Mahindra & Mahindra Ltd.

BSE: M&M500520ISIN INE101A01026

Consumer Discretionary
Passenger Cars & Utility Vehicles
BSE SENSEX

Share price

₹2,952.00+49.90 (+1.72%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹3,840.00
52W low: ₹2,743.15
Off 52W high: -23.12%
1M return: +2.86%
3M return: -14.78%
6M return: -10.55%
1Y return: -17.58%
20D avg volume: 1,46,529
50 DMA: ₹3,014.56
200 DMA: ₹3,192.05

Key ratios Consolidated

Market cap: ₹3,67,090 Cr
Current price: ₹2,952.00
52W high / low: ₹3,840.00 / ₹2,743.15
Face value: ₹5.00
P/E: 18.13
P/B: —
EPS (TTM): ₹162.78
Book value / share: —
ROE: —
ROCE: 16.30%
Operating margin: —
Net margin: —
Debt / equity: 1.18
Net debt: ₹1,25,322 Cr
Interest cover: 3.42
Dividend yield: 1.12%
Dividend / share (TTM): ₹33.00
Payout: 20.27%
Cash conversion cycle: -12.4 days

Financials

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	58,188	54,982	52,100	46,106	45,529	42,599	41,470	37,924	37,218	35,452	35,299	34,436
	1,016	994.84	858.52	675.51	916.92	701.73	411.33	659.22	408.77	355.71	510.52	591.71
	59,204	55,977	52,958	46,781	46,446	43,301	41,881	38,583	37,626	35,807	35,810	35,027
	51,943	49,615	46,561	41,192	41,280	39,114	37,097	34,309	33,330	32,172	32,143	31,680
	33,229	31,140	27,816	27,887	26,711	25,172	21,700	21,432	19,807	19,785	19,470	20,509
	2,378	2,336	2,223	2,044	2,067	1,856	2,020	1,945	1,823	1,575	1,948	1,892
	3,388	3,238	3,336	3,112	3,045	2,910	2,883	2,655	2,679	2,639	2,686	2,716
	2,560	2,407	2,405	2,347	2,431	2,397	2,362	2,217	2,108	1,989	1,945	1,835
	1,760	1,943	2,163	1,669	1,548	2,029	1,495	1,302	1,248	1,335	1,123	1,139
	7,902	7,696	6,511	5,955	5,922	6,009	5,227	5,453	5,134	5,495	4,867	5,057
	7,261	6,361	6,397	5,589	5,166	4,187	4,785	4,274	4,296	3,635	3,667	3,347
	0.00	0.00	-292.94	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	7,261	6,361	6,104	5,589	5,166	4,187	4,785	4,274	4,296	3,635	3,667	3,347
	1,631	1,654	1,547	2,094	1,268	1,085	1,468	1,379	1,075	905.06	935.16	1,084
	5,998	5,260	5,021	3,964	4,377	3,542	3,624	3,361	3,546	3,125	2,977	2,484
	48.80	41.77	41.85	32.90	36.58	29.52	28.51	28.43	29.44	24.71	23.86	21.07
Key metrics
	11,581	10,711	10,672	9,605	9,145	8,613	8,642	7,793	7,652	6,960	6,734	6,321
	19.90%	19.50%	20.50%	20.80%	20.10%	20.20%	20.80%	20.50%	20.60%	19.60%	19.10%	18.40%
	10.30%	9.60%	9.60%	8.60%	9.60%	8.30%	8.70%	8.90%	9.50%	8.80%	8.40%	7.20%
	—	4.40%	—	4.10%	—	3.50%	—	—	—	—	—	—
