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Mahindra & Mahindra Financial Services Ltd.
(M&MFIN)
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Rating:55Neutral
Price Target:
₹422.00
▲(10.15% Upside)
Action:Reiterated
Date:07/23/26
The score is primarily held back by weak financial quality—especially persistently negative operating/free cash flow in recent years and high leverage—despite improving revenue and earnings trends. Valuation is moderately supportive (P/E ~18.1 and ~2.33% dividend yield), while technical analysis could not be assessed due to missing indicator data.
Positive Factors
Revenue and Earnings Rebound
A sustained revenue rebound (+16.4% latest year) and materially higher net income imply improving core lending demand and underwriting recovery. Over 2–6 months this supports loan-book expansion, higher interest income, and a firmer base for restoring margins if credit trends remain favorable.
Negative Factors
High and Rising Leverage
Very high and rising debt (≈1.14T) with debt/equity >1x materially raises funding and refinancing risk. Over months this heightens sensitivity to cost-of-funds, constrains capital allocation, and limits strategic flexibility, particularly if liquidity conditions tighten or interest rates rise.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Earnings Rebound
A sustained revenue rebound (+16.4% latest year) and materially higher net income imply improving core lending demand and underwriting recovery. Over 2–6 months this supports loan-book expansion, higher interest income, and a firmer base for restoring margins if credit trends remain favorable.
Read all positive factors
Mahindra & Mahindra Financial Services Ltd. (M&MFIN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹518.73B
Dividend Yield2.36%
Average Volume (3M)357.65K
Price to Earnings (P/E)16.0
Beta (1Y)1.48
Revenue Growth13.60%
EPS Growth30.32%
CountryIN
Employees22,637
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)23.44
Shares Outstanding1,389,971,200
10 Day Avg. Volume413,936
30 Day Avg. Volume357,652
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)1.94
Price to Sales (P/S)2.54
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹370.00Price Target Upside-3.42% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)26.08
Revenue Forecast (FY)₹115.67B
Mahindra & Mahindra Financial Services Ltd. Business Overview & Revenue Model
Company Description
Mahindra & Mahindra Financial Services Limited, an Indian non-banking financial company, specializes in providing asset financing solutions predominantly to customers in rural and semi-urban regions. Their core offerings include comprehensive vehi...
How the Company Makes Money
M&MFIN makes money primarily through its lending business as an NBFC. Its core revenue model is to raise funds (via borrowings and other funding sources typical for NBFCs) and deploy those funds as loans to customers—most notably for vehicle/equip...
Mahindra & Mahindra Financial Services Ltd. Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
56
Neutral
Cash Flow
32
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 203.75B | 197.69B | 90.70B | 81.37B | 124.99B | 112.34B |
| Gross Profit | 113.49B | 108.36B | 90.70B | 81.43B | 73.94B | 68.24B |
| EBITDA | 47.64B | 42.12B | 909.00M | 0.00 | 30.30B | 17.01B |
| Net Income | 32.53B | 28.55B | 22.62B | 19.33B | 20.72B | 11.37B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 1.59T | 1.44T | 1.24T | 1.05T | 838.09B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 75.68B | 48.90B | 39.32B | 54.04B | 44.52B |
| Total Debt | 0.00 | 1.14T | 1.08T | 931.77B | 764.51B | 540.79B |
| Total Liabilities | -266.92B | 1.32T | 1.23T | 1.04T | 863.83B | 667.71B |
| Stockholders Equity | 266.92B | 266.39B | 215.29B | 199.33B | 185.60B | 168.96B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -131.88B | -160.44B | -187.72B | -178.09B | -2.83B |
| Operating Cash Flow | 0.00 | -127.72B | -156.02B | -184.49B | -173.95B | 180.60M |
| Investing Cash Flow | 0.00 | 7.70B | -10.77B | 26.70B | -16.35B | 31.11B |
| Financing Cash Flow | 0.00 | 106.37B | 176.05B | 160.95B | 188.52B | -31.73B |
Mahindra & Mahindra Financial Services Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹2.45T | 18.37 | ― | 1.04% | 10.38% | 9.95% | |
63 Neutral | ₹1.57T | 27.11 | ― | 0.11% | 19.87% | 28.06% | |
63 Neutral | ₹786.99B | 24.70 | ― | 0.88% | 12.56% | 19.25% | |
58 Neutral | ₹412.15B | 49.22 | ― | 0.84% | 73.47% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹518.73B | 15.99 | ― | 2.36% | 13.60% | 30.32% | |
55 Neutral | ₹516.22B | 23.11 | ― | 0.86% | 13.67% | 15.62% |
* General Sector Average
IN:M&MFIN
Mahindra & Mahindra Financial Services Ltd.
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40.94%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.