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Mahindra & Mahindra Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹2,282.12Overvalued by 24.73%vs CMP ₹3,032.00

P/E (23.6) × ROE (18.0%) × BV (₹666.00) × DY (0.83%)

₹1,815.81Overvalued by 40.11%vs CMP ₹3,032.00
MoS: -67% (Negative)Confidence: 65/100 (Moderate)Models: All 8: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹2,716.6226%Over (-10.4%)
Graham NumberEarnings₹1,376.6519%Over (-54.6%)
DCFCash Flow₹2,197.3313%Over (-27.5%)
Net Asset ValueAssets₹666.318%Over (-78%)
EV/EBITDAEnterprise₹1,923.9611%Over (-36.5%)
Earnings YieldEarnings₹1,264.708%Over (-58.3%)
ROCE CapitalReturns₹1,383.458%Over (-54.4%)
Revenue MultipleRevenue₹1,280.536%Over (-57.8%)
Consensus (8 models)₹1,815.81100%Overvalued
Key Drivers: Wide model spread (₹666–₹2,717) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 19.0%

*Investments are subject to market risks

Analyst Summary

Mahindra & Mahindra Ltd operates in the Auto - Cars & Jeeps segment, NSE: M&M | BSE: 500520, current market price is ₹3,032.00, market cap is 3,76,976 Cr.. At a glance, stock P/E is 23.6, ROE is 18.0 %, ROCE is 13.9 %, book value is 666, dividend yield is 0.83 %. The latest intrinsic value estimate is ₹1,815.81, around 40.1% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹159,211 Cr versus the prior period change of 14.5%, while latest net profit is about ₹14,073 Cr with a prior-period change of 14.7%. The 52-week range shown on this page is 3,840/2,360, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisMahindra & 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)…

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

Investment Snapshot

63
Mahindra & Mahindra Ltd scores 63/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health57/100 · Moderate
ROCE 13.9% GoodROE 18.0% GoodD/E 1.43 High debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 0.62% MF buyingPromoter holding at 18.4% Stable
Earnings Quality60/100 · Moderate
OPM stable around 19% SteadyWorking capital: -14 days (improving) Efficient
Quarterly Momentum78/100 · Strong
Revenue (4Q): +23% YoY AcceleratingProfit (4Q): +24% YoY Positive
Industry Rank60/100 · Moderate
P/E 23.6 vs industry 23.6 In-lineROCE 13.9% vs industry 13.9% Average3Y sales CAGR: 21% High growth

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: April 2, 2026, 3:17 am

Market Cap 3,76,976 Cr.
Current Price 3,032
Intrinsic Value₹1,815.81
High / Low 3,840/2,360
Stock P/E23.6
Book Value 666
Dividend Yield0.83 %
ROCE13.9 %
ROE18.0 %
Face Value 5.00
PEG Ratio1.24

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

View Share Price Target for Mahindra & Mahindra Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Mahindra & Mahindra Ltd 3,76,976 Cr. 3,032 3,840/2,36023.6 6660.83 %13.9 %18.0 % 5.00
Industry Average376,976.00 Cr3,032.0023.60666.000.83%13.90%18.00%5.00

All Competitor Stocks of Mahindra & Mahindra Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 30,62132,45633,89234,43635,29935,45237,21837,92441,47042,59945,52946,10652,100
Expenses 25,36826,79827,64228,70629,07528,84829,97530,79033,23934,68837,30137,16641,939
Operating Profit 5,2545,6586,2495,7306,2246,6047,2437,1338,2317,9118,2288,94010,160
OPM % 17%17%18%17%18%19%19%19%20%19%18%19%20%
Other Income 1,1846621,0658127567507331,1267191,1411,3951,134976
Interest 1,5961,6341,7191,8351,9451,9892,1082,2172,3622,3972,4312,3472,405
Depreciation 1,1101,1941,1281,1391,1231,3351,2481,3021,4952,0291,5481,6692,163
Profit before tax 3,7323,4924,4683,5683,9124,0304,6214,7405,0924,6275,6446,0586,569
Tax % 20%14%18%30%24%22%23%29%29%23%22%35%24%
Net Profit 2,9942,9983,6842,4842,9773,1253,5463,3613,6243,5424,3773,9645,021
EPS in Rs 21.5321.2028.2118.8821.3822.1526.4025.5025.5826.5032.8429.5437.59

