AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 13 Oct - Schedule of Earnings Conference Call - Q2 FY 27
Source: Bse
Mahindra & Mahindra Financial Services Limited (M&MFIN)
Mid CapFinancial Services stocks · Mid cap · NSE
Mahindra & Mahindra Financial Services Limited (M&MFIN) is an Upper Layer Deposit taking NBFC, part of the Mahindra Group, with over 30 years of legacy. It provides a diversified product portfolio including vehicle loans, housing finance, SME loans, and insurance broking, primarily serving rural and semi-urban India through 1300+ branches and 6000+ dealers.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals15 Oct 2026 · screener
Latest result21 Jul, 08:19 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
37BearishSMA20 -11.1% / mo · RSI oversold · MACD −
Stock trend: 33
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
M&MFIND candles · FIT view+3.6%Latest close ₹304.90 on 2026-10-19
Bar
-2.8%
RSI
30
MACD hist
-0.36
52W pos
23%
2026-10-19O ₹313.80H ₹315.25L ₹302.00C ₹304.90Vol 23.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
M&MFINNifty Financial ServicesNifty 500
- M&MFIN
- -5.5%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +0.1 pp
Chart stats
19 Oct 2026- From 52W high
- -26.5%
- 52W range position
- 23%
- ATR (14)
- 3.4%
- Volume vs 20D
- 1.36x
- Avg traded value
- ₹54.7 Cr
- 20D price channel
- ₹302 - ₹357
₹415
₹272.7 - ₹415
₹10.5
Latest completed session
20-session average
25.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST34
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
pending—
No classified quarterly result is available yet.
Technical
Bearish37
Price trend and sector-relative-strength timing.
Valuation
Legacy model+48.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence52
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarterly result analysis pending
No classified quarterly result is available yet. Financial-history charts below may still contain upstream data.
Fundamentals
Valuation
- P/E
- 13.20
- P/B
- 1.66
- EV/EBITDA
- 433.03
- Market Cap
- 44410.00Cr
Profitability
- ROE
- 12.30%
- ROCE
- 8.72%
- ROA
- 2.05%
- Dividend Y
- 2.35%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 35.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 12.00%
Balance Sheet
- Debt/Equity
- 4.82
- Interest Coverage
- —
- Altman Z
- 0.50
- Book Value
- 192.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -12772.00 Cr
- EPS TTM
- 23.40
Shareholding
- Promoter Hold
- 52.49%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 32%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 5,718+3.2% vs prev
Net Profit
₹ CrLatest: 927-1.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 30.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~12.5% over last month) — short-term momentum negative.
- RSI(14) at 30 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 27% off 52W high · 12% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation17/30
Growth14/25
Quality2/20
Balance Sheet0/15
Cash Flow0/10
Piotroski
3/9 (+1)
Penalties
0
Raw sum
34
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
34/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 48.9%.
- Valuation contributes 17/30 to the score.
- Growth contributes 14/25 to the score.
Main drags
- Altman Z is 0.5, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
13.2
PB
1.7
EV/EBITDA
433.0
ROE
12.3%
ROCE
8.7%
FCF Yield
—
Debt/Equity
4.8
MoS
+48.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
34
Previous: 34
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+48.9%
Previous: +48.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
34
30
30
30
30
30
30
31
34
34
34
34
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹317.94
+4.1% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹596.7
+48.9% MoS
PEG
0.51
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SUNDARMFIN
Large
Sundaram Finance Limited
NBFC / Capital Markets / Insurance
match 157
29
20.8
15.0%
+31%
OVERVALUED
MUTHOOTCAP
Small
Muthoot Capital Services Limited
NBFC / Capital Markets / Insurance
match 142
15
14.4
1.9%
-635%
OVERVALUED
CHOLAFIN
Large
Cholamandalam Investment and Finance Company Limited
NBFC / Capital Markets / Insurance
match 140
33
23.2
19.4%
+10%
WATCHLIST
LTF
Mid
L&T Finance Limited
NBFC / Capital Markets / Insurance
match 132
35
18.4
11.2%
+28%
WATCHLIST
SBICARD
Mid
SBI Cards and Payment Services Limited
NBFC / Capital Markets / Insurance
match 129
25
23.7
14.7%
+7%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-22T07:19:51.347Z
Management commentary snapshot
M&MFIN reports strong Q1FY27 with PAT up 70% YoY, AUM growing 13% YoY, and disbursements up 22% YoY, driven by core and new growth engines. Asset quality remains stable with GS3 at 3.5%.
The company demonstrated strong Q1FY27 performance with significant PAT and disbursement growth, alongside stable asset quality metrics. Management's focus on 'Profitable & Disciplined Growth' and expanding into broader financial needs in Bharat appears to be yielding results, reinforcing the investment thesis.
Current business mix
Business Assets by Asset Class (Q1FY27)
Latest issuer-disclosed distribution across 7 reported categories.
