Mahindra & Mahindra Ltd.
M&MConsumer Discretionary filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
3 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 3 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| ANALYST_MEET | 20260217 | 2025-12-31 | yes | |
| ANALYST_MEET | 20260508 | 2026-03-31 | yes | |
| ANALYST_MEET | 20260804 | 2026-06-30 | yes |
M&M
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 2,982.70 |
| 52-week range | 2931.1 – 3802.4 |
| Return 1M | -13.37% |
| Return 3M | -6.27% |
| Return 1Y | -16.57% |
| Return 3Y | 87.66% |
| Return 5Y | 282.67% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 58,188.00 |
| Other income | 1,016.00 |
| Total income | 59,204.00 |
| Cost of materials consumed | 33,229.00 |
| Purchases of stock-in-trade | 2,378.00 |
| Changes in inventories | 724.00 |
| Employee benefit expense | 3,388.00 |
| Finance costs | 2,560.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.18 | 0.00 |
| institutions foreign | 0.35 | -0.01 |
| institutions domestic | 0.33 | 0.01 |
| mutual funds | 0.18 | 0.01 |
| public | 0.78 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| ANALYST_MEET | 2026-06-30 | 3 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2023-06-30 | 2024-06-30 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 33,892.00 | 37,218.00 | 42,599.00 | 45,529.00 | 46,106.00 | 52,100.00 | 54,982.00 | 58,188.00 |
| Other income | 807.00 | 409.00 | 702.00 | 917.00 | 676.00 | 859.00 | 995.00 | 1,016.00 |
| Total income | 34,699.00 | 37,626.00 | 43,301.00 | 46,446.00 | 46,781.00 | 52,958.00 | 55,977.00 | 59,204.00 |
| Cost of materials consumed | 18,085.00 | 19,807.00 | 25,172.00 | 26,711.00 | 27,887.00 | 27,816.00 | 31,140.00 | 33,229.00 |
| Purchases of stock-in-trade | 1,806.00 | 1,823.00 | 1,856.00 | 2,067.00 | 2,044.00 | 2,223.00 | 2,336.00 | 2,378.00 |
| Changes in inventories | 585.00 | 532.00 | -1,259.00 | -443.00 | -1,822.00 | 2,108.00 | 855.00 | 724.00 |
| Employee benefit expense | 2,583.00 | 2,679.00 | 2,910.00 | 3,045.00 | 3,112.00 | 3,336.00 | 3,238.00 | 3,388.00 |
| Finance costs | 1,719.00 | 2,108.00 | 2,397.00 | 2,431.00 | 2,347.00 | 2,405.00 | 2,407.00 | 2,560.00 |
| Depreciation and amortisation | 1,128.00 | 1,248.00 | 2,029.00 | 1,548.00 | 1,669.00 | 2,163.00 | 1,943.00 | 1,760.00 |
| Other expenses | 4,587.00 | 5,134.00 | 6,009.00 | 5,922.00 | 5,955.00 | 6,511.00 | 7,696.00 | 7,902.00 |
| Total expenses | 30,492.00 | 33,330.00 | 39,114.00 | 41,280.00 | 41,192.00 | 46,561.00 | 49,615.00 | 51,943.00 |
| Profit before exceptional items and tax | 4,207.00 | 4,296.00 | 4,187.00 | 5,166.00 | 5,589.00 | 6,397.00 | 6,361.00 | 7,261.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -293.00 | 0.00 | 0.00 |
| Profit before tax | 4,207.00 | 4,296.00 | 4,187.00 | 5,166.00 | 5,589.00 | 6,104.00 | 6,361.00 | 7,261.00 |
| Current tax | 853.00 | 967.00 | 1,205.00 | 1,272.00 | 2,063.00 | 1,630.00 | 1,804.00 | 1,598.00 |
| Deferred tax | -69.00 | 108.00 | -121.00 | -4.00 | 31.00 | -83.00 | -150.00 | 33.00 |
| Tax expense | 784.00 | 1,075.00 | 1,085.00 | 1,268.00 | 2,094.00 | 1,547.00 | 1,654.00 | 1,631.00 |
| Profit for the period | 3,684.00 | 3,546.00 | 3,542.00 | 4,377.00 | 3,964.00 | 5,021.00 | 5,260.00 | 5,998.00 |
