Mahindra & Mahindra Financial Statements

Mahindra & Mahindra (M&M) reported revenue of ₹1,613.92B in FY2025 with net income of ₹140.73B. Total assets stood at ₹2,775.86B and free cash flow was -₹72.16B.

Mahindra & Mahindra Income Statement

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FY 2021 – FY 2025

Item	Chart	2021	2022	2023	2024	2025
Revenue		753.11B	911.05B	1,224.75B	1,412.55B	1,613.92B
Cost of Rev. Cost of Revenue		-384.07B	-518.03B	-739.88B	-836.15B	-957.43B
Gross Profit		369.04B	393.02B	484.87B	576.40B	656.49B
SGA Sales, General & Admin		-223.55B	-236.85B	-269.96B	-305.72B	-329.50B
Op. Income Operating Income		111.71B	121.10B	171.35B	223.45B	266.26B
PBT Profit Before Tax		40.71B	93.62B	140.60B	148.56B	175.42B
Net Income		15.12B	72.53B	113.74B	122.70B	140.73B
Dil. Shares Diluted Shares		926.14M	1.12B	1.12B	1.12B	1.12B
Diluted EPS		16.33	58.83	91.96	100.70	115.06

Figures in ₹ — millions (M), billions (B), trillions (T). EPS is earnings per share.

Understanding the Income Statement

The income statement shows Mahindra & Mahindra's revenue and expenses over a period. Revenue minus costs gives gross profit; after operating expenses, interest, and taxes, the remainder is net income. Diluted EPS divides net income by all shares that could exist if options and convertibles were exercised.

Mahindra & Mahindra Balance Sheet

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FY 2021 – FY 2025

Item	Chart	2021	2022	2023	2024	2025
Curr. assets Total current assets		721.38B	751.48B	913.25B	982.66B	1,265.73B
Non-curr. assets Total non-current assets		943.25B	989.65B	1,145.66B	1,380.35B	1,510.13B
Total assets		1,664.62B	1,741.13B	2,058.92B	2,363.01B	2,775.86B
Curr. liabilities Total current liabilities		514.46B	562.88B	705.79B	755.46B	903.22B
Non-curr. liab. Total non-current liabilities		643.64B	609.99B	682.30B	812.24B	981.66B
Total liabilities		1,158.10B	1,172.88B	1,388.10B	1,567.70B	1,884.88B
Total equity		506.52B	568.25B	670.82B	795.31B	890.98B
Total liab. & eq. Total liabilities & equity		1,664.62B	1,741.13B	2,058.92B	2,363.01B	2,775.86B

Figures in ₹ — millions (M), billions (B), trillions (T).

Understanding the Balance Sheet

The balance sheet captures Mahindra & Mahindra's financial position at a point in time — what it owns (assets), what it owes (liabilities), and the residual value to shareholders (equity). Total assets always equals total liabilities plus equity.

Mahindra & Mahindra Cash Flow Statement

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FY 2021 – FY 2025

Item	Chart	2021	2022	2023	2024	2025
Net Income		-21.90B	70.92B	113.05B	159.78B	175.42B
Operating CF Cash flow Operating Activities		179.09B	92.48B	-70.74B	-56.30B	31.76B
Capex Investments in PPE		-59.89B	-60.40B	-63.05B	-99.46B	-103.92B
Investing CF Cash flow Investing Activities		-184.47B	-32.26B	-85.47B	-56.03B	-186.26B
Dividend Paid		-2.71B	-10.37B	-15.22B	-22.47B	-23.49B
Financing CF Cash flow Financing Activities		4.06B	-58.83B	159.46B	122.81B	158.34B
Cash (start) Cash at beginning of period		47.45B	33.75B	34.88B	34.93B	45.30B
Cash (end) Cash at end of period		33.75B	34.88B	34.93B	45.30B	49.24B
FCF Free Cash Flow		119.19B	32.08B	-133.79B	-155.76B	-72.16B

Figures in ₹ — millions (M), billions (B), trillions (T).

Understanding Cash Flow

The cash flow statement tracks how Mahindra & Mahindra's cash moves through operations, investing, and financing activities. Free cash flow — operating cash minus capital expenditure — shows what is available to return to shareholders.

Data from audited consolidated filings. For educational purposes only — not investment advice. Last update: Mar-2025