Mahindra & Mahindra Financial Services Ltd.
M&MFINFinancial Services 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
15 transcript(s)/analyst meet(s) served; 1 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 15 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| ANALYST_MEET | 20220509 | 2022-03-31 | yes | |
| COVER_LETTER | 20220804 | 2022-06-30 | no | |
| TRANSCRIPT | 20221109 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230209 | 2022-12-31 | yes | |
| ANALYST_MEET | 20230505 | 2023-03-31 | yes | |
| TRANSCRIPT | 20230804 | 2023-06-30 | yes | |
| TRANSCRIPT | 20231102 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240205 | 2023-12-31 | yes | |
| TRANSCRIPT | 20250203 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250428 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250728 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251103 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260203 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260430 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260727 | 2026-06-30 | yes |
M&MFIN
files as a non-banking financial company. 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 | nbfc |
| 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 | 339.90 |
| 52-week range | 272.95 – 412.3 |
| Return 1M | -10.89% |
| Return 3M | 3.45% |
| Return 1Y | 20.47% |
| Return 3Y | 13.26% |
| Return 5Y | 86.81% |
| 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 | 5,718.00 |
| Other income | 7.00 |
| Total income | 5,725.00 |
| Cost of materials consumed | 0.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | 0.00 |
| Employee benefit expense | 673.00 |
| Finance costs | 2,372.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.52 | 0.00 |
| institutions foreign | 0.10 | 0.00 |
| institutions domestic | 0.31 | -0.01 |
| mutual funds | 0.17 | -0.00 |
| public | 0.47 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| ANALYST_MEET | 2023-03-31 | 2 |
| COVER_LETTER | 2022-06-30 | 1 |
| TRANSCRIPT | 2026-06-30 | 12 |
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 | 2019-12-31 | 2020-06-30 | 2021-03-31 | 2021-06-30 | 2021-12-31 | 2022-06-30 | 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 | 3,046.00 | 3,057.00 | 30.00 | 2,550.00 | 2,974.00 | 2,902.00 | 3,583.00 | 4,316.00 | 4,886.00 | 4,991.00 | 5,026.00 | 5,450.00 | 5,539.00 | 5,718.00 |
| Other income | 35.00 | 12.00 | 0.00 | 17.00 | 11.00 | 12.00 | 54.00 | 39.00 | 11.00 | 23.00 | 23.00 | 14.00 | 21.00 | 7.00 |
| Total income | 3,081.00 | 3,069.00 | 30.00 | 2,567.00 | 2,986.00 | 2,914.00 | 3,637.00 | 4,355.00 | 4,897.00 | 5,013.00 | 5,049.00 | 5,464.00 | 5,560.00 | 5,725.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 402.00 | 299.00 | 4.00 | 365.00 | 415.00 | 476.00 | 558.00 | 592.00 | 608.00 | 634.00 | 603.00 | 631.00 | 641.00 | 673.00 |