Last Updated: March 3, 2026, 11:46 pm

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
Sales 74,00171,44875,84183,77392,094104,72175,38274,27890,171121,269139,078159,211186,334
Expenses 63,83062,65565,75973,03878,86889,51465,22462,79175,488100,983114,186128,693151,095
Operating Profit 10,1708,79310,08210,73513,22615,20710,15811,48714,68320,28524,89230,51835,239
OPM % 14%12%13%13%14%15%13%15%16%17%18%19%19%
Other Income 7738001,3992,0774,3662,6768851,1523,2043,9613,2983,7184,647
Interest 2,9543,1573,3683,6483,9875,0216,0216,1025,0185,8307,4889,0839,580
Depreciation 2,1702,1242,4422,8133,2803,9913,3673,3783,5084,3574,7246,0747,408
Profit before tax 5,8204,3135,6726,35010,3268,8711,6553,1589,36214,06015,97819,08022,897
Tax % 26%40%37%36%23%32%119%52%23%19%23%26%
Net Profit 5,1543,3813,5544,0517,9586,017-3211,5127,25311,37412,27014,07316,904
EPS in Rs 37.8925.2625.3529.7760.4142.761.0214.5852.9182.6890.62103.97126.47
Dividend Payout % 18%23%21%22%11%17%205%54%20%18%21%22%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-34.40%5.12%13.98%96.45%-24.39%-105.33%571.03%379.70%56.82%7.88%14.69%
Change in YoY Net Profit Growth (%)0.00%39.52%8.87%82.46%-120.84%-80.94%676.36%-191.33%-322.88%-48.94%6.82%

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

No data available for the compounded sales growth chart.

Balance Sheet

Last Updated: December 4, 2025, 1:36 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 295296270311543544554555556557557558558
Reserves 23,01225,56126,22229,46736,23239,43939,41541,02746,56755,80965,63376,48182,286
Borrowings 35,16737,91141,55348,76255,89870,84882,09280,62577,60592,247108,647129,025126,709
Other Liabilities 29,41530,60831,80635,29643,69651,05743,65542,76247,66155,67059,88469,95083,376
Total Liabilities 87,88994,37699,852113,835136,369161,889165,716164,968172,388204,283234,722276,013292,930
Fixed Assets 18,38119,04720,58520,98926,18228,98329,68921,38026,01827,14028,12934,63641,872
CWIP 2,1913,0322,3714,2794,2694,7606,8567,8736,7033,9698,0398,2982,570
Investments 8,08210,02711,60314,66216,01818,26819,21028,77830,06035,27235,20841,30936,327
Other Assets 59,23462,27065,29373,90589,900109,878109,960106,938109,607137,902163,345191,771212,160
Total Assets 87,88994,37699,852113,835136,369161,889165,716164,968172,388204,283234,722276,013292,930

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + -2441,0552,385183682-4,347-1,45717,9099,248-7,074-5,6303,176
Cash from Investing Activity + -4,524-4,357-5,506-5,875-5,467-7,174-6,870-19,686-3,252-8,866-5,615-18,616
Cash from Financing Activity + 5,5771,6692,9676,1086,31413,1946,933406-5,88315,94612,28115,834
Net Cash Flow 810-1,633-1544161,5291,672-1,394-1,37011361,037394
Free Cash Flow -3,851-3,661-1,729-4,780-5,109-11,546-8,25113,2833,328-13,241-15,303-6,633
CFO/OP 10%31%43%20%25%-9%8%172%74%-21%-7%26%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-25.00-29.00-31.00-38.00-42.00-55.00-72.00-69.00-63.00-72.00-84.00-99.00

