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Prices as of 8 Oct 2026 close · Not investment advice

Mahindra & Mahindra

NSE: M&MPassenger Cars & Utility Vehicles

Share price

₹2,796.20

+1.64% close of 9 Oct 2026

Market cap ₹3.48L CrP/E 17.8 (as of 8 Oct 2026)

Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 8 Oct 2026, the close above is 9 Oct 2026.

Business score

How strong the business is, in one number. The parts behind it are in Pro.

71

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹3.48L Cr

P/E ratio

17.8

P/B ratio

3.7

ROCE

15.1%

ROE

20.3%

Dividend yield

1.2%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 9 Oct 2026 close52-week high ₹3,802.4052-week low ₹2,751.20

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 26.2% over the past year, and 16.0% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 18.5% to 19.0% over the last four years.

Whether it grew faster than its sector

It grew 16.0% a year against a sector median of 10.5% — 5.5 percentage points faster.

Room to re-rate, or risk of de-rating

At 17.8× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 31.4×, across 5 companies. It is against its own five-year median of 25.6×, the 1st percentile of its own range.

Whether growth justifies the valuation

Priced at 0.8 times its growth rate, on earnings growth of 23%.

Profit growthPrice per ₹1 profitPer 1% growth
Mahindra & Mahindra — this one23%/yr17.8×₹0.78
Maruti Suzuki India21%/yr24.6×₹1.2
Hyundai Motor India Limited5%/yr31.4×₹6.3
Tata Motors Passenger Vehicles Limited232%/yr100.9×—
FORCE MOTORS LTD209%/yr19.7×—
Olectra Greentech Limited39%/yr48.4×₹1.2

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Passenger Cars & Utility Vehicles), it ranks 5 of 7 on returns, 2 of 6 on growth, 1 of 7 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

No durable advantage shows in the numbers: it earns 15.1% on capital, ahead of 29% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

No — Over the last five years it made ₹11377 crore of cash from the business but spent ₹40681 crore on plant and equipment, ₹29304 crore more than it made; the gap was mostly borrowed — borrowings rose from ₹77605 crore to ₹136936 crore. But only about 31 of every 100 rupees of profit it reported over 12 years arrived as cash — the rest is tied up. Its cash comes back faster than it used to: it went from being paid 13 days before it paid its own suppliers to paid 40 days before it paid its own suppliers.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

7 of 9 checks clear · 78%

Latest result · Q1 FY27

What the last results showed. Whether management kept its word is in Pro.

Sales up 28% from a year ago and profit up 37%, to Rs 5,998 crore

Announced 30 Jul 2026 · Consolidated

Revenue

₹58,188 Cr

Revenue vs last year

+27.8%

Revenue vs last quarter

+5.8%

Net profit

₹5,998 Cr

Profit vs last year

+37.0%

Profit vs last quarter

+14.0%

Net margin

10.3%

EPS

₹48.80

Earnings call transcript · 4 Aug 2026

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹3.48L Cr
Prev close
₹2,796.20
52w High
₹3,840
52w Low
₹2,744
Enterprise value
₹4.26L Cr
Beta
1.4
Price CAGR 1y
-18.0%
Price CAGR 3y
23.0%
Price CAGR 5y
26.0%
Price CAGR 10y
15.0%

Ratios

Return on assets
5.9%
PEG ratio
0.8
P/E ratio
17.8
P/B ratio
3.7
EV / EBITDA
10.6
Industry P/E
31.8
ROCE
15.1%
ROCE 5y average
13.4%
ROE
20.3%
Debt / Equity
1.5
Interest coverage
3.6
Dividend yield
1.2%
ROE 3y average
19.0%
ROE last year
20.0%

Annual P&L

Annual revenue
₹1.99L Cr
Annual profit
₹18,622 Cr
Operating margin
19.0%
Net profit margin
9.4%
EBITDA margin
18.6%
Sales growth 3y
17.8%
Sales growth 5y
21.7%
Profit growth 3y
23.0%
Profit growth 5y
51.0%
EPS
₹138
Sales growth TTM
26.0%
Profit growth TTM
38.0%
Dividend payout
22.0%

Quarter P&L

Sales latest quarter
₹58,188 Cr
Profit latest quarter
₹5,998 Cr
YoY quarterly sales growth
27.8%
YoY quarterly profit growth
37.0%
OPM latest quarter
18.6%