	27.80%	29.10%	25.60%	21.60%	22.30%	20.20%	17.50%	10.10%	—	—	—	—
	37.00%	48.50%	38.50%	17.90%	23.40%	13.30%	21.70%	35.30%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	2,11,375	1,98,639	1,59,211	1,39,078	1,21,269	90,171	74,278	95,179	1,04,721	93,265
	3,545	3,446	2,181	2,176	1,206	934.51	1,033	1,063	1,086	631.03
	2,14,920	2,02,084	1,61,392	1,41,255	1,22,475	91,105	75,311	96,242	1,05,806	93,896
	1,89,312	1,78,572	1,43,850	1,26,398	1,11,170	84,013	70,082	93,656	98,526	87,306
	1,20,072	1,13,553	88,111	77,849	68,478	46,265	32,798	45,167	56,120	48,440
	8,982	8,670	7,644	7,221	7,542	6,399	5,474	6,566	5,962	5,017
	13,074	12,731	11,126	10,624	9,678	8,387	7,813	11,212	11,564	10,005
	9,720	9,591	9,083	7,488	5,830	5,018	6,102	6,065	5,021	3,987
	7,535	7,322	6,074	4,724	4,357	3,508	3,378	4,976	3,991	3,280
	28,064	26,006	21,824	19,914	17,318	15,453	14,542	19,156	19,052	16,820
	25,607	23,513	17,542	14,856	11,305	7,092	5,229	2,586	7,280	6,590
	-292.94	-292.94	0.00	0.00	1,250	414.17	-1,158	-1,974	224.32	2,628
	25,314	23,220	17,542	14,856	12,555	7,506	4,071	612.03	7,504	9,218
	6,926	6,563	5,006	3,708	2,686	2,109	1,646	1,976	2,854	2,368
	20,243	18,622	14,073	12,270	11,374	7,253	1,512	-321.00	6,017	7,958
	165.32	153.10	115.91	101.14	92.41	59.20	30.17	—	48.91	—
Key metrics
	42,569	40,133	32,699	27,068	22,741	16,032	13,551	11,653	16,516	16,485
	20.14%	20.20%	20.50%	19.50%	18.80%	17.80%	18.20%	12.20%	15.80%	17.70%
	9.58%	9.40%	8.80%	8.80%	9.40%	8.00%	2.00%	-0.30%	5.70%	8.50%
	—	16.30%	14.20%	—	—	—	—	—	—	—
	26.18%	24.80%	14.50%	14.70%	34.50%	21.40%	-22.00%	-9.10%	12.30%	—
	35.82%	32.30%	14.70%	7.90%	56.80%	379.60%	571.10%	-105.30%	-24.40%	—
	—	2,052	-7,216	—	—	—	—	—	—	—
	—	0.63	0.23	—	—	—	—	—	—	—
	—	1.18	1.36	—	—	—	—	—	—	—
	—	1,25,322	1,16,249	—	—	—	—	—	—	—
	—	-12.4	-5.1	—	—	—	—	—	—	—
Balance sheet
	—	3,17,635	2,77,586	—	—	—	—	—	—	—
	—	1,46,976	1,26,573	—	—	—	—	—	—	—
	—	4,292	4,924	—	—	—	—	—	—	—
	—	9,064	8,280	—	—	—	—	—	—	—
	—	22,044	20,331	—	—	—	—	—	—	—
	—	7,350	7,203	—	—	—	—	—	—	—
	—	29,012	25,835	—	—	—	—	—	—	—
	—	37,889	30,855	—	—	—	—	—	—	—
	—	1,16,099	90,322	—	—	—	—	—	—	—
	—	1,29,614	1,21,173	—	—	—	—	—	—	—
	—	56,145	41,466	—	—	—	—	—	—	—
	—	73,470	79,707	—	—	—	—	—	—	—
	—	1,09,491	89,098	—	—	—	—	—	—	—
Cash flow
	—	11,657	3,176	—	—	—	—	—	—	—
	—	-17,794	-18,626	—	—	—	—	—	—	—
	—	5,391	15,834	—	—	—	—	—	—	—
	—	9,605	10,392	—	—	—	—	—	—	—

