Mahindra & Mahindra Ltd - Stock Valuation and Financial Performance

BSE: 500520 | NSE: M&M | Automobiles - Passenger Cars | Large Cap

Mahindra & Mahindra Share Price

2,704.15 5.85 0.22%
as on 12-Jul'24 16:01

DeciZen - make an informed investing decision on Mahindra & Mahindra

Overall Rating
Bole Toh

1. Quality

2. Valuation


3. Price Trend

Semi Strong

Mahindra & Mahindra stock performance -

mw4me loader
P/E Ratio (SA):
Market Cap:
3,36,268.8 Cr.
52-wk low:
52-wk high:

Is Mahindra & Mahindra Ltd an attractive stock to invest in?

1. Is Mahindra & Mahindra Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Mahindra & Mahindra Ltd is a good quality company.

2. Is Mahindra & Mahindra Ltd undervalued or overvalued?

The key valuation ratios of Mahindra & Mahindra Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Mahindra & Mahindra Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Mahindra & Mahindra Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Mahindra & Mahindra:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Mahindra & Mahindra Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

ROCE % 14.8%13.5%11.9%13.4%12.9%1.5%2.2%11.3%17.9%21.1%-
Value Creation

Growth Parameters

Growth Parameters Colour Code Guide

Sales 38,44540,87544,05448,68653,61445,48844,63057,78784,96098,76398,763
Sales YoY Gr.-6.3%7.8%10.5%10.1%-15.2%-1.9%29.5%47%16.3%-
Adj EPS 26.126.426.234.336.73.63.53866.687.986.2
YoY Gr.-1.3%-0.6%30.8%7.1%-90.3%-2.2%989.4%75.1%32.1%-
BVPS (₹) 161.8188223.8252.7285.1286.7290.4317.3359.7433.4418.2
Adj Net
Cash Flow from Ops. 3,2195,4713,7107,0274,9243,6789,5946,9779,12911,279-
Debt/CF from Ops.


CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 11.1%13%30.3%16.3%
Adj EPS 14.5%19.1%193.1%32.1%
Share Price 16.6% 33.8% 50.9% 74.9%

Key Financial Parameters

Performance Ratio Colour Code Guide

Return on
Equity %
Op. Profit
Mgn %
Net Profit
Mgn %
Debt to
Working Cap
Cash Conv.

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 20.20%

Sales growth is growing at healthy rate in last 3 years 30.31%

Net Profit is growing at healthy rate in last 3 years 193.13%

Sales growth is good in last 4 quarters at 16.96%

No data to display

Latest Financials - Mahindra & Mahindra Ltd.

Standalone Consolidated
TTM EPS (₹) 86.2 90.6
TTM Sales (₹ Cr.) 98,763 1,38,279
BVPS (₹.) 418.2 530.4
Reserves (₹ Cr.) 51,378 65,334
P/BV 6.47 5.10
PE 31.37 29.84
From the Market
52 Week Low / High (₹) 1418.55 / 3013.95
All Time Low / High (₹) 4.31 / 3013.95
Market Cap (₹ Cr.) 3,36,269
Equity (₹ Cr.) 621.8
Face Value (₹) 5
Industry PE 30.6

Management X-Ray of Mahindra & Mahindra:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Mahindra & Mahindra

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
Operating Expenses 34,27836,25539,53942,46246,97439,69037,67250,75974,58186,097
Manufacturing Costs6796636056887205405877991,0701,166
Material Costs27,95529,51632,08134,13538,25631,63330,17742,56064,55874,006
Employee Cost 2,3172,3492,7142,8412,9802,8803,2523,3303,6504,416
Other Costs 3,3263,7274,1384,7985,0184,6373,6574,0715,3036,509
Operating Profit 4,1674,6204,5156,2246,6405,7986,9577,02710,37912,666
Operating Profit Margin (%) 10.8%11.3%10.2%12.8%12.4%12.7%15.6%12.2%12.2%12.8%
Other Income 8558501,3901,1301,7851,7641,4472,3482,7914,511
Interest 214186204206209209644520455256
Depreciation 9751,0681,5261,4791,8602,2232,3702,4983,1543,439
Exceptional Items 33669548434-30-2,014-3,087-209-1,4300
Profit Before Tax 4,1694,2844,7236,1026,3253,1162,3036,1488,13113,483
Tax 8481,0801,0791,7461,5291,7851,3191,2781,5822,765
Profit After Tax 3,3213,2053,6434,3564,7961,3319844,8706,54910,718
PAT Margin (%) 8.6%7.8%8.3%8.9%8.9%2.9%2.2%8.4%7.7%10.9%
Adjusted EPS (₹)
Dividend Payout Ratio (%)21%22%21%20%21%21%106%28%30%24%

Balance Sheet

(All Figures are in Crores.)

