āagman

Not investment advice. Data and computed figures, for information only.

Mahindra & Mahindra Ltd

NSE: M&MF&O
₹2,861.70
+₹68.00 (+2.43%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹3,47,716 Cr
CMP
₹2,861.70
52-wk High / Low
₹3,840 / 2,744
P/E
18.1
P/B
3.7
Book Value
₹749.0
Div Yield
1.18%
ROCE
15.0%
ROE
20.3%
Face Value
₹5
D/E
1.47

Price−17.2% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
4
/ 9
4 of 9 F-score tests passed
Graham Number
₹1,522
√(22.5 × EPS × book value per share)
ROIC
9.5%
vs 11.5% sector median
Cash flow to profit
0.63
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+13
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
16.0%
ROE × earnings retention ratio
ROE stability
1.7
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom −0.01FII −1.34DII +1.21
Latest quarter vs the previous one
Cash-accrual divergence
2.4%
of assets
Low = accruals track cash flow
Strengths
+PE of 18.1x is below the sector median of 35.7x
Watch-outs
−Latest ROCE of 15% trails the sector median of 18.5%
−Borrowings are up 229.5% since FY2016 (41553 to 136936)
−Price trades below its 200-day moving average (0.9x)
−Promoter holding fell by 0.9pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales33,89234,43635,29935,45237,21837,92441,47042,59945,52946,10652,10054,98258,188
Expenses27,64228,70629,07528,84829,97530,79033,23934,65837,11737,16641,93944,85547,360
Operating Profit6,2495,7306,2246,6047,2437,1338,2317,9428,4128,94010,16010,12710,827
OPM %18.4%16.6%17.6%18.6%19.5%18.8%19.8%18.6%18.5%19.4%19.5%18.4%18.6%
Other Income1,0658127567507331,1267191,1101,2101,1349761,1371,121
Interest1,7191,8351,9451,9892,1082,2172,3622,3972,4312,3472,4052,4072,560
Depreciation1,1281,1391,1231,3351,2481,3021,4952,0291,5481,6692,1631,9431,760
Profit before tax4,4683,5683,9124,0304,6214,7405,0924,6275,6446,0586,5696,9147,628
Net Profit3,6842,4842,9773,1253,5463,3613,6243,5424,3773,9645,0215,2605,998
EPS (₹)28.2118.8821.3822.1526.4025.5025.5826.5032.8429.5437.5937.5343.86

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales71,44875,84183,77392,0941,04,72175,38274,27890,1711,21,3621,39,0781,59,2111,98,6392,11,375
Expenses62,65565,75973,03878,86889,51465,22462,79175,4881,01,0371,14,1861,28,6931,61,6591,71,321
Operating Profit8,79310,08210,73513,22615,20710,15811,48714,68320,32524,89230,51836,98040,054
OPM %12.3%13.3%12.8%14.4%14.5%13.5%15.5%16.3%16.7%17.9%19.2%18.6%18.9%
Other Income8001,3992,0774,3662,6768851,1523,2043,9223,2983,7185,1184,369
Interest3,1573,3683,6483,9875,0216,0216,1025,0185,8307,4889,0839,5919,720
Depreciation2,1242,4422,8133,2803,9913,3673,3783,5084,3574,7246,0747,3227,535
Profit before tax4,3135,6726,35010,3268,8711,6553,1589,36214,06015,97819,08025,18527,169
Net Profit3,3813,5544,0517,9586,017−3211,5127,25311,37412,27014,07318,62220,243
EPS (₹)25.2625.3529.7760.4142.761.0214.5852.9182.6890.62103.97137.50148.52

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital296270311543544554555556557557558559—
Reserves25,56126,22229,46736,23239,43939,41541,02746,56755,80965,63376,48192,538—
Borrowings37,91141,55348,76255,89870,84882,09280,62577,60592,6471,08,6471,29,0251,36,936—
Other Liabilities30,60831,80635,29643,69651,05743,65542,76247,66155,27059,88469,95086,021—
Total Liabilities94,37699,8521,13,8351,36,3691,61,8891,65,7161,64,9681,72,3882,04,2832,34,7222,76,0133,16,054—
Fixed Assets19,04720,58520,98926,18228,98329,68921,38026,01827,14028,12934,63638,459—
CWIP3,0322,3714,2794,2694,7606,8567,8736,7033,9698,0398,2987,740—
Investments10,02711,60314,66216,01818,26819,21028,77830,06035,27235,20841,30940,324—
Other Assets62,27065,29373,90589,9001,09,8781,09,9601,06,9381,09,6071,37,9021,63,3451,91,7712,29,531—
Total Assets94,37699,8521,13,8351,36,3691,61,8891,65,7161,64,9681,72,3882,04,2832,34,7222,76,0133,16,054—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity−2441,0552,385183682−4,347−1,45717,9099,248−7,074−5,6303,17611,657
Cash from Investing Activity−4,524−4,357−5,506−5,875−5,467−7,174−6,870−19,686−3,252−8,866−5,615−18,616−17,680
Cash from Financing Activity5,5771,6692,9676,1086,31413,1946,933406−5,88315,94612,28115,8345,391
Net Cash Flow810−1,633−1544161,5291,672−1,394−1,37011361,037394−632

