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M&M · NSE · Passenger Cars & Utility Vehicles

Mahindra & Mahindra Ltd

What the numbers mean, from its filings and the exchange. Data as of 12 Oct 2026.
Large Cap · AMFI list Jan-Jun 2026 · Vendor sector: Consumer Cyclical
cheap low confidence No valuation within 120 days; P/E 16.9 vs peers 28.4 (1st of 7); P/B 4.8 vs peers 7.2 (4th of 9).
Statements through FY2026Prices adjusted for 2 corporate actionsNot yet reviewed by the adversarial model

What is Mahindra & Mahindra's share price today?

Mahindra & Mahindra last traded at ₹2,813.00 on the NSE, as of 12 Oct 2026, 11:00 pm IST, up 0.6% on the day, down 19.2% over a year. Its 52-week range is ₹2,744 to ₹3,840. The live price is in the app.

₹2,813.00 +0.6% today
−19.2% over 1 year · NSE, as of 12 Oct 2026, 11:00 pm IST
60 month-end closes, 31 Oct 2021 to 30 Sep 2026, adjusted for splits and bonuses
52-week range6% of the way up
Low ₹2,744High ₹3,840

What is Mahindra & Mahindra's market cap?

Mahindra & Mahindra's market capitalisation is about ₹3.48 lakh crore: what it would cost to buy every share at today's price. That makes it the 21st largest large cap company we cover.

₹3.5 L Cr Large Cap21st largest large cap company
Large Cap means the 100 largest listed companies, under SEBI's rules. Shares in issue are worked out from the market cap and the price. What market cap tells you →

Key facts

From the exchange
Symbol
NSE: M&M
ISIN
INE101A01026
Cap bucket
Large Cap, 21st largest by market cap
Industry (NSE)
Consumer Discretionary › Automobile and Auto Components › Automobiles › Passenger Cars & Utility Vehicles
Listed since
1996
Futures and options
Traded

Is Mahindra & Mahindra overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 16.9 vs peers 28.4 (1st of 7); P/B 4.8 vs peers 7.2 (4th of 9).

Valuation

Latest price and trailing 12 months
P/E 16.91
vs peers 28.4 · 1st of 7
Price divided by last year's earnings per share: how many years of today's profit you pay for. Learn more →
P/B 4.78
vs peers 7.2 · 4th of 9
Price divided by book value per share: what you pay for each rupee of net assets on the balance sheet. Learn more →
Market cap ₹3.48 lakh Cr
Total market value of all shares, in ₹ crore. Learn more →
Dividend yield 1.1%
vs peers 1.2% · 5th of 7
Last year's dividends as a share of today's price. Learn more →
PEG (vendor) 0.40
vs peers 1.0 · 2nd of 6
P/E divided by the vendor's earnings growth figure, which it does not disclose; a P/E adjusted for how fast profits grow. Learn more →
PEG on our 3-year EPS growth 0.92
P/E divided by the 3-year EPS growth rate from the stored accounts. Learn more →
3 models could be judged
Skipped — Fair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored

Our valuation range

🔒 Pro
Value range, implied growth at today's price, and the nine models behind it: in the app.

Is Mahindra & Mahindra a quality business?

Quality score 29.5, 8th of 9 in its peer set; CLEAN on 30 of 30 flags judged.

Quality and risk

Data as of 12 Oct 2026
Business quality Not available
The kind of business, which sets the yardstick it is judged by. Learn more →
Quality score 29.5
vs peers 50.6 · 8th of 9
Returns, margins, leverage and consistency against its peers, out of 100. Learn more →
Risk level CLEAN
30 of 30 flags judged
From flags on debt, earnings quality, dilution and price swings. Learn more →

Profitability

ROE 23.0%
vs peers 29.3% · 7th of 8
Return on equity: profit as a share of shareholders' money. Learn more →
ROCE 28.7%
vs peers 32.4% · 6th of 8
Return on capital employed: operating profit as a share of all the capital in the business, debt and equity. Learn more →
Profit margin 8.5%
vs peers 10.5% · 5th of 8
Profit after everything, as a share of revenue. Learn more →
EPS ₹166.63
Trailing 12 months
Profit for each share over the last 12 months.

Scorecard

🔒 Pro
Health scores and red flags with their values and history: in the app.
See the scorecard →
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Has Mahindra & Mahindra made money for shareholders?

