āagman

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

Mahindra & Mahindra Financial Services Ltd

NSE: M&MFIN
₹316.15
−₹3.30 (−1.03%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹44,410 Cr
CMP
₹316.15
52-wk High / Low
₹415 / 273
P/E
13.2
P/B
1.7
Book Value
₹192.0
Div Yield
2.35%
ROCE
8.7%
ROE
12.0%
Face Value
₹2
D/E
4.82

Price+12.1% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 13 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
3
/ 9
3 of 9 F-score tests passed
Graham Number
₹298
√(22.5 × EPS × book value per share)
Cash flow to profit
−4.46
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Sustainable growth
8.3%
ROE × earnings retention ratio
ROE stability
1.6
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII +0.13DII −0.61
Latest quarter vs the previous one
Cash-accrual divergence
10.3%
of assets
Low = accruals track cash flow
Strengths
+Promoter holding rose by 0.3pp over the last year
+PE of 13.2x is below the sector median of 20.4x
Watch-outs
−Latest ROCE of 8.7% trails the sector median of 9.4%
−Borrowings are up 277.1% since FY2016 (34044 to 128370)
−Price trades below its 200-day moving average (0.9x)
−Piotroski F-Score of 3/9 is in the weak band (≤3)
−Balance-sheet accruals of 10.3% of average assets — earnings are not cash-backed

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
Sales3,5833,8334,1004,2804,3164,4654,7974,8864,9915,0265,4505,5395,718
Expenses1,5041,7241,4561,5201,6761,8301,3252,0011,9642,0151,9131,9872,034
Operating Profit—————————————
OPM %—————————————
Other Income67445068582819274339−1003729
Interest1,5971,7031,7981,8611,9602,0622,1752,2182,2802,1982,2362,2202,372
Depreciation666769727679828586949611099
Profit before tax4833838268966615231,2336097047591,1051,2591,242
Net Profit362287623671497390918456529566826940927
EPS (₹)2.582.024.484.823.582.806.603.293.804.065.936.756.66

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
Sales6,0516,5867,1897,91010,42911,99512,38211,41912,82815,96318,51921,04121,733
Expenses1,9722,4593,1232,5473,1294,9036,0465,3474,6966,2046,8327,8787,947
Operating Profit—————————————
OPM %—————————————
Other Income1012123349475747−86477−174
Interest2,6432,8683,1863,4364,4325,3915,3084,4175,0946,9598,4158,9349,026
Depreciation4646545576147151152226275321386399
Profit before tax1,4001,2248381,9052,8411,6029341,5492,8042,5883,0273,8264,365
Net Profit9257875301,2161,8671,0867801,1502,0711,9432,2612,8613,260
EPS (₹)7.136.034.008.5313.157.735.568.1814.9113.9016.2720.5423.40

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital113113113123123123246247247247247278—
Reserves5,8306,3566,8479,73211,14611,84615,53016,65018,31319,68621,28226,361—
Other Liabilities3,4594,4945,6193,8894,5054,1894,7244,7875,0965,4633,4833,635—
Total Liabilities38,63345,00753,22358,73074,57681,79385,60183,8091,05,0851,23,7161,44,1051,58,644—
Fixed Assets1191291331472014553995158711,0081,2071,328—
CWIP0010111223105667—
Investments6541,1991,3742,3783,3275,34012,1268,65410,0639,59810,5907,407—
Other Assets37,86043,67951,71456,20571,04675,99673,06474,63794,1481,13,0041,32,2421,49,902—
Total Assets38,63345,00753,22358,73074,57681,79385,60183,8091,05,0851,23,7161,44,1051,58,644—
Borrowing29,23234,04440,64444,98658,80265,63465,10162,12681,42998,3191,19,0931,28,370—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity−3,970−4,957−6,467−8,510−12,078−3,1155,82618−17,395−18,449−15,602−12,772
Cash from Investing Activity34−440−97243−1,213−2,689−8,3483,112−1,6352,671−1,077770
Cash from Financing Activity3,9075,4316,7668,17413,4906,0502,548−3,17318,85216,09517,60510,637
Net Cash Flow−2934202−9319924526−43−179317927−1,365