| Finance costs | 1,351.00 | 1,401.00 | 12.00 | 1,151.00 | 1,071.00 | 1,052.00 | 1,597.00 | 1,960.00 | 2,218.00 | 2,280.00 | 2,198.00 | 2,236.00 | 2,220.00 | 2,372.00 |
| Depreciation and amortisation | 43.00 | 38.00 | 0.00 | 33.00 | 35.00 | 43.00 | 66.00 | 76.00 | 85.00 | 86.00 | 94.00 | 96.00 | 110.00 | 99.00 |
| Other expenses | 214.00 | 111.00 | 2.00 | 148.00 | 227.00 | 279.00 | 237.00 | 289.00 | 410.00 | 357.00 | 371.00 | 414.00 | 425.00 | 410.00 |
| Total expenses | 2,465.00 | 2,807.00 | 28.00 | 4,725.00 | 1,662.00 | 2,607.00 | 3,168.00 | 3,713.00 | 4,303.00 | 4,330.00 | 4,306.00 | 4,245.00 | 4,317.00 | 4,505.00 |
| Profit before exceptional items and tax | 616.00 | 262.00 | 2.00 | -2,158.00 | 1,324.00 | 307.00 | 469.00 | 642.00 | 594.00 | 683.00 | 743.00 | 1,219.00 | 1,243.00 | 1,220.00 |
| Exceptional items | 0.00 | 229.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -133.00 | 0.00 | 0.00 |
| Profit before tax | 616.00 | 490.00 | 2.00 | -2,158.00 | 1,324.00 | 307.00 | 469.00 | 642.00 | 594.00 | 683.00 | 743.00 | 1,087.00 | 1,243.00 | 1,220.00 |
| Current tax | 18.00 | 1.00 | 3.00 | 2.00 | 150.00 | 123.00 | 174.00 | 176.00 | 199.00 | 170.00 | 267.00 | 227.00 | 319.00 | 301.00 |
| Deferred tax | 135.00 | 71.00 | -3.00 | -570.00 | 192.00 | -44.00 | -53.00 | -11.00 | -46.00 | 5.00 | -74.00 | 52.00 | -0.00 | 14.00 |
| Tax expense | 154.00 | 72.00 | 0.00 | -568.00 | 342.00 | 79.00 | 121.00 | 164.00 | 153.00 | 175.00 | 193.00 | 279.00 | 319.00 | 315.00 |
| Profit for the period | 475.00 | 432.00 | 2.00 | -1,573.00 | 992.00 | 240.00 | 362.00 | 497.00 | 456.00 | 529.00 | 566.00 | 826.00 | 940.00 | 927.00 |
| Profit attributable to owners | 472.00 | 432.00 | 2.00 | -1,574.00 | 987.00 | 239.00 | 359.00 | 498.00 | 457.00 | 528.00 | 564.00 | 824.00 | 938.00 | 926.00 |
| Profit attributable to non-controlling interests | 3.00 | 0.00 | 0.00 | 0.00 | 5.00 | 1.00 | 4.00 | -1.00 | -1.00 | 1.00 | 2.00 | 1.00 | 2.00 | 1.00 |
| Other comprehensive income | 4.00 | 9.00 | -1.00 | 30.00 | -26.00 | -101.00 | 21.00 | 13.00 | 26.00 | 11.00 | 37.00 | 8.00 | 102.00 | 11.00 |
| Total comprehensive income | 479.00 | 441.00 | 1.00 | -1,544.00 | 967.00 | 139.00 | 383.00 | 510.00 | 482.00 | 540.00 | 603.00 | 833.00 | 1,042.00 | 938.00 |
| Earnings per share, basic | 7.67 | 7.01 | 1.76 | -12.77 | 8.01 | 1.94 | 2.91 | 4.03 | 3.70 | 4.06 | 4.06 | 5.93 | 6.75 | 6.66 |
| Earnings per share, diluted | 7.66 | 7.00 | 1.76 | -12.77 | 8.00 | 1.94 | 2.91 | 4.02 | 3.70 | 4.06 | 4.06 | 5.93 | 6.75 | 6.66 |
| Interest earned | 2,932.00 | 2,992.00 | 29.00 | 2,465.00 | 2,846.00 | 2,766.00 | 3,369.00 | 3,923.00 | 4,324.00 | 4,468.00 | 4,477.00 | 4,710.00 | 4,773.00 | 4,952.00 |
