Mahindra & Mahindra Financial Services Limited

BSE: M&MFIN532720ISIN INE774D01024

Financial Services
Non Banking Financial Company (NBFC)
BSE 200

Share price

₹270.05+6.20 (+2.35%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded. Earlier history is omitted pending corporate-action verification.

52W high: ₹415.00
52W low: ₹253.30
Off 52W high: -34.93%
1M return: -17.28%
3M return: -32.17%
6M return: -17.44%
1Y return: -15.21%
20D avg volume: 5,35,393
50 DMA: ₹329.98
200 DMA: ₹335.37

Key ratios Consolidated

Market cap: ₹37,542 Cr
Current price: ₹270.05
52W high / low: ₹415.00 / ₹253.30
Face value: ₹2.00
P/E: 10.42
P/B: 1.37
EPS (TTM): ₹25.93
Book value / share: ₹197.79
ROE: —
ROCE: —
Operating margin: —
Net margin: —
Debt / equity: 2.91
Net debt: ₹77,147 Cr
Interest cover: 1.42
Dividend yield: 2.78%
Dividend / share (TTM): ₹7.50
Payout: 28.92%
Cash conversion cycle: —

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	5,936	5,718	5,539	5,450	5,026	4,991	4,886	4,797	4,465	4,316	4,280	4,100
	26.44	6.90	20.79	14.48	23.26	22.83	11.21	2.65	14.09	39.41	52.62	36.92
	5,962	5,725	5,560	5,464	5,049	5,013	4,897	4,799	4,479	4,355	4,333	4,137
	4,761	4,505	4,317	4,245	4,306	4,330	4,303	3,582	3,971	3,713	3,453	3,323
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	666.45	672.89	641.41	631.48	602.56	634.17	608.14	596.99	558.19	591.62	560.08	566.83
	2,523	2,372	2,220	2,236	2,198	2,280	2,218	2,175	2,062	1,960	1,861	1,798
	109.29	99.14	110.10	96.18	93.93	85.87	84.52	82.20	78.67	75.82	72.18	69.23
	422.37	409.68	425.05	414.31	371.34	357.07	409.68	337.21	310.55	289.17	331.37	286.19
	1,202	1,220	1,243	1,219	743.30	683.43	593.61	1,217	508.57	642.40	880.29	813.63
	0.00	0.00	0.00	-132.95	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	1,202	1,220	1,243	1,087	743.30	683.43	593.61	1,217	508.57	642.40	880.29	813.63
	312.61	314.74	318.59	278.92	192.66	174.62	153.28	—	—	—	—	—
	910.73	927.48	940.48	825.60	566.07	528.96	456.19	917.64	390.03	497.01	670.64	622.95
	6.54	6.66	6.75	5.93	4.06	4.06	3.70	7.43	3.15	4.03	5.43	5.05
Key metrics
	—	—	—	—	—	—	—	3,474	2,650	2,679	2,813	2,681
	—	—	—	—	—	—	—	72.40%	59.30%	62.10%	65.70%	65.40%
	15.30%	16.20%	17.00%	15.10%	11.30%	10.60%	9.30%	19.10%	8.70%	11.50%	15.70%	15.20%