Balance Sheet

Book Value
₹749
Face Value
₹5.0
Total debt
₹1.37L Cr
Total cash
₹31,979 Cr
Borrowings
₹1.37L Cr
Reserves / Equity
165.5

Cash Flow

Operating cash flow
₹11,657 Cr
Free cash flow
₹2,545 Cr
FCF yield
-2.0%
Net cash flow
-₹632 Cr

Shareholding

Promoter holding
18.4%
FII holding
34.9%
DII holding
32.6%
Public holding
10.5%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Maruti Suzuki11,410.9525.03,58,7631.223,446.9-9.152,469.835.918.9
M & M2,790.1018.13,46,9571.195,997.633.858,187.627.815.1
Hyundai Motor I1,930.6531.71,56,8731.08888.6-35.116,334.6-0.538.4
Tata Motors PVeh280.80103.81,03,4181.06859.0-69.895,799.09.32.7
Force Motors16,902.0020.322,2710.29216.622.82,440.06.236.0
Olectra Greentec1,072.5549.68,8040.0626.7-0.3575.565.821.1
Mercury EV-Tech37.19154.97070.001.729.933.447.92.6
Median1,501.6040.762,8440.68537.8-4.79,387.327.817.8

Competes with: FORCE MOTORS LTD, Hyundai Motor India Limited, Maruti Suzuki India, Mercury Ev-Tech Limited, Olectra Greentech Limited, Tata Motors Passenger Vehicles Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales33,89234,43635,29935,45237,21837,92441,47042,59945,52946,10652,10054,98258,188
Expenses27,64228,70629,07528,84829,97530,79033,23934,65837,11737,16641,93944,85547,360
Material Cost25,17226,71127,88727,81631,14033,229
Change in Inventories-1,259-443-1,8222,108855724
Purchases of Stock-in-Trade1,8562,0672,0452,2232,3362,378
Employee Cost2,9103,0453,1123,3363,2383,388
Other Expenses6,0095,9225,9556,5117,6967,902
Operating Profit6,2495,7306,2246,6047,2437,1338,2317,9428,4128,94010,16010,12710,827
OPM %18171819191920191819201819
Other Income1,0658127567507331,1267191,1101,2101,1349761,1371,121
Exceptional items (within Other Income)000-29300
Interest1,7191,8351,9451,9892,1082,2172,3622,3972,4312,3472,4052,4072,560
Depreciation1,1281,1391,1231,3351,2481,3021,4952,0291,5481,6692,1631,9431,760
Profit before tax4,4683,5683,9124,0304,6214,7405,0924,6275,6446,0586,5696,9147,628
Tax %18302422232929232235242421
Net Profit3,6842,4842,9773,1253,5463,3613,6243,5424,3773,9645,0215,2605,998
EPS in Rs28192122262626273330383844
Diluted EPS in Rs293633424149

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales71,44875,84183,77392,0941,04,72175,38274,27890,1711,21,3621,39,0781,58,7501,97,7932,11,375
Expenses62,65565,75973,03878,86889,51465,22462,79175,4881,01,0371,14,1861,28,6931,61,6591,71,321
Material Cost88,1111,13,553
Change in Inventories-12699
Purchases of Stock-in-Trade7,6448,670
Employee Cost11,12612,731
Other Expenses21,82426,006
Operating Profit8,79310,08210,73513,22615,20710,15811,48714,68320,32524,89230,51836,98040,054
OPM %12131314151315161718191919
Other Income8001,3992,0774,3662,6768851,1523,2043,9223,2983,7185,1184,369
Exceptional items (within Other Income)0-293
Interest3,1573,3683,6483,9875,0216,0216,1025,0185,8307,4889,0839,5919,720
Depreciation2,1242,4422,8133,2803,9913,3673,3783,5084,3574,7246,0747,3227,535
Profit before tax4,3135,6726,35010,3268,8711,6553,1589,36214,06015,97819,08025,18527,169
Tax %4037362332119522319232626
Net Profit3,3813,5544,0517,9586,017-3211,5127,25311,37412,27014,07318,62220,243
EPS in Rs25253060431.0215538391104138149
Diluted EPS in Rs115152
Dividend Payout %2321221117205542018212222

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
10%
5 years
22%
3 years
18%
TTM
26%