| Fees and commission income | 31.00 | 10.00 | 0.00 | 17.00 | 28.00 | 34.00 | 24.00 | 78.00 | 180.00 | 166.00 | 203.00 | 260.00 | 280.00 | 246.00 |
| Net gain on fair value changes | 9.00 | 21.00 | 0.00 | 16.00 | 16.00 | 10.00 | 10.00 | 4.00 | 9.00 | 11.00 | 6.00 | 10.00 | 10.00 | 19.00 |
| Dividend income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Rental income | 2.00 | 3.00 | 0.00 | 5.00 | 7.00 | 14.00 | 25.00 | 34.00 | 44.00 | 39.00 | 41.00 | 45.00 | 50.00 | 48.00 |
Annual results, as filed
| Line | 2021-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|
| Revenue from operations | 121.00 | 18,463.00 | 21,005.00 |
| Other income | 1.00 | 67.00 | 81.00 |
| Total income | 122.00 | 18,530.00 | 21,087.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 14.00 | 2,355.00 | 2,510.00 |
| Finance costs | 53.00 | 8,415.00 | 8,934.00 |
| Depreciation and amortisation | 2.00 | 321.00 | 386.00 |
| Other expenses | 6.00 | 1,347.00 | 1,568.00 |
| Total expenses | 115.00 | 15,569.00 | 17,198.00 |
| Profit before exceptional items and tax | 7.00 | 2,962.00 | 3,889.00 |
| Exceptional items | 2.00 | 0.00 | -133.00 |
| Profit before tax | 9.00 | 2,962.00 | 3,756.00 |
| Current tax | 5.00 | 821.00 | 982.00 |
| Deferred tax | -3.00 | -55.00 | -17.00 |
| Tax expense | 2.00 | 766.00 | 965.00 |
| Profit for the period | 8.00 | 2,261.00 | 2,861.00 |
| Profit attributable to owners | 8.00 | 2,262.00 | 2,855.00 |
| Profit attributable to non-controlling interests | 0.00 | -1.00 | 7.00 |
| Other comprehensive income | -1.00 | 109.00 | 158.00 |
| Total comprehensive income | 7.00 | 2,370.00 | 3,019.00 |
| Earnings per share, basic | 6.99 | 18.32 | 20.88 |
| Earnings per share, diluted | 6.98 | 18.31 | 20.86 |
| Interest earned | 117.00 | 16,566.00 | 18,428.00 |
| Fees and commission income | 1.00 | 528.00 | 910.00 |
| Net gain on fair value changes | 1.00 | 22.00 | 37.00 |
| Dividend income | 0.00 | 0.00 | 0.00 |
| Rental income | 0.00 | 153.00 | 175.00 |
Balance sheet, as filed
| Line | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|
| Total assets | 144,105.00 | 149,086.00 | 158,644.00 |
| Property, plant and equipment | 1,027.00 | 1,033.00 | 1,075.00 |
| Capital work-in-progress | 1.00 | 2.00 | 2.00 |
| Goodwill | 0.00 | 0.00 | 0.00 |
| Other intangible assets | 180.00 | 253.00 | 253.00 |
| Inventories | 0.00 | 0.00 | 0.00 |
| Cash and cash equivalents | 1,830.00 | 158.00 | 465.00 |
| Total equity and liabilities | 144,105.00 | 149,086.00 | 158,644.00 |
| Equity | 21,573.00 | 24,807.00 | 26,692.00 |
| Equity share capital | 247.00 | 278.00 | 278.00 |
| Other equity | 21,282.00 | 24,482.00 | 26,361.00 |
| Total liabilities | 122,532.00 | 124,279.00 | 131,952.00 |
Cash flow, as filed
