WatchTalking point
Growing, but light on cash
Revenue grew 24.8% but only 0.63× of reported profit came through as operating cash.
Importance 62 / 95 · cash quality
Mahindra & Mahindra · Research view
Mahindra & Mahindra Ltd.
NSE: M&MBSE: 500520ISIN INE101A01026Face value ₹5consolidated
₹2,851
−3.39% · 2026-10-01 · 52-wk ₹2,851–₹3,802
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Profit outpacing revenue
Profit grew 32.3% while revenue grew 24.8%, so the company kept more of each rupee of revenue as profit.
Importance 61 / 95 · growth
StrengthTalking point
Compounding revenue
Revenue compounded at 21.8% a year over 4 years (₹90,171 → ₹1,98,639).
Importance 59 / 95 · growth
ContextTalking point
Cheaper than peers — but earns less
P/E of 15.74× is below the passenger cars and utility vehicles median (25.00×) — but ROE of 18.8% is also below that peer set (24.3%), so the lower multiple tracks the lower profitability.
Importance 58 / 95 · valuation
Section 03 · The company
Who is this company?
Classified by the exchange under Consumer Discretionary › Automobile and Auto Components › Automobiles › Passenger Cars & Utility Vehicles.
- Market cap
- ₹3.19 L cr
- FY2026 revenue
- ₹1,98,639 cr
- FY2026 net profit
- ₹18,622 cr
- Net worth
- ₹1,09,491 cr
- Total debt
- ₹1,29,615 cr
- EPS (basic)
- ₹153.10
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 4 passenger cars & utility vehicles.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 32.3% while revenue grew 24.8%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +21.8%over 4 years
- Revenue growth
- +24.8%vs last year
- Net profit growth
- +32.3%vs last year
- Change in net profit since FY22
- +157%
Revenue compounded at 21.8% a year over 4 years (₹90,171 → ₹1,98,639).
Over 4 years profit compounded at 26.6% a year while revenue compounded at 21.8% a year — though FY2023 saw a one-off step-change of 57% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit grew 32.3% year on year (FY2025 → FY2026).
Revenue grew 24.8% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹5,998 cr, up 37.0% from ₹4,377 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹58,188 cr, up 27.8% from ₹45,529 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹9,821 cr, up 29.3% from ₹7,597 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 37,924 | — | 3,361 | — | 8.9% |
| Q3 FY25 | 41,470 | +17.5% | 3,624 | +21.7% | 8.7% |
| Q4 FY25 | 42,599 | +20.2% | 3,542 | +13.3% | 8.3% |
| Q1 FY26 | 45,529 | +22.3% | 4,377 | +23.4% | 9.6% |
| Q2 FY26 | 46,106 | +21.6% | 3,964 | +17.9% | 8.6% |
| Q3 FY26 | 52,100 | +25.6% | 5,021 | +38.5% | 9.6% |
| Q4 FY26 | 54,982 | +29.1% | 5,260 | +48.5% | 9.6% |
| Q1 FY27 | 58,188 | +27.8% | 5,998 | +37.0% | 10.3% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹2,11,375 crTTM
- EBITDA
- ₹42,862 crTTM
- EBIT
- ₹35,327 crTTM
- PBT
- ₹25,314 crTTM
- Net profit
- ₹20,243 crTTM
C. Corporate actions
3 Jul 2026DividendFinal Dividend - Rs. - 33.0000 — ₹33.00/share
4 Jul 2025DividendDividend - Rs. - 25.3000 — ₹25.30/share
5 Jul 2024DividendFinal Dividend - Rs. - 21.1000 — ₹21.10/share
14 Jul 2023DividendDividend - Rs. - 16.2500 — ₹16.25/share
14 Jul 2022DividendDividend - Rs. - 11.5500 — ₹11.55/share
15 Jul 2021DividendDividend - Rs. - 8.7500 — ₹8.75/share
16 Jul 2020DividendDividend - Rs. - 2.3500 — ₹2.35/share
18 Jul 2019DividendDividend - Rs. - 8.5000 — ₹8.50/share
12 Jul 2018DividendDividend - Rs. - 7.5000 — ₹7.50/share
21 Dec 2017Bonus issueBonus issue 1:1 — 1:2
13 Jul 2017DividendDividend - Rs. - 13.0000 — ₹13.00/share
21 Jul 2016DividendDividend - Rs. - 12.0000 — ₹12.00/share
16 Jul 2015DividendDividend - Rs. - 12.0000 — ₹12.00/share
17 Jul 2014DividendSpecial Dividend - Rs. - 0.5000 — ₹0.50/share
17 Jul 2014DividendDividend - Rs. - 13.5000 — ₹13.50/share
18 Jul 2013DividendDividend - Rs. - 12.5000 — ₹12.50/share
18 Jul 2013DividendSpecial Dividend - Rs. - 0.5000 — ₹0.50/share
12 Jul 2012DividendDividend - Rs. - 12.5000 — ₹12.50/share
14 Jul 2011DividendDividend - Rs. - 10.5000 — ₹10.50/share
14 Jul 2011DividendSpecial Dividend - Rs. - 1.0000 — ₹1.00/share
8 Jul 2010DividendDividend - Rs. - 8.7500 — ₹8.75/share
8 Jul 2010DividendSpecial Dividend - Rs. - 0.7500 — ₹0.75/share
29 Mar 2010Stock splitStock Split From Rs.10/- to Rs.5/- — 10:5
9 Jul 2009DividendDividend - Rs. - 10.0000 — ₹10.00/share
3 Jul 2008DividendDividend - Rs. - 11.5000 — ₹11.50/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE improved from 16.9% to 18.8% year on year.
