Mahindra & Mahindra share price
NSE: M&MBSE: 500520AutomobilesLarge Cap
Share price at the NSE close on 27 Oct 2026. Previous close ₹2,853.10.
27 Oct: open ₹2,853.10, high ₹2,868.70, low ₹2,840.00
- Next results date: the board meets on 5 Nov 2026 to consider: financial results and other business matters. The notice · Results calendar
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹3,55,450 Cr14th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 19.24
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 3.82
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 1.15%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 21.7%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 13.3%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 1.18
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 18,59,20257.5% delivered
About Mahindra & Mahindra
Mahindra & Mahindra Limited makes SUVs, pick-ups, commercial vehicles and tractors, as well as farm machinery, gensets (power generators) and construction equipment.1 It sells to urban and rural buyers, farm and other businesses, small and medium enterprises, corporates and government agencies, in India and abroad.2 It is the holding company of the Mahindra Group, whose businesses also include IT services, financial services, renewable energy, hospitality, logistics and real estate.34
Its core business is mobility products and farm solutions; its tractors sell under the Mahindra, Swaraj and Trakstar brands.15 Its listed subsidiaries include Mahindra & Mahindra Financial Services, Mahindra Lifespace Developers (real estate), Mahindra Holidays & Resorts India (vacation ownership) and Mahindra Logistics, and Tech Mahindra is a listed associate.678 The group has 61 manufacturing facilities around the world and a business presence in more than 100 countries; its 49 manufacturing plants in India include contract manufacturing and vehicle scrapping sites.910
It was incorporated in 1945 and assembled its first vehicle in 1947.21 It took control of SML Mahindra, a listed maker of buses, trucks and other commercial vehicles, in Aug 2025 and holds 58.97% of it.11 In Nov 2025 its board approved a 50:50 life insurance joint venture with Manulife in India, subject to approval by the insurance regulator.12 Anand G. Mahindra is its chairman and Anish Shah its group CEO and managing director.13
Mahindra & Mahindra key points
Results
- Consolidated revenue was ₹58,188 crore in the quarter to Jun 2026, up 28% from ₹45,529 crore a year earlier, and profit after tax was ₹5,455 crore, up 34% from ₹4,083 crore.14
- For the year to Mar 2026, consolidated income from operations was ₹1,98,639 crore, up 24.8% from ₹1,59,211 crore, and profit after tax after minority shareholders' share was ₹17,099 crore, up 32.3% from ₹12,929 crore.15
- Consolidated profit after tax by business, ₹ crore161718Investments include a gain on selling CIE shares.
Item quarter to Jun 2026 quarter to Jun 2025 Automotive 2,129 1,760 Farm equipment 1,520 1,323 Tech Mahindra 411 320 Mahindra Finance 486 273 Growth Gems (group businesses being scaled up) 136 48 Investments 772 359 - It sold 11,17,698 vehicles and 5,26,403 tractors in India and as exports in the year to Mar 2026, up 18.8% and 24.0%, its highest yearly sales of both.19
Market position
- Its tractor market share, including Gromax, was 44.9% in the quarter to Jun 2026; it says it has been first in the domestic market for 43 consecutive years.2021
- It ranked first in SUVs by revenue market share, at 25.0%, in the quarter to Jun 2026.22
- It ranked first in light commercial vehicles under 3.5 tonnes, with 52.0% of the market by volume in the quarter to Jun 2026.23
- It ranked first in electric SUVs by revenue share, and its last mile mobility business held 39.5% of the electric three-wheeler market, in the quarter to Jun 2026.2425
Business segments
- Segment results (segment profit after share of associates and joint ventures), ₹ crore2627
Item year to Mar 2026 year to Mar 2025 Automotive 10,383 7,797 Farm Equipment 5,517 4,947 Financial Services 3,779 3,002 Industrial Businesses and Consumer Services 3,705 2,718 Total 23,384 18,464 - Automotive. Revenue was ₹34,387 crore in the quarter to Jun 2026, up 32% from ₹25,999 crore; electric SUVs were 12.0% of its SUV volumes.2829
- Farm equipment. Revenue was ₹12,501 crore in the quarter to Jun 2026, up 15% from ₹10,892 crore; the core tractor business earned a 19.2% margin before interest and tax.3031
- Financial services. Mahindra & Mahindra Financial Services had assets under management (loans it manages) of ₹1,34,096 crore at the end of Mar 2026, up 12.1%.32
Where revenue comes from
Plants and capacity
- Its SUV plants could make 64.5k vehicles a month at the end of Mar 2026: 56.5k with petrol or diesel engines and 8k battery electric.36
- In its presentation of 30 Jul 2026, the company said it plans to raise SUV capacity to 82k vehicles a month by Mar 2027 and to double it in the 5 years from Mar 2026.37
