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M&M.NS

Mahindra & Mahindra Ltd.

Automobile and Auto Components
Price research

Price history

3Y window · 2023-09-25 to 2026-09-22

Start 2023-09-25 ₹1589.45
End 2026-09-22 ₹3044.50
Change over window +91.54%
Methodology

Price is the daily close from stored Kite history. The other metrics pair that daily price with the company's periodic filings — each fundamental (revenue, EPS, equity…) is held flat at its latest filed value between annual filings, so a ratio steps at each filing and moves daily only through its price term. A metric with no input on file for this company (e.g. EV/EBITDA for a bank, which has no EBIT) is shown as unavailable, never guessed. Share-count-based metrics use the latest diluted share count against split/bonus-adjusted prices.

Technical analysis

Technical indicators

Same window as the price chart above

These reflect only the stock's recent price and volume behavior — not the company's fundamentals — and are not a recommendation to buy or sell. Standard published parameters are used throughout (see each chart's own label); a company with too little stored price history for a given indicator's lookback window shows that plainly below rather than a garbage or misleading value.

Latest value of each line in the charted window
Methodology

MACD (12,26,9), Stochastic Oscillator (14,3) and Money Flow Index (14-day) each carry their own published reference lines/bands (20/80 for the oscillator readings) where one is standard. ADX includes +DI/-DI for direction alongside trend strength; a dashed line marks the commonly published 25 "trending market" reading. ATR is shown in raw rupees here; the price/volume preset screen (below, and on the Screener page) reports it as a % of price so it's comparable across stocks at different price levels. Computed from the same stored daily OHLCV history as the price chart above — no new data source.

Ratios as of FY2025-26 Annual filing · published 2026-05-05
Price (live) ₹3044.50 INR fetched 2026-09-23 02:27
Fundamental analysis

Ratios

Calculated from this company's filed figures, and from the current price where a ratio needs one. Every ratio shows its source trace: the filed elements it reads and the arithmetic behind the result.

P/E

19.90

P/E = Price / EPS

Source trace FY2025-26 · Annual filing

P/E = Price / (ProfitOrLossAttributableToOwnersOfParent / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) → ₹3,044.50 / (₹170,988,500,000 / 1,117,560,000 shares) = ₹3,044.50 / ₹153.00 EPS

ROE

18.37%

ROE = Net Income / Shareholder Equity

Source trace FY2025-26 · Annual filing

ROE = ProfitOrLossAttributableToOwnersOfParent / EquityAttributableToOwnersOfParent → ₹170,988,500,000 / ₹930,963,500,000 = 18.37%

Debt/Equity

1.39

Debt/Equity = Total Debt / Shareholder Equity

Source trace FY2025-26 · Annual filing

Debt/Equity = BorrowingsCurrent + BorrowingsNoncurrent / EquityAttributableToOwnersOfParent → ₹1,296,145,000,000 / ₹930,963,500,000 = 1.39

Current Ratio

1.27

Current Ratio = Current Assets / Current Liabilities

Source trace FY2025-26 · Annual filing

Current Ratio = CurrentAssets / CurrentLiabilities → ₹1,469,764,900,000 / ₹1,160,985,600,000 = 1.27

ROCE

14.86%

ROCE = EBIT / (Shareholder Equity + Total Debt)

Source trace FY2025-26 · Annual filing

ROCE = ProfitBeforeExceptionalItemsAndTax + FinanceCosts / (EquityAttributableToOwnersOfParent + BorrowingsCurrent + BorrowingsNoncurrent) → ₹331,036,400,000 / (₹930,963,500,000 + ₹1,296,145,000,000) = 14.86%

Dividend Yield

0.99%

Dividend Yield = (Dividends Paid / Diluted Shares Outstanding) / Price

Qualification This is cash paid during the fiscal year, not a per-share rate declared for it (no such element exists in the filing data) — timing can straddle interim/final dividends across years, and pre-FY2020-21 figures may include the since-abolished Dividend Distribution Tax, reading higher than later years for that reason alone.

Source trace FY2025-26 · Annual filing

Dividend Yield = (|DividendsPaidClassifiedAsFinancingActivities| / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) / Price → (₹33,763,100,000 / 1,117,560,000 shares) / ₹3,044.50 = ₹30.21 / ₹3,044.50

Growth & quality

Growth & earnings trend

Computed from this company's stored annual filings. Each figure carries the filed values behind it as a tooltip.