Equity and Liabilities

Shareholders Fund 19,14922,28626,56930,06533,97534,20334,69637,96743,09651,978
Share Capital 296296297595596597597598599600
Reserves 18,85321,98926,27229,47033,38033,60634,09937,36942,49751,378
Minority Interest0000000000
Long Term Debt2,5141,4952,2342,1962,0322,0326,9905,6822,3321,135
Short Term Debt1063485396684499001444990350
Trade Payables5,3656,6756,8818,6039,6786,78610,64312,97017,14618,592
Others Liabilities 5,8114,6963,4915,9146,5636,5819,0929,48913,20611,757
Total Liabilities 32,94535,50039,71347,44752,69750,50261,56466,60775,78083,811

Fixed Assets

Gross Block11,73913,79915,47716,87820,51822,66627,31231,57736,21539,467
Accumulated Depreciation5,8096,2037,7069,01910,43712,27215,30116,67319,23921,921
Net Fixed Assets5,9297,5967,7717,85910,08210,39512,01114,90416,97617,546
CWIP 2,1791,5622,0403,1292,4204,0096,1255,2632,7853,756
Investments 13,13813,54717,90820,58322,01619,93821,78324,20427,08729,995
Trade Receivables2,5582,5122,9393,1733,9462,9992,2033,0394,0424,549
Cash Equivalents 2,0652,2871,6872,8943,7324,2376,3953,6514,4825,526
Others Assets4,6385,3074,6097,1076,6625,5238,2649,57611,52712,934
Total Assets 32,94535,50039,71347,44752,69750,50261,56466,60775,78083,811

Cash Flow

(All Figures are in Crores.)
Cash Flow From Operating Activity 3,2195,4713,7107,0274,9243,6789,5946,9779,12911,279
PBT 3,8334,2164,1745,6696,3555,1305,3916,3579,56013,483
Adjustment 6037705808675099401,7548271,120-221
Changes in Working Capital -3701412-511780-506-13103587391387868
Tax Paid -847-928-993-1,289-1,434-1,082-1,138-598-1,938-2,851
Cash Flow From Investing Activity -2,423-3,538-2,782-5,110-2,549-2,576-14,536-3,964-4,753-5,183
Capex -2,023-2,152-2,074-2,669-3,032-3,944-3,311-3,292-3,431-3,986
Net Investments 472,870-801-4957462,055-6,031-965-1,461-925
Others -447-4,25693-1,947-264-687-5,194293139-271
Cash Flow From Financing Activity -1,585-2,007-1,161-1,033-1,555-1,0153,514-3,166-3,784-5,538
Net Proceeds from Shares 3000000380
Net Proceeds from Borrowing 0000000000
Interest Paid -242-211-148-170-171-157-404-482-381-302
Dividend Paid -860-846-839-923-1,012-1,187-294-1,089-1,436-2,021
Others -485-950-17459-3733294,212-1,598-1,975-3,215
Net Cash Flow -788-75-23388382087-1,428-153592559
ROE (%)18.5615.4714.9215.3814.983.92.8613.416.1622.55
ROCE (%)20.0218.5117.9220.0618.668.957.3615.2718.5326.98
Asset Turnover Ratio1.
PAT to CFO Conversion(x)0.971.711.021.611.032.769.751.431.391.05
Working Capital Days
Receivable Days23212123232621161515
Inventory Days24212120212732333132
Payable Days66676974798797948083

Mahindra & Mahindra Ltd Stock News

Mahindra & Mahindra Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Mahindra & Mahindra on 12-Jul-2024 16:01 is ₹2,704.2.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Jul-2024 16:01 the market cap of Mahindra & Mahindra stood at ₹3,36,268.8.
The latest P/E ratio of Mahindra & Mahindra as of 12-Jul-2024 16:01 is 31.37.
The latest P/B ratio of Mahindra & Mahindra as of 12-Jul-2024 16:01 is 6.47.
The 52-week high of Mahindra & Mahindra is ₹3,014 and the 52-week low is ₹1,418.6.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Mahindra & Mahindra is ₹98,763 ( Cr.) .

