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Research updated
Mahindra & Mahindra Financial Services Limited
NSE: M&MFINFinancial ServicesCredit Services
- Last close
- ₹297.45
- Day change
- −₹14.10 (−4.53%)vs
- Market cap
- ₹41,334 crIndian rupees
- Research updated
- 3 reports
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About Mahindra & Mahindra Financial Services
Mahindra & Mahindra Financial Services Limited is a premier non-banking financial company (NBFC) based in India, with a strong focus on providing financial services primarily to rural and semi-urban markets. As a leading player in the financial services sector, its primary function is to offer a variety of loan products catering to diverse needs, including vehicle loans, personal loans, and small business financing. These services significantly support the economic development of remote areas by empowering individual entrepreneurs, farmers, and small businesses. One of the notable features of Mahindra & Mahindra Financial Services is its extensive network which enables it to reach underserved populations, thus playing a critical role in fostering inclusive growth. Moreover, its parent company, Mahindra Group, provides inherent strength and reliability, bolstering its market presence. The firm’s focus on innovative financial solutions and customer-centric services underpins its market significance, as it contributes to the financial empowerment of India’s rural masses. Beyond its core lending operations, Mahindra & Mahindra Financial Services Limited also engages in insurance advisory and mutual fund distribution, showcasing its broader influence in the financial services landscape.
- Sector
- Financial Services
- Industry
- Credit Services
- Listing
- NSE: M&MFIN
- Chief executive
- Mr. Raul Ignatius Rebello
- Employees
- 22,637
- Headquarters
- Mumbai, India
- ISIN
- INE774D01024
- Website
- mahindrafinance.com
Public research · Report of
Business model & financial foundation
Mahindra Finance (NSE: M&MFIN), Deposit-taking NBFC; rural vehicle and tractor finance: revenue of ₹12,153 crore in FY26 (+20.1% on FY25) and net profit of ₹2,855 crore.
- Revenue, FY26 (₹ crore)
- 12,153
- consolidated
- Revenue growth, FY26
- +20.1%
- on FY25
- Net profit, FY26 (₹ crore)
- 2,855
- to owners
- Return on equity, FY26
- 11.9%
- on average equity
- Market capitalisation (₹ crore)
- 41,334
- at the close of 21 Oct 2026
Company profile
Mahindra Finance finances vehicles, tractors and small businesses through a rural and semi-urban branch/dealer network. Borrowers' irregular cash flows require field collections; earnings are driven by AUM, net revenue yield, operating intensity and credit losses. Parent Mahindra & Mahindra provides OEM access and rating support, while housing finance, broking and asset management diversify group earnings.
| Item | Value |
|---|---|
| Legal name | Mahindra & Mahindra Financial Services Limited |
| Exchange and ticker | NSE: M&MFIN; BSE: 532720 |
| ISIN | INE774D01024 |
| CIN | L65921MH1991PLC059642 |
| Sector | Financial Services |
| Industry | Deposit-taking NBFC; rural vehicle and tractor finance |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | M M Nissim & Co LLP and M.P. Chitale & Co. (since 2024) |
| Market capitalisation | ₹41,334 crore (21 Oct 2026) |
| Shares outstanding | 139.00 crore shares (FY26) |
| Price | ₹297.5 (close, 21 Oct 2026) |
| 52-week range | ₹272.6 - ₹415.0 (to 21 Oct 2026) |
| Website | https://www.mahindrafinance.com |
Corporate structure and shareholding
Parent: Mahindra & Mahindra Limited.
| Entity | Holding | Business |
|---|---|---|
| Mahindra Rural Housing Finance | 98.43% | Rural and semi-urban housing finance; merger approved Aug 2026 subject to tribunal |
| Mahindra Insurance Brokers | 100% | Insurance broking |
| Mahindra Manulife Investment Management | 51% | Mutual fund asset management |
| Mahindra Manulife Trustee | 51% | Mutual fund trustee |
| Mahindra Ideal Finance | 58.2% | Sri Lankan lending |
| Mahindra Finance USA LLC | 49% | Equipment finance JV with Rabobank; associate equity-accounted |
Annual report classification used; no entity joined or left FY26 group.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 52.49% | 52.49% | 52.49% | 52.48% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 9.11% | 9.40% | 9.53% | 9.96% |
| Domestic institutions | 32.35% | 32.09% | 31.49% | 31.56% |
| of which mutual funds | 17.18% | 17.01% | 16.68% | 17.62% |
| Retail | 3.57% | 3.59% | 3.89% | 3.72% |
| Other | 2.49% | 2.43% | 2.60% | 2.29% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
MMFSL is an NBFC lending into Mahindra-linked and broader rural/vehicle ecosystems. Its standalone parent drives the observable business-asset and collection cycle; MRHFL is a near-wholly owned housing-finance subsidiary. Q2 FY27 standalone AUM was ₹146,512 crore and group lending AUM ₹156,311 crore.