Revenue CAGR · 3y 9.9%
Net profit CAGR · 3y 10.8%
Operating margin · FY2025-26 16.7%
ROCE · FY2025-26 13.8%

Revenue & Profit CAGR

Revenue (3y, 8.0y actual)
9.9%
Net Profit (3y)
10.8%
Revenue (5y, 8.0y actual)
9.9%
Net Profit (5y)
10.8%
Revenue (10y, 8.0y actual)
9.9%
Net Profit (10y)
10.8%

Operating Margin Trend

Expanding
FY2017-18
11.3%
FY2018-19
11.7%
FY2019-20
9.1%
FY2020-21
15.3%
FY2021-22
13.4%
FY2022-23
14.1%
FY2023-24
16.1%
FY2024-25
16.7%
FY2025-26
16.7%

ROCE Trajectory

FY2017-18
N/A
FY2018-19
N/A
FY2019-20
N/A
FY2020-21
N/A
FY2021-22
N/A
FY2022-23
10.8%
FY2023-24
12.4%
FY2024-25
12.7%
FY2025-26
13.8%

Earnings Quality

No persistent gap detected

Net Profit CAGR 26.98% vs CFO CAGR 5.96% over 4.0y (2022-03-31 → 2026-03-31); most recent year: Net Profit +32.25% vs CFO +267.07%

Sector-Relative Percentile

Sector · Automobile and Auto Components
ROE 68th percentile Better than 25 of 37 sector peers (68th percentile).
ROCE 46th percentile Better than 17 of 37 sector peers (46th percentile).
Debt/Equity 5th percentile Better than 2 of 37 sector peers (5th percentile).
P/E 70th percentile Better than 26 of 37 sector peers (70th percentile).
Forensic accounting

Beneish M-Score

Eight year-over-year accounting indices (Beneish, 1999) computed for Mahindra & Mahindra Ltd. across its two most recently stored annual filings. Read the disclosures below before anything past this paragraph.

This is not an accusation and not a finding that any manipulation occurred. Beneish's own paper is explicit that the score identifies companies whose accounting CHARACTERISTICS resemble those of a sample of past manipulators -- nothing more. StockProof never labels a company "manipulator", "red flag" or "suspicious", and never shows any list of companies ordered by this score. The eight components below -- factual statements about figures the company itself filed -- always come before the composite number, which is the inference, not the fact.

The M-Score is calibrated on 74 US-listed companies from 1982-1992 later found to have manipulated earnings (Beneish, M. D. (1999), "The Detection of Earnings Manipulation", Financial Analysts Journal 55(5)) -- not on any Indian company or era. Measured on StockProof's own Nifty 500 universe as of 2026-09-02, 13.6% of companies score above Beneish's own published cutoff. On any realistic base rate of actual earnings manipulation, that flag rate is overwhelmingly false positives, not overwhelmingly real ones.

No "Selling, General & Administrative Expense" element exists anywhere in NSE's filed data. The SGAI component below is approximated as Employee Benefit Expense + Other Expenses, divided by revenue -- a reasonable stand-in for a manufacturer, but for a services company this proxy is closer to the entire cost base than to SG&A specifically. This is disclosed because it is a genuine deviation from Beneish's published specification; its coefficient (-0.172) is the smallest of the eight, which bounds how far the approximation can move the composite.

This measures something different from a financial-distress score like Altman's Z-Score, and the two essentially never agree. Measured on StockProof's own 389-company overlap as of 2026-09-02: only 5 companies were flagged by both, an agreement rate (intersection ÷ union) of 6.2%, and a correlation between the two scores of +0.088 -- closely matching the independently measured +0.092 over 3,242 Malaysian-listed companies. A low Z-Score and a high M-Score are not corroborating each other; they are unrelated measurements.

Comparing FY2024-25FY2025-26

Index Value Beneish's own threshold Reading, vs. that threshold
DSRI — Days' Sales in Receivables Index 0.877 1.031 Below Beneish's published threshold
GMI — Gross Margin Index 1.046 1.014 Exceeds Beneish's published threshold
AQI — Asset Quality Index 0.989 1.039 Below Beneish's published threshold
SGI — Sales Growth Index 1.248 1.134 Exceeds Beneish's published threshold
DEPI — Depreciation Index 0.945 1.077 Below Beneish's published threshold
SGAI — SG&A Index 0.942 1.041 Below Beneish's published threshold
LVGI — Leverage Index 0.974 1.111 Below Beneish's published threshold
TATA — Total Accruals to Total Assets 0.017 0.018 Below Beneish's published threshold
M-Score (composite) -2.260 Beneish's own published cutoff: -1.78 (a looser cutoff sometimes used in Indian applications: -2.22)

This is a reading against a published statistical model, not a finding and not a verdict on this company -- see the disclosures above, especially how this compares to a general population's own measured false-positive rate.