	18.10%	14.60%	13.40%	13.60%	12.60%	15.60%	14.10%	17.00%	—	—	—	—
	60.90%	75.30%	106.20%	-10.00%	45.10%	6.40%	-32.00%	47.30%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY18
Income statement
	22,642	21,005	18,463	15,797	12,700	11,318	8,533
	68.61	81.36	67.36	173.47	132.87	82.94	40.35
	22,711	21,087	18,530	15,970	12,832	11,401	8,574
	17,827	17,198	15,569	13,438	10,016	9,917	6,962
	0.00	0.00	0.00	0.00	0.00	0.00	—
	0.00	0.00	0.00	0.00	0.00	0.00	—
	2,612	2,510	2,355	2,261	2,115	1,613	1,157
	9,351	8,934	8,415	6,959	5,094	4,417	3,426
	414.71	386.08	321.21	274.85	225.96	151.99	55.21
	1,671	1,568	1,347	1,119	1,112	887.71	996.48
	4,884	3,889	2,962	2,532	2,816	1,484	1,611
	-132.95	-132.95	0.00	0.00	-56.06	20.57	50.74
	4,751	3,756	2,962	2,532	2,760	1,504	1,662
	1,225	964.79	766.04	—	—	—	610.30
	3,604	2,861	2,261	1,943	2,071	1,150	1,051
	25.88	20.88	18.32	15.66	16.81	9.23	—
Key metrics
	—	—	—	9,766	8,081	6,074	5,143
	—	—	—	61.80%	63.60%	53.70%	60.30%
	15.92%	13.60%	12.20%	12.30%	16.30%	10.20%	12.30%
	14.94%	13.80%	16.90%	24.40%	12.20%	32.60%	—
	45.99%	26.50%	16.40%	-6.20%	80.10%	9.40%	—
	—	-13,188	-16,044	—	—	—	—
	—	-4.46	-6.90	—	—	—	—
	—	2.91	3.33	—	—	—	—
	—	77,147	69,923	—	—	—	—
Balance sheet
	—	1,58,644	1,44,105	—	—	—	—
	—	465.45	1,830	—	—	—	—
	—	325.74	246.69	—	—	—	—
	—	0.00	0.00	—	—	—	—
	—	1,075	1,027	—	—	—	—
	—	77,612	71,754	—	—	—	—
	—	26,692	21,573	—	—	—	—
Cash flow
	—	-12,772	-15,602	—	—	—	—
	—	769.52	-1,077	—	—	—	—
	—	10,637	17,605	—	—	—	—
	—	416.27	441.89	—	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	5,164	4,972	4,800	4,754	4,473	4,419	4,241	4,143	3,897	3,722	3,654	3,454
	11.28	1.83	10.11	9.63	16.57	18.38	4.29	1.39	27.58	37.94	52.09	36.79
	5,175	4,974	4,810	4,763	4,489	4,438	4,245	4,144	3,925	3,760	3,706	3,490
	4,013	3,788	3,649	3,575	3,742	3,744	3,489	2,932	3,432	3,074	2,875	2,756
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	556.87	559.69	519.76	520.34	490.90	523.17	497.58	489.17	446.04	470.34	424.31	434.19
	2,341	2,208	2,071	2,103	2,066	2,152	2,090	2,046	1,934	1,829	1,735	1,675
	99.73	89.44	99.09	85.50	83.19	74.90	72.67	70.27	66.73	63.75	60.44	57.96
	359.75	339.64	367.12	351.47	316.60	305.14	345.34	294.43	257.38	239.72	278.19	234.08
	1,162	1,186	1,161	1,188	747.53	693.33	755.66	1,213	492.65	686.38	831.54	734.11
