Mahindra & Mahindra Financial Services share price
NSE: M&MFINBSE: 532720FinanceMid Cap
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
- 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
- ₹36,812 Cr203rd 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
- 10.23
- 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
- 1.34
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 2.83%
- 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.
- 13.8%
- NIMNet interest margin. Net interest income ÷ the average assets that earn interest × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026. Net interest margin in the glossary
- 6.76%
- Cost of fundsCost of funds. Interest paid ÷ the average of what the company pays interest on × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026. Cost of funds in the glossary
- 7.22%
- Credit costCredit cost. What was set aside for loans that may not be repaid ÷ average loans given × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026. Credit cost in the glossary
- 1.89%
- ROAReturn on assets. Profit after tax ÷ average total assets × 100 × 12 ÷ the months in the period, a rate per year; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. It equals net interest income + other income − operating expenses − provisions + exceptional items − tax + the lines below tax, each on the same base. For the year to Mar 2026. Return on assets in the glossary
- 1.89%
- LeverageAssets per rupee of net worth. Average total assets ÷ average net worth: rupees of assets for each rupee of net worth; given only where the balance sheets at the start and at the end of the period are both held; not given for an insurer. For the year to Mar 2026. Assets per rupee of net worth in the glossary
- 6.27times net worth
- 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
- 42,80,20054.5% 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 product19Loans for vehicles made by Mahindra & Mahindra were 45% of business assets.
Item Sep 2026 Passenger vehicles 40.1% Commercial vehicles and construction equipment 18.0% Tractors 12.2% Pre-owned vehicles 12.0% Small businesses (SME) 6.6% 3-wheelers 3.0% Others 8.2% - 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. Annual report, 25 Jun 2026, page 36
- 2. Annual report, 25 Jun 2026, page 44
- 3. Annual report, 25 Jun 2026, page 46
- 4. Annual report, 25 Jun 2026, page 263
- 5. Annual report, 25 Jun 2026, page 84
- 6. Annual report, 25 Jun 2026, page 45
- 7. Annual report, 25 Jun 2026, page 85
- 8. Annual report, 25 Jun 2026, page 87
- 9. Investor presentation, 21 Oct 2026, page 39
- 10. Investor presentation, 21 Oct 2026, page 45
- 11. Investor presentation, 21 Oct 2026, page 48
- 12. Investor presentation, 21 Oct 2026, page 47
- 13. Investor presentation, 21 Oct 2026, page 50
- 14. Investor presentation, 21 Oct 2026, page 40
- 15. Investor presentation, 21 Oct 2026, page 5
- 16. Annual report, 25 Jun 2026, page 61
- 17. Investor presentation, 21 Oct 2026, page 6
- 18. Investor presentation, 21 Oct 2026, page 7
- 19. Investor presentation, 21 Oct 2026, page 23
- 20. Investor presentation, 21 Oct 2026, page 9
- 21. Annual report, 25 Jun 2026, page 110
- 22. Investor presentation, 21 Oct 2026, page 35
- 23. Annual report, 25 Jun 2026, page 87
- 24. Investor presentation, 21 Oct 2026, page 27
- 25. Investor presentation, 21 Oct 2026, page 6
- 26. Investor presentation, 21 Oct 2026, page 34
- 27. Investor presentation, 21 Oct 2026, page 36
- 28. Annual report, 25 Jun 2026, page 106
- 29. Investor presentation, 21 Oct 2026, page 49
- 30. Annual report, 25 Jun 2026, page 84
- 31. Investor presentation, 21 Oct 2026, page 19
- 32. Investor presentation, 21 Oct 2026, page 37
- 33. Investor presentation, 21 Oct 2026, page 7
- 34. Investor presentation, 21 Oct 2026, page 38
- 35. Investor presentation, 21 Oct 2026, page 7
- 36. Investor presentation, 21 Oct 2026, page 20
- 37. Earnings call, 21 Jul 2026, page 8
- 38. Exchange filing, 8 Oct 2026, page 1
- 39. Exchange filing, 8 Oct 2026, page 2
- 40. Exchange filing, 5 Aug 2026, page 1
- 41. Exchange filing, 5 Aug 2026, page 2
- 42. Exchange filing, 5 Aug 2026, page 5
- 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 monthsIncome from operations 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.