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	41,959	39,601	38,942	35,080	34,143	31,609	30,964	28,919	27,133	25,436	25,642	25,773
	776.38	643.89	697.80	701.64	731.61	512.54	264.56	677.22	257.55	220.33	383.15	819.12
	42,735	40,245	39,639	35,781	34,875	32,121	31,228	29,597	27,390	25,656	26,026	26,592
	37,959	35,364	34,339	29,712	30,403	28,776	27,260	24,666	23,984	23,006	22,905	22,225
	30,680	28,165	25,772	25,796	25,050	23,226	20,279	19,907	18,411	18,328	17,803	18,807
	1,385	1,458	1,362	1,276	1,174	1,195	1,116	1,120	1,152	999.54	958.61	1,077
	1,406	1,301	1,389	1,298	1,302	1,269	1,285	1,153	1,175	1,111	1,134	1,126
	99.73	71.52	63.15	58.99	55.92	81.02	61.42	55.13	52.90	38.68	34.82	32.93
	1,050	1,201	1,052	1,041	999.88	1,306	1,045	961.36	914.62	977.01	817.87	815.83
	2,709	2,569	2,490	2,035	2,125	2,891	2,058	2,007	1,902	2,311	1,852	1,738
	4,776	4,881	5,300	6,069	4,471	3,345	3,968	4,931	3,406	2,650	3,121	4,367
	0.00	0.00	-98.19	0.00	0.00	0.00	—	—	—	—	—	—
	4,776	4,881	5,202	6,069	4,471	3,345	3,968	4,931	3,406	2,650	3,121	4,367
	1,091	1,144	1,271	1,549	1,021	907.88	1,004	1,090	793.59	612.29	666.75	915.33
	3,685	3,737	3,931	4,521	3,450	2,437	2,964	3,841	2,613	2,038	2,454	3,452
	30.65	31.10	32.72	37.64	28.73	20.30	24.70	32.01	21.78	17.00	20.47	28.80
Key metrics
	5,926	6,153	6,317	7,169	5,527	4,732	5,074	5,947	4,374	3,666	3,973	5,216
	14.10%	15.50%	16.20%	20.40%	16.20%	15.00%	16.40%	20.60%	16.10%	14.40%	15.50%	20.20%
	8.80%	9.40%	10.10%	12.90%	10.10%	7.70%	9.60%	13.30%	9.60%	8.00%	9.60%	13.40%
	—	6.20%	—	8.50%	—	5.10%	—	—	—	—	—	—
	22.90%	25.30%	25.80%	21.30%	25.80%	24.30%	20.80%	12.20%	—	—	—	—
	6.80%	53.30%	32.60%	17.70%	32.00%	19.60%	20.80%	11.30%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	1,55,581	1,47,765	1,18,625	1,01,219	84,960	57,446	45,041	45,488	53,614	49,445
	2,820	2,775	1,712	1,938	2,545	2,076	1,221	1,668	1,689	1,036
	1,58,401	1,50,540	1,20,336	1,03,158	87,505	59,522	46,262	47,156	55,303	50,481
	1,37,374	1,29,818	1,04,686	89,675	77,945	53,078	41,139	42,026	48,948	44,813
	1,10,414	1,04,784	81,822	71,553	62,226	40,506	25,036	22,874	27,095	23,265
	5,482	5,270	4,583	4,027	3,407	2,375	6,817	8,349	12,112	10,674
	5,395	5,290	4,881	4,416	3,650	3,306	2,859	2,880	2,980	2,841
	293.39	249.58	250.47	138.77	272.78	223.00	370.88	113.23	113.39	112.20
	4,343	4,293	4,227	3,439	3,154	2,451	2,233	2,223	1,860	1,479
	9,803	9,219	8,987	7,421	6,310	4,902	4,177	5,385	5,867	5,614
	21,027	20,722	15,650	13,483	9,560	6,444	5,124	5,130	6,355	5,669
	-98.19	-98.19	0.00	—	-1,430	-208.67	-3,663	-2,014	-29.73	433.61
	20,929	20,624	15,650	13,483	8,131	6,235	1,460	3,116	6,325	6,102
	5,055	4,985	3,795	2,765	1,582	1,300	1,192	1,785	1,529	1,746
	15,874	15,639	11,855	10,718	6,549	4,935	268.66	1,331	4,796	4,356
	132.11	130.18	98.80	89.42	54.70	41.28	2.25	11.16	40.29	—
Key metrics
	25,565	25,166	20,127	17,061	11,558	8,910	4,064	5,452	8,299	7,694
	16.43%	17.00%	17.00%	16.90%	13.60%	15.50%	9.00%	12.00%	15.50%	15.60%
	10.20%	10.60%	10.00%	10.60%	7.70%	8.60%	0.60%	2.90%	8.90%	8.80%
	—	26.00%	23.50%	—	—	—	—	—	—	—
	23.84%	24.60%	17.20%	19.10%	47.90%	27.50%	-1.00%	-15.20%	8.40%	—
	25.07%	31.90%	10.60%	63.70%	32.70%	1,737.00%	-79.80%	-72.30%	10.10%	—
	—	16,451	11,502	—	—	—	—	—	—	—
	—	1.46	1.40	—	—	—	—	—	—	—
	—	0.01	0.03	—	—	—	—	—	—	—
	—	295.31	417.40	—	—	—	—	—	—	—
	—	-31.4	-22.6	—	—	—	—	—	—	—
Balance sheet
	—	1,20,603	99,649	—	—	—	—	—	—	—
	—	59,191	47,664	—	—	—	—	—	—	—
	—	760.78	1,264	—	—	—	—	—	—	—
	—	6,486	5,726	—	—	—	—	—	—	—
	—	10,306	10,333	—	—	—	—	—	—	—
	—	4,223	4,186	—	—	—	—	—	—	—
	—	16,716	15,962	—	—	—	—	—	—	—
	—	29,500	23,406	—	—	—	—	—	—	—
	—	40,438	32,080	—	—	—	—	—	—	—
	—	1,056	1,682	—	—	—	—	—	—	—
	—	529.55	235.40	—	—	—	—	—	—	—
	—	526.54	1,446	—	—	—	—	—	—	—
	—	74,325	61,585	—	—	—	—	—	—	—
Cash flow
	—	22,758	16,617	—	—	—	—	—	—	—
	—	-19,733	-13,874	—	—	—	—	—	—	—
	—	-3,529	-3,355	—	—	—	—	—	—	—
	—	6,308	5,115	—	—	—	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +20.26%
Sales CAGR 5Y: +26.82%
Profit CAGR 3Y: +33.67%
Profit CAGR 5Y: +125.42%
Sales YoY (TTM): +23.84%
Profit YoY (TTM): +25.07%

