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Mahindra Group's rural-focused NBFC financing tractors, cars, commercial vehicles and SMEs across small-town India.
Mahindra Group's rural-focused NBFC financing tractors, cars, commercial vehicles and SMEs across small-town India.
Lends against Mahindra tractors and vehicles and other rural purchases, earning the gap between what it charges borrowers and what it pays for borrowed funds, so it benefits when parent Mahindra & Mahindra sells more tractors and cars. Farm income and monsoon rains drive repayment. It also owns rural housing finance and insurance-broking subsidiaries.
In one line: India's rural vehicle-lending arm, like a captive farm-and-auto finance company.
Moat: narrow (distribution, brand). Deep rural branch network and Mahindra dealership tie-ups give reach competitors lack.
Headquarters: Mumbai, India · Founded: 1991 · Employees: 27,117
Size Mahindra & Mahindra Financial Services (M&MFIN.NS) is an India Financials company (Finance/Rental/Leasing) with a market value of $4.12B, the 237th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹279.85 on 6 Nov 2026.
Performance Over six months the shares fell 14.8%, against -11.5% for the median peer and 0.0% for the India market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 14.9% over the last twelve months (peer median +10.8%); the operating margin is 31.3% (peer median 29.2%).
Valuation It trades at 1.41× book value against a peer median of 1.67× (10th cheapest of 20).
Price implies The share price implies a return on equity of about 23.7%; Mahindra & Mahindra Financial Services delivers 13.8%, so the price asks more than the business earns today.
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹227B | ₹211B | ₹186B | ₹159B | ₹128B |
| Revenue growth | — | +13% | +17% | +24% | — |
| Gross profit | ₹114B | ₹183B | ₹163B | ₹141B | ₹118B |
| EBITDA | ₹75.1B | ₹123B | ₹115B | ₹93.0B | ₹62.4B |
| Net income | ₹36.0B | ₹28.5B | ₹22.6B | ₹19.3B | ₹20.7B |
| Free cash flow | n/a | ₹53.2B | ₹28.2B | ₹42.0B | ₹40.7B |
| Capital expenditure | n/a | ₹4.16B | ₹4.42B | ₹3.23B | ₹4.13B |
| Total debt | ₹1.35T | ₹1.15T | ₹1.08T | ₹916B | ₹765B |
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 | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Mahindra & Mahindra Financial Services M&MFIN.NS | $4.12B | -15% | +15% | 14% | 1.41× | 23.7% |
| Cholamandalam Investment and Finance CHOLAFIN.NS | $16.2B | +6% | +21% | 21% | 4.43× | 67.7% |
| Shriram Finance SHRIRAMFIN.NS | $23.9B | -5% | +10% | 15% | 2.03× | 27.6% |
| Sundaram Finance SUNDARMFIN.NS | $4.95B | -11% | +14% | 14% | 2.89× | 35.3% |
| L&T Finance LTF.NS | $7.36B | -9% | +17% | 12% | 2.38× | 45.8% |
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&MFIN.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.0% | +1.2% | 2nd lowest of 21 |
| 6-month return | -14.8% | -11.5% | 9th lowest of 21 |
| Return on equity | 13.8% | 14.3% | 10th lowest of 20 |
| Price / book | 1.41× | 1.67× | 10th cheapest of 20 |
| Trailing P/E | 10.8× | 13.3× | 7th cheapest of 19 |
| ROE the price implies | 23.7% | 26.5% | 10th least demanding of 20 |
| ROE delivered | 13.8% | 14.3% | 10th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Mahindra & Mahindra Financial Services M&MFIN.NS | India | $4.12B | -15% | +15% | 14% | 1.41× | 23.7% | 13.8% |
| Avis Budget CAR | United States | $4.20B | -18% | -1% | n/a | n/a | n/a | n/a |
| Enova International ENVA | United States | $4.22B | -1% | +20% | 27% | 2.72× | 26.6% | 26.8% |
| GMO Payment Gateway 3769.T | Japan | $3.98B | +6% | +13% | 22% | 5.02× | 32.4% | 21.5% |
| Blue Owl Technology Finance OTF | United States | $4.36B | -13% | +95% | 5% | 0.58× | 4.9% | 4.8% |
| ACOM 8572.T | Japan | $4.38B | -12% | +7% | 9% | 0.96× | 5.6% | 9.3% |
| Bread Financial BFH | United States | $3.87B | +17% | +2% | 16% | 1.13× | 12.2% | 15.9% |
| Poonawalla Fincorp POONAWALLA.NS | India | $4.42B | +4% | +77% | 9% | 3.02× | 47.4% | 9.2% |
| Bohai Leasing 000415.SZ | China | $4.44B | +2% | -7% | 18% | 0.90× | 6.3% | 17.8% |
| Sixt SIX2.DE | Germany | $3.67B | +4% | +7% | 15% | 1.67× | 15.8% | 15.0% |
| Nelnet NNI | United States | $4.67B | +7% | -7% | 8% | 1.24× | 10.1% | 8.1% |
| Credit Saison 8253.T | Japan | $3.62B | -10% | +10% | 9% | 0.73× | 6.3% | 9.2% |
| HDB Financial Services HDBFS.NS | India | $4.71B | -24% | +11% | 14% | 2.01× | 30.2% | 14.3% |
| Far East Horizon 3360.HK | Hong Kong | $3.44B | -25% | +1% | 8% | 0.45× | 4.5% | 7.6% |
| Sundaram Finance SUNDARMFIN.NS | India | $4.95B | -11% | +14% | 14% | 2.89× | 35.3% | 14.4% |
| WillScot WSC | United States | $3.42B | -33% | -3% | -7% | 3.75× | 35.8% | -7.1% |
| PennyMac Financial Services PFSI | United States | $3.41B | -28% | +4% | 6% | 0.78× | 10.2% | 5.6% |
| Housing & Urban Development HUDCO.NS | India | $3.39B | -30% | +22% | 22% | 1.39× | 31.5% | 21.7% |
| Herc HRI | United States | $5.08B | +14% | +19% | 6% | 2.56× | 33.3% | 6.3% |
| Figure Technology Solutions FIGR | United States | $5.10B | -40% | +66% | 26% | 3.58× | 26.5% | 26.2% |
| Indian Renewable Energy Development Agency IREDA.NS | India | $3.31B | -18% | +17% | 14% | 2.18× | 42.4% | 14.4% |