	0.00	0.00	0.00	-117.33	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	1,162	1,186	1,161	1,070	747.53	693.33	755.66	1,213	492.65	686.38	831.54	734.11
	280.36	287.57	288.36	259.99	178.22	163.83	192.52	—	—	—	—	—
	881.52	898.65	872.98	810.44	569.31	529.50	563.14	899.47	369.47	512.96	618.99	552.79
	6.34	6.47	6.28	5.83	4.10	4.07	4.56	7.29	2.99	4.16	5.02	4.48
Key metrics
	—	—	—	—	—	—	—	3,329	2,494	2,579	2,627	2,467
	—	—	—	—	—	—	—	80.30%	64.00%	69.30%	71.90%	71.40%
	17.10%	18.10%	18.20%	17.00%	12.70%	12.00%	13.30%	21.70%	9.50%	13.80%	16.90%	16.00%
	15.40%	12.50%	13.20%	14.70%	14.80%	18.70%	16.10%	20.00%	—	—	—	—
	54.80%	69.70%	55.00%	-9.90%	54.10%	3.20%	-9.00%	62.70%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY18
Income statement
	19,689	18,446	16,019	13,404	10,929	9,658	7,147
	32.85	54.69	55.74	158.28	127.29	60.83	59.02
	19,722	18,500	16,075	13,562	11,056	9,719	7,206
	15,025	14,710	12,927	11,207	8,304	8,362	5,898
	0.00	0.00	0.00	0.00	0.00	0.00	—
	0.00	0.00	0.00	0.00	0.00	0.00	—
	2,157	2,054	1,903	1,713	1,584	1,171	851.76
	8,722	8,392	7,898	6,427	4,577	3,920	3,000
	373.76	342.68	273.42	228.71	187.23	126.83	44.19
	1,418	1,340	1,137	905.98	875.82	730.27	775.40
	4,697	3,790	3,147	2,355	2,753	1,357	1,308
	-117.33	-117.33	0.00	0.00	-54.51	0.00	64.97
	4,580	3,673	3,147	2,355	2,698	1,357	1,373
	1,116	890.40	802.23	—	—	—	480.86
	3,464	2,782	2,345	1,760	1,984	988.75	891.88
	24.92	20.35	18.99	14.26	16.09	8.02	—
Key metrics
	—	—	—	9,011	7,462	5,404	4,417
	—	—	—	67.20%	68.30%	56.00%	61.80%
	17.59%	15.10%	14.60%	13.10%	18.20%	10.20%	12.50%
	13.97%	15.10%	19.50%	22.60%	13.20%	35.10%	—
	35.22%	18.60%	33.30%	-11.30%	100.70%	10.90%	—
	—	-11,596	-15,707	—	—	—	—
	—	-4.03	-6.52	—	—	—	—
	—	3.00	3.52	—	—	—	—
	—	73,849	68,068	—	—	—	—
Balance sheet
	—	1,47,905	1,35,548	—	—	—	—
	—	391.22	1,667	—	—	—	—
	—	86.12	53.02	—	—	—	—
	—	0.00	0.00	—	—	—	—
	—	939.31	876.38	—	—	—	—
	—	74,240	69,735	—	—	—	—
	—	24,759	19,812	—	—	—	—
Cash flow
	—	-11,206	-15,281	—	—	—	—
	—	1,109	-1,011	—	—	—	—
	—	8,821	17,648	—	—	—	—
	—	390.85	425.10	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +19.06%
Sales CAGR 5Y: —
Profit CAGR 3Y: +11.93%
Profit CAGR 5Y: —
Sales YoY (TTM): +13.97%
Profit YoY (TTM): +35.22%

