NSE: M&MFIN · BSE: 532720
M&M FIN. SERVICES LTD
Lends to retail and small-business borrowers, mainly against vehicles (passenger vehicles, tractors, parts of commercial vehicles, three-wheelers) under its "wheels" franchise, and also under a "non-wheels" franchise covering small-business loans, personal loans and mortgage/housing finance. Total assets stood at ₹158,643.94 cr in FY26, with assets under management of ₹1,37,449 cr as of Q1 FY27 and ₹15,564 cr disbursed in that quarter (up 22% YoY). Financing activities generated 92.8% of segment revenue (₹19,774.61 cr) and ₹3,641.94 cr of EBIT in FY26; the "Others" segment (7.2%, ₹1,524.08 cr) houses subsidiaries in housing finance (MRHFL), insurance broking (MIBL) and asset management. 100% of Q1 FY27 wheels disbursements (about ₹15,000 cr) ran on the Udaan digital stack built on Salesforce and FinnOne, with AI-based collections (Samur.AI) covering 45% of CPC cases. The NBFC carries AAA/Stable ratings from CARE, India Ratings and CRISIL, and is holding an extra ₹5,500 cr liquidity buffer as a hedge against West Asia and El Nino macro risks. Standalone Q1 FY27 PAT was ₹898.65 cr on interest income of ₹4,621 cr, with collection efficiency at 95%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Financing activities (93%), Others (7%). Asset-heavy, diversified retail NBFC lending with rural and semi-urban exposure, run on a digital lending stack.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11,318 | 12,700 | 15,797 | 18,463 | 21,005 |
| EBITDA (ex other income) | 5,991 | 7,948 | 9,593 | 11,631 | 12,995 |
| margin % | 52.9 | 62.6 | 60.7 | 63.0 | 61.9 |
| Owners' profit | 1,137 | 2,072 | 1,933 | 2,262 | 2,855 |
| EPS, as reported (₹) | 9.23 | 16.81 | 15.66 | 18.32 | 20.88 |
| ROE % · ROCE % | 6.8 · — | 11.1 · — | 9.7 · — | 10.5 · — | 10.7 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 18 | (17,395) | (18,449) | (15,602) | (12,772) |
| Capex | (301) | (413) | (323) | (442) | (416) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,465 | 4,797 | 4,886 | 4,991 | 5,026 | 5,450 | 5,539 | 5,718 |
| Profit before tax | 509 | 1,217 | 594 | 683 | 743 | 1,087 | 1,243 | 1,220 |
| Net profit | 390 | 918 | 456 | 529 | 566 | 826 | 940 | 927 |
| EPS (₹) | 3.15 | 7.43 | 3.70 | 4.06 | 4.06 | 5.93 | 6.75 | 6.66 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Financing activities | 19,440 | 91.3 |
| Others | 1,054 | 4.9 |
| Others # | 805 | 3.8 |
| Total, before eliminations | 21,299 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BAJAJ FINANCE LIMITED | 5,70,768 | 28.1 | 4.88 | — | 16.5 | — | 25.2 | 70.7 |
| SHRIRAM FINANCE LIMITED | 1,94,820 | 14.6 | 2.96 | — | 15.2 | — | 22.5 | 74.7 |
| CHOLAMANDALAM IN & FIN CO | 1,31,798 | 22.8 | 4.33 | — | 17.2 | — | 26.5 | 71.2 |
| TATA CAPITAL LIMITED | 1,31,209 | 24.0 | 2.79 | — | 10.4 | — | — | 75.8 |
| MUTHOOT FINANCE LIMITED | 96,352 | 8.5 | 2.42 | — | 26.7 | — | 22.0 | 84.0 |
| SBI CARDS & PAY SER LTD | 50,202 | 22.1 | 3.19 | — | 13.8 | — | — | 33.1 |
| SUNDARAM FINANCE LTD | 43,766 | 19.6 | 2.94 | — | 13.8 | — | — | 78.4 |
| AUTHUM INVEST & INFRA LTD | 42,040 | 7.2 | 2.85 | — | 13.1 | — | — | 90.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.3 | 18.1 | 69 of 200 | 66% |
| P/B | 1.4 | 1.1 | 146 of 253 | 43% |
| ROE | 10.7 | 3.1 | 49 of 257 | 81% |
| EBITDA margin | 64.5 | 48.6 | 103 of 249 | 59% |
| Revenue growth | 14.6 | 12.6 | 108 of 231 | 54% |
| Profit growth | 75.3 | 7.8 | 72 of 251 | 72% |
| Market cap | 36567 | 34 | 11 of 268 | 96% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 FY27 profit rises 55%; 16-18% asset growth outlook maintained | investor communications | medium | — | — |
| 22 Oct 2026 · M&M Fin Services publishes Q2 FY27 results in newspapers | compliance | minimal | — | — |
| 21 Oct 2026 · Q2 FY2027 earnings call audio recording now available | investor communications | low | — | — |
| 21 Oct 2026 · Mahindra Finance Q2 FY27 PAT up 55% YoY to Rs 882 crore | compliance | minimal | — | — |
| 21 Oct 2026 · MMFSL Q2 FY27: PAT jumps 55% YoY to Rs 882 Cr, AUM up 15% | investor communications | medium | — | — |
| 21 Oct 2026 · Q2 FY27 PAT jumps 55% YoY to Rs 881.52 cr; asset quality improves | results | high | — | — |
| 21 Oct 2026 · M&M Fin Services Q2 FY27 PAT jumps 55% YoY to Rs 881.52 cr | results | high | — | — |
| 13 Oct 2026 · MMFSL Q2 FY27 earnings call scheduled for 21 Oct 2026 | board shareholder meetings | low | — | — |
| 9 Oct 2026 · M&M Fin Services: NIL demat requests for Q2 FY27 confirmed | compliance | minimal | — | — |
| 8 Oct 2026 · M&M Fin Services gets AAA/Stable rating reaffirmed by 3 agencies | credit debt | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.