,462 | 46,974 | 39,690 | 37,672 | 50,759 | 74,581 | 86,206 | 100,209 | 110,636 |
Operating Profit | 4,722 | 4,173 | 4,620 | 4,515 | 6,224 | 6,640 | 5,798 | 6,957 | 7,027 | 12,064 | 15,130 | 18,416 | 21,159 |
Other Income | 770 | 1,185 | 919 | 1,894 | 1,470 | 1,659 | -346 | -1,888 | 1,845 | -506 | 1,956 | 1,712 | 1,344 |
Interest | 259 | 214 | 186 | 160 | 112 | 113 | 113 | 396 | 226 | 273 | 140 | 250 | 257 |
Depreciation | 863 | 975 | 1,068 | 1,526 | 1,479 | 1,860 | 2,223 | 2,370 | 2,498 | 3,154 | 3,488 | 4,227 | 4,391 |
Profit before tax | 4,369 | 4,169 | 4,284 | 4,723 | 6,102 | 6,325 | 3,116 | 2,303 | 6,148 | 8,131 | 13,458 | 15,650 | 17,854 |
Net Profit | 3,758 | 3,321 | 3,205 | 3,643 | 4,356 | 4,796 | 1,331 | 984 | 4,870 | 6,549 | 10,642 | 11,855 | 13,372 |
EPS in Rs | 30.51 | 26.74 | 25.80 | 29.33 | 35.04 | 38.58 | 10.70 | 7.92 | 39.17 | 52.66 | 85.58 | 95.33 | 107.53 |
Dividend Payout % | 22% | 21% | 22% | 21% | 20% | 21% | 21% | 106% | 28% | 30% | 24% | 26% | тАУ |
Standalone figures in тВ╣ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 295 | 296 | 296 | 297 | 595 | 596 | 597 | 597 | 598 | 599 | 600 | 600 | 601 |
Reserves | 16,496 | 18,959 | 22,127 | 26,489 | 29,699 | 33,613 | 33,871 | 34,354 | 37,600 | 42,758 | 51,692 | 60,985 | 65,890 |
Borrowings | 4,045 | 3,728 | 2,917 | 2,851 | 2,958 | 2,571 | 3,027 | 7,786 | 6,743 | 5,026 | 2,051 | 1,682 | 1,614 |
Other Liabilities | 10,452 | 9,961 | 10,159 | 10,332 | 14,195 | 15,916 | 13,007 | 18,827 | 21,665 | 27,398 | 29,367 | 36,382 | 40,963 |
Total Liabilities | 31,289 | 32,945 | 35,500 | 39,968 | 47,447 | 52,697 | 50,502 | 61,564 | 66,606 | 75,780 | 83,709 | 99,649 | 109,068 |
Fixed Assets | 5,877 | 5,929 | 7,596 | 7,771 | 7,859 | 10,082 | 10,395 | 12,011 | 14,904 | 16,976 | 17,805 | 19,651 | 22,441 |
Gross Block | 10,796 | 11,739 | 13,799 | 15,477 | 16,878 | 20,518 | 22,666 | 27,312 | 31,577 | 36,215 | 40,207 | 43,553 | тАУ |
Accumulated Depreciation | 4,919 | 5,809 | 6,203 | 7,706 | 9,019 | 10,437 | 12,272 | 15,301 | 16,673 | 19,239 | 22,403 | 23,901 | тАУ |
CWIP | 1,228 | 2,179 | 1,562 | 2,040 | 3,129 | 2,420 | 4,009 | 6,125 | 5,263 | 2,785 | 3,763 | 3,905 | 1,272 |
Investments | 11,380 | 13,138 | 13,547 | 17,908 | 20,583 | 22,016 | 19,938 | 21,783 | 24,204 | 27,087 | 29,207 | 35,468 | 37,375 |
Other Assets | 12,803 | 11,698 | 12,794 | 12,248 | 15,876 | 18,179 | 16,160 | 21,645 | 22,235 | 28,932 | 32,934 | 40,625 | 47,981 |
Total Assets | 31,289 | 32,945 | 35,500 | 39,968 | 47,447 | 52,697 | 50,502 | 61,564 | 66,606 | 75,780 | 83,709 | 99,649 | 109,068 |
Standalone Figures in тВ╣ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 3,728 | 3,219 | 5,470 | 3,971 | 7,027 | 4,924 | 3,678 | 9,594 | 6,977 | 9,129 | 11,474 | 16,617 |
Cash from Investing Activity | -2,362 | -2,423 | -3,538 | -3,221 | -5,110 | -2,549 | -2,576 | -14,564 | -3,961 | -4,753 | -5,361 | -13,874 |
Cash from Financing Activity | -824 | -1,585 | -2,007 | -1,056 | -1,033 | -1,555 | -1,015 | 3,514 | -3,166 | -3,784 | -5,547 | -3,355 |
Net Cash Flow | 542 | -788 | -75 | -305 | 884 | 820 | 86 | -1,456 | -150 | 593 | 566 | -612 |
Standalone Figures in тВ╣ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 23 | 24 | 22 | 24 | 24 | 27 | 24 | 18 | 19 | 17 | 16 | 18 |
Inventory Days | 35 | 32 | 33 | 31 | 29 | 37 | 39 | 58 | 51 | 50 | 48 | 44 |
Days Payable | 75 | 70 | 83 | 78 | 92 | 92 | 78 | 129 | 111 | 97 | 92 | 99 |
Cash Conversion Cycle | -18 | -14 | -27 | -23 | -39 | -29 | -15 | -53 | -41 | -30 | -27 | -38 |
Working Capital Days | -18 | -25 | -26 | -19 | -28 | -19 | -18 | -51 | -27 | -23 | -16 | -26 |
ROCE % | 23% | 18% | 18% | 16% | 18% | 18% | 14% | 14% | 15% | 21% | 26% | 27% |
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