Mahindra & Mahindra vs Maruti Suzuki
Mahindra & Mahindra trades below its peers' median P/E (43% below), Maruti Suzuki India above it (1% above).
Mahindra & Mahindra earns the higher return on equity: 23.0% against 14.5%.
Mahindra & Mahindra grew revenue faster over three years: 17.1% a year against 15.9% a year.
Both fire no forensic red flags on our checks.
The latest change on file is Mahindra & Mahindra's, on 5 Nov 2026: Q2 FY2027 results filed.
Mahindra & Mahindra trades at a P/E of 18.84: 2nd of 7 among its peers (peer median 33.2).
Mahindra & Mahindra: the full company page →Maruti Suzuki India trades at a P/E of 29.95: 4th of 7 among its peers (peer median 29.8).
Maruti Suzuki India: the full company page →Mahindra & Mahindra and Maruti Suzuki India, figure by figure
| Figure | Mahindra & Mahindra | Maruti Suzuki | Leads |
|---|---|---|---|
| Market cap | ₹4,06,360 Cr | ₹4,02,907 Cr | Mahindra & Mahindra, larger |
| P/E | 18.84 | 29.95 | Mahindra & Mahindra, cheaper |
| P/B | 4.78 | 3.68 | Maruti Suzuki India, cheaper |
| Dividend yield | 1.2% | 1.3% | Maruti Suzuki India, higher |
| ROE | 23.0% | 14.5% | Mahindra & Mahindra, higher |
| ROCE | 28.7% | 18.5% | Mahindra & Mahindra, higher |
| Profit margin | 8.5% | 6.3% | Mahindra & Mahindra, higher |
| Revenue growth, 3 years | 17.1% a year | 15.9% a year | Mahindra & Mahindra, faster |
| Profit growth, 3 years | 18.5% a year | 21.1% a year | Maruti Suzuki India, faster |
| 1-year return | −10.8% | −17.8% | Mahindra & Mahindra, higher |
| 5-year return | +26.3% a year | +8.8% a year | Mahindra & Mahindra, higher |
| Quality score | 29.9 | 52.1 | Maruti Suzuki India, higher |
| Our valuation view | Cheap, low confidence | Fair, medium confidence | Mahindra & Mahindra, cheaper view |
| Risk level | CLEAN | CLEAN | Level |
| Forensic red flags | 0 red of 30 judged | 0 red of 30 judged | Level |
The leading figure is in green: the lower for P/E, P/B, cost to income, NPAs, risk and red flags, the higher for the rest. P/E and P/B on the latest price; growth rates are yearly averages; returns are price only. Our valuation view and the red flags are explained on each company's page.
Which is bigger, Mahindra & Mahindra or Maruti Suzuki India?
Mahindra & Mahindra is the bigger company by market value: ₹4,06,360 Cr against ₹4,02,907 Cr for Maruti Suzuki India.
Mahindra & Mahindra market cap is ₹4,06,360 crore (large cap), making it the 18th largest listed company on the NSE.
Maruti Suzuki India market cap is ₹4,02,907 crore (large cap), making it the 19th largest listed company on the NSE.
Which is cheaper on valuation, Mahindra & Mahindra or Maruti Suzuki India?
Mahindra & Mahindra is the cheaper of the two on P/E: 18.84 against 29.95 for Maruti Suzuki India.
On price to book, Maruti Suzuki India is the cheaper: 3.68 against 4.78.
Against their own peers' median P/E, Mahindra & Mahindra trades 43% below its own (33.2) and Maruti Suzuki India trades 1% above its own (29.8).
Our valuation view: cheap on Mahindra & Mahindra (low confidence) and fair on Maruti Suzuki India (medium confidence). The view weighs the multiples against each company's peers and its own history.
Which is more profitable, Mahindra & Mahindra or Maruti Suzuki India?
Mahindra & Mahindra is the more profitable on return on equity: 23.0% against 14.5% for Maruti Suzuki India.
ROCE: Mahindra & Mahindra 28.7%, Maruti Suzuki India 18.5%.
Profit margin: Mahindra & Mahindra 8.5%, Maruti Suzuki India 6.3%.
Which grew faster, Mahindra & Mahindra or Maruti Suzuki India?
Mahindra & Mahindra grew faster over the last three years: revenue up 17.1% a year against 15.9% a year for Maruti Suzuki India.
Profit growth, 3 years: Maruti Suzuki India 21.1% a year, Mahindra & Mahindra 18.5% a year.
Which has cleaner accounts, Mahindra & Mahindra or Maruti Suzuki India?
Mahindra & Mahindra and Maruti Suzuki India fire the same number of our forensic red flags: none.
Mahindra & Mahindra: risk level CLEAN, 30 of 30 flags judged.
Maruti Suzuki India: risk level CLEAN, 30 of 30 flags judged.
A red flag is a figure out of line with what clean accounts show, not a finding of wrongdoing.
What these figures tell you
More comparisons
What this page rests on
Every figure is the one Mahindra & Mahindra's and Maruti Suzuki India's own pages print, from their filings with the exchanges and our arithmetic on them; each company is set against its own peer set. A side-by-side reading of the figures on both company pages, not a recommendation to buy, sell or hold either share. Which figure matters more depends on what you are looking for.