- +14.9%
- 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.
- +45.8%
Quarter to Sep 2026, against the quarter before
- Income from operationsIncome from operations. The pill is the change in income from operations against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹5,936 Crup 3.81%
- 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
- ₹911 Crdown 1.81%
Income from operations by quarter
Net profit by quarter, a loss in red
| ₹ crore | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Income from operations | 4,797 | 4,886 | 4,991 | 5,026 | 5,450 | 5,539 | 5,718 | 5,936 |
| Net profit | 918 | 456 | 529 | 566 | 826 | 940 | 927 | 911 |
Year to Mar 2026, against the year before
- Income from operationsIncome from operations. The pill is the change in income from operations against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹21,005 Crup 13.77%
- 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.
- ₹2,861 Crup 26.55%
Income from operations by year
Net profit by year, a loss in red
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income from operations | 7,146 | 8,533 | 10,372 | 11,883 | – | 11,318 | 12,700 | 15,797 | 18,463 | 21,005 |
| Net profit | 512 | 1,024 | 1,867 | 1,086 | – | 1,150 | 2,071 | 1,943 | 2,261 | 2,861 |
Business segments
Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit
- Financing activitiesFinancing activities, 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.₹19,775 Crup 15.36%92.8%
- OthersOthers, 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.₹1,524 Crup 5.05%7.2%
Valuation
Today, against the company's own history.Mahindra & Mahindra Financial Services PE ratio and valuation
At or below today's level on 5% of 2,187 trading days over the last 10 years.
At or below today's level on 11% of 1,123 trading days over the last 5 years.
At or below today's level on 97% of 2,395 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 | +3.7% | +14.0% | −11.3% | 2.6% |
| 3 years | +9.7% | +7.5% | −0.2% | 2.4% |
| 5 years | +9.9% | – | – | 2.4% |
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 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.
- 2
- AddedAdded. Funds that held more shares than at the end of the month before.
- 44
- CutCut. Funds that held fewer shares than at the end of the month before.
- 40
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 44
- 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
- 2
| Fund | |||
|---|---|---|---|
| 6,61,18,170 | 2.11% | ₹2,147.8 Cr | |
| 2,70,07,230 | 1.95% | ₹877.3 Cr | |
| 1,30,45,930 | 1.05% | ₹423.8 Cr | |
| 1,17,00,000 | 2.74% | ₹380.1 Cr | |
| 1,04,99,100 | 0.68% | ₹341.1 Cr | |
| 1,04,76,724 | 2.03% | ₹340.3 Cr | |
| 98,29,103 | 1.12% | ₹319.3 Cr | |
| 92,32,926 | 1.43% | ₹299.9 Cr | |
| 78,35,876 | 1.09% | ₹254.5 Cr | |
| 55,00,000 | 1.88% | ₹178.7 Cr |
Promoter and insider buying and selling
Trades made since 30 Oct 2025.Mahindra & Mahindra Financial Services insider trading
- Employees0 purchases, 14 salesNo purchase₹2.65 CrNetNet. The value bought on the market less the value sold, over the trades whose filers stated a value.−₹2.65 Cr11 off-market moves
- Others: no market trade · 2 off-market moves
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
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 43,868 | 19.76 | 2.95 | +13.7% | +15.6% | 15.8% | – | 2.56% | 4.60% | 1.01% | |
