Valuation Mahindra & Mahindra Limited

Equities

M&M

INE101A01026

Auto & Truck Manufacturers

Delayed NSE India S.E. Other stock markets 11:31:48 16/03/2026 am IST			5-day change	1st Jan Change
2,965.50 ^INR	+1.17%		-7.12%	-20.18%

13/03	India car sales to dealers rise for fifth month in February, industry body says; Mideast risks loom	RE
09/03	Embraer sees E175 assembly in India in 2028 if it secures 200 orders	RE

Company Valuation: Mahindra & Mahindra Limited

Data adjusted to current consolidation scope

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Capitalization ¹	8,81,590	8,95,511	12,89,016	21,39,707	29,71,769	32,72,026	-	-
Change	-	1.58%	43.94%	66%	38.89%	10.1%	-	-
Enterprise Value (EV) ¹	8,45,098	8,44,884	11,95,155	20,15,830	27,44,319	30,31,285	29,53,868	28,68,969
Change	-	-0.03%	41.46%	68.67%	36.14%	10.46%	-2.55%	-2.87%
P/E ratio	355x	19.6x	21.3x	21.6x	27.1x	22.7x	20.1x	18x
PBR	2.75x	2.48x	3.2x	4.41x	5.21x	4.77x	4x	3.36x
PEG	-	0x	0.7x	0.3x	2.6x	0.7x	1.5x	1.6x
Capitalization / Revenue	1.96x	1.56x	1.52x	2.17x	2.55x	2.28x	2.03x	1.83x
EV / Revenue	1.88x	1.47x	1.41x	2.04x	2.36x	2.12x	1.83x	1.61x
EV / EBITDA	13x	12x	11.4x	15.6x	16x	14.5x	12.5x	10.9x
EV / EBIT	19.8x	18.4x	16.4x	21.3x	21.3x	18.3x	15.8x	13.7x
EV / FCF	13.5x	22x	25x	32.3x	23.9x	29.6x	22x	18.1x
FCF Yield	7.43%	4.55%	4%	3.1%	4.19%	3.38%	4.55%	5.53%
Dividend per Share ²	8.75	11.55	16.25	21.1	25.3	29.1	32.35	33.88
Rate of return	1.1%	1.43%	1.4%	1.1%	0.95%	0.99%	1.1%	1.16%
EPS ²	2.24	41.13	54.49	89.08	98.45	129.2	146.2	163.1
Distribution rate	391%	28.1%	29.8%	23.7%	25.7%	22.5%	22.1%	20.8%
Net sales ¹	4,50,410	5,74,460	8,49,603	9,87,634	11,64,837	14,32,691	16,09,911	17,85,723
EBITDA ¹	65,061	70,423	1,04,424	1,29,194	1,71,226	2,08,882	2,35,684	2,62,806
EBIT ¹	42,731	45,912	72,879	94,806	1,28,958	1,65,780	1,87,047	2,09,441
Net income ¹	2,687	49,352	65,486	1,07,178	1,18,550	1,55,860	1,76,207	1,96,356
Net Debt ¹	-36,491	-50,626	-93,860	-1,23,877	-2,27,450	-2,40,741	-3,18,158	-4,03,057
Reference price ²	795.25	806.55	1,158.70	1,921.35	2,665.80	2,931.10	2,931.10	2,931.10
Nbr of stocks (in thousands)	11,08,569	11,10,298	11,12,467	11,13,648	11,14,776	11,16,313	-	-
Announcement Date	28/05/21	28/05/22	26/05/23	16/05/24	05/05/25	-	-	-

¹INR in Million²INR

Estimates

P/E ratio, Detailed evolution

Sector Comparison:

Add to a list 0 selected To use this feature you must be a member Log in Sign up	P/E (Y)	EV / Sales (Y)	EV / EBITDA (Y)	Dividend Yield (Y)	Capi.($)
MAHINDRA & MAHINDRA LIMITED	22.69x	2.12x	14.51x	0.99%	3.54TCr
TOYOTA MOTOR CORPORATION	11.51x	1.48x	13.19x	2.87%	28TCr
HYUNDAI MOTOR COMPANY	10.79x	1.33x	13.79x	2.26%	8.05TCr
GENERAL MOTORS COMPANY	6.03x	0.29x	2.35x	1.01%	6.54TCr
MERCEDES-BENZ GROUP AG	9.17x	0.16x	1.45x	6.01%	5.97TCr
BMW AG	7.51x	0.02x	0.13x	5.01%	5.65TCr
VOLKSWAGEN AG	4.24x	0.03x	0.22x	7.14%	5.18TCr
FORD MOTOR COMPANY	-482.63x	0.25x	3.58x	5.16%	4.66TCr
HONDA MOTOR CO., LTD.	109.85x	0.55x	9.38x	5.19%	3.34TCr
GEELY AUTOMOBILE HOLDINGS LIMITED	9.53x	0.34x	4.5x	3.23%	2.4TCr
Average	-29.13x	0.66x	6.31x	3.89%	7.28TCr
Weighted average by Cap.	-16.69x	0.90x	8.37x	3.53%