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Swing Capital

Mahindra & Mahindra Financial Services Ltd

NSE: M&MFIN BSE: 532720Banking

Mahindra & Mahindra Financial Services Limited (MMFSL), a part of the Mahindra Group,is a NBFC primarily engaged in the business of financing purchase of new and pre-owned auto and utility vehicles, tractors, cars, commercial vehicles, construction equipment and SME Financing. [1]

₹317
52W: ₹246 — ₹412
PE 15.3 · Book ₹178 · +78% vs book
Market Cap₹44,125 Cr
Stock P/E15.3Price to Earnings
ROCE8.77%Return on Capital
ROE12.9%Return on Equity
Div. Yield2.4%Face Value ₹2

Strengths

  • +Company has been maintaining a healthy dividend payout of 38.6%

Weaknesses

  • −Company has low interest coverage ratio.
  • −Company has a low return on equity of 11.8% over last 3 years.
  • −Company might be capitalizing the interest cost

Shareholding Pattern

Promoters52.49%
FIIs9.4%
DIIs32.09%
Public5.98%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters52.16%52.16%52.16%52.16%52.49%▲0.352.49%52.49%52.49%
FIIs10.08%10.19%▲0.110.49%▲0.310.68%▲0.29.33%▼1.39.59%▲0.39.11%▼0.59.4%▲0.3
DIIs30.66%31.58%▲0.931.17%▼0.431.31%▲0.132.33%▲1.032.29%▼0.032.34%▲0.132.09%▼0.3
Public7%6.01%▼1.06.14%▲0.15.81%▼0.35.79%▼0.05.58%▼0.26.02%▲0.45.98%▼0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales0000000000
Expenses1,0231,0791,1811,4318161,3271,5171,5921,3871,479
Operating Profit0000000000
OPM %0%0%0%0%0%0%0%0%0%0%
Net Profit553619513369899563530569810873
EPS ₹3.984.453.692.666.474.053.814.15.836.28

AI Insights

Revenue Trend

Mar 2026 revenue at ₹0Cr, up 0% YoY. OPM at 0%.

Debt Position

Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹2Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 32.09% (+5.14pp change). FIIs: 9.4% (-4.52pp change). Promoters hold 52.49%.

Margin & Efficiency

ROCE improving from 0% (Mar 2015) to 0% (Mar 2026). Working capital days: 0.

Valuation

PE 15.3x with 8.77% ROCE. Price is 78% above book value of ₹178. Dividend yield: 2.4%.

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