| Profit attributable to owners | 3,508.00 | 3,283.00 | 3,295.00 | 4,083.00 | 3,673.00 | 4,675.00 | 4,668.00 | 5,455.00 |
| Profit attributable to non-controlling interests | 175.00 | 263.00 | 247.00 | 293.00 | 290.00 | 347.00 | 592.00 | 543.00 |
| Other comprehensive income | -124.00 | 35.00 | 111.00 | 255.00 | -9.00 | 131.00 | 426.00 | 63.00 |
| Total comprehensive income | 3,560.00 | 3,581.00 | 3,652.00 | 4,631.00 | 3,955.00 | 5,153.00 | 5,686.00 | 6,061.00 |
| Earnings per share, basic | 31.50 | 29.44 | 29.52 | 36.58 | 32.90 | 41.85 | 41.77 | 48.80 |
| Earnings per share, diluted | 31.37 | 29.32 | 29.04 | 36.43 | 32.51 | 41.69 | 41.48 | 48.59 |
Annual results, as filed
| Line | 2025-03-31 | 2026-03-31 |
|---|---|---|
| Revenue from operations | 159,211.00 | 198,639.00 |
| Other income | 2,181.00 | 3,446.00 |
| Total income | 161,392.00 | 202,084.00 |
| Cost of materials consumed | 88,111.00 | 113,553.00 |
| Purchases of stock-in-trade | 7,644.00 | 8,670.00 |
| Changes in inventories | -12.00 | 699.00 |
| Employee benefit expense | 11,126.00 | 12,731.00 |
| Finance costs | 9,083.00 | 9,591.00 |
| Depreciation and amortisation | 6,074.00 | 7,322.00 |
| Other expenses | 21,824.00 | 26,006.00 |
| Total expenses | 143,850.00 | 178,572.00 |
| Profit before exceptional items and tax | 17,542.00 | 23,513.00 |
| Exceptional items | 0.00 | -293.00 |
| Profit before tax | 17,542.00 | 23,220.00 |
| Current tax | 4,852.00 | 6,769.00 |
| Deferred tax | 155.00 | -206.00 |
| Tax expense | 5,006.00 | 6,563.00 |
| Profit for the period | 14,073.00 | 18,622.00 |
| Profit attributable to owners | 12,929.00 | 17,099.00 |
| Profit attributable to non-controlling interests | 1,144.00 | 1,523.00 |
| Other comprehensive income | 180.00 | 803.00 |
| Total comprehensive income | 14,253.00 | 19,425.00 |
| Earnings per share, basic | 115.91 | 153.10 |
| Earnings per share, diluted | 115.06 | 152.18 |
Balance sheet, as filed
| Line | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|
| Total assets | 277,586.00 | 292,930.00 | 317,635.00 |
| Non-current assets | 151,013.00 | 158,378.00 | 170,495.00 |
| Current assets | 126,573.00 | 134,552.00 | 146,976.00 |
| Property, plant and equipment | 25,835.00 | 27,878.00 | 29,012.00 |
| Capital work-in-progress | 3,653.00 | 2,570.00 | 2,368.00 |
| Goodwill | 2,374.00 | 2,533.00 | 2,535.00 |
| Other intangible assets | 6,428.00 | 6,408.00 | 6,912.00 |
| Inventories | 20,331.00 | 24,588.00 | 22,044.00 |
| Trade receivables | 8,280.00 | 9,542.00 | 9,064.00 |
| Cash and cash equivalents | 4,924.00 | 2,945.00 | 4,292.00 |
| Total equity and liabilities | 277,586.00 | 292,930.00 | 317,635.00 |
| Equity | 89,098.00 | 98,092.00 | 109,491.00 |
| Equity share capital | 558.00 | 558.00 | 559.00 |
| Other equity | 76,481.00 | 82,286.00 | 92,538.00 |
| Total liabilities | 188,488.00 | 194,838.00 | 208,144.00 |
| Non-current liabilities | 98,166.00 | 95,041.00 | 92,045.00 |
| Current liabilities | 90,322.00 | 99,798.00 | 116,099.00 |
| Borrowings, non-current | 79,707.00 | 76,790.00 | 73,470.00 |
| Borrowings, current | 41,466.00 | 45,865.00 | 56,145.00 |
| Trade payables | 30,855.00 | 34,622.00 | 37,889.00 |
