Mahindra & Mahindra Financial Services Ltd - Stock Valuation and Financial Performance

BSE: 532720 | NSE: M&MFIN | Finance - NBFC | Mid Cap

Mah & Mah Finl. Serv Share Price

303.35 1.85 0.61%
as on 12-Apr'24 16:59

DeciZen - make an informed investing decision on Mah & Mah Finl. Serv

Overall Rating
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1. Quality

2. Valuation


3. Price Trend

Mahindra & Mahindra Financial Services stock performance -

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P/E Ratio (CD):
Market Cap:
37,479.8 Cr.
52-wk low:
52-wk high:

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

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

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Mahindra & Mahindra Financial Services Ltd is a below average quality company.

2. Is Mahindra & Mahindra Financial Services Ltd undervalued or overvalued?

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

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

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

10 Year X-Ray of Mah & Mah Finl. Serv:

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 Financial Services Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Operating Income (₹ Cr.)5,2756,0216,5547,1467,88410,37211,88512,11111,31812,70014,012
YoY Gr. Rt. %-14.1%8.9%9%10.3%31.6%14.6%1.9%-6.6%12.2%-
Adj EPS (₹ )
YoY Gr. Rt. %--4.5%-15.5%-33.8%113%54.1%-41.2%-41%46.8%82.2%-
BVPS (₹ )
YoY Gr. Rt. %-12%8.7%7.5%30.4%14.2%6%8.1%7.1%9.8%-
To view Net Profit/Total Funds (%) Colour Rating Guide click here
Net Profit/Total Funds (%)


CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Net Interest Income10.3%10%2.2%12.2%
Adj EPS5.6%7.4%16.4%82.2%
Share Price 7.8% 3.4% 20.4% 16.9%

Key Financial Ratios

RATIOS \ YEARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Asset Quality Ratio To view Asset Quality Ratio Colour Rating Guide click here
Net NPA to Net Advances (%)22.63.544.15.36400-
Capitalization Ratio To view Capitalization Ratio Colour Rating Guide click here
Capital Adequacy Ratio (%) 16.318.317.317.221.920.319.62600-
Net Profit Margin (%)18.315.4127.41517.
Performance Ratios To view Performance Ratios Colour Rating Guide click here
Return on Equity (%)19.616.512.77.914.117.395.47.111.710.1

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 10.30%

Total Income has increased 2.23 CAGR in last 3 years

Net Profit has increased 16.41 CAGR in last 3 years

Total income growth is not so good in last 4 quarters

No data to display

Latest Financials - Mahindra & Mahindra Financial Services Ltd.

Standalone Consolidated
TTM EPS (₹) 14.8 15.7
TTM Sales (₹ Cr.) 12,645 14,012
BVPS (₹.) 141.7 155.5
Reserves (₹ Cr.) 17,262 18,969
P/BV 2.14 1.95
PE 20.54 19.28
From the Market
52 Week Low / High (₹) 243.90 / 346.40
All Time Low / High (₹) 19.43 / 346.40
Market Cap (₹ Cr.) 37,480
Equity (₹ Cr.) 247.1
Face Value (₹) 2
Industry PE 32.5

Management X-Ray of Mah & Mah Finl. Serv:

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 Mah & Mah Finl. Serv

Adj EPS (Rs.)

Total Income (Cr.)

ROE (%)

BVPS (Rs.)

Profit And Loss

(All Figures are in Crores.)
Interest Income5,2756,0216,5547,1467,88410,37211,88512,11111,31812,700
Other Income 254044544021,145117602141,600
Expenditure 3,8394,6615,3736,3636,4128,72310,44611,50510,00211,440
Interest Expense 2,2812,6432,8683,1863,4364,4325,3915,3084,4175,094
Operating Expenses 1,0311,1421,3741,7541,8932,4532,6892,1592,7633,688
Provisions 5278761,1311,4231,0831,8382,3674,0382,8222,658
Exceptional Items 000000022921-56
Profit Before Tax 1,4621,4001,2248381,8742,7941,5568951,5492,804
Taxes 497475437308689973516154399733
Profit After Tax 9659257875301,1861,8201,0407411,1502,071
Adjusted EPS (₹)
Dividend Payout Ratio (%)22%25%29%27%21%22%0%13%39%36%

Balance Sheet

(All Figures are in Crores.)