Compounded profit growth

10 years
19%
5 years
51%
3 years
23%
TTM
38%

Stock price CAGR

10 years
15%
5 years
26%
3 years
23%
1 year
-18%

Return on equity

10 years
15%
5 years
18%
3 years
19%
Last year
20%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 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
Borrowings37,91141,55348,76255,89870,84882,09280,62577,60592,6471,08,6471,29,0251,36,936
Other Liabilities30,60831,80635,29643,69651,05743,65542,76247,66155,27059,88469,95086,021
Minority Interest12,05916,395
Total Liabilities94,37699,8521,13,8351,36,3691,61,8891,65,7161,64,9681,72,3882,04,2832,34,7222,76,0133,16,054
Fixed Assets19,04720,58520,98926,18228,98329,68921,38026,01827,14028,12934,63638,459
CWIP3,0322,3714,2794,2694,7606,8567,8736,7033,9698,0398,2987,740
Investments10,02711,60314,66216,01818,26819,21028,77830,06035,27235,20841,30940,324
Other Assets62,27065,29373,90589,9001,09,8781,09,9601,06,9381,09,6071,37,9021,63,3451,91,7712,29,531
Total Assets94,37699,8521,13,8351,36,3691,61,8891,65,7161,64,9681,72,3882,04,2832,34,7222,77,5863,17,635

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity1,0552,385183682-4,347-1,45717,9099,248-7,074-5,6303,17611,657
Cash from Investing Activity-4,357-5,506-5,875-5,467-7,174-6,870-19,686-3,252-8,866-5,615-18,616-17,680
Cash from Financing Activity1,6692,9676,1086,31413,1946,933406-5,88315,94612,28115,8345,391
Net Cash Flow-1,633-1544161,5291,672-1,394-1,37011361,037394-632
Free Cash Flow-3,661-1,729-4,780-5,109-11,546-8,25113,2833,328-13,241-15,303-6,6332,545

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 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-5-3-2-8-14-20-11-13-14-8-14-40
ROCE %1113121312781113141415

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Jun 2026
Line itemSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters191919191918181818181818
FIIs404142424139383938373635
DIIs272626262729303030303133
Government0.070.070.070.070.070.070.080.080.080.120.210.13
Public9.739.719.709.579.449.669.789.779.93101010
Others3.803.773.753.733.693.633.603.583.553.523.503.47
No. of Shareholders6,75,6216,90,0067,21,6727,56,2597,99,5318,55,1758,95,6998,64,1898,81,1548,85,0619,41,4789,89,776

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year -18.8% (₹3,442.90 → ₹2,796.20)Brick size ₹62.76 (fixed)Bricks 62
₹3,000₹3,500₹2,796Nov '25Jan '26Mar '26May '26Jul '26Sep '26
Price moved up one brickPrice moved down one brickLast close ₹2,796.20 on 9 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

own EV share %

12.00pct

2026-06-30

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

own market share %

24.00pct

2026-06-30

net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash

84,152inr_cr

2026-03-31

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-03-31

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-03-31

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-03-31

FY revenue / permanent employees + workers, same basis (calc)

5,52,08,425inr

2026-03-31

News

News and filings about Mahindra & Mahindra. Open one to see why it matters.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • Aluminium
  • Steel

Depends on the price of

  • aluminium
  • copper
  • steel

Products sold by

Buys from

Gets parts from

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Automobile and Auto Components
Industry
Passenger Cars & Utility Vehicles
Classification
Automobile and Auto Components › Passenger Cars & Utility Vehicles
ISIN
INE101A01026

Business segments

  • Automotive · 58%
  • Farm Equipment · 21%
  • Industrial Businesses and Consumer Services · 11%
  • Financial Services · 10%

Plants

  • Chakan Plant · Chakan, Maharashtra
  • Haridwar Plant · Haridwar, Uttarakhand
  • Igatpuri Plant
  • Jaipur Plant · Jaipur, Rajasthan
  • Kandivali Plant · Mumbai, Maharashtra
  • Nashik Plant · Nashik, Maharashtra
  • Pithampur Plant · Pithampur, Madhya Pradesh
  • Zaheerabad Plant · Zaheerabad, Telangana

News impact

Big market events that reach Mahindra & Mahindra, and how the effect spreads.

1 Oct, 22:35 IST · Market event · medium impact

Mahindra, Embraer pick Nagpur for C-390 assembly line

Mahindra and Embraer will build a C-390 military aircraft assembly line in Nagpur, helping Mahindra's defence business and local suppliers, with no clear loser.