Passenger vehicles41.5%
Commercial vehicles and construction equipments19.2%
Pre-owned vehicles12.3%
Tractors12.4%
SME6.2%
3 Wheelers3.1%
Others5.3%
Growth engines
Core Business Disbursals
Core Business disbursals grew 20% YoY.
New Growth Engines (SME & PL)
New Growth engines (SME & PL) disbursals grew 46% YoY.
Tractor Disbursals
Tractor disbursals grew 45% YoY to ₹2,480 Cr.
Other Disbursals
Others (Farm implements, Gensets, Personal Loans) disbursals grew 77% YoY to ₹520 Cr.
Capacity and execution
Digital Disbursal Adoption
100% of Wheels Disbursals were processed through the Udaan digital stack in Q1 FY27.
AI Coverage Expansion
Samur AI coverage increased from 20% in Q4FY26 to 45% in Q1FY27.
AI Vernacular Bots
Coverage through 12+ AI vernacular bots increased from 10% in Q4FY26 to 20% in Q1FY27.
Tailwinds
Deep Rural & Semi-urban Franchise
India’s deepest Rural & Semi-urban Franchise with 1,300+ branches and 6,000+ dealer coverage.
Digital Adoption in Rural Areas
Efforts to scale rural customer digital adoption and transform workflows with ULI/Digital stack.
Strong Credit Ratings
Highest Credit Ratings ‘AAA’ from India Ratings, CRISIL, CARE, and Brickwork, enabling competitive borrowing rates.
Risk radar
Asset Quality Metrics
GS3 at 3.5% and GS2+GS3 at 8.3% in Q1FY27, requiring continued monitoring despite stability.
Credit Cost Management
Credit cost at 1.5% of Avg. Total Assets in Q1FY27, a key expense that needs disciplined management.
Seasonal Volatility
Inherent seasonal volatility across key risk metrics, which management aims to reduce.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company explicitly highlights year-on-year growth for key financial metrics like PAT, AUM, and disbursements, indicating a focus on long-term performance and seasonal business trends.
Sector KPIs management disclosed
AUM Growth
AUM at ₹1,37,449 Cr, up 13% YoY (standalone).
Disbursements Growth
Disbursements at ₹15,564 Cr, up 22% YoY (standalone).
Net Interest Margin (NIM)
NIM at 7.3% of Avg. Total Assets in Q1FY27 vs 6.7% in Q1FY26 (standalone).
Credit Cost
Credit cost at 1.5% of Avg. Total Assets in Q1FY27 vs 1.9% in Q1FY26 (standalone).
Management forward view
Build Resilient Operating Model
Continue to build a resilient operating model with efficiency gains in sales, underwriting, and collections.
Leverage Data, Digital, AI
Focus on leveraging Data, Digital, and AI in Business and Controls for improved operations.
Achieve Stronger Financial Outcomes
Aim to achieve stronger RoA and RoE outcomes while sustaining risk levels (asset quality, credit costs).
Strategic Business Expansion
Defend and grow wheels leadership, and expand into Mortgages, SME, leasing, and fee income.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Credit Cost | 1.5% (Q1FY27) | Sustaining within the F31 milestone range of 1.3 - 1.7%. |
| GS2+GS3 | 8.3% (Q1FY27) | Maintaining below the F31 milestone of <10%. |
| Return on Assets (RoA) | 2.4% (Q1FY27) | Achieving within the F31 milestone range of 2.2 - 2.5%. |
| Disbursements Growth | 22% YoY (Q1FY27) | Continued momentum in core and new growth engines, especially SME and Personal Loans. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
52Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 10th percentile of the scored universe and 15th percentile within Financial Services. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
143 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
10th percentile
overall median 67 · Financial Services: 15th pctile, median 62 · Mid: 3rd pctile, median 76
Evidence depth
Financial-only
143 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
79
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-12772 Cr.
- ▸Debt/equity is 4.82.
- ▸Altman Z is 0.50.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Mahindra & Mahindra Financial Services Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Monthly Business Updates 2 Oct - Q2 FY27 disbursements estimated at Rs. 16,490 crore; H1 at Rs. 32,050 crore, with improved collection efficiency.
Source: Bse
Credit ratingSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 8 Sep - CRISIL, India Ratings and CARE reaffirmed Mahindra Finance ratings on 7 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment 29 Sep - Mahindra Finance allotted 1,25,000 NCDs worth Rs. 1,250 crore at 7.95% fixed coupon.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Issue of Securities 24 Sep - Board-approved private placement of secured NCDs up to Rs. 2,000 crore at 7.95% for 1095 days.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 3 Sep - Allotment of Equity Shares to Mahindra & Mahindra Financial Services Limited Employees'' Stock Option Trust
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Aug - Schedules Emkay Confluence 2026 investor conference on 13 August 2026 in Mumbai.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug
Source: Bse
Concall transcript
Announcement under Regulation 30 (LODR)-Earnings Call Transcript 27 Jul
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.