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
Debtor Days 282828313430343026212019
Inventory Days 6872746464741069182838178
Days Payable 9697108107125127142147134118112118
Cash Conversion Cycle 03-6-11-27-23-3-26-27-13-11-21
Working Capital Days 16-5-3-2-8-14-20-11-13-14-8-14
ROCE %14%11%13%12%13%12%7%8%11%13%14%14%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 19.37%19.37%19.33%19.33%18.58%18.55%18.53%18.48%18.45%18.43%18.43%18.43%
FIIs 39.24%40.14%40.26%40.86%41.75%41.90%41.18%38.92%38.30%38.53%38.04%37.49%
DIIs 27.66%26.89%26.79%26.26%26.13%26.18%27.04%29.22%29.77%29.57%29.95%30.39%
Government 0.07%0.07%0.07%0.07%0.07%0.07%0.07%0.07%0.08%0.08%0.08%0.12%
Public 9.81%9.71%9.73%9.71%9.70%9.57%9.44%9.66%9.78%9.77%9.93%10.03%
Others 3.85%3.83%3.80%3.77%3.75%3.73%3.69%3.63%3.60%3.58%3.55%3.52%
No. of Shareholders 6,47,1416,36,9846,75,6216,90,0067,21,6727,56,2597,99,5318,55,1758,95,6998,64,1898,81,1548,85,061

Shareholding Pattern Chart

No. of Shareholders

Mahindra & Mahindra 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
Parag Parikh Flexi Cap Fund 13,974,725 3.58 4795.8513,033,4702026-02-22 05:52:217.22%
ICICI Prudential Large Cap Fund 5,752,298 2.58 1974.075,173,3982026-02-22 05:52:2111.19%
Nippon India Large Cap Fund 3,690,580 2.53 1266.53N/AN/AN/A
Axis Large Cap Fund 3,316,715 3.51 1138.233,234,4552026-02-22 05:52:212.54%
Aditya Birla Sun Life Large Cap Fund 3,031,152 3.42 1040.233,033,7622025-12-14 01:18:41-0.09%
HDFC Balanced Advantage Fund 2,858,563 0.92 9812,914,5632026-02-23 04:29:17-1.92%
Mirae Asset Large Cap Fund 2,598,370 2.21 891.712,482,2782026-01-26 07:25:514.68%
SBI ELSS Tax Saver Fund 2,515,083 2.71 863.13N/AN/AN/A
Axis ELSS Tax Saver Fund 2,426,822 2.53 832.842,499,5542026-01-26 04:48:58-2.91%
SBI Automotive Opportunities Fund 2,400,000 16.42 823.63N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 5.005.005.005.005.00
Basic EPS (Rs.) 115.91101.1492.4159.2016.33
Diluted EPS (Rs.) 115.06100.7091.9658.8316.15
Cash EPS (Rs.) 166.71142.38127.7480.0732.55
Book Value[Excl.RevalReserv]/Share (Rs.) 690.13695.30602.37510.96456.20
Book Value[Incl.RevalReserv]/Share (Rs.) 690.13695.30602.37510.96456.20
Revenue From Operations / Share (Rs.) 1422.111240.441088.94810.80668.99
PBDIT / Share (Rs.) 292.93242.82192.99140.43132.48
PBIT / Share (Rs.) 238.52200.44153.86108.89102.06
PBT / Share (Rs.) 157.15133.27112.7467.4936.67
Net Profit / Share (Rs.) 112.30100.0188.6248.532.12
NP After MI And SOA / Share (Rs.) 115.82101.0992.3259.1416.32
PBDIT Margin (%) 20.5919.5717.7217.3119.80
PBIT Margin (%) 16.7716.1514.1213.4215.25
PBT Margin (%) 11.0510.7410.358.325.48
Net Profit Margin (%) 7.898.068.135.980.31
NP After MI And SOA Margin (%) 8.148.148.477.292.44
Return on Networth / Equity (%) 16.7817.0218.2413.954.35
Return on Capital Employeed (%) 14.2113.8912.6610.279.85
Return On Assets (%) 4.654.764.993.771.08
Long Term Debt / Equity (X) 1.031.020.971.031.32
Total Debt / Equity (X) 1.571.561.571.581.43
Asset Turnover Ratio (%) 0.610.620.670.490.39
Current Ratio (X) 1.401.301.291.341.40
Quick Ratio (X) 1.181.051.061.131.22
Inventory Turnover Ratio (X) 8.164.396.085.233.32
Dividend Payout Ratio (NP) (%) 18.1916.0612.4914.8814.46
Dividend Payout Ratio (CP) (%) 12.3811.318.779.705.05
Earning Retention Ratio (%) 81.8183.9487.5185.1285.54
Cash Earning Retention Ratio (%) 87.6288.6991.2390.3094.95
Interest Coverage Ratio (X) 3.603.613.693.112.41
Interest Coverage Ratio (Post Tax) (X) 2.382.492.481.991.59
Enterprise Value (Cr.) 410261.90316693.68217230.66162866.82144051.42
EV / Net Operating Revenue (X) 2.582.291.791.811.94
EV / EBITDA (X) 12.5511.7010.1110.439.79
MarketCap / Net Operating Revenue (X) 1.871.551.060.991.19
Retention Ratios (%) 81.8083.9387.5085.1185.53
Price / BV (X) 3.863.242.291.902.12
Price / Net Operating Revenue (X) 1.871.551.060.991.19
EarningsYield 0.040.050.070.070.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

