Mazda Limited (MAZDA) AI Stock Analysis

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Mazda Limited

(NSE:MAZDA)

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Rating:73Outperform

Price Target:INR 290.00▲(3.70% Upside)

Action:reiterated

Date:10/01/26

The score is anchored by strong financial solidity and profitability, but is held back meaningfully by inconsistent cash generation (notably negative operating and free cash flow in 2026). Technicals are supportive with strong trend and momentum, while valuation is only fair with a modest dividend yield.

Positive Factors

Near-zero leverageMinimal debt reduces interest burden and financial risk, leaving more operating cash available for investment, resilience, or shareholder returns. Expanding equity and assets further support balance-sheet durability and provide Mazda with flexibility across the vehicle cycle.

Negative Factors

Unpredictable cash conversionNegative operating and free cash flow alongside positive earnings signals weaker cash conversion and reduces confidence in the timing of internally generated funds. Continued volatility could constrain investment, shareholder distributions, or the company’s ability to absorb operating pressures.

Mazda Limited (MAZDA) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 5.69B
Dividend Yield: 1.44%
Average Volume (3M): 6,491
Price to Earnings (P/E): 18.7
Beta (1Y): 1.04
Revenue Growth: 17.43%
EPS Growth: 11.37%
Country: India
Employees: 238
Sector: General
Sector Strength: 55
Industry: Industrial - Machinery

Mazda Limited Business Overview & Revenue Model

Company Description

Established in 1990 and headquartered in Ahmedabad, India, Mazda Limited operates as a versatile engineering company, complemented by a Food Division. Its primary Engineering Division offers an extensive portfolio of specialized industrial equipment....

How the Company Makes Money

Mazda’s primary source of revenue is the sale of new vehicles to customers via regional sales subsidiaries, importers, and independent dealerships. It also generates revenue from (1) parts and accessories sales (including replacement parts supplied t...

Mazda Limited Financial Statement Overview

Summary

Strong balance sheet strength (near-zero debt and expanding equity/assets) and solid profitability with net margins around ~11%–14%. However, cash flow quality is a major drag due to volatile cash conversion and a sharp 2026 reversal to negative operating and free cash flow despite positive net income.

Income Statement

78Positive

Balance Sheet

90Very Positive

Cash Flow

42Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	2.43B	2.12B	1.93B	2.24B	1.90B	1.64B
Gross Profit	698.50M	631.40M	542.78M	1.07B	491.25M	786.82M
EBITDA	392.89M	415.46M	374.29M	462.89M	395.05M	307.37M
Net Income	299.28M	275.09M	248.54M	315.20M	266.26M	212.44M
Balance Sheet
Total Assets	0	3.15B	2.65B	2.40B	2.24B	1.92B
Cash, Cash Equivalents and Short-Term Investments	697.42M	697.42M	966.52M	894.83M	498.51M	340.69M
Total Debt	0	0	0	0	6.30M	1.56M
Total Liabilities	-2.49B	655.60M	347.65M	282.56M	383.82M	276.46M
Stockholders Equity	2.49B	2.49B	2.30B	2.12B	1.86B	1.64B
Cash Flow
Free Cash Flow	-63.66M	-238.81M	65.42M	401.54M	189.84M	-74.50M
Operating Cash Flow	-34.03M	-196.77M	105.54M	430.24M	235.86M	83.96M
Investing Cash Flow	95.40M	241.66M	-88.05M	-302.99M	-146.13M	-49.81M
Financing Cash Flow	-76.15M	-72.09M	-64.08M	-64.64M	-56.17M	-60.97M

Mazda Limited Technical Analysis

Technical Analysis SentimentPositive

Last Price279.65

Price Trends

50DMA269.45Positive

100DMA249.51Positive

200DMA224.76Positive

Market Momentum

MACD2.09Positive

RSI50.29Neutral

STOCH63.10Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAZDA, the sentiment is Positive. The current price of 279.65 is below the 20-day moving average (MA) of 285.19, above the 50-day MA of 269.45, and above the 200-day MA of 224.76, indicating a neutral trend. The MACD of 2.09 indicates Positive momentum. The RSI at 50.29 is Neutral, neither overbought nor oversold. The STOCH value of 63.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MAZDA.

Mazda Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:MAZDA against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:MAZDA	73Outperform	INR 5.60B	18.66	―	1.44%	17.43%	11.37%
IN:INTLCONV	63Neutral	INR 4.77B	3.48	―	0.67%	44.97%	20.95%
IN:SOMICONVEY	60Neutral	INR 892.90M	19.97	―	―	-19.72%	-25.61%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:HERCULES	53Neutral	INR 3.55B	98.49	―	1.76%	52.00%	-53.27%
IN:LOKESHMACH	51Neutral	INR 7.84B	163.80	―	―	1.00%	5509.46%

* General Sector Average

Performance Comparison

IN:MAZDA and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:MAZDA	Mazda Limited	279.65	13.23	4.97%
IN:EMKAYTOOLS	Emkay Taps & Cutting Tools Ltd.	94.95	-52.85	-35.76%
IN:HERCULES	Hercules Hoists Limited	111.00	-64.06	-36.59%
IN:INTLCONV	International Conveyors Ltd.	74.71	-20.93	-21.88%
IN:LOKESHMACH	Lokesh Machines Ltd	359.70	171.20	90.82%
IN:SOMICONVEY	Somi Conveyor Beltings Limited	75.80	-79.75	-51.27%

Mazda Limited Corporate Events

Mazda Sets Record Date for Final Dividend for FY 2025-26

Aug 17, 2026

Mazda Limited has set 4 September 2026 as the record date to determine shareholder eligibility for a proposed final dividend for the 2025-26 financial year, in line with regulatory requirements. The move signals the company’s intention to retur...

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.

Date of analysis: Oct 01, 2026

Mazda Limited AI Stock Analysis