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Mahindra & Mahindra Financial Services Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹275.95Fairly Valued by 9.23%vs CMP ₹304.00

P/E (14.3) × ROE (12.3%) × BV (₹192.00) × DY (2.14%)

₹231.53Overvalued by 23.84%vs CMP ₹304.00
MoS: -31.3% (Negative)Confidence: 54/100 (Moderate)Models: 1 Under, 1 Fair, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹319.7225%Fair (+5.2%)
Graham NumberEarnings₹271.6418%Over (-10.6%)
Earnings PowerEarnings₹125.0112%Over (-58.9%)
DCFCash Flow₹358.8112%Under (+18%)
Net Asset ValueAssets₹191.998%Over (-36.8%)
EV/EBITDAEnterprise₹23.1410%Over (-92.4%)
Earnings YieldEarnings₹170.808%Over (-43.8%)
ROCE CapitalReturns₹195.358%Over (-35.7%)
Consensus (8 models)₹231.53100%Overvalued
Key Drivers: Wide model spread (₹23–₹359) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 15.9%

*Investments are subject to market risks

Analyst Summary

Mahindra & Mahindra Financial Services Ltd operates in the Finance & Investments segment, NSE: M&MFIN | BSE: 532720, current market price is ₹304.00, market cap is 42,180 Cr.. At a glance, stock P/E is 14.3, ROE is 12.3 %, ROCE is 8.72 %, book value is 192, dividend yield is 2.14 %. The latest intrinsic value estimate is ₹231.53, around 23.8% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹18,519 Cr versus the prior period change of 16.0%, while latest net profit is about ₹2,261 Cr with a prior-period change of 16.4%. The 52-week range shown on this page is 412/236, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisMahindra & Mahindra Financial Services Ltd. is a Public Limited Listed company incorporated on 01/01/1991 and has its registered office in the State of Maharashtra, India. Company's Corporate Identifi…

This summary is generated from the stock page data available for Mahindra & Mahindra Financial Services Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

52
Mahindra & Mahindra Financial Services Ltd scores 52/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health63/100 · Moderate
ROCE 8.7% AverageROE 12.3% GoodD/E 4.13 High debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -1.57% (6mo) SellingDII holding up 1.03% MF buyingPromoter holding at 52.5% Stable
Earnings Quality50/100 · Moderate
Quarterly Momentum40/100 · Moderate
Profit (4Q): -4% YoY Declining
Industry Rank55/100 · Moderate
P/E 14.3 vs industry 113.6 Cheaper than peersROCE 8.7% vs industry 21.3% Below peers

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: May 5, 2026, 12:34 am

Market Cap 42,180 Cr.
Current Price 304
Intrinsic Value₹229.09
High / Low 412/236
Stock P/E14.3
Book Value 192
Dividend Yield2.14 %
ROCE8.72 %
ROE12.3 %
Face Value 2.00
PEG Ratio0.90

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Mahindra & Mahindra Financial Services Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Mahindra & Mahindra Financial Services Ltd 42,180 Cr. 304 412/23614.3 1922.14 %8.72 %12.3 % 2.00
360 ONE WAM Ltd 43,321 Cr. 1,066 1,274/86235.6 2421.13 %12.1 %14.4 % 1.00
Tata Investment Corporation Ltd 36,219 Cr. 716 1,185/53983.5 5780.38 %1.57 %1.44 % 1.00
Sundaram Finance Ltd 50,562 Cr. 4,558 5,642/4,20024.0 1,3620.77 %9.64 %15.3 % 10.0
Anand Rathi Wealth Ltd 29,975 Cr. 3,607 3,735/1,63776.6 1230.36 %57.5 %45.3 % 5.00
Industry Average6,889.95 Cr1,278.05113.644,362.080.38%21.34%13.78%7.23

