Fundamental Analysis of Mahindra & Mahindra Ltd

About the Company - Mahindra & Mahindra Ltd

Mahindra & Mahindra Ltd. is a Public Limited Listed company incorporated on 02/10/1945 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L65990MH1945PLC004558 and registration number is 004558. Currently Company is involved in the business activities of Manufacture of agricultural and forestry machinery. Company’s Total Operating Revenue is Rs. 57445.97 Cr. and Equity Capital is Rs. 598.30 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Auto - Cars & Jeeps	Gateway Building, Apollo Bunder, Mumbai Maharashtra 400001	investors@mahindra.com http://www.mahindra.com

Management
Name	Position Held
Mr. Vijay Kumar Sharma	Nominee Director
Mr. Anand G Mahindra	Chairman
Dr. Anish Shah	Managing Director & CEO
Mr. Rajesh Jejurikar	Executive Director & CEO
Mr. C P Gurnani	Non Exe.Non Ind.Director
Mr. Vikram Singh Mehta	Lead Independent Director
Ms. Nisaba Godrej	Independent Director
Mr. Muthiah Murugappan	Independent Director
Dr. Vishakha N Desai	Independent Director
Mr. T N Manoharan	Independent Director
Ms. Shikha Sharma	Independent Director
Mr. Haigreve Khaitan	Independent Director

Basic Stock Data of Mahindra & Mahindra Ltd

Last Updated: July 6, 2024, 11:52 am

Market Cap	3,58,211 Cr.
Current Price	2,881
High / Low	3,014/1,416
Stock P/E	31.8
Book Value	532
Dividend Yield	0.73 %
ROCE	13.6 %
ROE	18.4 %
Face Value	5.00
PEG Ratio	0.22

Competitors of Mahindra & Mahindra Ltd

Stock Name	Market Cap	Current Price	High / Low	Stock P/E	Book Value	Dividend Yield	ROCE	ROE	Face Value
Maruti Suzuki India Ltd	3,80,554 Cr.	12,104	13,074/9,254	28.2	2,724	1.03 %	23.7 %	18.3 %	5.00
Industry Average	380,554.00 Cr	12,104.00		28.20	2,724.00	1.03%	23.70%	18.30%	5.00

Mahindra & Mahindra Ltd Quarterly Results

Month	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Sales	19,227	21,626	21,456	19,172	21,470	23,594	25,934	28,414	29,870	30,620	32,456	33,892	34,436
Expenses	15,722	19,103	18,057	18,184	16,578	19,068	21,657	24,016	24,802	25,368	26,798	27,642	28,706
Operating Profit	3,505	2,523	3,399	987	4,892	4,526	4,278	4,399	5,068	5,253	5,658	6,249	5,730
OPM %	18%	12%	16%	5%	23%	19%	16%	15%	17%	17%	17%	18%	17%
Other Income	-244	528	347	565	690	815	1,135	675	1,348	1,185	662	1,065	812
Interest	1,589	1,516	1,403	1,300	1,285	1,211	1,222	1,219	1,382	1,596	1,634	1,719	1,835
Depreciation	861	847	850	802	852	919	935	960	1,092	1,110	1,194	1,128	1,139
Profit before tax	810	687	1,493	-550	3,445	3,211	3,256	2,894	3,943	3,732	3,492	4,468	3,568
Tax %	82%	77%	23%	40%	28%	23%	20%	18%	23%	20%	14%	18%	30%
Net Profit	148	160	1,150	-332	2,491	2,485	2,608	2,361	3,021	2,994	2,998	3,684	2,484
EPS in Rs	1.09	5.67	0.64	3.41	15.51	15.99	18.00	17.66	22.30	21.53	21.20	28.21	18.88