Consolidated

Sales CAGR 3Y: +18.26%
Sales CAGR 5Y: —
Profit CAGR 3Y: +11.37%
Profit CAGR 5Y: —
Sales YoY (TTM): +14.94%
Profit YoY (TTM): +45.99%

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: 52.48%

Quarter	September 2026	June 2026
Promoter %	52.48%	52.49%

Holder	Type	Holding	Previous	Change
MAHINDRA & MAHINDRA LIMITED	Promoter	52.48%	52.49%	-0.01%
Life Insurance Corporation of India, LIC-P&GS Fund, LICI Funds	Public	9.09%	10.26%	-1.17%
HDFC Mutual Fund- Multiple Accounts	Public	5.73%	5.65%	+0.08%
SBI Mutual Fund- Multiple Accounts	Public	4.29%	4.77%	-0.48%
HDFC Life Insurance Company Limited	Public	2.23%	2.24%	-0.01%
HSBC Mutual Fund - Multiple Accounts	Public	1.61%	—	—
SBI Life Insurance Company Limited	Public	1.26%	1.41%	-0.15%
Nippon Life India Trustee Limited - Multiple Accounts	Public	1.12%	—	—
Bandhan Mutual Fund- Multiple Accounts	Public	1.04%	1.17%	-0.13%
Mahindra Infrastructure Developers Limited	Promoter Group	0.00%	0.00%	0.00%
Mahindra World City Developers Limited	Promoter Group	0.00%	0.00%	0.00%
Mahindra Hotels and Residences India Limited	Promoter Group	0.00%	0.00%	0.00%
Holiday Club Sweden Ab Are	Promoter Group	0.00%	0.00%	0.00%
PT Mahindra Accelo Steel Indonesia	Promoter Group	0.00%	0.00%	0.00%
NBS International Limited	Promoter Group	0.00%	0.00%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Bajaj Finance Limited	6,18,269	993.05	28.02	—	+18.82% TTM	+18.85% TTM	-6.05%
Shriram Finance Limited	2,13,119	905.70	16.80	—	+13.76% TTM	+28.60% TTM	+13.74%
Tata Capital Limited	1,43,392	337.80	23.16	—	—	—	+2.57%
Cholamandalam Investment and Finance Company Ltd	1,42,265	1,659.05	22.87	—	+21.13% TTM	+33.94% TTM	-5.48%
MUTHOOT FINANCE LIMITED	1,08,792	2,709.85	8.83	—	+47.27% TTM	+70.66% TTM	-15.07%
L&T Finance Limited	66,033	263.45	19.22	—	+20.11% TTM	+27.39% TTM	-5.93%
SBI CARDS AND PAYMENT SERVICES LIMITED S	52,626	553.00	20.18	—	+5.81% TTM	+35.96% TTM	-37.17%
Piramal Finance Limited	45,975	1,942.90	24.08	—	—	—	—
SUNDARAM FINANCE LTD	44,403	3,996.55	27.42	—	—	—	-16.26%
Authum Investment & Infrastructure Limited	43,913	517.10	25.16	—	-24.30% TTM	-56.50% TTM	-10.17%
HDB FINANCIAL SERVICES LIMITED S	42,098	506.65	14.22	—	—	—	-30.70%
POONAWALLA FINCORP LIMITED	41,349	469.55	38.02	—	+75.12% TTM	+399.21% TTM	-0.70%
Mahindra & Mahindra Financial Services Limited	37,542	270.05	10.42	—	+14.94% TTM	+45.99% TTM	-15.21%
Manappuram Finance Limited	29,495	314.00	20.41	—	+4.79% TTM	+85.35% TTM	+17.85%
IIFL FINANCE LIMITED	24,697	578.65	9.35	—	+35.37% TTM	+157.78% TTM	+7.38%
Capri Global Capital Limited	23,121	240.30	17.65	—	+52.88% TTM	+82.77% TTM	+21.89%
Five-Star Business Finance Ltd. S	11,724	397.15	10.50	—	+8.28% TTM	+1.05% TTM	-39.17%
SBFC Finance Limited	9,820	88.32	28.37	—	+28.23% TTM	+45.63% TTM	-24.80%
PAISALO DIGITAL LIMITED	7,279	77.43	27.42	—	+23.60% TTM	+27.97% TTM	+101.17%
Bengal & Assam Company Limited	6,477	5,680.00	8.29	—	+12.05% TTM	+3.26% TTM	-25.74%
Fedbank Financial Services Limited S	5,923	157.85	13.66	—	+21.29% TTM	+76.56% TTM	+10.46%
Mrugesh Trading Ltd. S	5,665	78.41	—	-0.30%	+21.12% TTM	+94.74% TTM	+3,464.09%
SG FINSERVE LIMITED S	4,670	708.75	24.95	—	+104.57% TTM	+86.47% TTM	+85.76%
MAS Financial Services Limited	4,607	253.90	10.89	—	+22.72% TTM	+23.77% TTM	-19.01%
Northern Arc Capital Ltd.	4,481	276.95	9.38	—	+29.02% TTM	+70.21% TTM	+0.64%

