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Swing Capital

Mahindra & Mahindra Ltd

NSE: M&M BSE: 500520Auto

Mahindra & Mahindra Ltd is one of the most diversified automobile company in India with presence across 2-wheelers, 3-wheelers, PVs, CVs, tractors & earthmovers.

₹3,090
52W: ₹2896 — ₹3840
PE 23.6 · Book ₹598 · +417% vs book
Market Cap₹3,84,263 Cr
Stock P/E23.6Price to Earnings
ROCE31.1%Return on Capital
ROE23.9%Return on Equity
Div. Yield0.82%Face Value ₹5

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 42.7% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 24.9%

Weaknesses

  • −Promoter holding is low: 18.4%

Shareholding Pattern

Promoters18.45%
FIIs36.23%
DIIs31.37%
Public10.25%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters18.55%18.53%▼0.018.48%▼0.118.45%▼0.018.43%▼0.018.43%18.43%18.45%▲0.0
FIIs41.9%41.18%▼0.738.92%▼2.338.3%▼0.638.53%▲0.238.04%▼0.537.49%▼0.536.23%▼1.3
DIIs26.18%27.04%▲0.929.22%▲2.229.77%▲0.629.57%▼0.229.95%▲0.430.39%▲0.431.37%▲1.0
Public9.57%9.44%▼0.19.66%▲0.29.78%▲0.19.77%▼0.09.93%▲0.210.03%▲0.110.25%▲0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales25,73725,43427,13328,91930,96431,60934,14335,08038,94239,601
Expenses22,08822,00623,01723,64926,07026,67129,19928,56032,84933,990
Operating Profit3,6493,4284,1165,2704,8944,9384,9446,5206,0925,611
OPM %14%13%15%18%16%16%14%19%16%14%
Net Profit2,4902,0002,6133,8412,9642,4373,4504,5213,9313,737
EPS ₹20.0216.0821.0130.8923.8419.627.7436.3531.6130.05

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,47,765Cr, up 24.6% YoY. OPM at 16%.

Debt Position

Borrowings at ₹1,653Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1,689Cr (7% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 31.37% (+4.48pp change). FIIs: 36.23% (-3.91pp change). Promoters hold 18.45%.

Margin & Efficiency

ROCE improving from 18% (Mar 2015) to 31% (Mar 2026). Working capital days: 1.

Valuation

PE 23.6x with 31.1% ROCE. Price is 417% above book value of ₹598. Dividend yield: 0.82%.

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