About Mahindra & Mahindra Ltd

Mahindra & Mahindra Limited (M&M) was established on October 2, 1945 when K.C. Mahindra visited the United States of America as Chairman of the India Supply Mission. The Mahindra brothers joined hands with a distinguished gentleman called Ghulam Mohammed. And, Mahindra & Mohammed was set up as a franchise for assembling jeeps from Willys, USA.

Mahindra & Mahindra began its journey commenced with getting into the steel business, and over time, it’s expanded to various key industries. A need for change in the agricultural practices pushed it to foray into that sector right before the agriculture revolution began in India. It became one of the key torch-bearers of the IT revolution in the country. Its focus lies in developing alternate energy sources because the energy conservation will play a huge role in ensuring a better future - for not just country and communities, but the entire world.

The Ordinary (Equity) shares of the company are listed on the National Stock Exchange of India Limited (NSE), the BSE Limited (BSE) in India. The Global Depository Receipts (GDRs) (underlying equity shares) of the Company are listed on the Luxembourg Stock Exchange and are also admitted for trading on International Order Book (IOB) of the London Stock Exchange.

Business area of the company

M&M is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.

Products and services provided by the company

  • Aerospace
  • Aftermarket
  • Agri Industry
  • Automotive
  • Boats
  • Clean Energy
  • Consulting
  • Construction Equipment
  • Defence
  • Hospitality
  • Farm Equipment
  • Information Technology
  • Insurance Broking
  • Logistics
  • Power Backup
  • Real Estate & Infrastructure
  • Retail
  • Rural Housing Finance
  • Steel
  • Two Wheelers
  • Trucks & Buses
  • Vehicle & Equipment Finance



  • The Nashik Plant of Automotive Sector was awarded the prestigious Platinum 1st Runner Up Award.
  • Mahindra & Mahindra Auto Sector's Zaheerabad plant has won the First Prize in the National Energy Conservation Awards - 2007.
  • Mahindra & Mahindra was honoured with the Pegasus Corporate Social Responsibility Gold Award.
  • Mahindra Powerol has won the prestigious 'VOICE OF CUSTOMER' award.
  • Mr. Bharat Doshi, Executive Director & Group CFO, M&M, received the CFO of the Year award.  
  • Mahindra & Mahindra has been awarded as the organization with the “Best Automotive Manufacturing Supply Chain Excellence”.
  • Mr. Arvind Tawde, Sr. VP and CIO, Mahindra & Mahindra, received the CTO of the Year 2007 award.
  • Mahindra & Mahindra has been honored with the coveted Bombay Chamber Good Corporate Citizen Award 2006-07.
  • The Institute of Economic Studies (IES), New Delhi, has awarded the 'Udyog Rattan'.
  • M&M has won the Security Strategist Award 2007.
  • Mahindra Lifespaces has been honoured as the Best Developer in the Best Transparent Systems category at the recently held CNBC Awaaz - CRISIL Real Estate Awards.
  • Mahindra & Mahindra was awarded the prestigious SAP ACE 2007.
  • Mahindra & Mahindra Farm Equipment Sector has won an AE50 Outstanding Innovation Award 2007.  'Golden Peacock Occupational Health & Safety Award' for the year 2007 and many more.


  • Mahindra Reva receives CII Design Excellence award.


  • Keshub Mahindra honoured with ASSOCHAM Lifetime Achievement Award.