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 passenger cars. Company's Total Operating Revenue is Rs. 116483.68 Cr. and Equity Capital is Rs. 600.39 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Auto - Cars & JeepsGateway Building, Mumbai Maharashtra 400001Contact not found
Management
NamePosition Held
Mr. Anand G MahindraChairman
Dr. Anish ShahManaging Director & CEO
Mr. Rajesh JejurikarExecutive Director & CEO
Mr. T N ManoharanLead Independent Director
Ms. Nisaba GodrejIndependent Director
Mr. Muthiah MurugappanIndependent Director
Ms. Shikha SharmaIndependent Director
Ms. Padmasree WarriorIndependent Director
Mr. Ranjan PantNon Exe.Non Ind.Director
Mr. Sat Pal BhanooNon Exe.Non Ind.Director

FAQ

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

As of 25 April 2026, Mahindra & Mahindra Ltd's intrinsic value is ₹1815.81, which is 40.11% lower than the current market price of ₹3,032.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (18.0 %), book value (₹666), dividend yield (0.83 %), and 5-year EPS CAGR.

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

Mahindra & Mahindra Ltd is trading at ₹3,032.00 as of 25 April 2026, with a FY2026-2027 high of ₹3,840 and low of ₹2,360. The stock is currently in the middle of its 52-week range. Market cap stands at ₹3,76,976 Cr..

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

Mahindra & Mahindra Ltd has a P/E ratio of 23.6, which is below the industry average of 23.60. This is broadly in line with or below the industry average.

Is Mahindra & Mahindra Ltd financially healthy?

Key indicators for Mahindra & Mahindra Ltd: ROCE of 13.9 % is moderate; ROE of 18.0 % shows strong shareholder returns. Dividend yield is 0.83 %.

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

Mahindra & Mahindra Ltd reported a net profit of ₹14,073 Cr in Mar 2025 on revenue of ₹159,211 Cr. Compared to ₹7,253 Cr in Mar 2022, the net profit shows an improving trend.

Does Mahindra & Mahindra Ltd pay dividends?

Mahindra & Mahindra Ltd has a dividend yield of 0.83 % at the current price of ₹3,032.00. The company pays dividends, though the yield is modest.

Last Updated: April 2, 2026, 3:17 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500520 | NSE: M&M
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 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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