Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 30 Sep
Source: Bse
Mahindra & Mahindra Limited (M&M)
Large CapAuto stocks · Large cap · NSE
Mahindra & Mahindra Ltd. is a diversified Indian conglomerate with strong market leadership in Auto (SUVs, LCVs, EVs) and Farm Equipment (tractors, machinery). The group also has significant presence in financial services (MMFSL), IT (Tech Mahindra), real estate, and logistics.
₹2,796.2
+45.00 · +1.64%
Data qualityFresh enough for analysisQuote updated 09 Oct, 03:31 pm ISTDetails
Quote09 Oct, 03:31 pm IST
Fundamentals06 Oct 2026 · screener
Score10 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Auto P/E 25.9 (n=127)
Technical timing lens
Trend score and candlestick chart
27Bearishfull bear SMA stack · SMA20 -10.5% / mo · RSI oversold · MACD − · near 52W low
Stock trend: 22
Sector RS: 36
Sector 3M: -7.9% vs Nifty 500 -6.3%
Auto FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
M&Mweekly · 6M · FIT-12.6%Latest close ₹2796.20 on 2026-10-05
Bar
-2.1%
RSI
33
MACD hist
-
52W pos
7%
2026-10-05O ₹2857.50H ₹2874.00L ₹2744.30C ₹2796.20Vol 1.4Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Research snapshot
What the evidence says now
Mixed fundamentals, management trust is acceptable, 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
FAIR VALUE56
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
pending—
No classified quarterly result is available yet.
Technical
Bearish27
Price trend and sector-relative-strength timing.
Valuation
FAIR VALUE+51.5%
Modelled margin of safety versus the current price.
Trust
Mixed Trust66
medium confidence · 5/14 claims checked
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
- 18.50
- P/B
- 3.82
- EV/EBITDA
- 10.34
- Market Cap
- 355351.00Cr
Profitability
- ROE
- 20.30%
- ROCE
- 15.10%
- ROA
- 6.40%
- Dividend Y
- 1.15%
Growth (CAGR)
- Revenue 5Y
- 22.00%
- EPS 5Y
- 51.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 1.47
- Interest Coverage
- 4.12×
- Altman Z
- 2.56
- Book Value
- 749.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 11657.00 Cr
- EPS TTM
- 148.52
Shareholding
- Promoter Hold
- 18.44%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 10/10/2026
Revenue
₹ CrNo data
Net Profit
₹ CrNo data
Return on Equity
%No data
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Nifty 500 leadership
Relative Strength & Trend Stage
29
RS percentile
Stage 1 Base / Transition
1M return
-11.2%
3M return
-10.6%
6M return
-13.2%
1Y return
-22.3%
RS 1D
+3
RS 20D
-10
Sector rank
#9
Industry rank
-
Stage evidence
- Price is 11.1% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -1.8% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
264 observations
09 Oct 2026Value 82.83+0.47%
RS vs Nifty 50083
Valuation & peers
U-Score 56 · FAIR VALUE · fair-value model and comparable companies
Valuation & peers
U-Score 56 · FAIR VALUE · fair-value model and comparable companies
Financial Turnaround
Fundamental score breakdown
FAIR VALUEValuation11/30
Growth21/25
Quality13/20
Balance Sheet4/15
Cash Flow1/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
56
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
56/100 · FAIR VALUE
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 51.5%.
- Growth contributes 21/25 to the score.
Main drags
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Balance sheet is weaker at 4/15; verify the latest quarterly trend.
- Valuation is weaker at 11/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
18.5
PB
3.8
EV/EBITDA
10.3
ROE
20.3%
ROCE
15.1%
FCF Yield
—
Debt/Equity
1.5
MoS
+51.5%
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: 10 Oct 2026
v4.3-runtime-valuation
Final score
56
Previous: 56
Verdict
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+51.5%
Previous: +51.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
10 Oct 2026
v4.3-runtime-valuation
56
57
56
57
56
56
57
56
56
56
56
56
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
₹1,582.07
-76.7% MoS
Growth-justified P/E
38.9
Growth-justified Value
₹5,770
+51.5% MoS
PEG
0.46
Comparable companies
Peers
Business-comparable peers in Auto — 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
BAJAJ-AUTO
Large
Bajaj Auto Limited
Two Wheelers
match 100
59
23.4
29.2%
+40%
FAIR VALUE
MARUTI
Large
Maruti Suzuki India Limited
Automobiles
match 98
56
25.0
14.3%
+36%
FAIR VALUE
EICHERMOT
Large
Eicher Motors Limited
Two Wheelers & CV
match 97
63
33.1
24.0%
+14%
UNDERVALUED
TVSMOTOR
Large
TVS Motor Company Limited
Two Wheelers
match 97
47
55.4
33.6%
-38%
FAIR VALUE
HYUNDAI
Large
Hyundai Motor India Limited
Passenger Vehicles
match 96
57
32.8
29.9%
+18%
FAIR VALUE
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 2026-06-03T15:37:38.553Z
Management commentary snapshot
M&M reports strong Q4 FY26 PAT growth of 42% YoY and FY26 PAT growth of 35% YoY (excluding land sale gain), driven by robust volume and margin expansion in both Auto and Farm sectors.