All Competitor Stocks of Mahindra & Mahindra Financial Services Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Revenue3,3243,4633,5833,8334,1004,2804,3164,4654,7974,8864,9915,0265,450
Interest 1,3731,4771,5971,7031,7981,8611,9602,0622,1752,2182,2802,1982,236
Expenses 1,0411,0721,5041,7241,4561,5201,6761,8301,3252,0011,9642,0151,913
Financing Profit9109134824068469006795731,2976677468141,301
Financing Margin %27%26%13%11%21%21%16%13%27%14%15%16%24%
Other Income 368667445068582819274339-100
Depreciation 63656667697276798285869496
Profit before tax 8849344833838268966615231,2336097047591,105
Tax % 25%28%25%25%25%25%25%25%26%25%25%25%25%
Net Profit 664675362287623671497390918456529566826
EPS in Rs 4.764.902.582.024.484.823.582.806.603.293.804.065.93
Gross NPA %
Net NPA %

Last Updated: February 5, 2026, 2:59 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 10:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Revenue5,2946,0516,5867,1897,91010,42911,99512,38211,41912,82815,96318,51920,352
Interest 2,2812,6432,8683,1863,4364,4325,3915,3084,4175,0946,9598,4158,931
Expenses 1,5321,9722,4593,1232,5473,1294,9036,0465,3474,6966,2046,8327,892
Financing Profit1,4811,4351,2588801,9272,8681,7021,0281,6553,0382,7993,2713,529
Financing Margin %28%24%19%12%24%28%14%8%14%24%18%18%17%
Other Income 71012123349475747-864778
Depreciation 264646545576147151152226275321360
Profit before tax 1,4621,4001,2248381,9052,8411,6029341,5492,8042,5883,0273,176
Tax % 34%34%36%37%36%34%32%16%26%26%25%25%
Net Profit 9659257875301,2161,8671,0867801,1502,0711,9432,2612,377
EPS in Rs 7.467.136.034.008.5313.157.735.568.1814.9113.9016.2717.08
Dividend Payout % 22%25%29%27%21%22%0%13%39%36%40%35%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-4.15%-14.92%-32.66%129.43%53.54%-41.83%-28.18%47.44%80.09%-6.18%16.37%
Change in YoY Net Profit Growth (%)0.00%-10.77%-17.74%162.09%-75.90%-95.37%13.66%75.61%32.65%-86.27%22.55%

Mahindra & Mahindra Financial Services Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:12%
5 Years:9%
3 Years:17%
TTM:16%
Compounded Profit Growth
10 Years:9%
5 Years:16%
3 Years:26%
TTM:11%
Stock Price CAGR
10 Years:6%
5 Years:15%
3 Years:7%
1 Year:-18%
Return on Equity
10 Years:10%
5 Years:9%
3 Years:11%
Last Year:11%

Last Updated: September 5, 2025, 10:15 am

Balance Sheet

Last Updated: May 1, 2026, 6:30 am

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital 113113113123123123246247247247247278
Reserves 5,8306,3566,8479,73211,14611,84615,53016,65018,31319,68621,28226,361
Borrowing29,23234,04440,64444,98658,80265,63465,10162,12681,429100,215119,093128,370
Other Liabilities 3,4594,4945,6193,8894,5054,1894,7244,7875,0963,5673,4833,635
Total Liabilities 38,63345,00753,22358,73074,57681,79385,60183,809105,085123,716144,105158,644
Fixed Assets 1191291331472014553995158711,0081,2071,334
CWIP 0010111223106662
Investments 6541,1991,3742,3783,3275,34012,1268,65410,0639,59810,5907,407
Other Assets 37,86043,67951,71456,20571,04675,99673,06474,63794,148113,004132,242149,902
Total Assets 38,63345,00753,22358,73074,57681,79385,60183,809105,085123,716144,105158,644

