Valuation Mahindra & Mahindra Limited

Equities

M&M

INE101A01026

Auto & Truck Manufacturers

Market Closed - NSE India S.E. Other stock markets 05:19:42 11/07/2025 pm IST			5-day change	1st Jan Change
3,073.20 ^INR	-2.82%		-2.82%	+2.20%

11/07	Mahindra and Mahindra to invest in rights issue of Mahindra Logistics to full extent of co's entitlement	RE
07/07	Mahindra & Mahindra Limited Enters Commercialization Phase	CI

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	34,30,654	-	-
Change	-	1.58%	43.94%	66%	38.89%	15.44%	-	-
Enterprise Value (EV) ¹	8,45,098	8,44,884	11,95,155	20,15,830	27,44,319	31,96,899	31,28,965	30,58,944
Change	-	-0.03%	41.46%	68.67%	36.14%	16.49%	-2.12%	-2.24%
P/E ratio	355x	19.6x	21.3x	21.6x	27.1x	26.5x	23.6x	21.7x
PBR	2.75x	2.48x	3.2x	4.41x	5.21x	5.09x	4.34x	3.71x
PEG	-	0x	0.7x	0.3x	2.6x	1.5x	2x	2.47x
Capitalization / Revenue	1.96x	1.56x	1.52x	2.17x	2.55x	2.52x	2.25x	2.01x
EV / Revenue	1.88x	1.47x	1.41x	2.04x	2.36x	2.35x	2.05x	1.79x
EV / EBITDA	13x	12x	11.4x	15.6x	16x	16.3x	14.2x	12.5x
EV / EBIT	19.8x	18.4x	16.4x	21.3x	21.3x	21.3x	18.5x	16.3x
EV / FCF	13.5x	22x	25x	32.3x	23.9x	33.1x	23.5x	19.5x
FCF Yield	7.43%	4.55%	4%	3.1%	4.19%	3.02%	4.26%	5.12%
Dividend per Share ²	8.75	11.55	16.25	21.1	25.3	27.56	29.87	41.37
Rate of return	1.1%	1.43%	1.4%	1.1%	0.95%	0.9%	0.97%	1.35%
EPS ²	2.24	41.13	54.49	89.08	98.45	116.2	130.1	141.6
Distribution rate	391%	28.1%	29.8%	23.7%	25.7%	23.7%	22.9%	29.2%
Net sales ¹	4,50,410	5,74,460	8,49,603	9,87,634	11,64,837	13,61,923	15,23,474	17,09,624
EBITDA ¹	65,061	70,423	1,04,424	1,29,194	1,71,226	1,96,483	2,20,178	2,45,659
EBIT ¹	42,731	45,912	72,879	94,806	1,28,958	1,50,333	1,68,802	1,88,229
Net income ¹	2,687	49,352	65,486	1,07,178	1,18,550	1,40,115	1,57,531	1,70,060
Net Debt ¹	-36,491	-50,626	-93,860	-1,23,877	-2,27,450	-2,33,755	-3,01,689	-3,71,710
Reference price ²	795.25	806.55	1,158.70	1,921.35	2,665.80	3,073.20	3,073.20	3,073.20
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	26.46x	2.35x	16.27x	0.9%	4TCr
TOYOTA MOTOR CORPORATION	10.39x	1.25x	10.73x	3.8%	22TCr
BMW AG	8.04x	0.03x	0.23x	4.6%	6TCr
MERCEDES-BENZ GROUP AG	8.17x	0.14x	1.23x	5.29%	5.97TCr
VOLKSWAGEN AG	5x	0.04x	0.35x	5.93%	5.63TCr
GENERAL MOTORS COMPANY	5.9x	0.25x	2.18x	1.05%	5.13TCr
FORD MOTOR COMPANY	11.66x	0.23x	3.53x	5.09%	4.68TCr
HONDA MOTOR CO., LTD.	10.07x	0.6x	8.15x	4.9%	4.18TCr
HYUNDAI MOTOR COMPANY	4.39x	0.96x	9.36x	5.81%	3.3TCr
TATA MOTORS LIMITED	12.91x	0.64x	5.55x	0.94%	2.92TCr
Average	10.30x	0.65x	5.76x	3.83%	6.4TCr
Weighted average by Cap.	10.01x	0.75x	6.60x	3.94%