M&M delivered strong financial performance in Q4 and FY26, with significant volume growth and margin expansion in core Auto and Farm segments. Strategic actions in international farm operations and accelerated EV penetration are positive. Management's focus on AI integration and capacity expansion supports continued growth, despite acknowledged geopolitical and inflation risks.
Growth engines
SUV Volume Growth
SUV volumes increased 20% in FY26, making M&M the No. 1 SUV player.
EV Penetration
Continued EV penetration, reaching 9.6% in Q4 FY26, with 55,000 eSUVs sold since launch.
Farm Machinery
Farm machinery revenue grew 32% to Rs 1,354 cr in FY26, including MITRA.
Tech Mahindra Deal Wins
Tech Mahindra reported strong deal wins and margin expansion of 290 bps in FY26.
Capacity and execution
SUV ICE Capacity Debottlenecking
SUV ICE capacity to scale up from 56.5k/month (F26 exit) to 60k/month (F27 H1 exit), with an additional 10k for new launches in F28.
BEV Capacity Expansion
BEV capacity to increase from 8k/month (F26 exit) to 8k/month (F27 H1 exit), with an additional 4k for new launches in F28.
Greenfield Plant in Nagpur
A greenfield plant in Nagpur is announced for CY28 and beyond, targeting 5 lakh UVs per annum once fully operational.
Tailwinds
Sound Indian Economy
Management states India's economy is on a sound footing, with rising per capita income and growing consumption.
Infrastructure & Reforms
Physical and digital infrastructure investments, along with government reforms (GST, IBC, FTAs), are driving growth.
AI Impact
AI is starting to deliver meaningful impact across businesses, with initiatives to save time, improve quality, and re-engineer processes.
Headwinds
Short-term Inflation Pressure
India's economy faces short-term inflation pressure, though overall footing is sound.
Farm International Market Stress
Farm International operations face market stress in Turkey (hyperinflation, high interest rates) and MAGNA (price increases).
Geopolitical Uncertainty
FY27 outlook for Auto and Farm sectors is subject to geopolitical uncertainty subsiding.
Risk radar
Raw Material & Supply Chain
High risk identified for 82 part-families and 9 commodities due to raw material, single supplier, and geo-political factors.
Tech Disruption & Regulatory
Management identifies tech disruption and regulatory changes as potential risks.
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 BOTH
Both Q4 (YoY) and full-year (FY26 YoY) comparisons are crucial. Q4 provides insight into recent operational momentum, new product traction, and sequential margin trends, while FY26 reflects the overall annual performance and strategic execution in core seasonal businesses like Farm Equipment.
Sector KPIs management disclosed
Auto Volume Growth (Q4 FY26)
Auto volumes increased 19% YoY in Q4 FY26.
Farm Volume Growth (Q4 FY26)
Farm volumes increased 24% YoY in Q4 FY26.
SUV Revenue Market Share (FY26)
Achieved #1 SUV Revenue Market Share at 25.3% in FY26, a gain of 260 bps YoY.
LCV (<3.5T) Market Share (FY26)
Maintained #1 position in LCV <3.5T with 52.3% market share in FY26, a gain of 60 bps YoY.
Management forward view
Continued Growth Trajectory
Our businesses are well positioned to continue growth trajectory, having built resilience to withstand shocks.
FY27 SUV Growth Aspiration
Aspiration for mid to high teen growth in SUVs for FY27, supported by manufacturing capacity ramp-up.
FY27 Tractor Industry Outlook
Tractors industry growth in Mid Single Digits expected for FY27.
