This is a numbers-first look at Mahindra & Mahindra Ltd. (M&M), covering income trends, margins, valuation, and shareholding.
Mahindra & Mahindra Revenue Trend
For FY2025, Mahindra & Mahindra Ltd. recorded revenue of ₹1,61,391 Cr. That's 14.3% higher than the ₹1,41,254 Cr it brought in during FY2024.
Looking at the longer trend, Mahindra & Mahindra Ltd.'s revenue grew from ₹71,949 Cr to ₹1,61,391 Cr at a 8.4% CAGR — moderate, consistent growth.
At ₹1,61,391 Cr in annual revenue, Mahindra & Mahindra Ltd. is one of the major players in the automobiles - 4 wheelers space.
The consistency stands out: 4 consecutive years of growth in top-line revenue.
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | ₹1,61,391 Cr | +14.3% |
| FY2024 | ₹1,41,254 Cr | +15.3% |
| FY2023 | ₹1,22,475 Cr | +34.4% |
| FY2022 | ₹91,105 Cr | +21.0% |
| FY2021 | ₹75,311 Cr | — |
View Mahindra & Mahindra Ltd.'s full 10-year revenue trend with CAGR analysis →
Mahindra & Mahindra Profitability
A 14.7% improvement in net profit took Mahindra & Mahindra Ltd.'s bottom line to ₹14,073 Cr in FY2025.
On the margin front, things were flat — net profit margin stayed around 8.7% in FY2025.
At ₹115.06 per share (diluted), FY2025 earnings were up year-over-year from ₹100.70.
Is Mahindra & Mahindra Undervalued
The P/E Ratio approach puts Mahindra & Mahindra Ltd.'s intrinsic value at ₹3,107, a 3.2% upside from the current market price.
Mahindra & Mahindra Ltd. shares are currently trading at ₹3,011.10.
Craytheon also calculates intrinsic value using the EPS Growth model. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹3,107 | 3.2% upside to fair value |
| EPS Growth | Upgrade | Upgrade |
See all valuation models for Mahindra & Mahindra Ltd. with detailed assumptions →
Mahindra & Mahindra Shareholding Pattern
At 18.4%, the promoter stake has been flat for the past 4 quarters.
Foreign institutional investors (FIIs) held 36.2% as of March 2026, down from 38.5% a year ago.
DII holding is at 31.5%, up from 29.6% in the year-ago quarter.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 18.4% | 36.2% | 31.5% | 10.2% |
| Dec 2025 | 18.4% | 37.5% | 30.4% | 10.0% |
| Sep 2025 | 18.4% | 38.0% | 30.0% | 9.9% |
| Jun 2025 | 18.4% | 38.5% | 29.6% | 9.8% |
Track quarterly shareholding changes for Mahindra & Mahindra Ltd. →
Mahindra & Mahindra Balance Sheet
Proportional view as of 3 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
FY2025 total assets: ₹2,775.86B (up 17.5% YoY from ₹2,363.01B).
Top categories: Other Assets (57.6%), Property, Plant & Equipment (10.6%), Cash & ST Investments (9.7%).
Of the ₹2,775.86B in liabilities and equity, 32.1% is shareholder equity, 45.0% is interest-bearing debt, and 22.9% is operating liabilities. Over the year, debt is up 17.2% and equity is up 12.0%.
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 268.71B |
| Receivables | 82.80B |
| Inventories | 203.31B |
| Property, Plant & Equipment | 294.87B |
| Investments | 193.61B |
| Intangibles & Goodwill | 134.47B |
| Other Assets | 1,598.09B |
| Category | Value |
|---|---|
| Equity | 890.98B |
| Short-term Debt | 420.72B |
| Long-term Debt | 828.77B |
| Trade Payables | 308.55B |
| Other Liabilities | 326.84B |
Mahindra & Mahindra at a Glance
In summary, Mahindra & Mahindra Ltd. (M&M) presents the following picture for fundamental analysts.
Revenue of ₹1,61,391 Cr in FY2025, up 14.3% year-over-year.
Long-term revenue has been compounding at 8.4% annually over 10 years.
The company is profitable, with a net margin of 8.7% and net income of ₹14,073 Cr.
The P/E Ratio model implies 3.2% upside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
Unlock Full Analysis
See the full picture — Craytheon tracks 10 years of financial data with interactive charts, growth trends, and three valuation models for Mahindra & Mahindra Ltd..