Rule ROE_IMPROVED_YOY
- EBITDA margin now
- 20.4%
- 5-year range
- 17.3–20.5%
- ROE FY2026
- 18.8%
- ROCE FY2026
- 14.7%
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Revenue grew 24.8% but only 0.63× of reported profit came through as operating cash.
Rule GROWTH_WITH_WEAK_CASH
Operating cash flowNet profit
- Total debt
- ₹1,29,615 cr
- Operating cash flow ÷ net profit
- 0.63×FY2026
- Free cash flow
- ₹2,545 cr
- Current ratio
- 1.27×
Net worth compounded at 17.8% a year over 4 years (₹56,825 → ₹1,09,491).
Operating cash flow was only 0.63× reported profit (FY2026).
Debt-to-equity fell from 1.36× to 1.18× year on year.
Section 08 · Relative position
How does it compare with peers?
Ranked against 4 passenger cars & utility vehicles (FY2026, consolidated).
Revenue growth
M&M · 1st of 4 · set median 11.1%
EBITDA margin
M&M · 1st of 4 · set median 13.8%
Return on equity
M&M · 3rd of 4 · set median 24.3%
P/E ratio
M&M · 1st of 3 · set median 25.0×
Context
P/E of 15.74× is below the passenger cars and utility vehicles median (25.00×) — but ROE of 18.8% is also below that peer set (24.3%), so the lower multiple tracks the lower profitability.
Rule CHEAP_VS_LOW_RETURNS
- P / E
- 15.7×TTM to Jun 26
- P / B
- 2.9×latest book
- P / S
- 1.5×TTM sales
- Earnings yield
- 6.4%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 17.1× · P/S 1.6× · ROE 18.8%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −17.7%
- 3-year return
- +83.4%
- 5-year return
- +244.4%
- From 52-wk high
- −25.0%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹3,252
- vs 200-day avg
- Below₹3,291
- RSI (14)
- 22.2oversold
- MACD histogram
- -17.9
- From 52-wk high
- −25.0%
- From 52-wk low
- 0.0%
- 30-day volatility
- 17.4%ann.
- 6-month return
- −5.9%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchGrowing, but light on cashRevenue grew 24.8% but only 0.63× of reported profit came through as operating cash.GROWTH_WITH_WEAK_CASH · conviction 62
- ConcernWeak cash conversionOperating cash flow was only 0.63× reported profit (FY2026).WEAK_CASH_CONVERSION · conviction 51
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 90,171 | 1,21,269 | 1,39,078 | 1,59,211 | 1,98,639 |
| Total income | 91,105 | 1,22,475 | 1,41,255 | 1,61,392 | 2,02,084 |
| EBITDA | 15,617 | 21,492 | 27,068 | 32,699 | 40,426 |
| Profit before tax | 7,506 | 12,555 | 14,856 | 17,542 | 23,220 |
| Net profit | 7,253 | 11,374 | 12,270 | 14,073 | 18,622 |
| EPS (₹) | 59.2 | 92.4 | 101.1 | 115.9 | 153.1 |
| Net worth | 56,825 | 67,082 | 77,509 | 89,098 | 1,09,491 |
| Total debt | 77,605 | 92,247 | 1,03,203 | 1,21,173 | 1,29,615 |
| Operating cash flow | 9,248 | −7,074 | −5,630 | 3,176 | 11,657 |
| Free cash flow | 3,328 | −13,241 | −15,303 | −6,633 | 2,545 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 34.5 | 14.7 | 14.5 | 24.8 |
| Profit growth YoY | — | 56.8 | 7.9 | 14.7 | 32.3 |
| Profitability | |||||
| EBITDA margin % | 17.3 | 17.7 | 19.5 | 20.5 | 20.4 |
| Net margin % | 8.0 | 9.3 | 8.7 | 8.7 | 9.2 |
| Return on equity % | 12.8 | 18.4 | 17.0 | 16.9 | 18.8 |
| Return on capital % | 9.0 | 11.7 | 13.1 | 13.6 | 14.7 |
| Leverage & cash | |||||
| Debt to equity | 1.37 | 1.38 | 1.33 | 1.36 | 1.18 |
| Cash flow ÷ profit | 1.27 | -0.62 | -0.46 | 0.23 | 0.63 |
| Current ratio | 1.34 | 1.29 | 1.30 | 1.40 | 1.27 |