M&M.NS
Mahindra & Mahindra LimitedExplain this page
Arphra AIPlain-English read on Mahindra & Mahindra Limited’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Valuation multiples
| In USD | FY 2026 |
|---|---|
| Headline | |
| Market cap | $928.65B |
| Enterprise value | $1.29T |
| Multiples | |
| P / E | — |
| P / B | — |
| EV / EBITDA | — |
| EV / Sales | 0.65 |
| EV / FCF | 28.36 |
| Yields | |
| Earnings yield | +18.41% |
| Free cash flow yield | +4.90% |
| Dividend yield | — |
Profitability
| In USD | FY 2026 |
|---|---|
| Margins | |
| Gross margin | +37.85% |
| Operating margin | +15.29% |
| EBITDA margin | +18.99% |
| EBIT margin | +15.29% |
| Pre-tax margin | +12.73% |
| Net margin | +8.64% |
| Cost structure | |
| Cost of revenue / sales | +62.15% |
| R&D intensity | 0.00% |
| SG&A intensity | +33.55% |
| Effective tax rate | +26.06% |
Returns on capital
| In USD | FY 2026 |
|---|---|
| Returns | |
| Return on equity (ROE) | +38.36% |
| Return on assets (ROA) | +11.48% |
| Return on capital (ROC) | +32.76% |
| Return on invested capital (ROIC) | +18.53% |
| Asset turnover | +132.82% |
| DuPont · ROE decomposition | |
| Net margin | +8.64% |
| Asset turnover (× revenue / assets) | +132.82% |
| Equity multiplier (× assets / equity) | +334.12% |
Activity & efficiency
| In USD | FY 2026 |
|---|---|
| Turnover | |
| Asset turnover | 1.33 |
| Fixed-asset turnover | 3.14 |
| Inventory turnover | 3.04 |
| Receivables turnover | 34.34 |
| Payables turnover | — |
| Days outstanding | |
| Days sales outstanding (DSO) | 10.63 |
| Days inventory outstanding (DIO) | 120.14 |
| Days payables outstanding (DPO) | — |
| Cash conversion cycle | 130.77 |
Cash flow quality
| In USD | FY 2026 |
|---|---|
| Operating CF / Net income | 0.83 |
| FCF / Net income | 0.27 |
| FCF margin | +2.30% |
| OCF margin | +7.16% |
| CapEx / Revenue | +4.86% |
| CapEx / D&A | 1.17 |
| Stock-based comp / Revenue | +0.27% |
Per-share & shareholder yield
| In USD | FY 2026 |
|---|---|
| EPS · diluted | 153.10 |
| EPS · basic | 153.10 |
| Book value / share | 1611.93 |
| Tangible BV / share | 1198.00 |
| Sales / share | 7153.45 |
| Operating CF / share | 512.12 |
| Free cash flow / share | 164.72 |
| Dividends / share | 102.01 |
| Payout ratio | +16.50% |
| Retention ratio | +83.50% |
Growth
| In USD | FY 2026 | CAGR |
|---|---|---|
| Top-line | ||
| Revenue · YoY | — | — |
| Gross profit · YoY | — | — |
| Profit | ||
| Operating income · YoY | — | — |
| EBITDA · YoY | — | — |
| Net income · YoY | — | — |
| Operating | ||
| EBIT · YoY | — | — |
| R&D · YoY | — | — |
| Per-share | ||
| EPS · diluted · YoY | — | — |
| EPS · basic · YoY | — | — |
Credit & leverage
| In USD | FY 2026 |
|---|---|
| Leverage | |
| Total debt | $477.25B |
| Net debt | $362.98B |
| Net debt / EBITDA | 0.97 |
| Debt / equity | 1.07 |
| Debt / assets | +32.05% |
| Equity / assets | +29.93% |
| Coverage | |
| EBITDA / interest expense | 42.22 |
| Operating income / interest | 33.99 |
| Interest expense | $8.9B |
| Liquidity | |
| Current ratio | 1.49 |
| Quick ratio | 0.42 |
| Cash ratio | 0.28 |
| Working capital | $199.92B |
| Working capital / revenue | +10.11% |
Historical multiples · μ ± σ bands
3 fiscal-year-end observations from key_metrics. Mean is dashed; light-green band is ±1σ, light-red band ±2σ. The dot marks the most recent value; the cheap / fair / rich verdict uses z-score against the issuer's own history (yields inverted — a high yield is cheap).
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
| Metric | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| P / E | — | — | — |
| P / B | — | — | — |
| EV / EBITDA | — | — | — |
| EV / Sales | 0.65x | 2.69x | 2.32x |
| Earnings yield | 18.4% | 4.4% | 5.3% |
| FCF yield | 4.9% | -2.5% | -7.3% |
| Metric | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Gross margin | — | — | — |
| Operating margin | — | — | — |
| Net margin | — | — | — |
| ROE | 38.4% | 16.8% | 17.0% |
| ROA | 11.5% | 4.7% | 4.8% |
| ROIC | 20.8% | 7.9% | 7.7% |
| Metric | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Debt / equity | — | — | — |
| Net debt / EBITDA | 0.97 | 3.72 | 3.67 |
| Interest coverage | — | — | — |
| Current ratio | 1.49x | 1.40x | 1.30x |
| Quick ratio | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).