Mahindra & Mahindra Ltd Quarterly Chart

Mahindra & Mahindra Ltd Profit & Loss

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	59,399	68,693	74,001	71,448	75,841	83,773	92,094	104,721	75,382	74,278	90,171	121,269	136,082
Expenses	52,140	59,578	63,830	62,655	65,759	73,038	78,868	89,514	65,224	62,791	75,488	100,983	112,222
Operating Profit	7,259	9,116	10,170	8,793	10,082	10,735	13,226	15,207	10,158	11,487	14,683	20,285	23,861
OPM %	12%	13%	14%	12%	13%	13%	14%	15%	13%	15%	16%	17%	18%
Other Income	526	841	773	800	1,399	2,077	4,366	2,676	885	1,152	3,204	3,961	3,294
Interest	1,800	2,297	2,954	3,157	3,368	3,648	3,987	5,021	6,021	6,102	5,018	5,830	7,132
Depreciation	1,802	2,080	2,170	2,124	2,442	2,813	3,280	3,991	3,367	3,378	3,508	4,357	4,583
Profit before tax	4,184	5,580	5,820	4,313	5,672	6,350	10,326	8,871	1,655	3,158	9,362	14,060	15,439
Tax %	34%	35%	26%	40%	37%	36%	23%	32%	119%	52%	23%	19%
Net Profit	3,060	4,129	5,154	3,381	3,554	4,051	7,958	6,017	-321	1,512	7,253	11,374	12,143
EPS in Rs	25.46	33.38	37.89	25.26	25.35	29.77	60.41	42.76	1.02	14.58	52.91	82.68	89.67
Dividend Payout %	24%	19%	18%	23%	21%	22%	11%	17%	205%	54%	20%	18%

Mahindra & Mahindra Ltd Profit & Loss Yearly Chart

Mahindra & Mahindra Ltd Growth

Compounded Sales Growth
10 Years:	7%
5 Years:	6%
3 Years:	23%
TTM:	15%

Compounded Profit Growth
10 Years:	10%
5 Years:	17%
3 Years:	80%
TTM:	20%

Stock Price CAGR
10 Years:	17%
5 Years:	34%
3 Years:	54%
1 Year:	95%

Return on Equity
10 Years:	13%
5 Years:	12%
3 Years:	17%
Last Year:	18%

Last Updated: June 25, 2024, 8:31 pm

Mahindra & Mahindra Ltd Balance Sheet

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	295	295	295	296	270	311	543	544	554	555	556	557	557
Reserves	16,409	19,666	23,012	25,561	26,222	29,467	36,232	39,439	39,415	41,027	46,567	55,809	59,929
Borrowings	23,121	28,711	35,167	37,911	41,553	48,762	55,898	70,848	82,092	80,625	77,605	92,247	99,712
Other Liabilities	23,623	27,460	29,415	30,608	31,806	35,296	43,696	51,057	43,655	42,762	47,661	55,670	60,575
Total Liabilities	63,448	76,131	87,889	94,376	99,852	113,835	136,369	161,889	165,716	164,968	172,388	204,283	220,773
Fixed Assets	17,198	18,307	18,381	19,047	20,585	20,989	26,182	28,983	29,689	21,380	26,018	27,140	30,544
CWIP	1,488	1,631	2,191	3,032	2,371	4,279	4,269	4,760	6,856	7,873	6,703	3,969	2,014
Investments	5,347	6,440	8,082	10,027	11,603	14,662	16,018	18,268	19,210	28,778	30,060	35,272	33,964
Other Assets	39,414	49,752	59,234	62,270	65,293	73,905	89,900	109,878	109,960	106,938	109,607	137,902	154,250
Total Assets	63,448	76,131	87,889	94,376	99,852	113,835	136,369	161,889	165,716	164,968	172,388	204,283	220,773

Mahindra & Mahindra Ltd Reserves and Borrowings Chart

Mahindra & Mahindra Ltd Cash Flow

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	61	-922	-244	1,055	2,385	183	682	-4,347	-1,457	17,909	9,248	-7,074
Cash from Investing Activity	-2,968	-2,903	-4,524	-4,357	-5,506	-5,875	-5,467	-7,174	-6,870	-19,686	-3,252	-8,866
Cash from Financing Activity	4,256	4,508	5,577	1,669	2,967	6,108	6,314	13,194	6,933	406	-5,883	15,946
Net Cash Flow	1,349	684	810	-1,633	-154	416	1,529	1,672	-1,394	-1,370	113	6

Mahindra & Mahindra Ltd Financial Efficiency Indicators

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	33	28	28	28	28	31	34	30	34	30	26	21
Inventory Days	74	73	68	72	74	64	64	74	106	91	82	83
Days Payable	103	104	96	97	108	107	125	127	142	147	134	118
Cash Conversion Cycle	3	-3	0	3	-6	-11	-27	-23	-3	-26	-27	-13
Working Capital Days	28	25	30	31	31	42	37	23	29	15	95	89
ROCE %	15%	15%	14%	11%	13%	12%	13%	12%	7%	8%	11%	13%