- The company stated in its annual report for the year to Mar 2026 that it plans an integrated vehicle and tractor plant at Nagpur, Maharashtra, to make over 5 lakh vehicles and 1 lakh tractors a year when fully running, with production scheduled from 2028.38
What the company expects
- The company stated in its annual report for the year to Mar 2026 that it expects, for the year to Mar 2027, SUV growth in the mid-to-high teens and tractor industry growth in mid-single digits, and plans 7 new tractors and 12 new features.39
- The company stated in its annual report for the year to Mar 2026 that it plans to launch 10 SUVs with combustion engines, 6 electric SUVs and 10 light commercial vehicles by 2031.40
- On its earnings call of 30 Jul 2026, the company said its target for return on equity (profit as a share of shareholders' funds) stays at 18%; the annualised figure for the quarter to Jun 2026 was 23%.4142
Recent events
- On 9 Oct 2026, the company reported that Embraer S.A. of Brazil agreed to buy 51% of Novavayu Aerospace Limited from a subsidiary that wholly owns it, leaving Novavayu an associate of that subsidiary; completion was expected by 1 Dec 2026.4344
- On 28 Sep 2026, ICRA reaffirmed its AAA (Stable) credit rating on the company's debt; Crisil had reaffirmed its AAA/Stable rating on 18 Sep 2026.4546
- On 30 Jul 2026, subsidiary Mahindra Last Mile Mobility proposed raising about ₹322 crore from Lightrock, IFC and India-Japan Fund at a valuation of about ₹10,822 crore, in tranches subject to regulatory approvals, cutting the company's stake from 78.11% to an expected 75.79%.47
- On 29 Jul 2026, the board approved selling the Truck and Bus Division to subsidiary SML Mahindra as a slump sale (the whole business for one price) for ₹525 crore, before agreed adjustments; completion was proposed by 31 Jan 2027, subject to approvals.4849
Last updated
All 49 sources, each with its page
- 1. Annual report, 4 Jul 2026, page 9
- 2. Annual report, 4 Jul 2026, page 128
- 3. Annual report, 4 Jul 2026, page 97
- 4. Annual report, 4 Jul 2026, page 9
- 5. Annual report, 4 Jul 2026, page 86
- 6. Annual report, 4 Jul 2026, page 54
- 7. Annual report, 4 Jul 2026, page 55
- 8. Annual report, 4 Jul 2026, page 57
- 9. Annual report, 4 Jul 2026, page 27
- 10. Annual report, 4 Jul 2026, page 26
- 11. Annual report, 4 Jul 2026, page 55
- 12. Annual report, 4 Jul 2026, page 55
- 13. Annual report, 4 Jul 2026, page 51
- 14. Investor presentation, 30 Jul 2026, page 44
- 15. Annual report, 4 Jul 2026, page 97
- 16. Investor presentation, 30 Jul 2026, page 45
- 17. Earnings call, 30 Jul 2026, page 3
- 18. Annual report, 4 Jul 2026, page 19
- 19. Annual report, 4 Jul 2026, page 86
- 20. Investor presentation, 30 Jul 2026, page 20
- 21. Annual report, 4 Jul 2026, page 90
- 22. Investor presentation, 30 Jul 2026, page 29
- 23. Investor presentation, 30 Jul 2026, page 34
- 24. Investor presentation, 30 Jul 2026, page 31
- 25. Investor presentation, 30 Jul 2026, page 41
- 26. Annual report, 4 Jul 2026, page 98
- 27. Annual report, 4 Jul 2026, page 98
- 28. Investor presentation, 30 Jul 2026, page 42
- 29. Investor presentation, 30 Jul 2026, page 31
- 30. Investor presentation, 30 Jul 2026, page 26
- 31. Investor presentation, 30 Jul 2026, page 24
- 32. Annual report, 4 Jul 2026, page 54
- 33. Annual report, 4 Jul 2026, page 239
- 34. Annual report, 4 Jul 2026, page 52
- 35. Annual report, 4 Jul 2026, page 53
- 36. Investor presentation, 30 Jul 2026, page 38
- 37. Investor presentation, 30 Jul 2026, page 38
- 38. Annual report, 4 Jul 2026, page 25
- 39. Annual report, 4 Jul 2026, page 92
- 40. Annual report, 4 Jul 2026, page 23
- 41. Earnings call, 30 Jul 2026, page 6
- 42. Investor presentation, 30 Jul 2026, page 17
- 43. Exchange filing, 9 Oct 2026, page 1
- 44. Exchange filing, 9 Oct 2026, page 2
- 45. Exchange filing, 28 Sep 2026, page 2
- 46. Exchange filing, 18 Sep 2026, page 1
- 47. Exchange filing, 30 Jul 2026, page 1
- 48. Exchange filing, 29 Jul 2026, page 1
- 49. Exchange filing, 29 Jul 2026, page 2
Results
Consolidated; ₹ crore.Mahindra & Mahindra quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +26.2%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +34.5%
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹58,188 Crup 5.83%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹5,998 Crup 14.02%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 10.3%
Revenue by quarter
Net profit by quarter, a loss in red
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 37,924 | 41,470 | 42,599 | 45,529 | 46,106 | 52,100 | 54,982 | 58,188 |
| Net profit | 3,361 | 3,624 | 3,542 | 4,377 | 3,964 | 5,021 | 5,260 | 5,998 |
| Net margin | 8.9% | 8.7% | 8.3% | 9.6% | 8.6% | 9.6% | 9.6% | 10.3% |
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹1,98,639 Crup 24.76%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹18,622 Crup 32.32%
- Net margin
- 9.4%
Revenue by year
Net profit by year, a loss in red
- Net profit
- Loss
The years either side of a change of basis do not compare. From the year to Mar 2021, the company's revenue for that year, ₹74,278 Cr, differs from its quarters added, ₹82,970 Cr; the company reports a discontinued business.