| Line | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|
| Net cash from operating activities | -15,602.00 | -6,870.00 | -12,772.00 |
| Net cash from investing activities | -1,077.00 | 1,056.00 | 770.00 |
| Net cash from financing activities | 17,605.00 | 4,142.00 | 10,637.00 |
| Purchase of property, plant and equipment | 442.00 | 172.00 | 416.00 |
| Net increase in cash | 927.00 | -1,672.00 | -1,365.00 |
| con:CFO.BEFORE_TAX | -2,637.00 | -983.00 | -1,941.00 |
| con:INTEREST_RECEIVED.OPERATING | 12,857.00 | 7,750.00 | 16,013.00 |
| con:INTEREST_PAID.OPERATING | 6,522.00 | 4,551.00 | 8,876.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 870.00 | 285.00 | 783.00 |
| con:CF_OTHER.OPERATING | -18,429.00 | -8,802.00 | -17,186.00 |
| con:INVESTMENTS_PURCHASED | 23,294.00 | 24,779.00 | 56,944.00 |
| con:INVESTMENTS_SOLD | 21,740.00 | 25,509.00 | 57,214.00 |
| con:PPE_DISPOSALS | 69.00 | 31.00 | 68.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 |
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 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-09 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 52.16 | 52.16 | 52.16 | 52.16 | 52.16 | 52.16 | 52.16 | 52.16 | 52.49 | 52.49 | 0.52 | 0.52 | 0.52 | 0.52 |
| Domestic institutions | 26.95 | 25.84 | 26.96 | 28.61 | 30.67 | 31.57 | 31.16 | 31.31 | 31.95 | 32.33 | 0.32 | 0.32 | 0.32 | 0.31 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 18.38 | 0.18 | 0.17 | 0.17 | 0.17 |
| Insurance companies | 5.44 | 4.63 | 3.84 | 3.62 | 3.57 | 3.71 | 3.44 | 3.59 | 3.65 | 3.71 | 0.04 | 0.05 | 0.04 | 0.04 |
| Foreign institutions | 13.92 | 14.09 | 12.73 | 11.96 | 10.09 | 10.19 | 10.48 | 10.68 | 9.46 | 9.34 | 0.10 | 0.09 | 0.09 | 0.10 |
| Public | 47.70 | 47.71 | 47.74 | 47.75 | 47.75 | 47.77 | 47.79 | 47.79 | 47.47 | 47.47 | 0.47 | 0.47 | 0.47 | 0.47 |
| Non-institutional | 6.83 | 7.78 | 8.06 | 7.18 | 7.00 | 6.01 | 6.14 | 5.80 | 6.05 | 5.79 | 0.06 | 0.06 | 0.06 | 0.06 |
| Shares outstanding | 1235529920 | 1235529920 | 1235529920 | 1235529920 | 1235529920 | 1235529920 | 1235529920 | 1235529920 | 1389971160 | 1389971160 | 1389971160 | 1389971160 | 1389971160 | 1389971160 |
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 INSURANCE BROKERS LIMITED | Subsidiary | Any other transaction, Dividend received, Inter-corp | 1,726,500,000.00 | 18 |
| MAHINDRA AND MAHINDRA LIMITED | Holding Company | Any other transaction, Purchase of fixed assets, Pur | 1,393,900,000.00 | 26 |
| MAHINDRA HOLIDAYS AND RESORTS INDIA LIMITED | Fellow Subsidiary | Any other transaction, Inter-corporate deposit, Inte | 975,800,000.00 | 10 |
| MAHINDRA INTEGRATED BUSINESS SOLUTIONS PRIVATE LIMITED | Fellow Subsidiary | Any other transaction, Purchase of goods or services | 343,600,000.00 | 13 |