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + -3,970-4,957-6,467-8,510-12,078-3,1155,82618-17,395-18,449-15,602-12,772
Cash from Investing Activity + 34-440-97243-1,213-2,689-8,3483,112-1,6352,671-1,077770
Cash from Financing Activity + 3,9075,4316,7668,17413,4906,0502,548-3,17318,85216,09517,60510,637
Net Cash Flow -2934202-9319924526-43-179317927-1,365
Free Cash Flow -4,009-5,010-6,529-8,579-12,211-3,2315,785-276-17,794-18,719-15,975-13,120
CFO/OP -83%-104%-146%-146%-154%-36%102%10%-207%-181%-126%-91%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow1.00-28.00-32.00-37.00-42.00-55.00-61.00-59.00-57.00-77.00-94.00-113.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
ROE % 19%16%12%8%14%17%9%5%7%12%10%11%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 52.16%52.16%52.16%52.16%52.16%52.16%52.16%52.16%52.16%52.49%52.49%52.49%
FIIs 14.85%13.92%14.10%12.72%11.95%10.08%10.19%10.49%10.68%9.33%9.59%9.11%
DIIs 25.18%26.95%25.84%26.96%28.61%30.66%31.58%31.17%31.31%32.33%32.29%32.34%
Public 7.68%6.84%7.79%8.06%7.18%7.00%6.01%6.14%5.81%5.79%5.58%6.02%
Others 0.16%0.15%0.14%0.10%0.09%0.09%0.07%0.06%0.05%0.05%0.04%0.04%
No. of Shareholders 1,86,2651,85,7052,19,5102,39,3722,27,5122,24,2732,11,0512,24,4152,17,6202,27,1412,22,5262,43,019

Shareholding Pattern Chart

No. of Shareholders

Mahindra & Mahindra Financial Services Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Mid Cap Fund 61,975,386 2.52 2327.49N/AN/AN/A
SBI ELSS Tax Saver Fund 21,086,115 2.49 791.89N/AN/AN/A
SBI Contra Fund 19,717,172 1.52 740.486,828,1502025-12-08 00:07:54188.76%
SBI Midcap Fund 19,000,000 3.18 713.5522,500,0002026-01-26 06:12:10-15.56%
Sundaram Mid Cap Fund 11,511,504 3.35 432.3111,544,0322026-02-23 08:43:33-0.28%
SBI Balanced Advantage Fund 10,993,611 1.03 412.87N/AN/AN/A
Nippon India Growth Mid Cap Fund 10,499,100 0.94 394.29N/AN/AN/A
HDFC Large and Mid Cap Fund 9,829,103 1.31 369.13N/AN/AN/A
Franklin India Mid Cap Fund 7,413,356 2.28 278.417,539,1862026-02-23 01:54:56-1.67%
Tata Large & Mid Cap Fund 5,750,000 2.66 215.94N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 18.3215.6616.819.236.99
Diluted EPS (Rs.) 18.3115.6516.799.216.98
Cash EPS (Rs.) 20.3817.5118.2710.207.23
Book Value[Excl.RevalReserv]/Share (Rs.) 174.34161.82151.60138.18128.86
Book Value[Incl.RevalReserv]/Share (Rs.) 174.34161.82151.60138.18128.86
Revenue From Operations / Share (Rs.) 149.51127.97102.9591.7998.30
PBDIT / Share (Rs.) 94.7379.1265.9649.0949.71
PBIT / Share (Rs.) 92.1376.8964.1347.8648.49
PBT / Share (Rs.) 23.9820.5122.3812.207.26
Net Profit / Share (Rs.) 17.7815.2916.448.966.01
NP After MI And SOA / Share (Rs.) 18.3215.6616.809.226.28
PBDIT Margin (%) 63.3661.8264.0753.4850.56
PBIT Margin (%) 61.6260.0862.2952.1449.32
PBT Margin (%) 16.0416.0221.7313.297.38
Net Profit Margin (%) 11.8911.9415.969.766.11
NP After MI And SOA Margin (%) 12.2512.2316.3110.046.38
Return on Networth / Equity (%) 10.509.6911.166.724.90
Return on Capital Employeed (%) 16.3815.2914.0011.5812.21
Return On Assets (%) 1.561.561.971.350.90
Long Term Debt / Equity (X) 2.202.082.011.982.07
Total Debt / Equity (X) 5.534.934.393.684.13
Asset Turnover Ratio (%) 0.130.130.130.120.13
Current Ratio (X) 1.881.952.112.482.28
Quick Ratio (X) 1.881.952.112.482.28
Dividend Payout Ratio (NP) (%) 34.3838.3021.418.670.00
Dividend Payout Ratio (CP) (%) 30.1133.5319.317.640.00
Earning Retention Ratio (%) 65.6261.7078.5991.330.00
Cash Earning Retention Ratio (%) 69.8966.4780.6992.360.00
Interest Coverage Ratio (X) 1.391.401.601.371.15
Interest Coverage Ratio (Post Tax) (X) 1.261.271.411.251.10
Enterprise Value (Cr.) 148231.06129314.63106110.1877062.6885722.06
EV / Net Operating Revenue (X) 8.038.198.366.817.08
EV / EBITDA (X) 12.6713.2413.0412.7314.00
MarketCap / Net Operating Revenue (X) 1.892.182.251.732.02
Retention Ratios (%) 65.6161.6978.5891.320.00
Price / BV (X) 1.621.731.541.161.55
Price / Net Operating Revenue (X) 1.892.182.251.732.02
EarningsYield 0.060.050.070.050.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Mahindra & Mahindra Financial Services Ltd. is a Public Limited Listed company incorporated on 01/01/1991 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L65921MH1991PLC059642 and registration number is 059642. Currently Company is involved in the business activities of Other financial service activities, except insurance and pension funding activities. Company's Total Operating Revenue is Rs. 18445.59 Cr. and Equity Capital is Rs. 277.91 Cr. for the Year ended 31/03/2026.
INDUSTRYADDRESSCONTACT
Non-Banking Financial Company (NBFC)Gateway Building, Mumbai Maharashtra 400001Contact not found
Management
NamePosition Held
Dr. Anish ShahNon Executive Chairman
Mr. Raul RebelloManaging Director & CEO
Mr. Ashwani GhaiNon Exe.Non Ind.Director
Mr. Amarjyoti BaruaNon Exe.Non Ind.Director
Mr. Milind SarwateIndependent Director
Mr. Diwakar GuptaIndependent Director
Mr. Vijay Kumar SharmaIndependent Director
Dr. Rebecca NugentIndependent Director

