Mahindra & Mahindra Ltd. (M&M) AI Stock Analysis

• Market Cap: ₹4.45T
• Dividend Yield: 4.03%
• Average Volume (3M): 107.78K
• Price to Earnings (P/E): 28.1
• Beta (1Y): 1.82
• Revenue Growth: 20.60%
• EPS Growth: 19.80%
• Country: IN
• Employees: 260,000
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Manufacturers
• EPS (TTM): 37.61
• Shares Outstanding: 1,243,528,800
• 10 Day Avg. Volume: 105,861
• 30 Day Avg. Volume: 107,779
• PEG Ratio: 0.00
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹4,126.67
• Price Target Upside: 11.79% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 68 Neutral
• Price Target: ₹3,904.00 ▲(5.75% Upside)

Mahindra & Mahindra Ltd. benefits from strong financial performance and positive earnings call sentiment, indicating robust growth and profitability. However, the lack of technical analysis data and challenges in cash flow management slightly temper the overall score.

Mahindra & Mahindra Ltd. Business Overview & Revenue Model

Company Description

Mahindra & Mahindra Limited provides mobility products and farm solutions in India and internationally. The company operates through Automotive, Farm Equipment, Financial Services, Hospitality, Real Estate, and Others segments. It offers parts and assemblies for aerospace and defense sectors; passenger and commercial vehicles, trucks, buses, vans, cars, utility vehicles, and electric vehicles; watercrafts; motorcycles, scooters, and mopeds; construction equipment, such as backhoe loaders under the Mahindra EarthMaster brand; and road construction equipment comprising motor graders under the Mahindra RoadMaster brand. The company also provides land and naval systems, defense electronics, and security consulting services for defense industry; pre-owned car and car services; and farm equipment. In addition, it operates M2All, an e-commerce platform for various portfolio of products; approximately 100 resorts; and solar PV projects. Further, the company offers financial services comprising retail and other loans, SME finance, housing finance, mutual funds, and life and non-life insurance broking services, as well as vehicle and equipment financing; logistics services; information security and risk management, engineering consulting, and business process management consulting services; information technology services; and power backup solutions, such as diesel and gas generators. Additionally, it engages in the development, management, and operation of commercial complexes; sale of timeshare and vacation ownership; and making, processing, and trading of steel for automotive, non-automotive, and power industries. The company was incorporated in 1945 and is based in Mumbai, India.

How the Company Makes Money

Mahindra & Mahindra generates revenue primarily through the sale of vehicles, including passenger cars, commercial vehicles, and two-wheelers, as well as farm equipment like tractors and agricultural implements. The automotive segment contributes significantly to the company's revenue, supported by strong demand in both domestic and international markets. Additionally, M&M earns revenue from its financial services division, which offers loans and insurance products to customers. The company also has strategic partnerships and joint ventures, such as collaborations with global automotive manufacturers, which enhance its market reach and product development capabilities. Moreover, M&M invests in sustainable practices and innovation, creating new revenue streams in electric vehicles and connected mobility solutions, aligning with global trends towards greener technologies.

Mahindra & Mahindra Ltd. Financial Statement Overview

Summary

Income Statement

Balance Sheet

Cash Flow

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.67T	1.57T	16.90B	14.88B	12.00B	10.25B
Gross Profit	558.22B	7.50B	6.78B	5.79B	5.08B	4.95B
EBITDA	329.15B	3.47B	2.97B	2.37B	1.85B	1.79B
Net Income	137.30B	129.29B	1.35B	1.25B	867.64M	247.19M
Balance Sheet
Total Assets	15.55B	2.78T	2.36T	2.06T	1.74T	1.66T
Cash, Cash Equivalents and Short-Term Investments	829.00M	418.72B	262.23B	264.58B	226.93B	234.32B
Total Debt	5.48B	1.30T	1.07T	922.47B	776.05B	806.25B
Total Liabilities	10.23B	1.88T	1.59T	1.39T	1.17T	1.16T
Stockholders Equity	15.55B	770.38B	661.91B	563.66B	471.23B	415.82B
Cash Flow
Free Cash Flow	49.46B	-72.16B	-155.76B	-133.79B	32.08B	119.19B
Operating Cash Flow	35.75B	31.75B	-56.30B	-70.74B	92.48B	181.07B
Investing Cash Flow	4.10B	-186.26B	-55.98B	-85.47B	-32.26B	-184.47B
Financing Cash Flow	211.27B	158.34B	122.81B	159.46B	-58.83B	4.06B