| TECH MAHINDRA LIMITED | Fellow Subsidiary | Any other transaction, Purchase of goods or services | 186,000,000.00 | 4 |
| MAHINDRA FIRST CHOICE WHEELS LIMITED | Fellow Subsidiary | Any other transaction, Purchase of goods or services | 113,200,000.00 | 10 |
| NEW DEMOCRATIC ELECTORAL TRUST | Fellow Subsidiary | Any other transaction, Investment | 105,000,000.00 | 2 |
| NBS INTERNATIONAL LIMITED | Fellow Subsidiary | Any other transaction, Purchase of fixed assets, Pur | 65,600,000.00 | 13 |
| MAHINDRA LAST MILE MOBILITY LIMITED | Fellow Subsidiary | Any other transaction | 53,800,000.00 | 3 |
| RAMESH IYER | Vice Chairman & Managing Direc | Remuneration | 38,700,000.00 | 1 |
| MAHINDRA RURAL HOUSING FINANCE LIMITED | Subsidiary | Any other transaction, Investment, Sale of goods or | 24,600,000.00 | 5 |
| MAHINDRA MANULIFE INVESTMENT MANAGEMENT PRIVATE LIMITED | Subsidiary | Any other transaction, Interest paid, Investment, Lo | 22,900,000.00 | 5 |
| IDEAL MOTORS PRIVATE LIMITED | Investing Company Or Venturer Of T | Any other transaction, Purchase of goods or services | 22,100,000.00 | 4 |
| RAUL REBELLO | Managing Director & CEO | Any other transaction, Interest paid, Loan, Remunera | 22,000,000.00 | 4 |
| ANTHONY HEREDIA | Managing Director Of The Company | Remuneration | 21,200,000.00 | 1 |
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 | |
|---|---|---|---|
| 2026-07-27 | Q1FY27 | Mr. Raul Rebello: | Read the call |
| 2026-04-30 | FYFY26 | Mr. Raul Rebello: | Read the call |
| 2026-02-03 | Q3FY26 | Mr. Raul Rebello: | Read the call |
| 2025-11-03 | Q2FY26 | OFFICER, MAHINDRA FINANCE LIMITED | Read the call |
| 2025-07-28 | Q1FY26 | Motilal Oswal, Mr. Pradeep Agrawal:, Mr. Raul Rebello:, Mr. Sandeep Mandrekar: | Read the call |
| 2025-04-28 | Q4FY25 | Motilal Oswal, Mr. Pradeep Agrawal:, Mr. Raul Rebello:, Mr. Sandeep Mandrekar: | Read the call |
| 2025-02-03 | Q3FY25 | Bank of America, Mr. Raul Rebello:, Mr. Sandeep Mandrekar: | Read the call |
| 2024-02-05 | Q3FY24 | Dr. Anish Shah:, Host:, Mr. Ramesh Iyer:, Mr. Raul Rebello: | Read the call |
| 2023-11-02 | Q2FY24 | BANK OF AMERICA SECURITIES, MR. RAMESH IYER:, MR. RAUL REBELLO:, MR. VIVEK KARVE: | Read the call |
| 2023-08-04 | Q1FY24 | MR. ANUJ SINGLA:, MR. RAMESH IYER:, MR. RAUL REBELLO:, MR. VIVEK KARVE: | Read the call |
| 2023-05-05 | FYFY23 | DR. ANISH SHAH:, MR. RAMESH IYER:, MR. RAUL REBELLO:, MR. VIVEK KARVE: | Read the call |
| 2023-02-09 | Q3FY23 | Anish Shah:, Neerav, can you open. | Read the call |
| 2022-11-09 | H1FY23 | MR. RAMESH IYER:, MR. VIVEK KARVE: | Read the call |
| 2022-05-09 | Q4FY22 | Read the call |
Some earlier announcements under this heading are covering letters only — no transcript was attached.
