Designs, manufactures and sells vehicles under the Mahindra brand, with Automotive contributing 73.9% of segment revenue and Farm Equipment another 24.6%. The Automotive business is anchored in SUVs (Scorpio, Thar, Bolero, the new XUV7XO and the XUV.e/EV Origin electric SUVs) and also includes light commercial vehicles under 3.5T, three-wheelers and exports. Farm Equipment makes tractors, with FY26 tractor volumes crossing 5 lakh units. The Industrial Businesses and Consumer Services segment covers the group's smaller listed stakes (aerospace, logistics, real estate via Mahindra Lifespace and others) and accounts for 1.4% of segment revenue. The Truck and Bus Division, which had FY26 revenue of Rs 2,989 crore, is being divested to listed subsidiary SML Mahindra for Rs 525 crore under a slump sale. The biggest cost line is materials at 57.2% of revenue, followed by other operating expenses at 13.1% and employee cost at 6.4%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Automotive (74%), Farm Equipment (25%), Investments in Industrial Businesses and Consumer Services (1%), Farm Investments (0%), Auto Investments (0%). Cyclical, asset-heavy automaker with a large tractor business that typically carries stronger margins than the auto core
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 90,171 | 1,21,269 | 1,39,078 | 1,59,211 | 1,98,639 |
| EBITDA (ex other income) | 15,097 | 21,535 | 24,892 | 30,518 | 36,687 |
| margin % | 16.7 | 17.8 | 17.9 | 19.2 | 18.5 |
| Owners' profit | 6,577 | 10,282 | 11,269 | 12,929 | 17,099 |
| EPS, as reported (₹) | 59.20 | 92.41 | 101.14 | 115.91 | 153.10 |
| ROE % · ROCE % | 12.8 · 10.6 | 17.0 · 13.6 | 15.8 · 13.9 | 15.8 · 14.2 | 17.0 · 16.3 |
| Debt / equity (x) | 1.37 | 1.38 | 1.33 | 1.36 | 1.18 |
| Cash from operations | 9,248 | (7,074) | (5,630) | 3,176 | 11,657 |
| Capex | (6,040) | (6,305) | (9,946) | (10,392) | (9,605) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 37,924 | 41,470 | 42,599 | 45,529 | 46,106 | 52,100 | 54,982 | 58,188 |
| Profit before tax | 4,274 | 4,785 | 4,187 | 5,166 | 5,589 | 6,104 | 6,361 | 7,261 |
| Net profit | 3,361 | 3,624 | 3,542 | 4,377 | 3,964 | 5,021 | 5,260 | 5,998 |
| EPS (₹) | 28.43 | 28.51 | 29.52 | 36.58 | 32.90 | 41.85 | 41.77 | 48.80 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Automotive | 1,17,834 | 57.7 |
| Farm Equipment | 42,639 | 20.9 |
| Financial Services | 20,949 | 10.3 |
| Industrial Businesses and Consumer Services | 22,756 | 11.1 |
| Total, before eliminations | 2,04,179 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Newspaper ad on special window for re-lodging physical share transfer requests | compliance | minimal | — | — |
| 10 Sept 2026 · M&M participated in UBS India Summit 2026 on 4 Sept | investor communications | low | — | — |
| 9 Sept 2026 · M&M August 2026 sales up 40% YoY; exports nearly double | business updates | medium | — | — |
| 7 Sept 2026 · M&M credit rating re-affirmed at IND AAA with Stable outlook | credit debt | medium | — | — |
| 4 Sept 2026 · Schedule of Analyst/Institutional Investor Meeting - UBS India Summit 2026 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Mahindra and Mahindra gets ESG rating of 71 from NSE Sustainability Ratings | business updates | medium | — | — |
| 2 Sept 2026 · M&M participated in Ashwamedh Elara India Dialogue 2026 | investor communications | low | — | — |
| 1 Sept 2026 · M&M August 2026 sales: SUVs up 50%, Tractors up 5%, Trucks up 47% | compliance | low | — | — |
| 31 Aug 2026 · M&M ESOP Trust transfers 25,622 shares to 1,287 grantees | capital market events | low | — | — |
| 28 Aug 2026 · Mahindra expands Battery-as-a-Service across all Electric Origin SUVs | business updates | high | — | — |
| 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 |
| MARUTI SUZUKI INDIA LTD. |
| 3,89,856 |
| 27.2 |
| 3.64 |
| 15.1 |
| 13.7 |
| 16.8 |
| 21.1 |
| 11.8 |
| MAHINDRA & MAHINDRA LTD ◆ | 3,73,579 | 18.8 | 3.41 | 12.4 | 17.0 | 11.5 | 21.7 | 19.9 |
| HYUNDAI MOTOR INDIA LTD | 1,76,646 | 35.7 | 8.83 | 17.7 | 27.1 | 32.2 | — | 10.9 |
| TATA MOTORS PASS VEH LTD | 1,10,955 | — | 0.93 | 7.7 | 69.5 | (1.0) | 6.1 | 7.6 |
| FORCE MOTORS LIMITED | 23,335 | 18.6 | 5.56 | 12.5 | 28.9 | 33.7 | 35.4 | 15.0 |
| OLECTRA GREENTECH LIMITED | 9,905 | 55.9 | 8.03 | 29.2 | 14.6 | 16.8 | 52.4 | 12.2 |
| HINDUSTAN MOTORS LTD. | 289 | 23.1 | 9.02 | — | (0.1) | (0.2) | — | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.8 | 27.2 | 5 of 17 | 75% |
| P/B | 3.4 | 4.8 | 6 of 17 | 69% |
| ROCE | 11.5 | 10.9 | 10 of 20 | 53% |
| ROE | 17.0 | 14.6 | 8 of 17 | 56% |
| Debt / Equity | 1.2 | 0.6 | 16 of 17 | 6% |
| EBITDA margin | 19.9 | 10.9 | 3 of 17 | 88% |
| Revenue growth | 27.8 | 29.7 | 9 of 16 | 47% |
| Profit growth | 37.0 | 16.9 | 5 of 17 | 75% |
| Market cap | 373579 | 17824 | 2 of 21 | 95% |
| 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 |
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.
