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Diversified Indian conglomerate leading in SUVs, tractors and farm equipment, with finance and EV arms.
Diversified Indian conglomerate leading in SUVs, tractors and farm equipment, with finance and EV arms.
SUVs and tractors are its two main engines, and its rural dealer network and affiliated Mahindra Finance help farmers buy. Tech Mahindra, the IT-services firm, and real-estate and hospitality arms sit in the wider group. It sold off Korea's SsangYong, bought in 2011, in the early 2020s.
In one line: A blend of John Deere and a mid-size US automaker.
Moat: narrow (brand, distribution, scale). India's #1 tractor brand and a loyal rural distribution network built over decades.
Headquarters: Mumbai, India · Founded: 1945 · Employees: 91,893
Size Mahindra & Mahindra (M&M.NS) is an India Consumer Discretionary company (Motor Vehicles) with a market value of $43.1B, the 18th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹3,287 on 6 Nov 2026.
Performance Over six months the shares fell 2.5%, against +1.2% for the median peer and 0.0% for the India market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 25.9% over the last twelve months (peer median +4.9%); the operating margin is 15.1% (peer median 6.4%).
Valuation It trades at 24.0× forward earnings against a peer median of 9.7× (6th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.9 points above its cost of capital (12.8% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹2.11T | ₹1.95T | ₹1.57T | ₹1.37T | ₹1.20T |
| Revenue growth | — | +24% | +14% | +14% | — |
| Gross profit | ₹591B | ₹473B | ₹407B | ₹345B | ₹285B |
| EBITDA | ₹393B | ₹342B | ₹286B | ₹230B | ₹195B |
| Net income | ₹185B | ₹171B | ₹129B | ₹113B | ₹103B |
| Free cash flow | n/a | ₹45.5B | -₹53.9B | -₹143B | -₹123B |
| Capital expenditure | n/a | ₹96.1B | ₹104B | ₹99.5B | ₹63.0B |
| Total debt | n/a | ₹1.37T | ₹1.29T | ₹1.09T | ₹922B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Mahindra & Mahindra M&M.NS | $43.1B | -2% | +26% | 15% | 24.0× | 13.6% |
| Maruti Suzuki India MARUTI.NS | $42.3B | -7% | +30% | 7% | 30.1× | 27.7% |
| Tata Motors Passenger Vehicles TMPV.NS | $11.4B | -19% | -22% | 0% | 10.7× | n/a |
| Escorts Kubota ESCORTS.NS | $2.84B | -27% | +19% | 9% | 21.8× | 21.0% |
| Deere & DE | $181B | +17% | +8% | 20% | 32.0× | 16.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | M&M.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +17.4% | +7.5% | highest of 21 |
| 6-month return | -2.5% | +1.2% | 9th lowest of 21 |
| Distance from 52-week high | -14.4% | -18.8% | 10th highest of 21 |
| Revenue growth (TTM) | +25.9% | +4.9% | 6th highest of 21 |
| Operating margin | 15.1% | 6.4% | 4th highest of 21 |
| Forward P/E | 24.0× | 9.7× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 13.6% | 20.5% | 6th least demanding of 15 |
| Growth delivered (Del g) | +21.5% | +12.9% | 3rd highest of 15 |
| Hurdle (Req g minus delivered) | -7.9 pp | +7.4 pp | 4th least demanding of 15 |
| ROIC minus cost of capital | +8.9 pp | -1.7 pp | 3rd highest of 21 |
| EV / EBITDA | 10.4× | 12.8× | 7th cheapest of 17 |
| Net debt / EBITDA | 2.1× | 3.6× | 8th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mahindra & Mahindra M&M.NS | India | $43.1B | -2% | +26% | 15% | 24.0× | 13.6% | +21.5% |
| Maruti Suzuki India MARUTI.NS | India | $42.3B | -7% | +30% | 7% | 30.1× | 27.7% | +21.1% |
| Mercedes-Benz MBG.DE | Germany | $44.9B | -19% | -7% | 5% | 7.9× | 4.5% | +1.7% |
| Honda Motor 7267.T | Japan | $45.2B | +45% | +4% | -1% | 11.7× | 18.2% | +10.6% |
| Bayerische Motoren Werke BMW.DE | Germany | $40.3B | -22% | -6% | 6% | 9.7× | n/a | n/a |
| HyundaiMtr 005380.KS | South Korea | $47.5B | -47% | +1% | 5% | 7.3× | n/a | n/a |
| Volkswagen VOW.DE | Germany | $39.1B | -24% | -3% | 7% | 5.5× | n/a | n/a |
| Porsche P911.DE | Germany | $47.8B | 0% | -10% | 6% | 22.9× | 17.3% | +4.8% |
| Ford Motor F | United States | $48.8B | +2% | -1% | 2% | 7.0× | 25.6% | +8.1% |
| Daimler Truck DTG.DE | Germany | $34.7B | -1% | -14% | 5% | 10.6× | 9.8% | +4.8% |
| Bajaj Auto BAJAJ-AUTO.NS | India | $31.7B | +3% | +48% | 19% | 24.0× | 27.3% | +17.4% |
| Kia 000270.KS | South Korea | $28.3B | -34% | +8% | 7% | 5.4× | -12.9% | +14.0% |
| Suzuki Motor 7269.T | Japan | $27.3B | +26% | +14% | 9% | 9.1× | -0.8% | +14.6% |
| General Motors GM | United States | $72.7B | +10% | 0% | 2% | 6.1× | 23.9% | +8.6% |
| TVS Motor TVSMOTOR.NS | India | $22.6B | +21% | +34% | 12% | 42.5× | n/a | n/a |
| Eicher Motors EICHERMOT.NS | India | $22.3B | +5% | +28% | 21% | 33.0× | 36.0% | +21.8% |
| Ferrari RACE.MI | Italy | $92.2B | +30% | +6% | 30% | 37.7× | 22.8% | +15.6% |
| Geely Auto 0175.HK | Hong Kong | $20.1B | -34% | +27% | 4% | 6.5× | -9.3% | +29.3% |
| Rivian Automotive RIVN | United States | $19.9B | -4% | +11% | -53% | n/a | n/a | n/a |
| Traton 8TRA.DE | Germany | $18.9B | +2% | +1% | 6% | 6.1× | n/a | n/a |
| Hyundai Motor India HYUNDAI.NS | India | $18.3B | +16% | +8% | 7% | 33.0× | 26.6% | +11.8% |