  • 1945: On October 2nd, 'Mahindra & Mohammed' is set up by brothers, JC and KC Mahindra along with Ghulam Mohammed.
  • 1945: M&M begins steel trading.
  • 1947: 75 Jeeps come in from Willys Overland Export Corporation, USA in CKD condition; assembly of which commences at Mazagon, Bombay.
  • 1948: Ghulam Mohammed moves to Pakistan post partition and goes on to become the country's first Finance Minister. Mahindra & Mohammed subsequently changes its name to Mahindra & Mahindra.
  • 1950: 5,000 tons of steel is sourced for building wagons.
  • 1955: On June 15, 1955, the company announces going public and in 1956, its shares are listed on the Bombay Stock Exchange.
  • 1961: Mahindra joins hands with the US manufacturer of agricultural machinery, construction equipment, trucks, automobiles, and household and commercial products, for the manufacture of tractors.
  • 1962: M&M and Ugine Kuhlmann, France, come together to form MUSCO, a Joint Venture, to manufacture alloy steel.
  • 1963: After the demise of co-founder, KC Mahindra, Keshub Mahindra becomes the second Chairman of M&M Ltd.
  • 1963: ITCI formed.
  • 1965: Mahindra shuts down the factory in Mazgaon and establishes a plant in Kandivali to consolidate its operations for the manufacture of UVs and tractors.
  • 1977: The very successful International Tractor Company of India merges with M&M and becomes its tractor division.
  • 1979: M&M receives a license from Automobiles Peugeot France to manufacture XDP 4.90 diesel engines. The assembly of Peugeot engines commences in Ghatkopar.
  • 1983: Mahindra becomes the largest selling tractor brand in India, and it’s holding the position for three decades now.
  • 1986: Mahindra enters the telecom IT services space through Mahindra British Telecom, a joint venture with British Telecom, UK -the company that later became 'Tech Mahindra'.
  • 1991: Maxi Motors Financial Services Limited. Name was changed to Mahindra & Mahindra Financial Services Limited and Fresh Certificate of Incorporation was received.
  • 1993: Mahindra Steel Service Centre Limited is formed in association with Mitsubishi Corporation and Nisho Iwai Corporation of Japan.
  • 1994: Mahindra Group reorganises into six Strategic Business Units: Automotive, Farm Equipment, Financial Services, IT, Infrastructure Development Services and Steel Trading.
  • 1994: Mahindra USA is born
  • 1996: The first holiday resort opens in Munnar, Kerala.
  • 1996: Project Nanhi Kali initiated.
  • 1997: UWC, one of 15 in the world, is inaugurated by Queen Noor of Jordan in Pune, Maharashtra.
  • 1997: Anand Mahindra becomes Managing Director.
  • 1999: Mahindra & Mahindra Financial Services Ltd., which began operations in 1995, becomes a subsidiary of M&M. The company plays a major role in financing Mahindra's UVs.
  • 2000: The millennium year sees the unveiling of a new and visually dynamic group logo, which signifies the road ahead.
  • 2000: Mahindra Bolero launched.
  • 2002: Mahindra World City, India’s first integrated township, is inaugurated.
  • 2002: Mahindra Scorpio launched.
  • 2003: Mahindra tractors wins the prestigious Deming Prize.
  • 2004: The Mahindra Group acquires a majority stake in Bristlecone Inc.
  • 2004: Mahindra Systems & Automotive Technologies (MSAT) Sector is set up.
  • 2004: Major milestone for Mahindra tractors.
  • 2005: Mahindra enters China.
  • 2005: Mahindra and Renault tie up.
  • 2005: Mahindra and ITEC tie up.
  • 2007: Mahindra Pride Schools begin empowering young people (Employability with Empathy and Emotion).
  • 2008: Aftermarket sector formed.
  • 2008: Mahindra enters the two wheelers business.
  • 2008: Automotive facility opens in Chakan, Pune.
  • 2009: Mahindra enters Aerospace.
  • 2010: Mahindra Satyam sponsors FIFA World Cup.
  • 2010: Mahindra acquires Reva Electric Vehicles.
  • 2010: Mahindra Blues, India’s biggest blues music festival, launched.
  • 2012: Mahindra Research Valley in Chennai inaugurated.
  • 2012: Mahindra Reva Factory recognized.
  • 2013: Tech Mahindra and Mahindra Satyam merge.
  • 2013: Mahindra Reva lauded globally.
  • 2014: Mahindra enters FIA Formula E Championship.
  • 2015: Milestone year for record number of launches.
  • 2015: Multiple acquisitions signal a global charge.
  • 2016: Mahindra Racing comes first at FIM MotoGP.
  • 2016: Mahindra acquires Sampo Rosenlew.
  • 2018: The Iconic Jawa comes back to India.
  • 2019: Mahindra unveils the Pininfarina Battista, the world's 1st Electric Hypercar.
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