Mahindra & Mahindra Ltd Financial Efficiency Indicators Chart

Mahindra & Mahindra Ltd Share Holding Pattern

Month	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoters	19.44%	19.45%	19.46%	19.46%	19.47%	19.47%	19.45%	19.38%	19.39%	19.37%	19.37%	19.33%
FIIs	37.90%	38.93%	40.05%	38.92%	38.66%	37.30%	37.94%	38.27%	39.16%	39.24%	40.14%	40.26%
DIIs	28.24%	27.35%	26.12%	27.08%	27.81%	28.78%	28.93%	28.50%	27.72%	27.66%	26.89%	26.79%
Government	0.24%	0.24%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%
Public	10.02%	9.91%	10.20%	10.40%	9.95%	10.40%	9.66%	9.83%	9.77%	9.81%	9.71%	9.73%
Others	4.15%	4.12%	4.10%	4.07%	4.03%	3.97%	3.95%	3.92%	3.88%	3.85%	3.83%	3.80%
No. of Shareholders	4,10,346	4,44,750	5,31,369	5,81,779	5,68,603	6,32,816	5,81,288	6,49,341	6,36,956	6,47,141	6,36,984	6,75,621

Mahindra & Mahindra Ltd Shareholding Pattern Chart

No. of Mahindra & Mahindra Ltd Shareholders

Mahindra & Mahindra Ltd Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
SBI Nifty 50 ETF	16,610,010	1.67	2736.91	9,078,667	2024-07-05	82.96%
SBI S&P BSE Sensex ETF	12,524,684	2.06	2063.57	9,078,667	2024-07-05	37.96%
HDFC Flexi Cap Fund - Regular Plan	9,078,667	3.36	1324.21	9,078,667	2024-07-05	0%
SBI Blue Chip Fund	5,500,000	2.22	906.26	9,078,667	2024-07-05	-39.42%
Axis Bluechip Fund	5,454,521	2.82	898.77	9,078,667	2024-07-05	-39.92%
Axis ELSS Tax Saver Fund	4,662,003	2.32	768.18	9,078,667	2024-07-05	-48.65%
Aditya Birla Sun Life Frontline Equity Fund	3,735,556	2.53	615.53	9,078,667	2024-07-05	-58.85%
SBI Long Term Equity Fund	3,415,083	3.26	562.72	9,078,667	2024-07-05	-62.38%
ICICI Prudential Balanced Advantage Fund	3,433,592	1	500.82	9,078,667	2024-07-05	-62.18%
HDFC Balanced Advantage Fund - Regular Plan	3,319,329	0.76	484.16	9,078,667	2024-07-05	-63.44%

Mahindra & Mahindra Ltd ROCE Trend

Mahindra & Mahindra Ltd EPS Trend

Mahindra & Mahindra Ltd Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	5.00	5.00	5.00	5.00	5.00
Basic EPS (Rs.)	100.01	92.41	59.20	16.33	-1.15
Diluted EPS (Rs.)	101.09	91.96	58.83	16.15	-1.04
Cash EPS (Rs.)	142.38	127.74	80.07	32.55	18.21
Book Value[Excl.RevalReserv]/Share (Rs.)	695.30	602.37	510.96	456.20	429.94
Book Value[Incl.RevalReserv]/Share (Rs.)	695.30	602.37	510.96	456.20	429.94
Revenue From Operations / Share (Rs.)	1247.61	1088.94	810.80	668.99	680.00
PBDIT / Share (Rs.)	242.82	192.99	140.43	132.48	128.28
PBIT / Share (Rs.)	200.44	153.86	108.89	102.06	97.91
PBT / Share (Rs.)	133.27	112.74	67.49	36.67	33.03
Net Profit / Share (Rs.)	100.01	88.62	48.53	2.12	-12.16
NP After MI And SOA / Share (Rs.)	101.09	92.32	59.14	16.32	1.15
PBDIT Margin (%)	19.46	17.72	17.31	19.80	18.86
PBIT Margin (%)	16.06	14.12	13.42	15.25	14.39
PBT Margin (%)	10.68	10.35	8.32	5.48	4.85
Net Profit Margin (%)	8.01	8.13	5.98	0.31	-1.78
NP After MI And SOA Margin (%)	8.10	8.47	7.29	2.44	0.16
Return on Networth / Equity (%)	17.02	18.24	13.95	4.35	0.31
Return on Capital Employeed (%)	13.89	12.66	10.27	9.85	9.60
Return On Assets (%)	4.76	4.99	3.77	1.08	0.07
Long Term Debt / Equity (X)	1.02	0.97	1.03	1.32	1.31
Total Debt / Equity (X)	1.56	1.57	1.58	1.43	1.56
Asset Turnover Ratio (%)	0.62	0.67	0.49	0.39	0.42
Current Ratio (X)	1.30	1.29	1.34	1.40	1.19
Quick Ratio (X)	1.05	1.06	1.13	1.22	0.98
Inventory Turnover Ratio (X)	4.39	6.08	5.23	3.32	2.93
Dividend Payout Ratio (NP) (%)	0.00	12.49	14.88	14.46	893.49
Dividend Payout Ratio (CP) (%)	0.00	8.77	9.70	5.05	32.48
Earning Retention Ratio (%)	0.00	87.51	85.12	85.54	-793.49
Cash Earning Retention Ratio (%)	0.00	91.23	90.30	94.95	67.52
Interest Coverage Ratio (X)	3.61	3.69	3.11	2.41	2.36
Interest Coverage Ratio (Post Tax) (X)	2.49	2.48	1.99	1.59	1.47
Enterprise Value (Cr.)	316693.68	217230.66	162866.82	144051.42	93890.38
EV / Net Operating Revenue (X)	2.28	1.79	1.81	1.94	1.25
EV / EBITDA (X)	11.70	10.11	10.43	9.79	6.60
MarketCap / Net Operating Revenue (X)	1.54	1.06	0.99	1.19	0.41
Retention Ratios (%)	0.00	87.50	85.11	85.53	-793.49
Price / BV (X)	3.24	2.29	1.90	2.12	0.79
Price / Net Operating Revenue (X)	1.54	1.06	0.99	1.19	0.41
EarningsYield	0.05	0.07	0.07	0.02	0.00