Equity and Liabilities

Equity Capital5,2945,9436,4696,9609,85511,26911,96915,77616,89618,560
Share Capital 113113113113123123123246247247
Reserves 5,1815,8306,3566,8479,73211,14611,84615,53016,65018,313
Minority Interest364968100145799099141141
Long Term Borrowings18,53917,09920,66625,20339,53854,16364,79062,89760,47075,868
Current Liabilities 9,86315,12117,20420,2038,4738,6164,3655,8835,3509,769
Trade Payables4514954966071,1381,1487237791,1641,286
Short term borrowings1,5105,2595,2187,1414,8664,3814521,4769395,038
Other Liabilities-1,961-5,754-5,714-7,748-6,004-5,529-1,175-2,255-2,103-6,324
Total Liabilities 33,73238,21244,40852,46658,01274,12681,21484,65682,8571,04,339


Non Current Asset 18,37420,80023,78029,1833,7505,0954,76713,88910,67216,026
Loan Asset 17,60019,77522,72327,8911,3601,8811,8641,0151,1963,481
Other Non Current Asset 7741,0251,0571,2922,3893,2142,90312,8759,47612,545
Current Asset 15,35817,41220,62823,28354,26269,03176,44770,76772,18588,313
Current Investment343945475764128113,423262626
Other Current Asset15,01517,31820,08122,70753,85068,22173,02470,74172,15988,287
Total Assets 33,73238,21244,40852,46658,01274,12681,21484,65682,8571,04,339

Cash Flow

(All Figures are in Crores.)
Cash Flow From Operating Activity -6,448-3,970-4,957-6,467-8,510-12,078-3,1155,82618-17,395
Cash Flow From Investing Activity -47034-440-97243-1,213-2,689-8,3483,111-1,635
Cash Flow From Financing Activity 6,8983,9075,4316,7668,17413,4906,0502,548-3,17318,852
Net Cash Flow -20-2934202-9319924526-44-179

Operational & Financial Ratios

EPS (₹)17161491930176917
DPS (₹)4442470146
BVPS (₹)94105114123160183194128137150

Performance Ratios

ROA (%)
ROE (%)19.616.512.77.914.
ROCE (%)13.412.

Valuation Parameters


Mahindra & Mahindra Financial Services Ltd Stock News

Mahindra & Mahindra Financial Services Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Mah & Mah Finl. Serv on 12-Apr-2024 16:59 is ₹303.4.
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-Apr-2024 16:59 the market cap of Mah & Mah Finl. Serv stood at ₹37,479.8.
The latest P/E ratio of Mah & Mah Finl. Serv as of 12-Apr-2024 16:59 is 20.54.
The latest P/B ratio of Mah & Mah Finl. Serv as of 12-Apr-2024 16:59 is 2.14.
The 52-week high of Mah & Mah Finl. Serv is ₹346.4 and the 52-week low is ₹243.9.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Mah & Mah Finl. Serv is ₹12,645 ( Cr.) .

About Mahindra & Mahindra Financial Services Ltd

Mahindra & Mahindra Financial Services (Mahindra Finance) began as a captive financier of Mahindra Utility Vehicles in the early 90s. From Mahindra UVs to tractors to non-Mahindra products, the company has diversified into a financial services provider with a whole suite of financial solutions tailored to the under-served customer in under-penetrated rural markets. The equity shares of the Company are listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) in India. The Company is a subsidiary of Mahindra & Mahindra.

Its product portfolio consists of vehicle finance, which includes financing of passenger vehicles, utility vehicles, tractors, commercial vehicles, construction equipment; and pre-owned vehicles and SME finance, which includes project finance, equipment finance, working capital finance and bill discounting services to SMEs. The company also undertakes mutual fund distribution, fixed deposits and personal loans tailor-made to suit its unique customer set.

Through its subsidiary, Mahindra Insurance Brokers Limited (MIBL), it provides life and non-life insurance products through tie-ups with various leading insurance companies. Another one of it subsidiaries Mahindra Rural Housing Finance, provides loans for home construction, extension, purchase and improvement to customers in rural and semi-urban India. Mahindra Asset Management Company, offers a variety of mutual fund schemes, with a special focus in rural and semi urban areas. Interestingly, its Mutual Fund schemes have been launched with Hindi names, so that investors in rural areas understand the objectives of the schemes better.

Business area of the company

Mahindra & Mahindra Financial Services is a Non-Banking Financial Company (NBFC) engaged in providing asset finance through its pan India branch network.

Products and services offered by the company


SME Loans


  • Tractor Loans
  • Utility Vehicle Loans
  • Car Loans
  • Pre-owned Car Loans
  • Three-wheeler Loans
  • Two-wheeler Loans
  • Home Loans
  • Personal Loans


  • Life Insurance
  • Customised Plans
  • General Insurance
  • Reinsurance
  • Group Insurance


  • Awarded at the 16th National Award for Excellence in Cost Management - 2018.
  • Listed in Top 20 India’s Best Workplaces 2019 in the BFSI Industry by the Great Place to Work institute.
  • Awarded first position for Excellence in Cost Management - F 2018 at an award ceremony at Delhi in November 2019.
  • Recognised among best 50 People Capital Index (PCI) Companies 2019 which measures companies with best people development practices.
  • Won the Indian Oil Logistics Award CV Financer of the Year 2019.
  • Won Marketing Award for ‘Best Customer Engagement’ at ABP News, BFSI Awards 2019 (Sutradhar Samrudhi Program-Direct Marketing initiative).
  • Made it to one of the most prestigious global benchmarks for corporate responsibility and sustainability, the Dow Jones Sustainability Index (DJSI), in the Emerging Markets Category for the 7th consecutive year.
  • Won the ‘Best Employer’ by Aon in August 2019. The results were based on employee experience scores, CEO intent and design of HR practices.
  • Awarded Global Corporate Sustainability Award (GCSA) under the category Reporting (Emerging Market) hosted by Alliance for Sustainable Development Goals (A•SDGs), Taiwan.
  • Received performance band C in the CDP assessment 2018-19 implying that the company are at ‘Awareness’ band this year. This is same as the Asia regional average of C, and same as the Financial services sector average of C.
  • Honoured with the IDF CSR Award 2019 for participation in Resource Mobilisation for Humanitarian Causes.
  • Ranked 49th amongst Top 100 Indian companies for Sustainability by CSR under ‘Responsible Business Rankings 2019’ by Futurescape.
  • Included in the renowned FTSE4Good Index Series constituent, a testimony to continued leadership in Environmental, Social and Governance (ESG) performance.