| 42,474 | 20.28 | 2.88 | −34.5% | −48.8% | 14.2% | 13.3% | – | – | 0.00% | |
| 41,506 | 14.02 | 1.87 | – | – | 14.3% | – | – | – | 0.80% | |
| 38,879 | 35.75 | 2.83 | +75.1% | +399.2% | 9.2% | – | 1.14% | 7.30% | 0.00% | |
| 28,377 | 19.58 | 1.77 | +4.8% | +81.2% | 10.2% | – | 1.60% | 10.13% | 0.83% | |
| 23,995 | 9.63 | 1.55 | +35.4% | +190.5% | 17.6% | – | 2.32% | 8.82% | 0.71% | |
| 22,284 | 17.01 | 2.80 | +52.9% | +82.8% | 17.9% | – | 3.55% | 8.36% | 0.09% | |
| 12,364 | 11.07 | 1.56 | +8.3% | +1.0% | 15.2% | – | 7.27% | 19.05% | 0.48% |
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
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 |
|---|---|---|
| 13 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 | ₹7.50 |
| 15 Jul 2025 | Final | ₹6.50 |
| 16 Jul 2024 | Final | ₹6.30 |
| 21 Jul 2023 | Final | ₹6.00 |
| 20 Jul 2022 | Final | ₹3.60 |
| 16 Jul 2021 | Final | ₹0.80 |
Latest announcements
Routine notices left out.Mahindra & Mahindra Financial Services announcements
Oct 2026
21 Oct · Analysts
13 Oct · Analysts
8 Oct · Rating
2 Oct · General Updates
Mahindra & Mahindra Financial Services annual report, year to Mar 2026
Mahindra & Mahindra Financial Services share price by year
Each calendar year to 2025.Mahindra & Mahindra Financial Services share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 403.00 | +52.1% | 404.40 | 244.25 |
| 2024 | 264.95 | −4.2% | 340.50 | 250.55 |
| 2023 | 276.70 | +17.9% | 343.75 | 218.15 |
| 2022 | 234.60 | +57.5% | 241.15 | 130.60 |
| 2021 | 148.95 | −14.8% | 220.75 | 139.40 |
| 2020 | 174.90 | −45.8% | 398.05 | 113.45 |
| 2019 | 322.45 | −31.9% | 471.80 | 293.25 |
| 2018 | 473.65 | +0.1% | 528.15 | 356.25 |
| 2017 | 473.10 | +75.1% | 479.20 | 267.10 |
| 2016 | 270.25 | +11.6% | 385.60 | 191.60 |
Recent sessions
The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 28 Oct 2026 | 261.50 | 263.50 | 253.40 | 263.00 | 258.74 | 36,18,715 | 43.4% |
| 27 Oct 2026 | 280.00 | 280.00 | 258.20 | 260.85 | 265.36 | 72,37,653 | 46.7% |
| 26 Oct 2026 | 274.00 | 281.05 | 267.30 | 279.25 | 274.95 | 20,78,347 | 42.8% |
| 23 Oct 2026 | 288.00 | 289.60 | 271.80 | 276.90 | 277.09 | 28,79,075 | 52.4% |
| 22 Oct 2026 | 289.90 | 290.00 | 268.25 | 287.60 | 280.69 | 1,31,71,893 | 29.8% |
| 21 Oct 2026 | 306.50 | 307.95 | 295.30 | 297.45 | 298.45 | 25,16,245 | 57.4% |
| 19 Oct 2026 | 313.80 | 315.25 | 302.00 | 304.90 | 307.15 | 23,32,226 | 60.4% |
| 16 Oct 2026 | 317.80 | 317.80 | 309.75 | 311.55 | 312.62 | 14,44,372 | 57.1% |
| 15 Oct 2026 | 321.80 | 321.80 | 315.05 | 316.15 | 317.77 | 10,61,098 | 58.9% |
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Stock split history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 14 May 2025 | Rights issue | – | Shareholders were offered new shares. Noted, not adjusted for. |
| 22 Jul 2020 | Rights issue | – | Shareholders were offered new shares. Noted, not adjusted for. |
| 22 Jul 2020 | Price 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 2020 | Price 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 2013 | Split | 0.2000 | Each share became 5. |
Company details
- NSE symbol
- M&MFIN
- BSE code
- 532720
- ISIN
- INE774D01024
- Industry
- Finance
- Website
- www.mahindrafinance.com
- CIN
- L65921MH1991PLC059642
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1991
- 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