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 88,983 | 93,265 | 1,04,721 | 95,179 | 74,278 | 90,171 | 1,21,269 | 1,39,078 | 1,59,211 | 1,98,639 |
| Net profit | 4,051 | 7,958 | 6,017 | −321 | 1,512 | 7,253 | 11,374 | 12,270 | 14,073 | 18,622 |
| Net margin | 4.6% | 8.5% | 5.7% | −0.3% | – | 8.0% | 9.4% | 8.8% | 8.8% | 9.4% |
Business segments
Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit
- AutomotiveAutomotive, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹1,17,834 Crup 29.74%57.7%
- Farm EquipmentFarm Equipment, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹42,568 Crup 20.33%20.9%
- Industrial Businesses and Consumer ServicesIndustrial Businesses and Consumer Services, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹22,749 Crup 19.91%11.1%
- Financial ServicesFinancial Services, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹20,949 Crup 14.50%10.3%
Valuation
Today, against the company's own history. Its history crosses a change of basis in the accounts in the year to Mar 2021: days before it are of the company before the change.Mahindra & Mahindra PE ratio and valuation
At or below today's level on 34% of 2,278 trading days over the last 10 years.
At or below today's level on 67% of 1,970 trading days since Nov 2018.
At or below today's level on 87% of 2,474 trading days over the last 10 years.
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | +12.0% | +32.1% | −16.1% | 1.1% |
| 3 years | +37.7% | +18.3% | +15.5% | 1.1% |
| 5 years | +31.2% | +56.5% | −16.9% | 1.2% |
Mutual fund holdings
581 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 196 of the 293 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 6 more funds filed their first portfolio on record, holding it.All 581 funds holding Mahindra & Mahindra
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 1
- Bought againBought again. Funds that held it at the month's end, had not held it the month before, and held it in an earlier month.
- 5
- AddedAdded. Funds that held more shares than at the end of the month before.
- 173
- CutCut. Funds that held fewer shares than at the end of the month before.
- 120
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 276
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 11
| Fund | |||
|---|---|---|---|
| 1,91,22,225 | 3.89% | ₹5,641.1 Cr | |
| 1,73,28,611 | 2.52% | ₹5,111.9 Cr | |
| 1,20,30,984 | 3.07% | ₹3,546.0 Cr | |
| 65,01,087 | 2.51% | ₹1,917.8 Cr | |
| 59,42,775 | 2.52% | ₹1,753.1 Cr | |
| 56,69,040 | 3.07% | ₹1,670.9 Cr | |
| 55,62,996 | 2.52% | ₹1,641.1 Cr | |
| 43,24,811 | 2.49% | ₹1,275.8 Cr | |
| 38,13,639 | 3.85% | ₹1,125.0 Cr | |
| 36,47,575 | 2.52% | ₹1,076.0 Cr |
Promoter and insider buying and selling
Trades made since 28 Oct 2025.Mahindra & Mahindra insider trading
No promoter, director, key manager or employee bought or sold on the market.