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %14.011.013.012.013.012.07.08.011.013.014.014.015.0
ROE %————————————20.3
EPS (₹)37.8925.2625.3529.7760.4142.761.0214.5852.9182.6890.62103.97137.50
Book Value (₹)————————————749.0
Face Value (₹)————————————5
P/E————————————18.1
Div Yield %————————————1.18
NPM %7.04.74.64.78.35.6−0.42.07.89.18.68.69.1
OPM %14.012.013.013.014.015.013.015.016.017.018.019.019.0
D/E1.511.471.571.641.521.772.051.941.651.641.641.671.47
P/B————————————3.7

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+10.0%
5 years+22.0%
3 years+18.0%
TTM+26.0%
Compounded profit growth
10 years+19.0%
5 years+51.0%
3 years+23.0%
TTM+38.0%
Stock price CAGR
10 years+15.0%
5 years+26.0%
3 years+21.0%
Last year−19.0%
Return on equity
10 years15.0%
5 years18.0%
3 years19.0%
Last year20.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters26.69%26.69%21.71%21.51%19.89%19.45%19.47%19.37%18.58%18.45%18.45%18.44%
FIIs36.44%36.44%33.60%31.30%33.88%38.93%37.30%39.24%41.75%38.30%36.23%34.89%
DIIs21.06%21.06%21.33%23.44%28.12%27.35%28.78%27.66%26.13%29.77%31.37%32.58%
Government0.16%0.16%0.17%0.19%0.17%0.24%0.07%0.07%0.07%0.08%0.21%0.13%
Public15.66%15.66%18.30%18.85%13.58%9.91%10.40%9.81%9.70%9.78%10.25%10.47%
No. of shareholders1,85,8771,85,8772,50,3903,54,8124,22,2874,44,7506,32,8166,47,1417,21,6728,95,6999,41,4789,89,776
Change since Jun 2023 (pp)
Promoters −8.25FIIs −1.55DIIs +11.52Public −5.19

Documents

As of 11 Oct 2026
Announcements
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeAnnouncement under Regulation 30 (LODR)-Diversification / DisinvestmentReport For The Month Of September 2026Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - OutcomeCertificate Under Regulation 74(5) Of SEBI (Depositories And Participants) Regulations, 2018
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026TranscriptAug 2026PPTJul 2026PPTJul 2026RecordingMay 2026TranscriptMay 2026PPTMay 2026PPTFeb 2026TranscriptFeb 2026PPT

Corporate actions

As of 3 Jul 2026
3 Jul 2026DIVIDENDDividend - Rs 33 Per Share—
4 Jul 2025DIVIDENDDividend - Rs 25.30 Per Share—
5 Jul 2024DIVIDENDAnnual General Meeting/Dividend - Rs 21.10 Per Share—
14 Jul 2023DIVIDENDAnnual General Meeting/Dividend - Rs 16.25 Per Share—
14 Jul 2022DIVIDENDAnnual General Meeting/Dividend - Rs 11.55 Per Share—
15 Jul 2021DIVIDEND Annual General Meeting/Dividend - Rs 8.75 Per Share—
16 Jul 2020DIVIDEND Annual General Meeting/Dividend - Rs 2.35 Per Share—
18 Jul 2019DIVIDEND Annual General Meeting/Dividend - Rs 8.50 Per Share—
12 Jul 2018DIVIDEND Annual General Meeting/Dividend- Rs 7.50 Per Share—
21 Dec 2017BONUS Bonus 1:1—
13 Jul 2017DIVIDEND Annual General Meeting/Dividend - Rs 13/- Per Share—
21 Jul 2016DIVIDEND Annual General Meeting/ Dividend - Rs 12/- Per Share—
16 Jul 2015DIVIDENDAnnual General Meeting/Dividend - Rs 12/- Per Share—
17 Jul 2014DIVIDENDAnnual General Meeting / Dividend - Rs 13.50/- Per Share + Special Dividend - Re 0.50/- Per Share—
18 Jul 2013DIVIDENDAnnual General Meeting/Dividend 12.50/-+Special Dividend 0.50/- Per Share—
12 Jul 2012DIVIDENDAnnual General Meeting And Dividend - Rs.12.50 Per Share—
14 Jul 2011DIVIDENDAnnual General Meeting/Final Dividend Rs.10.50 Per Share And Special Dividend Re.1/- Per Share—
8 Jul 2010DIVIDENDAnnual General Meeting/Final Dividend Rs.8.75 Per Share And Special Dividend Re.0.75 Per Share (Purpose Revised)—
29 Mar 2010SPLITFv Split Rs.10 To Rs.510 : 5
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman