Mahindra & Mahindra Financial Services logo

Mahindra & Mahindra Financial Services share price

NSE: M&MFINBSE: 532720FinanceMid Cap

Mahindra & Mahindra Financial Services Limited · Face value ₹2 · Listed Mar 2006
Last close ₹264.80up ₹1.80 (0.68%)BSE ₹264.80

Share price at the NSE close on 29 Oct 2026. Previous close ₹263.00.

29 Oct: open ₹264.00, high ₹266.00, low ₹256.50

52-week range of traded prices to 29 Oct 2026
₹253.40Low, 28 Oct 2026₹415.00High, 10 Aug 2026
Market cap
₹36,812 Cr203rd largest listed
P/E
10.23
P/B
1.34
Dividend yield
2.83%
ROE
13.8%
NIM
6.76%
Cost of funds
7.22%
Credit cost
1.89%
ROA
1.89%
Leverage
6.27times net worth
Volume, NSE
42,80,20054.5% delivered

Mahindra & Mahindra Financial Services share price chart

Daily closes since Jan 2007, adjusted for splits and bonuses

−16.6%over a year · Nifty 500 −8.4%

Results20-session average 29,93,714 shares a day, 52.9% delivered

About Mahindra & Mahindra Financial Services

Mahindra & Mahindra Financial Services Limited, known as Mahindra Finance, is a deposit-taking non-banking financial company (NBFC, a lender that is not a bank).12 It finances new and used passenger vehicles, commercial vehicles, tractors, three-wheelers and construction equipment, mainly for customers in rural and semi-urban India.34 It also lends to small businesses, offers home loans and loans against property, takes fixed deposits and distributes life and general insurance.56

The Reserve Bank of India classes it as an upper-layer NBFC, the tier held to the most demanding rules.7 Its subsidiary Mahindra Rural Housing Finance, 98.43% owned, gives housing loans in rural, semi-urban and urban India, and its wholly owned Mahindra Insurance Brokers is a life, non-life and reinsurance broker.8 It holds 58.2% of Mahindra Ideal Finance, which gives gold loans and vehicle loans in Sri Lanka.9 It also holds 51% of the asset manager Mahindra Manulife Investment Management, in which Manulife holds 49%, and 49% of Mahindra Finance USA, a tractor-financing joint venture with a Rabobank group company in the United States.101112

It was incorporated on 1 January 1991 and is headquartered in Mumbai.4 Mahindra & Mahindra Limited, its promoter and holding company, held 52.48% of its shares on 30 September 2026.713

Mahindra & Mahindra Financial Services key points

Results

  • Consolidated revenue from operations rose 18% to ₹5,936 crore in the quarter to Sep 2026 from ₹5,026 crore a year earlier, and profit after tax rose 61% to ₹911 crore from ₹566 crore.14
  • On a standalone basis, profit after tax rose 55% in the same quarter, and return on assets (annualised profit as a share of average assets) was 2.2%.15
  • In the year to Mar 2026, standalone total income rose 15% to ₹18,500 crore and profit after tax 19% to ₹2,782 crore, after a charge for the new labour codes and extra provisions set aside by management.16

Loan book and deposits

  • Standalone assets under management (the loans it manages) were ₹1,46,512 crore at the end of Sep 2026, up 15% from a year earlier; with its housing finance subsidiary, lending assets under management were ₹1,56,311 crore.1718
  • Standalone business assets by product19
    ItemSep 2026
    Passenger vehicles40.1%
    Commercial vehicles and construction equipment18.0%
    Tractors12.2%
    Pre-owned vehicles12.0%
    Small businesses (SME)6.6%
    3-wheelers3.0%
    Others8.2%
    Loans for vehicles made by Mahindra & Mahindra were 45% of business assets.
  • Its disbursements (new loans paid out) rose 22% to ₹16,499 crore in the quarter to Sep 2026 from ₹13,514 crore a year earlier; in the year to Mar 2026 they reached a record ₹61,118 crore, up 6%.2021
  • On a standalone basis, borrowings were ₹1,37,643 crore at the end of Sep 2026, 69.0% of them from banks and financial institutions. It raised ₹6,776.75 crore through fixed deposits in the year to Mar 2026.2223

Asset quality and capital

  • On a standalone basis, loans in default were 3.4% of business assets at the end of Sep 2026, with 56.6% of them covered by provisions (money set aside for losses).24
  • Its stressed loans (those overdue or in default) were 8.1% of its loan book, against 9.7% a year earlier.25
  • Its capital adequacy (capital as a share of risk-weighted loans) was 18.0% at the end of Sep 2026, with Tier I (core) capital at 16.2%, and it held over ₹16,150 crore in cash and liquid investments besides undrawn bank lines.2627

Branches and reach

  • It has served over 12 million customers since it began, through 1,348 offices in 27 states and 7 union territories.28
  • It works with over 6,000 vehicle dealers and serves over 95% of India's pin codes and more than 5,00,000 villages.29
  • Digital channels handled 85% of collections in the year to Mar 2026, and 100% of vehicle loans are now paid out through Udaan, its digital lending platform.3031

Subsidiaries

  • Mahindra Rural Housing Finance disbursed ₹1,126 crore in the quarter to Sep 2026, against ₹598 crore a year earlier, and had a loan book of ₹9,799 crore.3233
  • Mahindra Insurance Brokers arranged net premium of ₹1,272 crore in the quarter to Sep 2026, against ₹940 crore a year earlier.34
  • Mahindra Manulife Investment Management had average assets under management of ₹38,140 crore in the quarter to Sep 2026.35

What the company expects

  • In its presentation of 21 Oct 2026, the company gave milestones for the year to Mar 2031: return on assets of 2.2% to 2.5%, credit cost (loan losses and provisions as a share of assets) of 1.3% to 1.7%, and stressed loans below 10%.36
  • On its earnings call of 21 Jul 2026, the company said it aims for its franchise to compound at 16% to 18% a year from Mar 2026 to Mar 2031, with its vehicle-loan business at 12% or more and new businesses above 30%.37

Recent events

  • On 7 Oct 2026, CRISIL, India Ratings and CARE reaffirmed the company's credit ratings, including AAA (the top grade) with a stable outlook on its debentures and subordinated debt.3839
  • On 5 Aug 2026, the board approved merging Mahindra Rural Housing Finance into the company, with its other shareholders getting 1.8 company shares for every 10 held; the merger is to count from 1 Apr 2027, subject to approvals.404142
  • On 9 Jun 2025, it allotted 15,44,41,240 new shares at ₹194 each in a rights issue (new shares offered to existing shareholders), raising ₹2,996.16 crore.43

Last updated

All 43 sources, each with its page
  1. 1. Annual report, 25 Jun 2026, page 36
  2. 2. Annual report, 25 Jun 2026, page 44
  3. 3. Annual report, 25 Jun 2026, page 46
  4. 4. Annual report, 25 Jun 2026, page 263
  5. 5. Annual report, 25 Jun 2026, page 84
  6. 6. Annual report, 25 Jun 2026, page 45
  7. 7. Annual report, 25 Jun 2026, page 85
  8. 8. Annual report, 25 Jun 2026, page 87
  9. 9. Investor presentation, 21 Oct 2026, page 39
  10. 10. Investor presentation, 21 Oct 2026, page 45
  11. 11. Investor presentation, 21 Oct 2026, page 48
  12. 12. Investor presentation, 21 Oct 2026, page 47
  13. 13. Investor presentation, 21 Oct 2026, page 50
  14. 14. Investor presentation, 21 Oct 2026, page 40
  15. 15. Investor presentation, 21 Oct 2026, page 5
  16. 16. Annual report, 25 Jun 2026, page 61
  17. 17. Investor presentation, 21 Oct 2026, page 6
  18. 18. Investor presentation, 21 Oct 2026, page 7
  19. 19. Investor presentation, 21 Oct 2026, page 23
  20. 20. Investor presentation, 21 Oct 2026, page 9
  21. 21. Annual report, 25 Jun 2026, page 110
  22. 22. Investor presentation, 21 Oct 2026, page 35
  23. 23. Annual report, 25 Jun 2026, page 87
  24. 24. Investor presentation, 21 Oct 2026, page 27
  25. 25. Investor presentation, 21 Oct 2026, page 6
  26. 26. Investor presentation, 21 Oct 2026, page 34
  27. 27. Investor presentation, 21 Oct 2026, page 36
  28. 28. Annual report, 25 Jun 2026, page 106
  29. 29. Investor presentation, 21 Oct 2026, page 49
  30. 30. Annual report, 25 Jun 2026, page 84
  31. 31. Investor presentation, 21 Oct 2026, page 19
  32. 32. Investor presentation, 21 Oct 2026, page 37
  33. 33. Investor presentation, 21 Oct 2026, page 7
  34. 34. Investor presentation, 21 Oct 2026, page 38
  35. 35. Investor presentation, 21 Oct 2026, page 7
  36. 36. Investor presentation, 21 Oct 2026, page 20
  37. 37. Earnings call, 21 Jul 2026, page 8
  38. 38. Exchange filing, 8 Oct 2026, page 1
  39. 39. Exchange filing, 8 Oct 2026, page 2
  40. 40. Exchange filing, 5 Aug 2026, page 1
  41. 41. Exchange filing, 5 Aug 2026, page 2
  42. 42. Exchange filing, 5 Aug 2026, page 5
  43. 43. Annual report, 25 Jun 2026, page 86

Results

Consolidated; ₹ crore. Income from operations is what the business earns: interest on loans, fees, dividends and the rest.Mahindra & Mahindra Financial Services quarterly results

Income from operations growth, 12 months
+14.9%
Net profit growth, 12 months
+45.8%

Quarter to Sep 2026, against the quarter before

Income from operations
₹5,936 Crup 3.81%
Net profit
₹911 Crdown 1.81%

Income from operations by quarter

₹4,797 CrDec 24₹4,886 CrMar 25₹4,991 CrJun 25₹5,026 CrSep 25₹5,450 CrDec 25₹5,539 CrMar 26₹5,718 CrJun 26₹5,936 CrSep 26
Peak income from operations ₹5,936 Cr, quarter to Sep 2026; lowest ₹4,797 Cr, quarter to Dec 2024

Net profit by quarter, a loss in red

₹918 CrDec 24₹456 CrMar 25₹529 CrJun 25₹566 CrSep 25₹826 CrDec 25₹940 CrMar 26₹927 CrJun 26₹911 CrSep 26
₹ croreDec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Income from operations4,7974,8864,9915,0265,4505,5395,7185,936
Net profit918456529566826940927911
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

Business segments

Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit

  • Financing activities₹19,775 Crup 15.36%92.8%
  • Others₹1,524 Crup 5.05%7.2%
The pill is the change in revenue on the year before; the share is of all the businesses together.

Valuation

Today, against the company's own history.Mahindra & Mahindra Financial Services PE ratio and valuation

Price to earnings

At or below today's level on 5% of 2,187 trading days over the last 10 years.

LowestHighest
Its median17.96Industry median19.58
Price to book

At or below today's level on 11% of 1,123 trading days over the last 5 years.

LowestHighest
Its median1.73Industry median1.08
Dividend yield

At or below today's level on 97% of 2,395 trading days over the last 10 years.

LowestHighest
Its median1.50%Industry median0.75%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year+3.7%+14.0%−11.3%2.6%
3 years+9.7%+7.5%−0.2%2.4%
5 years+9.9%––2.4%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth and the change in P/E are left empty where earnings per share at either end of the window was a loss or is not on record.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.Mahindra & Mahindra Financial Services shareholding pattern

Shareholding by group

  • Promoters52.48%
  • Foreign institutions9.96%
  • Indian institutions31.56%
  • Individuals and others5.97%
  • Employee trusts0.04%
Holder
MAHINDRA & MAHINDRA LIMITEDPromoter52.48%
Life Insurance Corporation of India, LIC-P&GS Fund, LICI FundsOther financial institutions9.09%
HDFC Life Insurance Company LimitedInsurance companies2.23%
SBI Life Insurance Company LimitedInsurance companies1.26%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jun 2026: promoters −0.01 pts, foreign institutions +0.43 pts, Indian institutions +0.07 pts, mutual funds +0.94 pts.

Mutual fund holdings

133 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 62 of the 84 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. 2 more funds filed their first portfolio on record, holding it.All 133 funds holding Mahindra & Mahindra Financial Services

Bought for the first time
1
Bought again
2
Added
44
Cut
40
Held unchanged
44
Sold out
2
Fund
HDFC Mutual Fund logoHDFC Mid Cap FundHDFC Mutual Fund6,61,18,1702.11%₹2,147.8 Cr
SBI Mutual Fund logoSBI Contra FundSBI Mutual Fund2,70,07,2301.95%₹877.3 Cr
SBI Mutual Fund logoSBI Balanced Advantage FundSBI Mutual Fund1,30,45,9301.05%₹423.8 Cr
Sundaram Mutual Fund logoSundaram Mid Cap FundSundaram Mutual Fund1,17,00,0002.74%₹380.1 Cr
Nippon India Mutual Fund logoNippon India Growth Mid Cap FundNippon India Mutual Fund1,04,99,1000.68%₹341.1 Cr
HSBC Mutual Fund logoHSBC Midcap FundHSBC Mutual Fund1,04,76,7242.03%₹340.3 Cr
HDFC Mutual Fund logoHDFC Large & Mid Cap FundHDFC Mutual Fund98,29,1031.12%₹319.3 Cr
SBI Mutual Fund logoSBI Multi Asset Allocation FundSBI Mutual Fund92,32,9261.43%₹299.9 Cr
SBI Mutual Fund logoSBI Midcap FundSBI Mutual Fund78,35,8761.09%₹254.5 Cr
Bandhan Mutual Fund logoBandhan Value FundBandhan Mutual Fund55,00,0001.88%₹178.7 Cr
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Promoter and insider buying and selling

Trades made since 30 Oct 2025.Mahindra & Mahindra Financial Services insider trading

Bought on the market Sold on the market
  • Employees0 purchases, 14 salesNo purchase₹2.65 CrNet−₹2.65 Cr11 off-market moves
  • Others: no market trade · 2 off-market moves
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