Mixed: −19.2% over one year and +29.7% a year over five years.

Shareholder returns

1-year return −19.2%
Price only
What the share price did over the last 12 months. Learn more →
5-year return +29.7% a year
Price only
Yearly average price return over five years, bonuses and splits adjusted. Learn more →
Wealth destroyer No
Five-year total return — price CAGR on bonus- and split-adjusted closes plus the dividend yield — below the 7% a bank fixed deposit paid. Learn more →

Returns

3Y and 5Y are yearly averages
1W
−2.1%
1M
−7.7%
3M
−11.5%
6M
−13.2%
1Y
−19.2%
3Y
+26.5%
5Y
+29.7%

Does Mahindra & Mahindra pay a dividend?

Yes. Mahindra & Mahindra's dividend yield is 1.08% at the latest price; the last payout was ₹33.00 a share, ex-dividend 3 Jul 2026.

Dividends

Per share, by ex-dividend date
Dividend yield1.08%
The past 12 months' dividends as a share of today's price.
3 Jul 2026 · Final₹33.00
4 Jul 2025 · Final₹25.30
5 Jul 2024 · Final₹21.10
14 Jul 2023 · Final₹16.25
14 Jul 2022 · Final₹11.55
Payout ratio🔒 In the app
The share of profit paid out as dividends; a very high share leaves little to reinvest.
Dividend growth, 5 years🔒 In the app
How fast the dividend per share has grown a year.
Years without a miss🔒 In the app
How many years in a row a dividend has been paid.

Is Mahindra & Mahindra growing?

Revenue 3 years 17.1% a year; profit 3 years 18.5% a year; revenue 5 years 18.3% a year.

Growth

Statements through FY2026 (Mar-26)
Revenue 3 years 17.1% a year
vs peers 17.3% · 5th of 9
Compound annual growth of revenue over three years. Learn more →
Profit 3 years 18.5% a year
vs peers 23.7% · 7th of 8
Compound annual growth of net profit over three years. Learn more →
Revenue 5 years 18.3% a year
Compound annual growth of revenue over five years. Learn more →
Profit 5 years 22.9% a year
Compound annual growth of net profit over five years. Learn more →
EPS 3 years 18.3% a year
Growth in earnings per share, so dilution counts against the company. Learn more →
EPS 5 years 56.4% a year
Growth in earnings per share over five years, so dilution counts against the company. Learn more →
P/E vs own history -17.1%
vs peers -16.0% · 4th of 7
Today's P/E against its own 5-year median; negative is cheaper than its history. Learn more →

How did Mahindra & Mahindra do last quarter?

Mahindra & Mahindra reported revenue of ₹57,533 Cr, up 24.8% on a year earlier and a net profit of ₹5,998 Cr, up 32.3% in the Jun 2026 quarter.

Latest quarter

Jun 2026
Revenue, latest quarter₹57,533 Cr
+24.8% on a year earlier
What the company took in over the quarter.
Net profit, latest quarter₹5,998 Cr
+32.3% on a year earlier
What was left for shareholders after every cost and tax.

How does Mahindra & Mahindra compare with its peers?

Compared with 8 Automobiles (the industry, as the basic industry was too small); 1st of 7 on P/E; 8th of 9 on quality score.

Compared with 8 Automobiles (the industry, as the basic industry was too small)

8 companies

Mahindra & Mahindra against its peers

Largest 8 of 8 peers, by market cap
CompanyMarket capP/EP/BROEROCE1YQuality 🔒Rank 🔒
Mahindra & Mahindra Ltd₹3.5 L Cr16.94.823.0%28.7%−19.2%
Maruti Suzuki India Ltd₹3.6 L Cr25.13.714.5%18.5%−30.0%
Bajaj Auto Ltd₹2.7 L Cr23.27.029.3%38.4%+7.8%
Eicher Motors Ltd₹1.9 L Cr33.58.325.0%31.2%+2.0%
TVS Motor Company Ltd₹1.8 L Cr53.614.234.2%37.1%+10.4%
Hyundai Motor India Ltd₹1.6 L Cr31.87.530.3%35.1%−18.6%
Tata Motors Passenger Vehicles Ltd₹1.0 L Cr—4.4302.8%15.1%−30.0%
Hero MotoCorp Ltd₹97,979 Cr18.04.725.5%32.4%−11.9%
Ather Energy Ltd₹56,905 Cr—11.2——+134.6%
Peer median—28.47.229.3%32.4%−5.0%
Market cap in rupees crore; P/E and P/B on the latest price; 1Y is the price return over a year. A dash is a figure that does not apply or is not reported.