Consolidated

Sales CAGR 3Y: +17.88%
Sales CAGR 5Y: +21.74%
Profit CAGR 3Y: +17.86%
Profit CAGR 5Y: +65.22%
Sales YoY (TTM): +26.18%
Profit YoY (TTM): +35.82%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 18.38%

Quarter	September 2026	June 2026
Promoter %	18.38%	18.44%

Holder	Type	Holding	Previous	Change
PRUDENTIAL MANAGEMENT & SERVICES PRIVATE LIMITED	Promoter Group	10.82%	10.81%	+0.01%
LIFE INSURANCE CORPORATION OF INDIA WITH SUB ACCOUNTS	Public	7.05%	6.45%	+0.60%
M&M BENEFIT TRUST (Anand Mahindra & Ranjan Pant -Trustees)	Promoter Group	6.91%	6.91%	0.00%
MAHINDRA AND MAHINDRA EMPLOYEES STOCK OPTION TRUST	Public	3.34%	3.37%	-0.03%
ICICI PRUDENTIAL LARGE CAP FUND WITH SUB ACCOUNTS	Public	3.23%	2.65%	+0.58%
SBI NIFTY 50 ETF WITH SUB ACCOUNTS	Public	3.14%	3.09%	+0.05%
NPS TRUST- A/C HDFC PENSION FUND MANAGEMENT LIMITED SCHEME E - TIER I WITH SUB ACCOUNTS	Public	2.55%	—	—
UTI NIFTY 50 ETF WITH SUB ACCOUNTS	Public	1.76%	1.72%	+0.04%
NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA ETF NIFTY 50 BEES WITH SUB ACCOUNTS	Public	1.73%	1.55%	+0.18%
PARAG PARIKH FLEXI CAP FUND WITH SUB ACCOUNTS	Public	1.63%	1.44%	+0.19%
GOVERNMENT OF SINGAPORE	Public	1.50%	1.48%	+0.02%
SBI LIFE INSURANCE CO. LTD	Public	1.20%	1.19%	+0.01%
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND	Public	1.12%	1.11%	+0.01%
VANGUARD EMERGING MARKETS STOCK INDEX FUND, A SERIES OF VANGUARD INTERNATIONAL EQUITY INDEX FUNDS	Public	1.08%	1.05%	+0.03%
AXIS MUTUAL FUND TRUSTEE LIMITED A/C AXIS MUTUAL FUND A/C AXIS LARGE CAP FUND WITH SUB ACCOUNTS	Public	1.04%	1.07%	-0.03%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Maruti Suzuki India Ltd.	3,76,316	11,969.25	27.98	17.00%	+29.61% TTM	-8.99% TTM	-22.13%
Mahindra & Mahindra Ltd.	3,67,090	2,952.00	18.13	16.30%	+26.18% TTM	+35.82% TTM	-17.58%
HYUNDAI MOTOR INDIA LIMITED	1,67,148	2,057.10	36.54	32.60%	+7.97% TTM	-19.97% TTM	-14.05%
TATA MOTORS PASSENGER VEHICLES LIMITED	1,02,498	278.30	1.29	0.30%	-21.70% TTM	+268.29% TTM	-31.54%
Force Motors Limited	23,637	18,136.75	19.99	33.80%	+16.45% TTM	+10.96% TTM	-0.90%
OLECTRA GREENTECH LIMITED	8,684	1,058.00	48.20	21.00%	+38.43% TTM	+27.78% TTM	-30.25%
MERCURY EV-TECH LIMITED	604	31.77	163.39	2.40%	-11.31% TTM	-59.25% TTM	-25.98%
Hindustan Motors Ltd. S	288	13.79	-72.58	-0.10%	-100.00% TTM	-133.99% TTM	-27.80%