Mahindra & Mahindra Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MARUTI	76 Outperform	₹4.83T	32.70	―	0.87%	10.62%	4.43%
EICHERMOT	76 Outperform	₹1.90T	39.23	―	1.02%	15.21%	15.48%
TATAMOTORS	70 Neutral	₹1.50T	7.06	―	0.89%	-1.08%	-34.23%
M&M	68 Neutral	₹4.45T	28.09	―	4.03%	20.60%	19.80%
HYUNDAI	65 Neutral	₹1.94T	34.02	―	0.90%	-0.35%	-4.21%
BAJAJ.AUTO	64 Neutral	₹2.44T	32.17	―	2.41%	12.27%	-4.25%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%

Mahindra & Mahindra Ltd. Corporate Events

Mahindra & Mahindra Reports Strong Financial Performance for Q2 2025

Mahindra & Mahindra Ltd. has published its unaudited standalone and consolidated financial results for the second quarter and half year ending September 30, 2025. The results, approved by the Board of Directors, show a significant increase in total income and profits compared to the previous year, highlighting the company’s strong market performance. The financial results are accessible to investors through the company’s website and major stock exchange platforms, indicating transparency and engagement with stakeholders.

Mahindra & Mahindra Reports Strong September 2025 Vehicle Production and Sales

Mahindra & Mahindra Ltd. reported its production, sales, and export figures for September 2025, showcasing a notable increase in production and sales across several vehicle categories, particularly in utility vehicles and electric rickshaws. This growth reflects the company’s strategic focus on expanding its electric vehicle lineup and strengthening its market position in the utility vehicle segment, which could have positive implications for its stakeholders and overall market competitiveness.

Mahindra & Mahindra Announces Strategic Board Appointments

Mahindra & Mahindra Ltd. announced key appointments following its Board Meeting on October 6, 2025. Ms. Samina Hamied and Mr. Muthu Raju Paravasa Raju Vijay Kumar were appointed as Independent Directors for a five-year term, starting October 7, 2025. Additionally, Ms. Shikha Sharma was appointed as the Lead Independent Director. These appointments are expected to strengthen the company’s governance and strategic direction, potentially enhancing its market position and stakeholder confidence.

Mahindra & Mahindra Achieves 16% Growth in September Vehicle Sales

Mahindra & Mahindra Ltd. reported a 16% growth in total vehicle sales for September 2025, with 100,298 units sold, including exports. The utility vehicles segment saw a 10% increase in domestic sales, while commercial vehicles experienced an 18% rise. The company attributed this growth to the impact of GST 2.0 and increased demand during the Navratri festival, despite challenges in trailer availability affecting SUV dispatches. The festive season saw a significant surge in demand, with SUV sales growing over 60% and commercial vehicle sales over 70% compared to the previous year.

Mahindra & Mahindra Reports Strong August 2025 Performance with Focus on Electric Vehicles

Mahindra & Mahindra Ltd. reported its production, sales, and export figures for August 2025, highlighting significant growth in utility vehicles and electric vehicles. The company’s performance indicates a strong market position and commitment to expanding its electric vehicle offerings, which could enhance its competitive edge and appeal to environmentally conscious consumers.

Mahindra Susten Appoints Avinash Rao as New MD & CEO

Mahindra Susten, the cleantech arm of Mahindra & Mahindra Ltd., has appointed Avinash Rao as the new Managing Director and CEO, effective September 24, 2025. This strategic leadership change is aimed at driving Mahindra Susten’s ambitious growth strategy and expanding its diversified renewable energy portfolio. The company is a key player in India’s renewable energy transition, with a strong focus on sustainability and ESG practices. Avinash Rao’s extensive experience in the energy sector is expected to enhance the company’s operational excellence and create long-term value for stakeholders. The appointment has been positively received by stakeholders, including the Ontario Teachers’ Pension Plan, a long-term investor in Mahindra Susten.

Mahindra Unveils Vision 2027 with Revolutionary SUV Concepts

Mahindra & Mahindra Ltd. has unveiled its Global Vision 2027, introducing four new SUV design concepts based on the innovative NU_IQ platform. This modular, multi-energy platform aims to redefine the SUV market by offering adaptable and premium vehicles that address untapped market opportunities both in India and globally. The new concepts, Vision.S, Vision.T, Vision.SXT, and Vision.X, highlight Mahindra’s commitment to its HEARTCORE design philosophy, promising superior driving dynamics, spacious interiors, and cutting-edge technology. This strategic move positions Mahindra to strengthen its market presence and cater to evolving consumer demands for versatile and high-quality SUVs.

Mahindra & Mahindra Engages Investors at Emkay Confluence 2025

Mahindra & Mahindra Ltd. participated in the Emkay Confluence 2025 in Mumbai, engaging with several funds and investors. During this event, the company shared a presentation previously sent to stock exchanges, ensuring no unpublished sensitive information was disclosed, which highlights its commitment to transparency and regulatory compliance.