FAQ

What is the intrinsic value of Mahindra & Mahindra Financial Services Ltd and is it undervalued?

As of 05 May 2026, Mahindra & Mahindra Financial Services Ltd's intrinsic value is ₹231.53, which is 23.84% lower than the current market price of ₹304.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (12.3 %), book value (₹192), dividend yield (2.14 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Mahindra & Mahindra Financial Services Ltd?

Mahindra & Mahindra Financial Services Ltd is trading at ₹304.00 as of 05 May 2026, with a FY2026-2027 high of ₹412 and low of ₹236. The stock is currently in the middle of its 52-week range. Market cap stands at ₹42,180 Cr..

How does Mahindra & Mahindra Financial Services Ltd's P/E ratio compare to its industry?

Mahindra & Mahindra Financial Services Ltd has a P/E ratio of 14.3, which is below the industry average of 113.64. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Mahindra & Mahindra Financial Services Ltd financially healthy?

Key indicators for Mahindra & Mahindra Financial Services Ltd: ROCE of 8.72 % is on the lower side compared to the industry average of 21.34%. Dividend yield is 2.14 %.

Is Mahindra & Mahindra Financial Services Ltd profitable and how is the profit trend?

Mahindra & Mahindra Financial Services Ltd reported a net profit of ₹2,261 Cr in Mar 2025 on revenue of ₹18,519 Cr. Compared to ₹1,150 Cr in Mar 2022, the net profit shows an improving trend.

Does Mahindra & Mahindra Financial Services Ltd pay dividends?

Mahindra & Mahindra Financial Services Ltd has a dividend yield of 2.14 % at the current price of ₹304.00. This is a relatively attractive yield for income-seeking investors.

Last Updated: May 5, 2026, 12:34 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532720 | NSE: M&MFIN
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Mahindra & Mahindra Financial Services Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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