Capital Goods

Who it hits first

  • Mahindra & Mahindra, the Indian maker of SUVs, tractors and farm gear, will set up an assembly line in Nagpur with Embraer, the Brazilian planemaker, to build C-390 military transport planes in India.
  • The plant will also handle local parts sourcing and repair and maintenance work, under the government's Make in India push.
  • This is a slow-building defence project: site selection now, production and revenue only after the line is built and orders flow.

Who may gain

  • Mahindra & Mahindra (SUV, tractor and defence maker): a new long-term defence revenue stream.
  • Local Nagpur suppliers and maintenance shops: future parts and servicing work as the line ramps up.

Along the supply chain

Downstream

Downstream, the buyers would be the Indian armed forces and possible export customers, plus maintenance providers, once planes roll out years from now.

Upstream

Upstream, Indian metal, parts and systems makers could eventually feed the Nagpur line, but the pack names no confirmed supplier, so no supplier gains work today.

Where demand moves

Business

Business demand flows to Mahindra's defence unit first: aircraft assembly, then spare parts and repair contracts over the plane's long service life.

Capital

Investor money may tilt slightly toward Mahindra and listed defence suppliers on the news, but with no orders or revenue figures yet, this is re-rating hope rather than fresh cash flow.

How it spreads across sectors

Automobile and Auto Components

Neutral: the C-390 line does not change car, SUV or tractor sales or parts demand.

Capital Goods

Mildly positive: a new defence assembly line supports the Make-in-India order outlook for aerospace and defence manufacturers.

Financial Services

No link: aircraft assembly does not move lending, deposits or credit costs.

When it plays out

Immediate

In the first week, expect headline-driven chatter in Mahindra shares and defence stocks, fading fast without order details.

Medium term

Over one to six months, the line's construction pace and any Indian Air Force order signals decide whether this becomes real revenue.

Short term

Over the next few weeks, watch for government approvals, order hints or investment figures that would make the story concrete.

1 Oct, 19:39 IST · Market event · high impact

Tata nearly doubles EV registrations, Mahindra overtakes MG in September

India's electric-car registrations nearly doubled in September as Tata surged and Mahindra passed MG, helping Tata, Mahindra and EV-parts makers while MG and petrol-engine parts suppliers lose ground.

Automobile and Auto Components

Who it hits first

  • India's electric-vehicle registrations rose 94.7% from a year earlier in September, Vahan data show, meaning nearly twice as many EVs hit the road.
  • Tata Motors Passenger Vehicles, Tata's carmaking arm, nearly doubled its EV registrations, cementing its lead in electric cars.
  • Mahindra & Mahindra, which makes SUVs and electric vehicles, overtook MG Motor to take second place in the month's EV sales.
  • MG Motor, which is not listed in India, lost rank even in a growing market, a share loss rather than a demand loss.
  • The Tata Motors parent ticker (TATAMOTORS) has a fundamentals row but no candidate row, so no signal is emitted for it.
  • Suppliers named in the pack - Bosch and Motherson to both carmakers, Exide and Sona BLW to Mahindra - see stronger component demand.

Who may gain

  • Tata Motors Passenger Vehicles - near-double EV volumes
  • Mahindra & Mahindra - EV share win over MG
  • Olectra - EV sentiment as a listed electric-vehicle competitor
  • Exide Industries - battery demand via Mahindra
  • Samvardhana Motherson and Bosch - parts demand from both carmakers
  • Sona BLW - EV driveline demand via Mahindra

Along the supply chain

Downstream

Downstream, dealers such as Landmark handle more EV deliveries, Tata Power and other chargers sell more electricity, and fleet buyers get cheaper electric running; the pack lists no factory customer between the carmakers and drivers.

Upstream

Upstream, Bosch and Samvardhana Motherson feed both Tata and Mahindra, while Exide (batteries), Sona BLW (driveline) and a long tail of listed suppliers feed Mahindra; Tata Steel and Hindalco metal goes into every car body.

Where demand moves

Business

Car buyers chose electric models in record numbers, so dealers place bigger EV orders with Tata and Mahindra, who pull more batteries, wiring, electronics and driveline parts from Exide, Motherson, Bosch and Sona BLW; charging use rises with more EVs on the road.