Full peer comparison

🔒 Pro
Every peer, every figure, the ranks and the quality and forensic scores side by side: in the app.

Who owns Mahindra & Mahindra?

Mahindra & Mahindra is held by promoters 18.1%, foreign institutions 34.3%, domestic institutions 32.1%.

Shareholding pattern

Latest filing, percent of shares
Promoters18.1%
The founders and controlling group.
Foreign institutions34.3%
Overseas funds investing through the FPI route.
Domestic institutions32.1%
Indian insurers, banks, pension and mutual funds together.
Mutual funds17.9%
Indian mutual fund schemes; part of domestic institutions.
Retail and others7.4%
Individual investors and everyone else.
Promoter shares pledged🔒 In the app
Promoter shares given as collateral for loans; a high share is a risk to watch.
Holding trend🔒 In the app
Whether promoters, foreign funds and mutual funds have been adding or selling over recent quarters.

What do analysts say about Mahindra & Mahindra?

34 analysts cover Mahindra & Mahindra, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Analyst consensus

34 analysts
ConsensusBuy
The rating most covering analysts give the share.
Average target price🔒 In the app
The mean of the analysts' 12-month price targets.
Upside to target🔒 In the app
How far the target sits above or below today's price.
Share rating it a buy🔒 In the app
The share of covering analysts with a buy rating.

What does Mahindra & Mahindra do and what is it sensitive to?

Mahindra & Mahindra Limited is the flagship company of the Mahindra Group, a conglomerate operating primarily in Automotive and Farm Equipment segments with additional investments in Financial Services, IT, Real Estate, and other industrial businesses. Sensitive to: consumer sentiment and disposable income.

Business-model card

FY2025 · 60 verified
4Revenue
4Channels
5Regulators
5Reg. dependencies
7Sensitivities
4Costs
4Geographies

Mahindra & Mahindra Limited is the flagship company of the Mahindra Group, a conglomerate operating primarily in Automotive and Farm Equipment segments with additional investments in Financial Services, IT, Real Estate, and other industrial businesses. The company earns revenue through sales of automobiles, tractors, commercial vehicles, spares, and related services domestically and internationally.

Revenue by segment

year ended March 31, 2025 (consolidated)
Automotive56.8%
Farm Equipment22.2%
Financial Services11.5%
Industrial Businesses and Consumer Services9.5%

Revenue engine

4 verified
Automotive segment revenue (73.6%)
Sale of automobiles, utility vehicles, light commercial vehicles, two wheelers, construction equipment, spares and related services. Company holds 22.5% market share in SUVs and 51.9% in Light Commercial Vehicles.
Farm Equipment segment revenue (24.6%)
Sale of tractors, implements, spares, powerol and related services. Company holds 43% market share in tractor segment.
Financial Services segment revenue
Subsidiary and associate financial services including retail loans, SME finance, housing finance, mutual funds and insurance broking. Subsidiary MMFSL undergoing turnaround journey.
1 more statement
Industrial Businesses and Consumer Services revenue
Includes IT services, Real Estate, Hospitality, Logistics, Steel trading, Renewables, Defence, Agriculture services through subsidiaries, associates and joint ventures.

Customers & channels

4 verified
Dealer and distributor channel
Primary distribution channel; 99.09% of automotive sales made through dealers/distributors (3,695 dealers), with top 10 dealers accounting for 23.11% of dealer sales
Urban and rural consumers
Company serves urban population, rural population, government and corporates, SMEs, agricultural and non-agricultural businesses, tours and travels businesses
Export markets (4.4%)
Company exports to 68 countries with exports representing 4.38% of total turnover. Construction equipment exports grew 124% YoY with 228 units exported.
1 more statement
International farm markets
Key markets include USA, Western Europe, Japan and Brazil. Company faced demand slowdown in FY25 in these markets with plans to revamp supply chain or pivot strategically.