What they said about it, quarter by quarter
| Topic | Q2FY24 | Q2FY26 | Q3FY23 | Q3FY24 | Q3FY25 | Q3FY26 | Q4FY22 | Q4FY25 |
|---|---|---|---|---|---|---|---|---|
| Capex | — | — | — | — | And branches, by the way, we don't increase only OPEX, there's a certain CAPEX amount. | — | — | — |
| Capital allocation | And second is after the AGM, in the second quarter, dividend payout happened. | So we are taking regular dividend into the NBFC from that entity and we will continue to do this. | In terms of digital acquisition is concerned, it may not be a very high number in vehicles, especially vehicles like tractors till, digitally. | — | We have to work within the constraints, and we have, augmented the used CV team to be able to bite a little more of the acquisition that is capable. | This is resulting in both acquisition and collections now at a very strong pace on the new stack. | We believe that these businesses will also provide good counter cyclical advantage to our main book. iii) Our third execution agenda, which we are on … | — |
| Costs | — | — | And as the older book, which probably could have been a lower-cost book, exits, some pressure on the overall weighted average interest rates will cont… | — | — | — | And we are actually clearly seeing in better terms of rate for them, overall, because while inflation is going up on some of their input costs, their … | — |
| Debt and cash | These are the cash flows, which really drive this business, both when it comes to disbursement as well as when it comes to the overall collection and … | Request to move now as I move my commentary to asset quality and credit cost to move to Page #10: Here, I would say we are reasonably happy with the w… | This is a business which will have a little volatility when it comes to quarter 1, quarter 2 versus quarter 3 and quarter 4, and that is more by natur… | We did qualify that last quarter, the bump we saw was typical to 1 product, which was mostly the tractor business because of -- there were unseasonal … | We follow LGD using cash flow for a 42-month period. | — | And as you know, the rural market thrives on two clear cash flows, the farm and the infra cash flow. | This year, relatively, the underlying, I think, we can't compare it to last fiscal in terms of the wherewithal on collections and overall cash flows, … |
| Demand | And the product mix change that we were expecting for a better yield which is more of a preowned vehicle growth, while the demand holds up availabilit… | With this positive development and the whole festive demand which I think has been well covered, we do see as a beneficiary of all the increased momen… | And therefore, if you kind of look at our growth engines, we always have said that pre-owned vehicle will be a growth engine for the year because the … | So moving straight in into the first, page 3, actually, in your reference, which is titled as highlights for Q3. We continue to see a very strong dema… | We have secured an exclusive lending partnership with M&M for the new to Born Electric vehicles, which are slated for bookings from 14th of February. | So we saw at least -- was a reasonable amount of demand augmentation during Q3. Thanks to the GST 2.0 enabler. | And therefore, the sales are a little subdued while the demand is still high. | See, clearly the EV business, which M&M has launched, which has got some good success going in terms of bookings, etcetera. |
| Guidance | And therefore, you will also see a statement from us, which is we expect our credit loss as we close the year, is expected to come down to 1.5%, 1.7%-… | So, diving straight in, if I were to guide you to Page #4, titled Key Priorities, you would see this slide. | So we give that -- you're talking about the guidance or you're talking about the breakup? | And Ramesh, who is sitting right beside me is, has now handed over the mantle of day-to-day operations to Raul and continues to provide the guidance a… | Diversification, yes, that's the only one which is going slower than what we anticipate. | I don't know if in the past, as management, you'll have alluded to anything beyond 2% as a number to anchor or guide over a medium to long term. | And while we have not started yet, but I can't give you a forward guidance on whether we are planning to do it right now or not, I can just say that w… | We did guide, if you remember, at the end of Q2, we did guide for at the bottom right-hand side of your screen when we had the GS2 numbers, which went… |
| Margin | And then, of course, whenever the borrowing cost comes down, we'll further improve the margin. | — | And maintaining the current margin levels, therefore, for sure is not an immediate challenge. | We will, of course, calibrate our growth to keep in mind, the margin requirements that we have. | If we move to Page #8, which talks about “Margins”: On the margin front, what you would see that the NIMs are at 6.6% for the quarter. | We are the number 1 tractor financiers in the country by a fair margin now. | But as we get the scale with the operating leverage, we will be able to attain much more comfortable cost ratios. | On the margin front, since you asked about whether the margins will come only from COF, that's not the case. |