Financials

Quarterly trend

10 stored quarters

Revenue Net Profit Net Profit (loss quarter)
Metric (to shareholders basis) Q4 FY2023-24 Q1 FY2024-25 Q2 FY2024-25 Q3 FY2024-25 Q4 FY2024-25 Q1 FY2025-26 Q2 FY2025-26 Q3 FY2025-26 Q4 FY2025-26 Q1 FY2026-27 Source
Revenue ₹35,451.73 Cr. ₹37,217.72 Cr. ₹37,923.74 Cr. ₹41,470.05 Cr. ₹42,599.31 Cr. ₹45,529.19 Cr. ₹46,105.67 Cr. ₹52,099.75 Cr. ₹54,981.91 Cr. ₹58,187.57 Cr. RevenueFromOperations
Net Profit ₹2,754.08 Cr. incl. minority ₹3,124.94 Cr. ₹3,282.63 Cr. incl. minority ₹3,545.78 Cr. ₹3,170.72 Cr. incl. minority ₹3,361.06 Cr. ₹3,180.58 Cr. incl. minority ₹3,624.48 Cr. ₹3,295.17 Cr. incl. minority ₹3,541.85 Cr. ₹4,083.32 Cr. incl. minority ₹4,376.58 Cr. ₹3,673.32 Cr. incl. minority ₹3,963.75 Cr. ₹4,674.64 Cr. incl. minority ₹5,021.47 Cr. ₹4,667.57 Cr. incl. minority ₹5,259.91 Cr. ₹5,454.54 Cr. incl. minority ₹5,997.56 Cr. ProfitOrLossAttributableToOwnersOfParent
Basis

Primary figures are Revenue from Operations and Net Profit attributable to shareholders — the basis the ratios use. Where they differ, the companion Gross revenue (incl. inter-segment) and incl. minority net profit (the totals a news headline usually quotes) are shown beneath, each traceable to its own XBRL element. Quarters shown are however many are actually stored (up to 10).

Ownership

Shareholding pattern

Latest filing Jun 2026 · 12 filings on file

Promoter & Promoter Group
18.45%
Public
78.08%
Employee Trusts
3.47%
Promoter % Public %
Metric Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter & Promoter Group 19.34% 19.32% 18.59% 18.56% 18.54% 18.48% 18.45% 18.44% 18.44% 18.44% 18.45% 18.45%
Public 76.86% 76.91% 77.66% 77.72% 77.77% 77.88% 77.95% 77.98% 78.01% 78.04% 78.05% 78.08%
Employee Trusts 3.80% 3.77% 3.75% 3.73% 3.69% 3.63% 3.60% 3.58% 3.55% 3.52% 3.50% 3.47%
Source

Promoter vs. public shareholding, from NSE's own quarterly shareholding-pattern filings. This is the headline promoter/public split only — a further breakdown by FII/DII/mutual fund holders requires each filing's own detailed disclosure and isn't shown here.

Trading activity

Delivery volume

20 trading days shown

Latest (2026-09-22) 60.9%
Trailing 20-day average 60.6%
Date Traded Qty Delivery Qty Delivery %
2026-09-22 1708090 1040414 60.91%
2026-09-21 1056850 681010 64.44%
2026-09-18 2973119 2252454 75.76%
2026-09-17 1875308 1036933 55.29%
2026-09-16 2390779 1406184 58.82%
2026-09-15 2176832 1331485 61.17%
2026-09-11 1311484 616640 52.96%
2026-09-10 2140618 1248888 58.34%
2026-09-09 1050769 669775 63.74%
2026-09-08 1784671 1059260 59.35%
2026-09-07 1715004 1123951 65.54%
2026-09-04 1489449 985722 66.18%
2026-09-03 1826312 1083245 59.31%
2026-09-02 2883166 1752881 60.80%
2026-09-01 1887247 804835 42.65%
2026-08-31 3613080 3017814 83.52%
2026-08-28 1744074 995755 57.09%
2026-08-27 1853016 1097064 59.20%
2026-08-26 687761 313585 45.60%
2026-08-25 1078022 651172 60.40%
Source

Delivery quantity/percentage from the NSE bhavcopy (DELIV_QTY/DELIV_PER) — the share of that day's traded volume that actually settled into a demat account, rather than being squared off intraday. A higher delivery percentage is commonly read as genuine accumulation/distribution rather than speculative same-day trading; this describes recent trading PATTERN, not the company itself, and is not a recommendation to buy or sell. A blank cell is a day NSE itself published no figure for, never a zero.