Regulators

5 verified
Ministry of Road Transport and Highways / Motor Vehicles Act, 1988
Governs vehicle design, safety, emissions standards and manufacturing compliance for automotive and farm equipment products
Reserve Bank of India (RBI)
Regulates monetary policy, interest rates, and credit availability affecting consumer financing and company borrowing costs
Ministry of Heavy Industries
Governs Production Linked Incentives (PLI) scheme and vehicle modernization programs affecting automotive incentives and demand
2 more statements
Securities and Exchange Board of India (SEBI)
Regulates capital raising, disclosure requirements, insider trading, listing obligations and corporate governance
Central Board of Indirect Taxes and Customs (CBIC)
Administers differential tax rates on vehicles based on length, ground clearance, engine size and fuel type affecting pricing and demand

Regulatory dependencies

5 verified
Production Linked Incentive (PLI) scheme for automobiles
Government incentive scheme that boosts consumption and EV adoption; changes in PLI rates or scope would directly affect automotive demand and company profitability
PM E-DRIVE scheme for EV infrastructure and adoption
Government scheme to expedite EV adoption and develop charging infrastructure; changes in scheme funding or scope would affect EV demand trajectory and product portfolio timing
Agricultural subsidies and mechanization programs
Government subsidy for mechanization increases coverage among small farmers; reduction in subsidies would lower tractor demand, particularly among marginal farmers
2 more statements
Tax rates on passenger vehicles based on specifications
Differential tax treatment by vehicle length, clearance, engine size and fuel type affects pricing strategy and segment attractiveness; changes in tax classification would alter vehicle economics
Emission and safety standards under Motor Vehicles Act
Manufacturing must comply with vehicle emission, safety and crash-test standards; tightening standards increases R&D and manufacturing costs

Sensitivities

7 verified
Consumer sentiment and disposable income
Rising disposable income and declining interest rates boost demand for premium vehicles and SUVs. Conversely, macroeconomic contraction, inflation and rising rates reduce consumer spending on vehicles
Agricultural output and monsoon
Above-normal monsoon and good crop prices increase farmer income and tractor demand. Poor monsoon or crop failures reduce farm mechanization investment and tractor sales
Commodity price volatility
Material cost decreased from 73.0% to 72.8% of revenue due to benign commodity prices. Rising commodity prices increase cost of goods sold, reducing margins
4 more statements
Foreign exchange rates
USD/INR 10% appreciation increases profit before tax by ₹61.74 crore (FY25). Rupee depreciation improves export competitiveness but increases import costs
International farm market demand
Slowdown in USA, Western Europe, Japan and Brazil farm markets reduces export revenue. Structural decline in markets like Japan (industry contraction) and Finland (geopolitical tensions) requires strategic pivots
Geopolitical tensions and trade policies
US policy uncertainty and trade wars create commodity price volatility, supply disruptions and higher costs, affecting expansion decisions. Tariffs and policy uncertainty lower global growth forecasts
EV infrastructure availability
EV infrastructure development plays critical role in shaping consumer sentiment toward EV adoption. Inadequate charging infrastructure delays EV transition and demand for BEVs

Cost inputs

4 verified
Materials and components (72.8%)
Cost of materials consumed is largest expense at 72.8% of revenue from operations (₹81,822 crore FY25). Company manages through value engineering, supplier negotiation, and long-term price contracting
Employee benefits and compensation (4.1%)
Personnel costs decreased to 4.1% of revenue (₹4,881 crore FY25) due to higher revenue base. Includes wages, salaries and benefits for manufacturing and office employees
Depreciation and amortization
Depreciation, amortisation and impairment of ₹4,227 crore (FY25) reflects capital intensity of manufacturing with plants across 38 locations nationally
1 more statement
Trading house and supplier purchases
99.50% of purchases from trading houses concentrated in top 10 trading houses, creating supply chain dependency. Related party purchases account for 10.48% of total purchases

Geographies

4 verified
International markets (4.4%)
Exports to 68 countries with 4.38% of turnover from overseas sales (₹5,265 crore FY25). Operations in 10 international offices with focus on construction equipment and farm machinery
USA farm market
Key international farm market experiencing demand slowdown in FY25. Company focus is on revamping supply chain and enhancing product offerings in this temporarily soft market
Western Europe farm market
Key international market with parts of France, Germany and other countries experiencing demand slowdown. Company competing with multinational players with local R&D and distribution
1 more statement
Japan farm market
Structurally declining farm market due to industry contraction. Company plans strategic pivots to mitigate losses given long-term decline in tractor demand
Each statement is checked word for word against the FY2025 annual report; the passages are in the app.