- Promoters and promoter group: no market trade
- Others: no market trade · 6 pledge filings of unclear kind
Mahindra & Mahindra competitors and peers
Automobiles, 27 listed companies, priced on 27 Oct 2026. The table lists the 8 companies closest to Mahindra & Mahindra in market cap.Automobile companies
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| 3,59,991 | 26.76 | 3.30 | +29.6% | −9.0% | 12.9% | 12.5% | 1.22% | |
| 2,85,521 | 21.84 | 7.80 | +47.9% | +56.9% | 36.9% | 23.6% | 1.44% | |
| 1,96,695 | 34.07 | 7.84 | +28.1% | +19.3% | 24.9% | 20.7% | 1.14% | |
| 1,94,168 | 56.65 | 20.30 | +30.2% | +43.7% | 37.9% | 18.0% | 0.29% | |
| 1,51,238 | 30.55 | 7.56 | +3.6% | −10.3% | 27.3% | 27.1% | 1.13% | |
| 1,04,444 | 19.17 | 4.83 | +25.6% | +8.2% | 26.7% | 29.2% | 3.55% | |
| 96,200 | – | 0.86 | −18.6% | – | – | – | 1.15% | |
| 66,391 | – | 15.49 | – | – | −6.7% | −6.5% | 0.00% |
Dividends
Per share, by the year it was paid for, and the latest payments.Mahindra & Mahindra dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossary| Ex-date | Type | Per share |
|---|---|---|
| 3 Jul 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹33.00 |
| 4 Jul 2025 | Final | ₹25.30 |
| 5 Jul 2024 | Final | ₹21.10 |
| 14 Jul 2023 | Final | ₹16.25 |
| 14 Jul 2022 | Final | ₹11.55 |
| 15 Jul 2021 | Final | ₹8.75 |
Latest announcements
Routine notices left out.Mahindra & Mahindra announcements
Oct 2026
17 Oct
15 Oct · Analysts
13 Oct · Analysts
13 Oct · Analysts
10 Oct · Analysts
Mahindra & Mahindra share price by year
Each calendar year to 2025.Mahindra & Mahindra share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 3,709.20 | +23.3% | 3,757.30 | 2,491.25 |
| 2024 | 3,007.10 | +73.9% | 3,194.30 | 1,595.20 |
| 2023 | 1,729.40 | +38.4% | 1,734.45 | 1,128.30 |
| 2022 | 1,249.20 | +49.2% | 1,354.05 | 690.55 |
| 2021 | 837.15 | +16.2% | 960.30 | 728.70 |
| 2020 | 720.60 | +35.6% | 755.00 | 269.00 |
| 2019 | 531.55 | −33.9% | 773.35 | 505.70 |
| 2018 | 803.85 | +7.0% | 983.85 | 707.80 |
| 2017 | 751.10 | +26.8% | 778.15 | 594.45 |
| 2016 | 592.35 | −6.9% | 748.93 | 563.30 |
Recent sessions
The 9 trading days to 26 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 26 Oct 2026 | 2,849.60 | 2,882.00 | 2,816.40 | 2,853.10 | 2,851.92 | 16,81,688 | 49.8% |
| 23 Oct 2026 | 2,853.00 | 2,861.20 | 2,802.40 | 2,861.20 | 2,826.25 | 22,94,559 | 56.6% |
| 22 Oct 2026 | 2,850.00 | 2,873.00 | 2,818.20 | 2,864.10 | 2,848.82 | 17,56,551 | 49.6% |
| 21 Oct 2026 | 2,920.00 | 2,920.00 | 2,840.00 | 2,889.00 | 2,869.93 | 24,28,228 | 61.4% |
| 19 Oct 2026 | 2,930.00 | 2,938.60 | 2,885.60 | 2,907.00 | 2,904.46 | 21,42,503 | 54.1% |
| 16 Oct 2026 | 2,858.00 | 2,934.50 | 2,837.00 | 2,920.90 | 2,897.84 | 25,41,998 | 56.8% |
| 15 Oct 2026 | 2,833.00 | 2,868.20 | 2,798.40 | 2,861.70 | 2,845.23 | 26,58,568 | 60.0% |
| 14 Oct 2026 | 2,878.00 | 2,878.00 | 2,793.70 | 2,793.70 | 2,826.93 | 29,45,203 | 60.6% |
| 13 Oct 2026 | 2,801.90 | 2,864.40 | 2,783.50 | 2,864.40 | 2,836.09 | 26,64,480 | 61.3% |
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Bonus shares and stock split history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 21 Dec 2017 | Bonus | 0.5000 | Holders received 1 bonus share for every 1 held. |
| 29 Mar 2010 | Split | 0.5000 | Each share became 2. |
Company details
- NSE symbol
- M&M
- BSE code
- 500520
- ISIN
- INE101A01026
- Industry
- Automobiles
- Website
- www.mahindra.com
- CIN
- L65990MH1945PLC004558
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1945
- Registered office
- Gateway Building, Apollo Bunder, Mumbai 400001, Maharashtra
- Share registrar
- KFin Technologies Ltd
- Keeps the register of shareholders and handles transfers and dividend payments