| Segment | revenue, FY26 (₹ crore) | Share | result pbt, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Financing activities | 19,775 | 92.8% | 3,642 | 95.2% |
| Other reconciling items (not separate operating product segments) | 1,524 | 7.2% | 184.0 | 4.8% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Shriram Finance (SHRIRAMFIN) | Used commercial vehicle and informal borrower collections |
| Cholamandalam Investment and Finance (CHOLAFIN) | Vehicle finance plus SME/mortgage diversification |
| Sundaram Finance (SUNDARMFIN) | Conservative vehicle finance underwriting benchmark |
| Bajaj Finance (BAJFINANCE) | Diversified lending, distribution and returns benchmark |
| L&T Finance (LTF) | Rural retail and farm finance exposure |
| Poonawalla Fincorp (POONAWALLA) | Retail NBFC transition and growth comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net total income (total income less finance cost) | 9,011 | 10,115 | 12,153 | ||
| Other operating costs (vendor classification) * | 811.8 | 1,020 | 1,022 | 1,250 | 1,473 |
| Profit before tax (consolidated) | 1,549 | 2,804 | 2,588 | 3,027 | 3,826 |
| Total tax expense | 399.1 | 732.6 | 645.1 | 766.0 | 964.8 |
| Profit for the year including non-controlling interests | 1,150 | 2,071 | 1,943 | 2,261 | 2,861 |
| Diluted EPS (INR) | 9.21 | 16.79 | 15.65 | 17.77 | 20.86 |
| Interest income (consolidated) | 14,412 | 16,566 | 18,428 | ||
| Total income (revenue from operations plus other income) | 15,970 | 18,530 | 21,087 | ||
| Finance costs | 6,959 | 8,415 | 8,934 | ||
| Employee benefits expenses | 2,261 | 2,355 | 2,510 | ||
| Other expenses including fees and commission expense | 1,987 | 2,392 | 2,885 | ||
| Depreciation, amortization and impairment | 274.9 | 321.2 | 386.1 | ||
| Operating expenses (employee, other incl fees, depreciation) | 4,523 | 5,068 | 5,781 | ||
| Pre-provision operating profit | 4,488 | 5,047 | 6,372 | ||
| Impairment on financial instruments | 1,956 | 2,085 | 2,483 | ||
| Exceptional items (signed income / expense) | -133.0 | ||||
| Share of profit / loss of associates and joint ventures | 56.1 | 65.2 | 69.6 | ||
| Profit attributable to non-controlling interests (signed) | 10.4 | -1.00 | 6.58 | ||
| Profit attributable to owners of the Company | 1,933 | 2,262 | 2,855 | ||
| Interest income | 18,428 | ||||
| Fees and commission income | 909.5 | ||||
| Net interest income | 9,495 | ||||
| Fee and other income (total income less interest income) | 2,659 | ||||
| Impairment on financial instruments | 2,483 | ||||
| Basic EPS (₹) | 20.88 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity attributable to owners (excluding NCI) | 17,038 | 18,701 | 19,933 | 21,529 | 26,639 |
| Borrowings including deposits and subordinated liabilities | 53,645 | 76,451 | 1,00,215 | 1,19,093 | 1,28,370 |
| Cash and equivalents plus other bank balances | 4,075 | 5,847 | 7,568 | ||
| Trade payables * | 1,113 | 1,246 | 1,679 | 1,441 | 1,142 |
| Property, plant and equipment | 1,075 | ||||
| Capital work in progress * | 138.4 | 224.5 | 85.4 | 82.4 | 65.7 |
| Total assets (consolidated) | 1,23,716 | 1,44,105 | 1,58,644 | ||
| Net loans and advances (consolidated) | 1,06,344 | 1,23,514 | 1,39,265 | ||
| Investments (equity-accounted plus other investments) | 9,598 | 10,590 | 7,407 | ||
| Loans (net of impairment allowance) | 1,39,265 | ||||
| Deposits | 14,130 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities (consolidated) | -4,992 | -4,245 | -18,449 | -15,602 | -12,772 |
| Free cash flow (vendor definition) * | -282.6 | -17,809 | -18,772 | -16,044 | -13,188 |
