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Mahindra & Mahindra Financial Services Q2 FY27 Share Price & Earnings Call Analysis

₹264.80+0.68% today
Market cap
₹36,799 Cr
P/E
10.97
ROE
12.26%
PEG
0.94
Price to sales
1.68
Debt to equity
4.82
52W high / low
₹412 / ₹261
Sales growth (5Y)
11.19%
EBITDA margin
63.43%
Net profit margin
14.07%
Promoter holding
52.48%
Sales (last year)
₹21,733 Cr

Mahindra & Mahindra Financial Services Limited (MMFSL), a part of the Mahindra Group,is a NBFC primarily engaged in the business of financing purchase of new and pre-owned auto and utility vehicles, tractors, cars, commercial vehicles, construction equipment and SME Financing. [1]

Guidance scorecard · Q2 FY27 call

What Mahindra & Mahindra Financial Services Ltd's management guided
and where it ranks in Finance

#49of 59 in
Finance
Revenue10–20%MarginsFlatCapexPlannedFundraisingNone plannedOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Mahindra & Mahindra Financial Services aims for a 16%-18% CAGR growth from FY26 to FY31.
  • Core mobility (wheels) business targeted to grow at around 12% CAGR.
  • New non-wheels businesses (mortgages, SME, personal loans) expected to grow at 30%+ CAGR.
  • The company has already seen wheels AUM growth at 11%-12% and non-wheels at 28%-30% in recent quarters.
  • Market share gains seen in most asset categories except CV; strategic pullback from low-IRR CV fleet businesses.
  • Industry volume growth in autos expected to normalize to 5%-10%, but M&M Financial plans to accelerate AUM growth using margin-focused product mix and co-lending models.

2 more points from Mahindra & Mahindra Financial Services Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Mahindra & Mahindra Financial Services Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • The company continues to invest in new growth engines such as mortgages, SME, leasing, and fee income businesses, which naturally see higher opex ratios compared to traditional businesses.
  • Digital and AI investments are ongoing, with increased use of in-house AI agents (Samur.AI) for acquisition and collections, reducing costs.
  • Focus is on optimizing operating leverage and investing cautiously in new categories.
  • The company is comfortable with its current capital position (Tier 1 at 16.5%) and does not foresee the need to raise capital in the next 6 to 8 quarters.

2 more points from Mahindra & Mahindra Financial Services Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

None planned

See what Mahindra & Mahindra Financial Services Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Ask what Mahindra & Mahindra Financial Services Ltd said on the order book →

Full Q1 FY27 analysis
Full Finance ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Finance
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Mahindra & Mahindra Financial Services Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Finance companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹2,742 Cr71.8
240%+Up 2%+₹464 Cr23.9
340%+Up 0–2%₹961 Cr32.7
440%+Flat₹23,820 Cr21.1
540%+Flat₹16,498 Cr72.4
640%+Flat₹15,549 Cr—

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Financials of Mahindra & Mahindra Financial Services Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Mahindra & Mahindra Financial Services Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +52.16%52.16%52.16%52.16%52.16%52.16%52.49%52.49%52.49%52.49%52.49%52.48%
FIIs +12.72%11.95%10.08%10.19%10.49%10.68%9.33%9.59%9.11%9.40%9.53%9.95%
DIIs +26.96%28.61%30.66%31.58%31.17%31.31%32.33%32.29%32.34%32.09%31.48%31.56%
Public +8.06%7.18%7.00%6.01%6.14%5.81%5.79%5.58%6.02%5.98%6.46%5.97%
Others +0.10%0.09%0.09%0.07%0.06%0.05%0.05%0.04%0.04%0.03%0.03%0.04%
No. of Shareholders2,39,3722,27,5122,24,2732,11,0512,24,4152,17,6202,27,1412,22,5262,43,0192,36,2522,41,7762,29,567

Financials of Mahindra & Mahindra Financial Services Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue +3,8334,1004,2804,3164,4654,7974,8864,9915,0265,4505,5395,7185,936
Interest1,7031,7981,8611,9602,0622,1752,2182,2802,1982,2362,2202,3722,523
Expenses +1,7241,4561,5201,6761,8301,3252,0011,9642,0151,9131,9872,0342,128
Financing Profit4068469006795731,2976677468141,3011,3321,3121,284
Financing Margin %11%21%21%16%13%27%14%15%16%24%24%23%22%
Other Income +445068582819274339-100372948
Depreciation6769727679828586949611099109
Profit before tax3838268966615231,2336097047591,1051,2591,2421,223
Tax %25%25%25%25%25%26%25%25%25%25%25%25%26%
Net Profit +287623671497390918456529566826940927911
EPS in Rs2.024.484.823.582.806.603.293.804.065.936.756.666.54
Gross NPA %
Net NPA %

Financials of Mahindra & Mahindra Financial Services Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue +6,0516,5867,1897,91010,42911,99512,38211,41912,82815,96318,51921,04122,642
Interest2,6432,8683,1863,4364,4325,3915,3084,4175,0946,9598,4158,9349,351
Expenses +1,9722,4593,1232,5473,1294,9036,0465,3474,6966,2046,8327,8788,061
Financing Profit1,4351,2588801,9272,8681,7021,0281,6543,0382,7993,2714,2295,230
Financing Margin %24%19%12%24%28%14%8%14%24%18%18%20%23%
Other Income +1012123349475747-86477-1714
Depreciation4646545576147151152226275321386415
Profit before tax1,4001,2248381,9052,8411,6029341,5492,8042,5883,0273,8264,829
Tax %34%36%37%36%34%32%16%26%26%25%25%25%
Net Profit +9257875301,2161,8671,0867801,1502,0711,9432,2612,8613,604
EPS in Rs7.136.034.008.5313.157.735.568.1814.9113.9016.2720.5425.88
Dividend Payout %25%29%27%21%22%0%13%39%36%40%35%37%

Financials of Mahindra & Mahindra Financial Services Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital113113113123123123246247247247247278278
Reserves5,8306,3566,8479,73211,14611,84615,53016,65018,31319,68621,28226,36127,209
Borrowing29,23234,04440,64444,98658,80265,63465,10162,12681,42998,319119,093128,370149,579
Other Liabilities +3,4594,4945,6193,8894,5054,1894,7244,7875,0965,4633,4833,6353,225
Total Liabilities38,63345,00753,22358,73074,57681,79385,60183,809105,085123,716144,105158,644180,292
Fixed Assets +1191291331472014553995158711,0081,2071,3281,279
CWIP00101112231056671
Investments6541,1991,3742,3783,3275,34012,1268,65410,0639,59810,5907,40711,341
Other Assets +37,86043,67951,71456,20571,04675,99673,06474,63794,148113,004132,242149,902167,670
Total Assets38,63345,00753,22358,73074,57681,79385,60183,809105,085123,716144,105158,644180,292

Financials of Mahindra & Mahindra Financial Services Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +-3,970-4,957-6,467-8,510-12,078-3,1155,82618-17,395-18,449-15,602-12,772
Cash from Investing Activity +34-440-97243-1,213-2,689-8,3483,112-1,6352,671-1,077770
Cash from Financing Activity +3,9075,4316,7668,17413,4906,0502,548-3,17318,85216,09517,60510,637
Net Cash Flow-2934202-9319924526-43-179317927-1,365
Free Cash Flow-4,009-5,010-6,529-8,579-12,211-3,2315,785-276-17,794-18,719-15,975-13,120

Financials of Mahindra & Mahindra Financial Services Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROE %16%12%8%14%17%9%5%7%12%10%11%12%

Guidance history

How Mahindra & Mahindra Financial Services Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlannedNone planned—
Q4 FY26 call →10–20%FlatPlannedPlanned—
Q3 FY26 call →10–20%FlatPlanned—Rising
Q2 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

14out of 100

Momentum score · price trend

14 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−16.6%41%
Last 6 months−14.8%28%
Last 3 months−32.5%2%

The price is 35.8% below its all-time high of ₹412.3 (10 Aug 2026). Stocks more than 20% below their peak have their score halved, so 28 became 14.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Mahindra & Mahindra Financial Services Ltd: 0.4 × 41 + 0.4 × 28 + 0.2 × 2 = 28, halved to 14 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Mahindra & Mahindra Financial Services Ltd's management said in earlier quarters

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