What changed recently?

Q1 FY2027 results filed (30 Jul 2026).

Change log

8 entries · newest first
  1. Results filedQ1 FY2027 results filed.
  2. Corporate actionDividend - Rs 33 Per Share.
  3. Results filedQ4 FY2026 results filed.
  4. Results filedQ3 FY2026 results filed.
  5. Results filedQ2 FY2026 results filed.
  6. Results filedQ1 FY2026 results filed.
  7. Corporate actionDividend - Rs 25.30 Per Share.
  8. Results filedQ4 FY2025 results filed.
Get alerts →Sign in to be told when any of these change.

What this page does not tell you

What could not be judged, and why. Never empty.
  • Models not runFair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored.
  • FlagsCLEAN on 30 of 30 flags judged; no red flag.
  • Data gapsBusiness quality: not available yet.

What this page rests on

✓10 years of annual statements, through FY2026 (Mar-26)✓10 quarters of results✓285 months of month-end prices, adjusted for bonuses and splits (2 corporate actions)○no valuation of ours yet✓business-model card FY2025 · 60 verified

Questions people ask

What is Mahindra & Mahindra's share price today?

Mahindra & Mahindra last traded at ₹2,813.00 on the NSE, as of 12 Oct 2026, 11:00 pm IST, up 0.6% on the day, down 19.2% over a year. Its 52-week range is ₹2,744 to ₹3,840. The live price is in the app.

What is Mahindra & Mahindra's market cap?

Mahindra & Mahindra's market capitalisation is about ₹3.48 lakh crore: what it would cost to buy every share at today's price. That makes it the 21st largest large cap company we cover.

Is Mahindra & Mahindra Ltd a large cap, mid cap or small cap?

Mahindra & Mahindra Ltd (M&M) is a large cap company in AMFI's classification for Jan-Jun 2026. SEBI's buckets go by rank on six-month average market capitalisation: the top 100 are large caps, 101 to 250 mid caps, the rest small caps.

What is Mahindra & Mahindra Ltd's P/E ratio?

16.91, vs peers 28.4 · 1st of 7. Price divided by last year's earnings per share: how many years of today's profit you pay for.

Is Mahindra & Mahindra Ltd overvalued?

Cheap, with low confidence: no valuation within 120 days; P/E 16.9 vs peers 28.4 (1st of 7); P/B 4.8 vs peers 7.2 (4th of 9).

How does Mahindra & Mahindra Ltd make money?

Mahindra & Mahindra Limited is the flagship company of the Mahindra Group, a conglomerate operating primarily in Automotive and Farm Equipment segments with additional investments in Financial Services, IT, Real Estate, and other industrial businesses. The company earns revenue through sales of automobiles, tractors, commercial vehicles, spares, and related services domestically and internationally.

Who are Mahindra & Mahindra Ltd's peers?

Compared with 8 Automobiles (the industry, as the basic industry was too small): Maruti Suzuki India Ltd, Bajaj Auto Ltd, Eicher Motors Ltd, TVS Motor Company Ltd, Hyundai Motor India Ltd and 3 more. The app shows how they compare on every figure.

Is this investment advice?

No. Valarth is a research and learning tool and is not a SEBI-registered investment adviser or research analyst. The figures come from the company's filings and the exchanges; what to do with them is your call.

How did Mahindra & Mahindra do last quarter?

Mahindra & Mahindra reported revenue of ₹57,533 Cr, up 24.8% on a year earlier and a net profit of ₹5,998 Cr, up 32.3% in the Jun 2026 quarter.

Who owns Mahindra & Mahindra?

Mahindra & Mahindra is held by promoters 18.1%, foreign institutions 34.3%, domestic institutions 32.1%.

Does Mahindra & Mahindra pay a dividend?

Yes. Mahindra & Mahindra's dividend yield is 1.08% at the latest price; the last payout was ₹33.00 a share, ex-dividend 3 Jul 2026.

What do analysts say about Mahindra & Mahindra?

34 analysts cover Mahindra & Mahindra, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Everything on Mahindra & Mahindra, and 6,621 other companies, with 212 filters and the full peer tables

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