Cash flow, as filed
| Line | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|
| Net cash from operating activities | 3,176.00 | 1,203.00 | 11,657.00 |
| Net cash from investing activities | -18,626.00 | -2,579.00 | -17,794.00 |
| Net cash from financing activities | 15,834.00 | -651.00 | 5,391.00 |
| Purchase of property, plant and equipment | 10,392.00 | 3,957.00 | 9,605.00 |
| Net increase in cash | 394.00 | -1,979.00 | -632.00 |
| con:CFO.BEFORE_TAX | 7,936.00 | 3,530.00 | 17,923.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 4,761.00 | 2,327.00 | 6,265.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 90,595.00 | 66,933.00 | 141,518.00 |
| con:INVESTMENTS_SOLD | 85,257.00 | 73,410.00 | 144,887.00 |
| con:PPE_DISPOSALS | 583.00 | 0.00 | 493.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | -50.00 | 538.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 545.00 | 885.00 |
| con:CF_INVESTING.JV_SOLD | 620.00 | 444.00 | 1,658.00 |
| con:CF_INVESTING.JV_ACQUIRED | 29.00 | 640.00 | 785.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 19.37 | 19.37 | 19.34 | 19.32 | 18.59 | 18.56 | 18.54 | 18.48 | 18.45 | 18.44 | 0.18 | 0.18 | 0.18 | 0.18 |
| Domestic institutions | 27.65 | 26.87 | 26.79 | 26.26 | 26.13 | 26.18 | 27.05 | 29.22 | 29.79 | 29.59 | 0.30 | 0.30 | 0.32 | 0.33 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 15.39 | 0.16 | 0.17 | 0.17 | 0.18 |
| Insurance companies | 10.61 | 10.72 | 10.53 | 10.51 | 10.88 | 10.81 | 11.61 | 11.71 | 11.65 | 11.31 | 0.11 | 0.11 | 0.11 | 0.11 |
| Foreign institutions | 39.24 | 40.14 | 40.26 | 40.87 | 41.75 | 41.89 | 41.19 | 38.91 | 38.30 | 38.54 | 0.38 | 0.37 | 0.36 | 0.35 |
| Government | — | — | — | — | — | — | — | — | — | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 76.78 | 76.80 | 76.86 | 76.91 | 77.66 | 77.72 | 77.77 | 77.88 | 77.95 | 77.98 | 0.78 | 0.78 | 0.78 | 0.78 |
| Non-institutional | 9.81 | 9.72 | 9.74 | 9.71 | 9.70 | 9.57 | 9.46 | 9.67 | 9.78 | 9.77 | 0.10 | 0.10 | 0.10 | 0.10 |
| Shares outstanding | 1212179339 | 1212638560 | 1214473700 | 1216015732 | 1213830672 | 1215585853 | 1216531727 | 1220451421 | 1222505821 | 1223463475 | 1223580475 | 1223503348 | 1222476741 | 1222671312 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| MAHINDRA ELECTRIC AUTOMOBILE LIMITED | Subsidiary of the Company | Any other transaction, Investment, Purchase of fixed | 27,230,400,000.00 | 21 |
| MAHINDRA FINANCE USA LLC | Associate (Including subsidiaries | Any other transaction | 19,553,900,000.00 | 5 |
| MAHINDRA LOGISTICS LIMITED | Subsidiary of the Company | Any other transaction, Dividend received, Purchase o | 14,458,400,000.00 | 12 |
| MAHINDRA SUSTEN PRIVATE LIMITED | Subsidiary of the Company | Any other transaction, Inter-corporate deposit, Loan | 12,272,500,000.00 | 73 |
| MAHINDRA HEAVY ENGINES LIMITED | Subsidiary of the Company | Any other transaction, Purchase of goods or services | 10,292,600,000.00 | 23 |
| CIE AUTOMOTIVE INDIA LIMITED (FORMERLY KNOWN AS MAHINDRA CIE | Associate of the Company | Any other transaction, Purchase of fixed assets, Pur | 9,926,200,000.00 | 27 |
| SWARAJ ENGINES LIMITED | Subsidiary of the Company | Any other transaction, Dividend received, Purchase o | 9,692,600,000.00 | 15 |