Mahindra & Mahindra Financial Services competitors and peers

Non Banking Financial Company (NBFC), 277 listed companies, priced on 29 Oct 2026. The table lists the 8 companies closest to Mahindra & Mahindra Financial Services in market cap.Finance companies

Where the company sits among the companies nearest its size

Return on equity across, P/E up, size is market cap
Company
Sundaram Finance logoSundaram FinanceSUNDARMFIN43,86819.762.95+13.7%+15.6%15.8%–2.56%4.60%1.01%
Authum Investment & Infrastructure logoAuthum Investment & InfrastructureAIIL42,47420.282.88−34.5%−48.8%14.2%13.3%––0.00%
HDB Financial Services logoHDB Financial ServicesHDBFS41,50614.021.87––14.3%–––0.80%
Poonawalla Fincorp logoPoonawalla FincorpPOONAWALLA38,87935.752.83+75.1%+399.2%9.2%–1.14%7.30%0.00%
Manappuram Finance logoManappuram FinanceMANAPPURAM28,37719.581.77+4.8%+81.2%10.2%–1.60%10.13%0.83%
IIFL Finance logoIIFL FinanceIIFL23,9959.631.55+35.4%+190.5%17.6%–2.32%8.82%0.71%
Capri Global Capital logoCapri Global CapitalCGCL22,28417.012.80+52.9%+82.8%17.9%–3.55%8.36%0.09%
Five-Star Business Finance logoFive-Star Business FinanceFIVESTAR12,36411.071.56+8.3%+1.0%15.2%–7.27%19.05%0.48%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record; for ROCE and EV/EBITDA, where the company is a lender or an insurer; for NIM and ROA, where the company does not file a lender's accounts or has no recent year with a balance sheet at its start and its end. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page. ROA is the year's profit over average total assets. NIM is net interest income over average loans and investments. Income growth is the growth of everything the company earns: interest, fees, premiums and the rest.

Dividends

Per share, by the year it was paid for, and the latest payments.Mahindra & Mahindra Financial Services dividend history

Dividend per share, ₹, restated for later splits and bonuses

2.4Mar 174Mar 186.5Mar 19Mar 200.8Mar 213.6Mar 226Mar 236.3Mar 246.5Mar 257.5Mar 26
Highest ₹7.50 a share, year to Mar 2026.
Ex-dateTypePer share
13 Jul 2026Final₹7.50
15 Jul 2025Final₹6.50
16 Jul 2024Final₹6.30
21 Jul 2023Final₹6.00
20 Jul 2022Final₹3.60
16 Jul 2021Final₹0.80
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.Mahindra & Mahindra Financial Services announcements

Mahindra & Mahindra Financial Services share price by year

Each calendar year to 2025.Mahindra & Mahindra Financial Services share price history

YearClose at year endChangeHighest closeLowest close
2025403.00+52.1%404.40244.25
2024264.95−4.2%340.50250.55
2023276.70+17.9%343.75218.15
2022234.60+57.5%241.15130.60
2021148.95−14.8%220.75139.40
2020174.90−45.8%398.05113.45
2019322.45−31.9%471.80293.25
2018473.65+0.1%528.15356.25
2017473.10+75.1%479.20267.10
2016270.25+11.6%385.60191.60
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
28 Oct 2026261.50263.50253.40263.00258.7436,18,71543.4%
27 Oct 2026280.00280.00258.20260.85265.3672,37,65346.7%
26 Oct 2026274.00281.05267.30279.25274.9520,78,34742.8%
23 Oct 2026288.00289.60271.80276.90277.0928,79,07552.4%
22 Oct 2026289.90290.00268.25287.60280.691,31,71,89329.8%
21 Oct 2026306.50307.95295.30297.45298.4525,16,24557.4%
19 Oct 2026313.80315.25302.00304.90307.1523,32,22660.4%
16 Oct 2026317.80317.80309.75311.55312.6214,44,37257.1%
15 Oct 2026321.80321.80315.05316.15317.7710,61,09858.9%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.Stock split history

Ex-dateEventPrice factorWhat happened
14 May 2025Rights issue–Shareholders were offered new shares. Noted, not adjusted for.
22 Jul 2020Rights issue–Shareholders were offered new shares. Noted, not adjusted for.
22 Jul 2020Price move–A corporate action went ex within three days of this move (Rights 1:1 @ Premium Rs 48/-, ex-date 22 Jul 2020), and its terms do not account for the move. Not adjusted for.
23 Mar 2020Price move–Between two trading sessions the price moved by a fifth or more. The Nifty 500 moved 5% or more the same way over the same sessions. Not adjusted for.
15 Feb 2013Split0.2000Each share became 5.
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout. Any other event is noted and not adjusted for.

Company details