Filings & corporate actions

Recent announcements

Please find enclosed.3 Nov 2026 · Company Update / General
Please find enclosed.3 Nov 2026 · Company Update / General
Earnings Call Transcript - Q2 FY202727 Oct 2026 · Company Update / Earnings Call Transcript
Copy of Newspaper Publication- Extract of Financial Results Q2 FY 202722 Oct 2026 · Company Update / Newspaper Publication
Link for Audio Recording- Q2 FY2027 for Earnings Conference call21 Oct 2026 · Company Update / Analyst / Investor Meet
Press Release- Financial Results Q2 FY202721 Oct 2026 · Company Update / Press Release / Media Release
Earnings Presentation-Q2 FY202721 Oct 2026 · Company Update / Investor Presentation
Outcome of Board Meeting - Q2 FY 202721 Oct 2026 · Result / Financial Results
Outcome of Board Meeting- Unaudited Standalone and Consolidated Financial Results for the Second Quarter and Half Year Ended 30th September 202621 Oct 2026 · Board Meeting / Outcome of Board Meeting
Schedule of Earnings Conference Call - Q2 FY 2713 Oct 2026 · Company Update / Analyst / Investor Meet
Please find enclosed.9 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Reaffirmation of Credit Ratings8 Oct 2026 · Company Update / Credit Rating
Quarterly Business Update - Q2 FY272 Oct 2026 · Company Update / Monthly Business Updates
Allotment of NCDs29 Sep 2026 · Company Update / Allotment of Equity Shares
Mahindra & Mahindra Financial Services Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 21/10/2026 ,inter alia, to consider and approve the ....28 Sep 2026 · Board Meeting / Board Meeting
Trading Window will be closed from 01st October 2026 to 23rd October 2026 (both days inclusive) for the purpose of consideration and approval of Unaudited Financial Results for the quarter ....28 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
ESOP transfer25 Sep 2026 · Company Update / General
Issue of NCDs24 Sep 2026 · Company Update / Issue of Securities
ESG Rating22 Sep 2026 · Company Update / General
ESOP Transfer21 Sep 2026 · Company Update / General
Please find enclosed.17 Sep 2026 · Company Update / Analyst / Investor Meet
Please find enclosed.15 Sep 2026 · Company Update / Analyst / Investor Meet
Please find enclosed15 Sep 2026 · Company Update / General
Re-affirmation of Credit Ratings8 Sep 2026 · Company Update / Credit Rating
Schedule of Investor Conference5 Sep 2026 · Company Update / Analyst / Investor Meet
Allotment of Equity Shares to Mahindra & Mahindra Financial Services Limited Employees'' Stock Option Trust3 Sep 2026 · Company Update / Allotment of ESOP / ESPS
ESG Rating3 Sep 2026 · Company Update / General
Transfer of Equity Shares from Mahindra & Mahindra Financial Services Limited Employee Stock Option Trust to eligible persons.28 Aug 2026 · Company Update / General
Schedule of Investor Conference27 Aug 2026 · Company Update / Analyst / Investor Meet
Schedule of Investor Conference12 Aug 2026 · Company Update / Analyst / Investor Meet
Schedule of Investor Conference10 Aug 2026 · Company Update / Analyst / Investor Meet
Reaffirmation of Credit Ratings7 Aug 2026 · Company Update / Credit Rating
Outcome of Board Meeting - Scheme of Merger5 Aug 2026 · Company Update / Scheme of Arrangement
ESG Rating29 Jul 2026 · Company Update / General
Earnings Call Transcript - Q1 FY2727 Jul 2026 · Company Update / Earnings Call Transcript
Certificate under Regulation 74(5) of SEBI (DP) Regulation, 201824 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Scrutinizer''s report of 36th AGM along with voting results23 Jul 2026 · AGM/EGM / AGM
Scrutinizer''s report of the 36th AGM along with voting results23 Jul 2026 · AGM/EGM / AGM
Newspaper Publication-Extract of Financial Result-Q1 FY202722 Jul 2026 · Company Update / Newspaper Publication
Link for Audio Recording- Q1 FY2027 for Earnings Conference call21 Jul 2026 · Company Update / Analyst / Investor Meet

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 7.5000	13 Jul 2026	13 Jul 2026	—
Final Dividend - Rs. - 6.5000	15 Jul 2025	15 Jul 2025	—
Right Issue of Equity Shares	14 May 2025	14 May 2025	—
Final Dividend - Rs. - 6.3000	16 Jul 2024	—	—

Board meetings

21 Oct 2026 Board Meeting - Financial Results
21 Jul 2026 Board Meeting - Financial Results