Ratios

As of 31 Mar 2026
12 periods
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %———————————8.7
ROE %16.012.08.014.017.09.05.07.012.010.011.012.0
EPS (₹)7.136.034.008.5313.157.735.568.1814.9113.9016.2720.54
Book Value (₹)———————————192.0
Face Value (₹)———————————2
P/E———————————13.2
Div Yield %———————————2.35
NPM %15.311.97.415.317.89.06.310.016.212.112.213.6
OPM %————————————
D/E4.925.265.844.565.225.484.133.684.394.935.534.82
P/B———————————1.7

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+12.0%
5 years+11.0%
3 years+18.0%
TTM+14.0%
Compounded profit growth
10 years+14.0%
5 years+35.0%
3 years+12.0%
TTM+46.0%
Stock price CAGR
10 years+4.0%
5 years+12.0%
3 years+5.0%
Last year+13.0%
Return on equity
10 years10.0%
5 years11.0%
3 years11.0%
Last year12.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters51.85%51.85%51.19%51.19%51.19%52.16%52.16%52.16%52.16%52.16%52.49%52.49%
FIIs30.40%30.40%29.41%26.77%23.94%20.17%17.90%14.85%11.95%10.68%9.40%9.53%
DIIs11.81%11.81%11.57%13.64%15.55%16.76%16.16%25.18%28.61%31.31%32.09%31.48%
Government————————————
Public5.94%5.94%7.30%7.94%8.93%10.62%13.58%7.68%7.18%5.81%5.98%6.46%
No. of shareholders57,95657,95651,81866,18977,6981,88,1312,50,6781,86,2652,27,5122,17,6202,36,2522,41,776
Change since Jun 2023 (pp)
Promoters +0.64FIIs −20.87DIIs +19.67Public +0.52

Documents

As of 11 Oct 2026
Announcements
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Announcement under Regulation 30 (LODR)-Credit RatingAnnouncement under Regulation 30 (LODR)-Monthly Business UpdatesAnnouncement under Regulation 30 (LODR)-AllotmentBoard Meeting Intimation for Consideration And Approval Of Unaudited Financial Results For Q2 FY 2027
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Jul 2026TranscriptJul 2026PPTJul 2026RecordingApr 2026TranscriptApr 2026PPTApr 2026RecordingFeb 2026TranscriptFeb 2026PPTNov 2025TranscriptNov 2025PPTNov 2025RecordingOct 2025PPT

Corporate actions

As of 13 Jul 2026
13 Jul 2026DIVIDENDDividend - Rs 7.50 Per Share—
15 Jul 2025DIVIDENDDividend - Rs 6.50 Per Share—
14 May 2025RIGHTSRights 1:8 @ Premium Rs 192/-—
16 Jul 2024DIVIDENDAnnual General Meeting/Dividend - Rs 6.30 Per Share—
21 Jul 2023DIVIDENDAnnual General Meeting/Dividend - Rs 6 Per Share—
20 Jul 2022DIVIDENDAnnual General Meeting/Dividend - Rs 3.60 Per Share—
16 Jul 2021DIVIDEND Annual General Meeting/Dividend - Rs 0.80 Per Share—
22 Jul 2020RIGHTS Rights 1:1 @ Premium Rs 48/-—
15 Jul 2019DIVIDEND Annual General Meeting/Dividend - Rs 4 Per Share/ Special Dividend - Rs 2.5 Per Share—
19 Jul 2018DIVIDEND Annual General Meeting/Dividend - Rs 4 Per Share—
14 Jul 2017DIVIDEND Annual General Meeting/Dividend - Rs 2.40 Per Share—
14 Jul 2016DIVIDEND Annual General Meeting/ Dividend -Rs 4/- Per Share—
2 Jul 2015DIVIDENDAnnual General Meeting/Dividend - Rs 4/- Per Share—
3 Jul 2014DIVIDENDAnnual General Meeting / Dividend - Rs 3.80/- Per Share—
4 Jul 2013DIVIDENDAnnual General Meeting/Dividend - Final Rs.3.40 + Special Re.0.20 Per Share—
15 Feb 2013SPLITFace Value Split Rs 10 To Rs 210 : 2
5 Jul 2012DIVIDENDAnnual General Meeting And Dividend Rs.14/- Per Share—
7 Jul 2011DIVIDENDAnnual General Meeting And Dividend Rs.10/- Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman