M & M Q1 FY27 Share Price & Earnings Call Analysis

Financials of M & M

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

Financials of M & M

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +32,45633,89234,43635,29935,45237,21837,92441,47042,59945,52946,10652,10054,982
Expenses +26,79827,64228,70629,07528,84829,97530,79033,23934,65837,30137,16641,93944,855
Operating Profit5,6586,2495,7306,2246,6047,2437,1338,2317,9428,2288,94010,16010,127
OPM %17%18%17%18%19%19%19%20%19%18%19%20%18%
Other Income +6621,0658127567507331,1267191,1101,3951,1349761,137
Interest1,6341,7191,8351,9451,9892,1082,2172,3622,3972,4312,3472,4052,407
Depreciation1,1941,1281,1391,1231,3351,2481,3021,4952,0291,5481,6692,1631,943
Profit before tax3,4924,4683,5683,9124,0304,6214,7405,0924,6275,6446,0586,5696,914
Tax %14%18%30%24%22%23%29%29%23%22%35%24%24%
Net Profit +2,9983,6842,4842,9773,1253,5463,3613,6243,5424,3773,9645,0215,260
EPS in Rs21.2028.2118.8821.3822.1526.4025.5025.5826.5032.8429.5437.5937.53

Financials of M & M

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +71,44875,84183,77392,094104,72175,38274,27890,171121,269139,078159,211198,639
Expenses +62,65565,75973,03878,86889,51465,22462,79175,488100,983114,186128,693161,077
Operating Profit8,79310,08210,73513,22615,20710,15811,48714,68320,28524,89230,51837,561
OPM %12%13%13%14%15%13%15%16%17%18%19%19%
Other Income +8001,3992,0774,3662,6768851,1523,2043,9613,2983,7184,536
Interest3,1573,3683,6483,9875,0216,0216,1025,0185,8307,4889,0839,591
Depreciation2,1242,4422,8133,2803,9913,3673,3783,5084,3574,7246,0747,322
Profit before tax4,3135,6726,35010,3268,8711,6553,1589,36214,06015,97819,08025,185
Tax %40%37%36%23%32%119%52%23%19%23%26%26%
Net Profit +3,3813,5544,0517,9586,017-3211,5127,25311,37412,27014,07318,622
EPS in Rs25.2625.3529.7760.4142.761.0214.5852.9182.6890.62103.97137.50
Dividend Payout %23%21%22%11%17%205%54%20%18%21%22%22%

Financials of M & M

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital296270311543544554555556557557558559
Reserves25,56126,22229,46736,23239,43939,41541,02746,56755,80965,63376,48192,538
Borrowings +37,91141,55348,76255,89870,84882,09280,62577,60592,247108,647129,025133,963
Other Liabilities +30,60831,80635,29643,69651,05743,65542,76247,66155,67059,88469,95090,575
Total Liabilities94,37699,852113,835136,369161,889165,716164,968172,388204,283234,722276,013317,635
Fixed Assets +19,04720,58520,98926,18228,98329,68921,38026,01827,14028,12934,63643,831
CWIP3,0322,3714,2794,2694,7606,8567,8736,7033,9698,0398,2982,368
Investments10,02711,60314,66216,01818,26819,21028,77830,06035,27235,20841,30940,324
Other Assets +62,27065,29373,90589,900109,878109,960106,938109,607137,902163,345191,771231,112
Total Assets94,37699,852113,835136,369161,889165,716164,968172,388204,283234,722276,013317,635

Financials of M & M

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 +1,0552,385183682-4,347-1,45717,9099,248-7,074-5,6303,17611,657
Cash from Investing Activity +-4,357-5,506-5,875-5,467-7,174-6,870-19,686-3,252-8,866-5,615-18,616-17,707
Cash from Financing Activity +1,6692,9676,1086,31413,1946,933406-5,88315,94612,28115,8345,391
Net Cash Flow-1,633-1544161,5291,672-1,394-1,37011361,037394-659
Free Cash Flow-3,661-1,729-4,780-5,109-11,546-8,25113,2833,328-13,241-15,303-6,6332,545
CFO/OP31%43%20%25%-9%8%172%74%-21%-7%26%48%

Financials of M & M

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days282831343034302621201917
Inventory Days7274646474106918283817865
Days Payable97108107125127142147134118112118112
Cash Conversion Cycle3-6-11-27-23-3-26-27-13-11-21-30
Working Capital Days-5-3-2-8-14-20-11-13-14-8-14-2
ROCE %11%13%12%13%12%7%8%11%13%14%14%15%

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What M & M's management said in earlier quarters

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