  • Incorporated as Maxi Motors Financial Services Limited 
  • Received certificate of commencement of business


  • Name changed to : Mahindra & Mahindra Financial Services Limited


  •  Commences financing of M&M utility Vehicles


  • With an aim to expand its business, it establishes first branch outside Mumbai, at Jaipur


  • It stared financing M&M dealers for purchase of tractor


  • Introduce tractor retail financing in rural and semi rural areas


  • A decade of good work results total asset crossing 10 billion mark


  • Gets into financing of non-M&M vehicles
  • International Finance Corporation grants Tier II debt


  • Listing of Non Convertible debenture on BSE on the wholesale debt market segment


  • Mahindra Insurance Brokers Ltd become wholly-owned subsidiary


  • Issued IPO
  • Collaboration with Maruti Udyog Limited


  • Mahindra Finance was issued certificate by the RBI under section 45-IA of the Reserve Bank of India Act, 1934 classifying it as an 'Asset Finance Company - Deposit Taking.


  • Enters into home loan business through subsidiary, Mahindra Rural Housing Finance Limited (MRHFL)


  • NHB provides 12.5% equity participation for Mahindra Finance’s subsidiary, MRHFL


  • Introduction of finance for Commercial Vehicles and Construction Equipments


  • Total asset crosses the Rs 100 billion benchmark 
  • Maiden QIP Issue 
  • Joint Venture with Rabobank subsidiary for tractor financing in USA


  • Customer base crosses 2 million 
  • AUM Crosses Rs 20,000 crore 
  • Branch network crosses 600 Mark


  • Customer base crosses 2.5 million
  • Cumulative asset finance crosses Rs 100,000 crore
  • MIBL's strategic partnership with LeapFrog to design and deliver insurance solutions


  • India Ratings and Brickworks Ratings upgraded company's long term debt rating to ‘AAA’ CARE Ratings also assigned ‘AAA’ rating to company's long term debt 
  • MIBL declared 'Broker of the Year' at 18th Asia Insurance Industry Awards 
  • Mahindra Finance wins ABP Award for Most Admired Company in Financial Service Sector 
  • Crosses the benchmark of financing more than 4 million customers through more than 1200 branches.


  • On 30th September, 2015, Mahindra and Mahindra Financial Services Ltd. was successfully appraised and rated at Maturity Level 3 of the People Capability Maturity Model (People-CMM). People CMM is a framework for organizational change through streamlined people management. At maturity Level 3 of the People CMM, MMFSL has implemented robust HR processes and aligned itself to a competency framework.


  • Ranked 68th among 791 employers surveyed in India
  • Ranked 5th in Financial Services sector in India
  • Ranked 3rd in Workplace Transformation case study


  • Recognised among Top 19 in Aon Best Employer 
  • Ranked 49th in India's Best Companies to Work for by The Great Place to Work Institute and Economic Times 
  • Recognised by Working Mother and AVTAR 100 Best Companies for Women in India


  • Appraised and rated at People CMM Maturity Level 5
  • Listed on Dow Jones Sustainability Index (DJSI) for the fifth year in a row
  • Included in the Sustainability Yearbook 2018 by RobecoSAM
  • Honoured with the Indian Development Foundation (IDF) CSR Award 
  • Adjudged as the runner-up in the Business World HR Excellence Award for Excellence in Learning and Development 
  • Conferred with the Equal Opportunity Employer Award during the 4th National Conference on Disability by Sarthak Educational Trust 
  • Received the prestigious ET Best BFSI Brands 2018 Award 
  • Ranked 14th in India's Best Places to Work For - The Economic Times


  • Celebrated 25 years of Mahindra Finance 
  • Recognised as the e Great Place to Work by Economic Times 
  • Won the Marketing Award for the Best Customer Engagement Activity by ABP News - BFSI Awards


  • Joint Venture with Manulife Investment Management (Singapore) for Mutual Fund business
  • Ranked 25th in India's Best Companies to work by The Economic Times & Great Place to Work.
  • Ranked 6th in the list of Best Large Workplaces in Asia by Great Place to Work Institute
  • Joint Venture with Ideal Finance for providing financial services in Sri Lanka
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