| People | — | — | — | We have, for the last two years, not added any headcount in collections. | — | — | So, you will clearly see the reason why we are willing to stretch ourselves to take this number from where we are, is a better utilization of the inve… | Furthering on the efficiency front, our disbursements, if you see, we have talked about our disbursements have seen a CAGR of 17%, but our headcount h… |
| Pricing | See, so far, we have not seen the price increase meaningfully from OEMs. | And what's encouraging for us is that the investments that we have made, whether it is to make sure that the stability of the asset quality holds, and… | So when the price increases on the vehicles, tractors, et cetera, begin to happen, which we believe in the next 12 months, you will see a few increase… | Medium, we believe, is becoming very -- the barriers to play there with banks becoming very aggressive pricing-wise. | Clearly, we have been looking at optimizing on the incremental pricing. | — | — | And there will be benefits of the COF, which we're starting to see in Q4 flow forward as well as some of the pricing efficiencies, which are stated to… |
| Revenue growth | So, we are confident that as we close the year, the asset growth of 20% plus will also be maintained. | Again, referring to Page #6, 7 and 8 now, AUM growth is at 13%, income growth at 14%. | Because if you see the top line of this business in terms of our ability to carry out various business and the yield numbers, we are pretty healthy, r… | And Piran, if you look at the overall growth at 7%, but if you adjust it for SME, the core vehicle finance growth is 10% for the quarter and 20% for t… | This quarter has seen a comeback of growth of sorts, led largely by the Farm business, which is the Tractor business and the Passenger Vehicle segment… | And SME, while we had a Y-o-Y growth of 4%, overall Y-o-Y growth in AUM is much stronger. | And that will contribute to disbursement growth for the growth of volume that we are already talking. | Mahindra & Mahindra Financial Services Limited April 22, 2025 First, on the disbursement front, it's been a mild to moderate Q4 and mostly like a full… |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2023-08-04 | Q1FY24 | MR. VIVEK KARVE: | A while ago Mr. Iyer talked about it, in the first quarter our ratio is 2.8% we expected to inch up closer to 3% for the full year. |
| 2023-11-02 | Q2FY24 | MR. RAMESH IYER: | And therefore, you will also see a statement from us, which is we expect our credit loss as we close the year, is expected to come down to 1.5%, 1.7%- type numbers from where we are today at about 2.3% or so. |
| 2023-11-02 | Q2FY24 | MR. RAMESH IYER: | So I think 2 or 3 things that one should look at different from where we are in terms of our current research is the NIMs are expected to slightly move up, one; two, we do expect that the credit cost to settle down between 1.5% and 1.7% as we reach March and we expect, therefore, the GS-3 to improve from where it is to reach that kind of a situation. |
| 2023-11-02 | Q2FY24 | MR. VIVEK KARVE: | And that's why we are guiding to a number which is in the range of 1.5% to 1.7%. |
| 2023-11-02 | Q2FY24 | MR. VIVEK KARVE: | So to an extent, 1.2% last year and the guidance of 1.5% to 1.7% this year are not strictly comparable. |
| 2024-02-05 | Q3FY24 | Mr. Raul Rebello: | And if you recollect, we had guided last quarter that for the full year, we anticipate to have credit cost in the range of 1.5% to 1.7%. |
| 2024-02-05 | Q3FY24 | Mr. Raul Rebello: | As you know, we have already given guidance of credit cost to be in the 1.5% to 1.7% range. |
| 2024-02-05 | Q3FY24 | Mr. Raul Rebello: | Whatever we have -- I mean the opex guidance of 2.5% by end of FY25, now that's an aggressive number. |
| 2025-04-28 | Q4FY25 | Mr. Raul Rebello: | We made a guidance of sorts that the GS2 plus GS3 will be range bound below 10%. |
| 2025-04-28 | Q4FY25 | Mr. Raul Rebello: | On your question on asset quality, see, I think just to be fair, and I gave a guidance of 1.3% to 1.5% at the end of Q2, that was for the full year. |
| 2025-04-28 | Q4FY25 | Mr. Raul Rebello: | The guidance of 1.3% to 1.7% is more like a -- I'm giving you a -- because of the cyclical businesses we are in, I'm again giving you a range that the ROA tree can afford for us in a cycle -- down cycle, up cycle. |
| 2025-07-28 | Q1FY26 | Mr. Raul Rebello: | If you recollect, we have always said that our GS2 plus GS3, we target to be within the 10% range. |