Mahindra & Mahindra Limited has informed the Exchange about Credit Rating
M&M · price
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ICRA has reaffirmed Mahindra & Mahindra's credit rating at [ICRA]AAA (Stable) for its Rs. 500 crore Non-Convertible Debenture Programme and long-term non-fund based facilities. The short-term non-fund based facilities rating of [ICRA]A1+ was also reaffirmed and assigned for an enhanced amount, increasing from Rs. 400 crore to Rs. 643.75 crore. Total rated amount went up from Rs. 942.50 crore to Rs. 1,150 crore. ICRA cited M&M's strong financial profile, healthy free cash flows, diversified business, dominant 45.1% market share in domestic tractors, improving 22.7% share in utility vehicles, and superior liquidity with over Rs. 37,000 crore in cash and liquid investments as on March 31, 2025. The company remains net debt-free at standalone and consolidated levels (excluding MMFSL).
Reaffirmation of the highest AAA rating with Stable outlook signals strong creditworthiness and low default risk, which is positive for shareholders and debt investors. The enhanced short-term facility rating reflects increased banking confidence in M&M's financial strength, supporting the company's capex plans of Rs. 20,000-25,000 crore over FY2026-FY2027.