Mahindra & Mahindra Ltd Profitability Ratios (%)

Mahindra & Mahindra Ltd Liquidity Ratios

Mahindra & Mahindra Ltd Liquidity Ratios (%)

Mahindra & Mahindra Ltd Interest Coverage Ratios (%)

Mahindra & Mahindra Ltd Valuation Ratios

Fair Value

Fair Value: 3,135.56

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

Undervalued: 8.84% compared to the current price 2881

Intrinsic Value: 7,675.82

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Undervalued: 166.43% compared to the current price ₹2881

Last 5 Year EPS CAGR: 144.80%

*Investments are subject to market risks

Strength and Weakness of Mahindra & Mahindra Ltd Stock

Strength	Weakness
The stock has a low average Cash Conversion Cycle of -11.08, which is a positive sign. The company has shown consistent growth in sales (86.31 cr) and profit (6.85 cr) over the years.	The stock has a low average ROCE of 12.00%, which may not be favorable. The stock has a high average Working Capital Days of 39.58, which may not be favorable. The company has higher borrowings (59,557.85) compared to reserves (35,288.85), which may suggest financial risk.

[display_related_posts_by_industry]

FAQ

What is the latest fair value of Mahindra & Mahindra Ltd?

The latest fair value of Mahindra & Mahindra Ltd is ₹3135.56.

What is the Market Cap of Mahindra & Mahindra Ltd?

The Market Cap of Mahindra & Mahindra Ltd is 3,58,211 Cr..

What is the current Stock Price of Mahindra & Mahindra Ltd as on 06 July 2024?

The current stock price of Mahindra & Mahindra Ltd as on 06 July 2024 is 2,881.

What is the High / Low of Mahindra & Mahindra Ltd stocks in FY 2024?

In FY 2024, the High / Low of Mahindra & Mahindra Ltd stocks is 3,014/1,416.

What is the Stock P/E of Mahindra & Mahindra Ltd?

The Stock P/E of Mahindra & Mahindra Ltd is 31.8.

What is the Book Value of Mahindra & Mahindra Ltd?

The Book Value of Mahindra & Mahindra Ltd is 532.

What is the Dividend Yield of Mahindra & Mahindra Ltd?

The Dividend Yield of Mahindra & Mahindra Ltd is 0.73 %.

What is the ROCE of Mahindra & Mahindra Ltd?

The ROCE of Mahindra & Mahindra Ltd is 13.6 %.

What is the ROE of Mahindra & Mahindra Ltd?

The ROE of Mahindra & Mahindra Ltd is 18.4 %.

What is the Face Value of Mahindra & Mahindra Ltd?

The Face Value of Mahindra & Mahindra Ltd is 5.00.