NSE: M&M · BSE: 500520
MAHINDRA & MAHINDRA LTD
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
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 | 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
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. % |
|---|---|---|---|---|---|---|---|---|
| MARUTI SUZUKI INDIA LTD. | 3,62,943 | 25.3 | 3.39 | 14.1 | 13.7 | 16.8 | 21.1 | 11.8 |
| MAHINDRA & MAHINDRA LTD ◆ | 3,45,071 | 17.4 | 3.15 | 11.7 | 17.0 | 11.5 | 21.7 | 19.9 |
| HYUNDAI MOTOR INDIA LTD | 1,51,693 | 30.6 | 7.58 | 15.1 | 27.1 | 32.2 | — | 10.9 |
| TATA MOTORS PASS VEH LTD | 97,137 | — | 0.82 | 7.0 | 69.5 | (1.0) | 6.1 | 7.6 |
| FORCE MOTORS LIMITED | 22,529 | 18.0 | 5.37 | 12.0 | 28.9 | 33.7 | 35.4 | 15.0 |
| OLECTRA GREENTECH LIMITED | 8,073 | 45.6 | 6.55 | 24.0 | 14.6 | 16.8 | 52.4 | 12.2 |
| HINDUSTAN MOTORS LTD. | 285 | 68.3 | 8.91 | — | (0.1) | (0.2) | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.4 | 28.0 | 4 of 16 | 80% |
| P/B | 3.1 | 4.9 | 7 of 17 | 63% |
| 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 | 345071 | 16718 | 2 of 21 | 95% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Mahindra transfers 30,600 shares to ESOP grantees | compliance | minimal | — | — |
| 17 Oct 2026 · Stake in NDET diluted to 49.63%; NDET ceases to be step-down subsidiary | ownership changes | high | — | — |
| 16 Oct 2026 · Newspaper Notice on Loss of Share Certificate(s) | compliance | minimal | — | — |
| 15 Oct 2026 · M&M schedules Q2 FY27 Analyst Meet on 5th November 2026 | board shareholder meetings | low | — | — |
| 13 Oct 2026 · M&M held non-deal roadshow in New York on 12 October 2026 | investor communications | low | — | — |
| 10 Oct 2026 · M&M participated in non-deal roadshow in Boston on 9 October 2026 | investor communications | low | — | — |
| 9 Oct 2026 · M&M Sep 2026 sales up 16% YoY, exports dip 8.5% | business updates | medium | — | — |
| 9 Oct 2026 · M&M participated in Non-Deal Roadshow in New York on 8 Oct 2026 | investor communications | low | — | — |
| 8 Oct 2026 · M&M files quarterly demat compliance certificate under SEBI Reg 74(5) | compliance | minimal | — | — |
| 1 Oct 2026 · M&M Sep 2026: Auto up 15%, Tractors down 23%, Trucks and Buses up 53% | business updates | 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.