Capital

Investors rotate toward confirmed EV winners and their suppliers, bidding up Tata's passenger-vehicle arm, Mahindra and EV-parts makers, while money drifts from engine-only parts makers like piston and forging shops.

How it spreads across sectors

Automobile and Auto Components

EV makers and EV-parts suppliers gain volumes; engine-only parts (pistons, forgings) face mix pressure as electric share rises.

Oil & Gas

Every electric kilometre displaces petrol and diesel, a small softening signal for fuel sellers.

Power

More EVs mean more charging demand, helping power sellers and charging networks such as Tata Power.

Renewable

Prose only (not in catalog): stronger EV growth supports the case for green charging and solar tie-ups.

A pattern seen before

Cascade chain

  • EV registrations +94.7% → Tata/Mahindra EV sales jump
  • More EVs → higher charging demand → Power sellers gain
  • More EVs → fewer petrol/diesel km → fuel demand softens
  • Green charging pull → Renewable support (prose only)

Pattern name

Energy Transition Cascade

Patterns

  • Energy Transition Cascade

Sectors queried

  • Auto
  • Oil & Gas
  • Power

When it plays out

Immediate

In 1-7 days, EV-exposed auto shares firm on the Vahan numbers; Tata's passenger arm and Mahindra lead, suppliers follow.

Medium term

In 1-6 months, sustained EV share forces bigger battery and component orders, while engine-parts makers feel the mix shift.

Short term

In 1-4 weeks, October registration tracking and festive sales decide whether September was a trend or a one-off.

Who it hits first

  • Hyundai India sold 77,916 cars in September, its best month ever, with home sales of 57,166 up 10.9% and exports of 20,750 up 10.4%.
  • A record month means fuller factory lines, more parts bought from suppliers and cheerful dealers.
  • Maruti Suzuki, which makes small cars, and Apollo Tyres, which makes tyres, feel the readthrough as industry demand looks strong.

Who may gain

  • Hyundai Motor India itself on record volumes and better factory use
  • Rival car makers like Maruti Suzuki and Mahindra & Mahindra as strong demand lifts the whole market
  • Parts makers like Samvardhana Motherson, Bosch, Apollo Tyres and Sharda Motor on more orders

Along the supply chain

Downstream

Dealers, transporters moving new cars, insurers and lenders writing more car loans all gain as more Hyundais reach homes and ports.

Upstream

Tyre, battery, glass, wiring, steel and chip sellers to Hyundai see higher call-offs, with Motherson, Bosch and Apollo Tyres among those named as suppliers in the pack.

Where demand moves

Business

Hyundai orders more tyres, batteries, glass, wiring and steel as it builds more cars, while dealers hire and stock up for festive buyers.

Capital

Investors buy Hyundai, its listed suppliers and rival car makers on proof that car demand is strong, favouring names with clean balance sheets.

How it spreads across sectors

Automobile and Auto Components

positive — record car sales lift makers and parts suppliers

When it plays out

Immediate

In 1–7 days, Hyundai, rival car shares and key suppliers firm on the record print.

Medium term

In 1–6 months, sustained volumes feed supplier earnings, while a demand miss would unwind the lift.

Short term

In 1–4 weeks, festive bookings and rival sales prints show whether the strength spreads.

1 Oct, 10:50 IST · Market event · high impact

M&M Share Price Falls 4%, Hits 52-Week Low As Tractor Sales Miss Estimates

M&M's September tractors missed estimates, knocking the stock 4% down to a 52-week low despite 15% overall auto growth, pressuring its financier and farm suppliers while car and two-wheeler peers barely budge.

Automobile and Auto Components

Who it hits first

  • M&M sold 1,14,874 vehicles in September, up 15% on the year, but tractor sales missed estimates.
  • The stock fell 4% to a 52-week low as the farm-side miss overshadowed the strong auto print.
  • Tractor-finance growth at Mahindra Finance cools alongside the slower tractor billings.

Who may gain

  • Rival tractor makers, but only if M&M's miss is share loss rather than weak demand; the pack does not say which
  • Bargain hunters in M&M, getting the SUV franchise cheaper on a farm-side wobble
  • No direct winner: a demand miss helps nobody outright

Along the supply chain

Downstream

Tractor dealers carry the miss directly: fewer machines billed means thinner commissions until festive buying picks up.

Upstream

Parts suppliers face slightly thinner tractor-linked orders, with piston, forging and hydraulics shops feeling it first, though strong SUV volumes offset most of it.