| Cash dividends paid (consolidated, outflow) | -99.2 | -444.0 | -739.9 | -777.8 | -903.5 |
| Cash purchase of PPE and intangible assets (outflow) | -294.1 | -398.5 | -323.3 | -441.9 | -416.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued shares (not weighted diluted or net of ESOP Trust shares) (crore shares) | n.r. | 123.55 | 139.00 | ||
| Standalone profit after tax (memo) | 1,760 | 2,345 | 2,782 | ||
| Standalone net worth (share capital plus other equity) | 18,157 | 19,812 | 24,759 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Consolidated net total income | 2,625 | 2,679 | 2,733 | 2,852 | 3,228 | 3,340 | 3,353 | 3,439 |
| Other operating costs (vendor classification) * | 337.2 | 409.7 | 357.1 | 414.3 | 425.1 | 409.7 | ||
| Profit before tax (consolidated) | 1,233 | 609.5 | 703.6 | 758.7 | 1,105 | 1,259 | 1,242 | 1,202 |
| Total tax expense (current, deferred and prior-year items) | 315.4 | 153.3 | 174.6 | 192.7 | 278.9 | 318.6 | 314.7 | 312.6 |
| Profit for the period including non-controlling interests | 917.6 | 456.2 | 529.0 | 566.1 | 825.6 | 940.5 | 927.5 | 910.7 |
| Diluted earnings per share (₹) | 7.21 | 3.59 | 4.06 | 4.06 | 5.93 | 6.75 | 6.66 | 6.54 |
| Interest income (consolidated) | 4,265 | 4,324 | 4,468 | 4,477 | 4,710 | 4,773 | 4,952 | |
| Total income (revenue from operations plus other income) | 4,799 | 4,897 | 5,013 | 5,049 | 5,464 | 5,560 | 5,725 | |
| Finance costs | 2,175 | 2,218 | 2,280 | 2,198 | 2,236 | 2,220 | 2,372 | 2,523 |
| Employee benefits expense | 597.0 | 608.1 | 634.2 | 602.6 | 631.5 | 641.4 | 672.9 | 666.5 |
| Other operating costs incl. unclassified expenses | 632.3 | 696.1 | 634.9 | 644.0 | 804.7 | 801.8 | 793.4 | 833.3 |
| Depreciation, amortisation and impairment | 82.2 | 84.5 | 85.9 | 93.9 | 96.2 | 110.1 | 99.1 | 109.3 |
| Operating expenses (employee, other incl fees, depreciation) | 1,312 | 1,389 | 1,355 | 1,340 | 1,532 | 1,553 | 1,565 | 1,609 |
| Pre-provision operating profit | 1,313 | 1,290 | 1,379 | 1,511 | 1,696 | 1,786 | 1,787 | 1,830 |
| Impairment on financial instruments | 95.9 | 696.8 | 695.1 | 768.0 | 476.5 | 543.3 | 567.3 | 628.5 |
| Exceptional items (signed income / expense) | 0.00 | 0.00 | -133.0 | 0.00 | 0.00 | 0.00 | ||
| Share of profit of associates and joint ventures | 15.9 | 15.9 | 20.2 | 15.4 | 18.0 | 16.1 | 22.2 | 21.8 |
| Profit attributable to non-controlling interests | 0.07 | -1.03 | 1.09 | 1.59 | 1.44 | 2.46 | 1.45 | 1.30 |
| Profit attributable to owners | 917.6 | 457.2 | 527.9 | 564.5 | 824.2 | 938.0 | 926.0 | 909.4 |
| Interest income | 4,468 | 4,477 | 4,710 | 4,773 | 4,952 | 5,086 | ||
| Fees and commission income | 165.9 | 203.3 | 260.1 | 280.3 | 246.1 | 305.1 | ||
| Net interest income | 2,188 | 2,279 | 2,474 | 2,553 | 2,580 | 2,563 | ||
| Fee and other income (total income less interest income) | 545.1 | 572.8 | 754.5 | 786.2 | 772.6 | 875.8 | ||
| Impairment on financial instruments | 695.1 | 768.0 | 476.5 | 543.3 | 567.3 | 628.5 | ||
| Basic EPS (₹) | 4.06 | 4.06 | 5.93 | 6.75 | 6.66 | 6.54 | ||
| Reported other expenses | 422.4 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 12.3% | 20.1% | |||
| Net margin | 21.4% | 22.4% | 23.5% | ||
| Return on equity | 10.0% | 10.9% | 11.9% | ||
| Return on assets | 1.6% | 1.7% | 1.9% | ||
| Dividend payout | 38.3% | 34.4% | 31.7% | ||
| EPS, diluted (₹) | 9.21 | 16.79 | 15.65 | 17.77 | 20.86 |
| Book value per share (₹) | 1,74,25,28,421 | 1,91,64,88,685 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 21 Oct 2026); market data at the close of 21 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
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