Insider trading activity

20 disclosures shown

Disclosed Person Category Type Mode Quantity Value (₹) Resulting stake Source
01 Oct 2025 Mahendra Bhalerao Employees/Designated Employees Sell Market Sale 1000 3427056 0.00% XBRL
30 Sep 2025 Sriram Ramachandran Employees/Designated Employees Sell Market Sale 24 81600 0.00% XBRL
30 Sep 2025 Sriram Ramachandran Employees/Designated Employees Sell Market Sale 476 1633565 0.00% XBRL
24 Sep 2025 SUROJIT KUNDU Employees/Designated Employees Sell Market Sale 75 266588 0.00% XBRL
24 Sep 2025 SUROJIT KUNDU Employees/Designated Employees Buy ESOP 50 179495 0.00% XBRL
24 Sep 2025 Ameet Shanbhag Employees/Designated Employees Buy ESOP 282 1019585 0.00% XBRL
24 Sep 2025 SUROJIT KUNDU Employees/Designated Employees Buy ESOP 277 1001507 0.00% XBRL
24 Sep 2025 Vinod Sahay Employees/Designated Employees Sell Market Sale 301 1087816 0.00% XBRL
24 Sep 2025 Samir Rawte Employees/Designated Employees Buy ESOP 1130 4085572 0.00% XBRL
24 Sep 2025 Ramesh Ramachandran Employees/Designated Employees Buy ESOP 2497 9028028 0.00% XBRL
24 Sep 2025 Damodhar Tota Employees/Designated Employees Buy ESOP 1003 3626397 0.00% XBRL
24 Sep 2025 Vinod Sahay Employees/Designated Employees Buy ESOP 1039 3756556 0.00% XBRL
24 Sep 2025 Sameer Desai Employees/Designated Employees Buy ESOP 650 2350108 0.00% XBRL
23 Sep 2025 Surender Kalra Employees/Designated Employees Buy ESOP 1670 6037969 0.00% XBRL
23 Sep 2025 Abhay Kulkarni Employees/Designated Employees Buy ESOP 1000 3615550 0.01% XBRL
23 Sep 2025 Mahindra & Mahindra Employees' Stock Option Trust Other Sell ESOP 121048 604835 3.39% XBRL
23 Sep 2025 ANISH DILIP SHAH Director Buy ESOP 76357 276072551 0.02% XBRL
15 Sep 2025 Pratap Bose Employees/Designated Employees Buy ESOP 38614 138620399 0.00% XBRL
15 Sep 2025 Ruchi Rawat Employees/Designated Employees Buy ESOP 289 1037481 0.00% XBRL
15 Sep 2025 Sunil Chahure Employees/Designated Employees Buy ESOP 310 1112869 0.00% XBRL
About these disclosures

SEBI PIT (Prohibition of Insider Trading) Regulation 7 disclosures — designated persons (promoters, directors, KMPs, and their immediate relatives) reporting their own dealing in the company's securities, as NSE publishes them. Distinct from the SAST (Regulation 29 substantial-acquisition) filings on the market-wide SAST activity page. Public record only — this is descriptive disclosure data, not a signal, and is not a recommendation to buy or sell.

Filings & evidence

Source documents

FY2025-26 · Annual filing

The raw filing line items behind the figures on this page, and NSE's own filing document where NSE publishes one.

Source document — income statement (FY2025-26, raw filing line items)
Line itemFiled value
ProfitOrLossAttributableToOwnersOfParent170988500000.0
PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital1117560000.0
Source document — balance sheet (FY2025-26, raw filing line items)
Line itemFiled value
CurrentAssets1469764900000.0
CurrentLiabilities1160985600000.0
EquityAttributableToOwnersOfParent930963500000.0
BorrowingsCurrent + BorrowingsNoncurrent1296145000000.0
Research notes

My notes