Path to Profitability for Farm International
Strategic actions, including sale of Sampo and Erkunt, and liquidation of MAM Japan, aim for profitability in the next 2 years.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| SUV Volume Growth | 19% YoY in Q4 FY26 | Achievement of mid to high teen growth aspiration for FY27. |
| eSUV Penetration | 9.6% in Q4 FY26 | Sustained growth in eSUV penetration and market share leadership. |
| Farm International Profitability | Strategic actions underway for wind down/sale | Progress towards path to profitability for International Operations in the next 2 years. |
| BEV E2E PBIT | PBIT positive at 5.1% in Q4 FY26 and 2.0% in FY26 | Continued PBIT positivity and margin expansion for the BEV segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
project executionnot yet verifiablequantified
Mahindra Electric Origin SUVs will open bookings for all 9 variants on February 14, 2025.
Timeframe: February 14, 2025Confidence: high
"MAHINDRA ELECTRIC ORIGIN SUVs TO OPEN BOOKINGS FOR ALL 9 VARIANTS ON 14th FEBRUARY, 2025"
project executionnot yet verifiablequantified
Mahindra Electric Origin SUVs will open bookings for all 9 variants on February 14, 2025.
Timeframe: February 14, 2025Confidence: high
"MAHINDRA ELECTRIC ORIGIN SUVs TO OPEN BOOKINGS FOR ALL 9 VARIANTS ON 14th FEBRUARY, 2025"
revenue outlooknot yet verifiablequantified
Mahindra targets 5,000 units per month in the initial phase of BE6 and XEV 9E eSUV production/sales.
Timeframe: initial phaseDirection: increaseConfidence: high
"5,000 units p.m. in initial phase of BE6 and XEV 9E"
revenue outlookdeliveredquantified
Mahindra targets 5,000 units per month in the initial phase of BE6 and XEV 9E eSUV production/sales.
Timeframe: initial phaseDirection: increaseConfidence: high
"5,000 units p.m. in initial phase of BE6 and XEV 9E"
Outcome check: Revenue YoY averaged 21.2% across 2 later quarter(s).
sector recoverynot yet verifiablequantified
The tractor industry is expected to grow by more than 15% in Q4.
Timeframe: Q4Direction: increaseConfidence: high
"TRACTOR INDUSTRY EXPECTED TO GROW BY >15% IN Q4"
sector recoverynot yet verifiablequantified
The tractor industry is expected to grow by more than 15% in Q4.
Timeframe: Q4Direction: increaseConfidence: high
"TRACTOR INDUSTRY EXPECTED TO GROW BY >15% IN Q4"
margin outlookdelivered
BEV products' PBIT% will always be lower than ICE products due to a higher denominator.
Timeframe: long-termDirection: lowerConfidence: high
"on % terms, it will always be lower due to higher denominator"
Outcome check: OPM moved from 20.0% to average 18.5% (-1.5 pp).
margin outlooknot yet verifiable
BEV products' PBIT% will always be lower than ICE products due to a higher denominator.
Timeframe: long-termDirection: lowerConfidence: high
"on % terms, it will always be lower due to higher denominator"
Trust Score
66Mixed Trust · medium confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 80% delivered/partly-delivered outcomes on 5 checked claims, with 1 adverse claim outcome. It ranks around the 49th percentile of the scored universe and 32nd percentile within Auto. Main check: cash conversion is weak at 43/100.
Healthy Trust: 5/14 extracted management claims have outcome checks; 40% were fully delivered and 2 were partially delivered. 1 claim(s) were contradicted or failed.
Computed 10 Oct 2026
management-trust-v1
42 extracted concalls · 5/14 claims matched
Score band
Mixed Trust
Usable, but needs evidence. Treat guidance with a margin of safety.
Relative rank
49th percentile
overall median 67 · Auto: 32nd pctile, median 74 · Large: 27th pctile, median 73
Evidence depth
Early sample
5/14 claims checked. Use as directional, not final.
Claim delivery
80% delivered or partly delivered
5/14 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Mixed Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
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
66
acceptable · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
53
watch · leverage and solvency
Discipline
76
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding is only 18.4%.
- ▸Only 1 years of positive FCF.
- ▸Debt/equity is 1.47.
Continue researching Mahindra & Mahindra Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 22 Sep - M&M participated in BOFA Securities 2026 Asia Pacific Conference in Hong Kong.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Sep - Newspaper Publication regarding Special Window for Re-Lodgement of Transfer Request of Physical Shares.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.