| TECH MAHINDRA LIMITED | Associate of the Company | Any other transaction, Dividend received, Purchase o | 8,529,900,000.00 | 49 |
| MAHINDRA LAST MILE MOBILITY LIMITED | Subsidiary of the Company | Any other transaction, Inter-corporate deposit, Purc | 7,161,000,000.00 | 31 |
| MAHINDRA ACCELO LIMITED (FORMERLY KNOWN AS MAHINDRA INTERTRA | Subsidiary of the Company | Any other transaction, Dividend received, Inter-corp | 6,953,600,000.00 | 35 |
| MAHINDRA USA INC. | Subsidiary of the Company | Any other transaction, Purchase of goods or services | 6,352,100,000.00 | 18 |
| MAHINDRA AND MAHINDRA SOUTH AFRICA (PROPRIETARY) LIMITED | Subsidiary of the Company | Any other transaction, Sale of goods or services | 6,213,200,000.00 | 11 |
| MAHINDRA AND MAHINDRA FINANCIAL SERVICES LIMITED | Subsidiary of the Company | Any other transaction, Dividend received, Interest r | 5,477,800,000.00 | 20 |
| NBS INTERNATIONAL LIMITED | Subsidiary of the Company | Any other transaction, Inter-corporate deposit, Inte | 5,290,600,000.00 | 32 |
| CLASSIC LEGENDS PRIVATE LIMITED | Subsidiary of the Company | Any other transaction, Inter-corporate deposit, Inte | 5,040,600,000.00 | 25 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-04 | Q1FY27 | MAHINDRA LIMITED | Read the call |
| 2026-05-08 | Q4FY26 | MAHINDRA LIMITED | Read the call |
| 2026-02-17 | Q3FY26 | Read the call |
What they said about it, quarter by quarter
| Topic | Q1FY27 | Q4FY26 |
|---|---|---|
| Capex | The beauty of the EV platform, the INGLO platform that we've developed, is that it can be used across multiple top heads, and therefore the capex that… | What does it mean in terms of CapEx, Powertrain? |
| Capital allocation | And this is a business we will look at making a potential acquisition globally, based on the strength of this business and what the OEM partner custom… | And trucks and buses, with the SML acquisition completed, integrations going very well right now, we've gained market share marginally also at this po… |
| Costs | — | We put that through multiple risks that we see, whether it's geopolitical, whether it's raw material risk, whether it's single supplier, tech disrupti… |
| Debt and cash | Point two is the Rabi cash flows have been healthy. | — |
| Demand | And over the last three years, we have scaled that pipeline, which is locked in, in terms of greenfield, in terms of joint development, in terms of so… | This is based on projects that we have in the pipeline right now. |
| Guidance | But 23% is higher than what we expected as well. | For this year, we expect to have 10,000 crore more of disbursements because of AI. |
| Margin | Tech Mahindra driven by margin expansion, EBIT margins up to 14.4% and the promise has been to get to 15% by the end of this fiscal year. | Auto volume up 19%, margin up 80 basis points. |
| Pricing | The other thing that I want to highlight in terms of the PAT performance, Rajesh spoke a lot about the inflation, but if you think about it, with a 45… | Also, there could be the risk of fuel price increases. |
| Revenue growth | — | And that's the reason why we're keeping the growth at 5X right now for Susten. |