Where demand moves

Business

Farm buyers held back on tractors: weak rural demand shows up first in big-ticket farm machines.

Capital

Auto investors rotate away from farm exposure; M&M slides 4% to its yearly low while money waits for festive-season volumes.

How it spreads across sectors

Automobile and Auto Components

Negative tilt for farm-exposed names; car and two-wheeler demand reads as soft only at the rural margin.

Financial Services

Mildly negative for rural lenders as tractor-loan growth cools for a month.

When it plays out

Immediate

M&M stays heavy for 1-7 days as the miss sinks in; suppliers drift with it.

Medium term

Over 1-6 months a rural recovery heals volumes; a second straight miss would force estimate cuts.

Short term

Over 1-4 weeks festive-season tractor bookings decide whether this was a blip or a trend.

30 Sept, 10:18 IST · Market event · high impact

CAFE III fuel efficiency norms notified for cars

India tightened car fuel rules through FY32, helping Maruti's small cars and Tata's electrics while pushing SUV-heavy Mahindra and parts makers to spend more.

Automobile and Auto Components

Who it hits first

  • India notified final CAFE III efficiency rules for M1 passenger cars, tightening fleet carbon dioxide nearly 17% through FY32 with yearly targets.
  • One electric car counts as three cars toward the target, and wider credits for hybrid, CNG and ethanol cars give makers cheaper ways to comply.
  • Maruti Suzuki, the small-car leader, starts advantaged on light cars, while Tata Motors Passenger Vehicles and Mahindra & Mahindra lean on electric and hybrid credits to offset bigger vehicles.

Who may gain

  • Maruti Suzuki India (small cars and CNG models that lower fleet averages)
  • Tata Motors Passenger Vehicles (electric cars that count three-for-one)
  • Suppliers of efficiency and electric parts like Bosch Limited and Sona BLW Precision Forgings

Along the supply chain

Downstream

Dealers and lenders like Mahindra Finance feel second-order effects as sticker prices rise with new tech, shifting mix toward small and electric cars but not changing total finance demand much.

Upstream

Parts makers that feed Maruti, Mahindra and Tata Motors — Bosch for fuel systems, Motherson for wiring, Sona for driveline gear, Exide for batteries — see more orders for efficiency and hybrid content.

Where demand moves

Business

Car buyers still want affordable small cars and electrics, so showroom demand tilts to Maruti's light models and Tata's electrics, while makers order more fuel-saving parts, sensors and batteries from suppliers.

Capital

Investors rotate toward small-car and EV-credit winners and efficiency suppliers, trimming exposure to SUV-heavy lineups facing higher compliance spend through FY32.

How it spreads across sectors

Automobile and Auto Components

Compliance costs rise unevenly; small-car and EV-credit holders gain share while SUV-heavy fleets spend more through FY32.

Financial Services

Vehicle lenders see mixed loan size versus volume as car prices rise, roughly neutral near term.

Power

More electrics over time lift charging demand, a slow positive for power sellers like Tata Power and NTPC.

A pattern seen before

Cascade chain

  • CAFE III M1 CO2 -17% by FY32 → carmakers add hybrids and EVs
  • One EV counts as three → EV share push for compliance
  • Battery and charging use rises → Power demand up slowly
  • Petrol use per car falls → Oil demand eases at margin

Pattern name

Energy Transition Cascade

Patterns

  • Energy Transition Cascade

Sectors queried

  • Auto
  • Oil & Gas
  • Power

When it plays out

Immediate

Shares of Maruti and EV-credit names firm on headlines while SUV-heavy makers wobble as analysts map yearly CO2 steps.

Medium term

Fleet mixes shift toward lighter and electrified models, and charging and battery orders build if EV sales respond to the three-for-one math.

Short term

Suppliers guide on efficiency-kit orders and carmakers outline hybrid, CNG and EV compliance plans for FY32.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

3 Jul 2026unspecified₹33
4 Jul 2025unspecified₹25.3
5 Jul 2024unspecified₹21.1
14 Jul 2023unspecified₹16.25
14 Jul 2022unspecified₹11.55
15 Jul 2021unspecified₹8.75
16 Jul 2020unspecified₹2.35
18 Jul 2019unspecified₹8.5

Splits, bonuses & buybacks

  • daily-prices repair: 10 rows from NSE's archive (replace 2, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016

Documents

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