Filings & corporate actions

Recent announcements

Please refer enclosed file.4 Nov 2026 · Company Update / Credit Rating
Please refer enclosed file3 Nov 2026 · Company Update / General
Please find attached 3 Press Releases issued1 Nov 2026 · Company Update / Monthly Business Updates
Please refer enclosed file29 Oct 2026 · Company Update / General
Please refer enclosed file21 Oct 2026 · Company Update / General
Please refer to the enclosed file.17 Oct 2026 · Company Update / General
Newspaper Publication regarding Notice of Loss of Share Certificate(s).16 Oct 2026 · Company Update / Newspaper Publication
Please refer enclosed file.15 Oct 2026 · Company Update / Analyst / Investor Meet
Please refer enclosed file13 Oct 2026 · Company Update / Analyst / Investor Meet
Please refer enclosed file10 Oct 2026 · Company Update / Analyst / Investor Meet
please refer to enclosed file9 Oct 2026 · Company Update / Diversification / Disinvestment
Please find enclosed Production, Sales and Export figures of the Company for the Month of September 20269 Oct 2026 · Company Update / General
Please refer enclosed file9 Oct 2026 · Company Update / Analyst / Investor Meet
Please refer enclosed file8 Oct 2026 · Company Update / General
Please find enclosed three Press Releases issued by the Company.1 Oct 2026 · Company Update / Monthly Business Updates
Please refer enclosed file30 Sep 2026 · Company Update / General
Please refer enclosed file.30 Sep 2026 · Company Update / Analyst / Investor Meet
Please refer enclosed file.28 Sep 2026 · Company Update / Credit Rating
Please refer enclosed file24 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Mahindra & Mahindra Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 05/11/2026 ,inter alia, to consider and approve Pursuant to the Listing ....24 Sep 2026 · Board Meeting / Board Meeting
Please refer enclosed file22 Sep 2026 · Company Update / General
Please find attached disclosure for sale of Equity shares of the Company22 Sep 2026 · Company Update / General
Please refer enclosed file.22 Sep 2026 · Company Update / Analyst / Investor Meet
Please refer to the enclosed file.21 Sep 2026 · Company Update / Analyst / Investor Meet
The Credit Rating Release is attached18 Sep 2026 · Company Update / Credit Rating
Newspaper Publication regarding Notice of loss of Share Certificate(S).16 Sep 2026 · Company Update / Newspaper Publication
Please refer enclosed15 Sep 2026 · Company Update / Analyst / Investor Meet
Newspaper Publication regarding Special Window for Re-Lodgement of Transfer Request of Physical Shares.11 Sep 2026 · Company Update / Newspaper Publication
Please refer enclosed10 Sep 2026 · Company Update / Analyst / Investor Meet
Please find enclosed Production, Sales and Export figures of the Company for the month of August 20269 Sep 2026 · Company Update / General
Please refer enclosed file.7 Sep 2026 · Company Update / Credit Rating
Please refer to the enclosed file.4 Sep 2026 · Company Update / Analyst / Investor Meet
Please find enclosed3 Sep 2026 · Company Update / General
Please refer to the enclosed file.2 Sep 2026 · Company Update / Analyst / Investor Meet
Please find attached 3 Press Releases issued by the Company1 Sep 2026 · Company Update / Press Release / Media Release
Please refer enclosed file31 Aug 2026 · Company Update / General
Please refer enclosed file.28 Aug 2026 · Company Update / Press Release / Media Release
Please refer enclosed26 Aug 2026 · Company Update / Analyst / Investor Meet
Please refer enclosed20 Aug 2026 · Company Update / General
Please refer enclosed19 Aug 2026 · Company Update / Analyst / Investor Meet

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 33.0000	3 Jul 2026	3 Jul 2026	—
Dividend - Rs. - 25.3000	4 Jul 2025	4 Jul 2025	—
Final Dividend - Rs. - 21.1000	5 Jul 2024	—	—

Board meetings

5 Nov 2026 Board Meeting - Financial Results
30 Jul 2026 Board Meeting - Financial Results