NSE · India · Auto Manufacturers

Mahindra & Mahindra Limited M&M.NS

Price ₹2,840Mkt cap 3,41,053 croreReports in INRData 1 Nov 2026

Value estimate · 50% DCF, 50% peers₹2,710-4.6%-4.6% vs ₹2,840

DCF (base)₹1,198-57.8% vs price · WACC 14.2%

Peers₹4,2164 peers · median EV/EBITDA 16.6x

Price implies–revenue growth a year; your case 11.4%

Chance worth more0%of 2,000 simulated outcomes

Scenario

drives the result

Scenario probabilities (%)

BearBaseBull

Use the probability-weighted DCF instead of the live scenario

Forecast drivers

Base case, %

Driver	FY27E	FY28E	FY29E	FY30E	FY31E
Revenue growthFY23–FY26 avg 17.6%
EBIT marginFY23–FY26 avg 14.8%
Tax rateFY23–FY26 avg 23.7%
D&A % of revenueFY23–FY26 avg 3.5%
Capex % of revenueFY23–FY26 avg 6.1%
Working capital % of revenue changeFY23–FY26 avg 59.8%

Consensus revenue growth (34 analysts): 14.6% this fiscal year, 14.1% next (Yahoo Finance). The base case fades to 7.0% by year five; bear and bull sit 3 points of growth and 1.5 points of margin either side.

Discount rate

WACC build

INR 10-year government bond yield (%)India 10-year government bond, 21 Oct 2026 (World Government Bonds; Trading Economics 7.44%)

Less: country default spread (%)Damodaran; the Indian bond yield carries some default risk

Beta2 years, weekly vs Nifty 50: 1.65 (R² 0.50)

Equity risk premium (%)Damodaran, July 2026 update

Pre-tax cost of debt (%)starter: bond yield + 1.5 points

Terminal growth g (%)must stay below WACC

Risk-free rate: 5.69%
Cost of equity: 17.10%
Weight of equity: 71.8%
After-tax cost of debt: 6.79%
WACC: 14.20%

Result rules

set before you look

DCF weight (%)peers get 50%

Share price (INR)Yahoo, 30 Oct 2026 (delayed)

In plain English

The model's numbers as sentences. Every figure comes from the live data and your inputs, so the story changes when you change an input.

No growth rate in the model's range matches the price

Context
No constant revenue growth between −60% and +100% a year makes your base case match today's price of ₹2,840, so check the margins and the cash and debt in the bridge.
Caution
Your base case assumes 11.4% revenue growth a year on average and values the shares at ₹1,198, 58% below today's price.
Caution
If your base case comes true, the whole business would return about 10.3% a year at today's price, 3.9 percentage points less than the 14.2% a year the model requires (the WACC).
Caution
About 83% of today's price pays for future growth. The other 17%, ₹486.48 a share, is what FY26 operating profit after tax is worth if it never grows.
Caution
Across 2,000 simulated futures around your base case, the middle 80% of values runs from ₹726.97 to ₹1,748 a share, and 0% of them are worth more than today's price.
Favourable
Business health grade B (70 out of 100): looks mostly healthy, with 4 strengths and 2 red flags (top concern: profit isn't turning into cash).

Educational, not investment advice. “Favourable” means the numbers lean in today's price's favour; “Caution” means the price asks a lot of the future.

Football field

Every valuation range side by side, against today's price and the value estimate. Per share, in INR.

Show as table

Range	Low	Mid	High
DCF scenarios (bear to bull)	₹876	₹1,198	₹1,655
DCF sensitivity (WACC and g ±1 point)	₹852	₹1,198	₹1,735
Monte Carlo (middle 80% of 2,000 runs)	₹727	₹1,192	₹1,748
EV/EBITDA comps (25th to 75th percentile)	₹4,346	₹4,710	₹6,170
P/E comps (25th to 75th percentile)	₹3,173	₹3,722	₹4,394
Analyst targets (35 analysts, low to high)	₹3,237	₹4,084	₹4,875
52-week share price (trading range)	₹2,744	–	₹3,840

Business health

Is this a good, honest business, not just a cheap one? Published screens on the reported annual accounts (FY23–FY26), plus plain ratios. Screens, not verdicts: read the accounts before relying on any of them.

GradeB70 / 100

Grade B (70/100): looks mostly healthy, with 4 strengths and 2 red flags (top concern: profit isn't turning into cash).

Piotroski F-score6 / 9nine tests of strength

Altman Z''2.59Grey zone · safe above 2.60

Beneish M-score−2.25No flag · cut-off −1.78

Red flags 2

Profit isn't turning into cash: operations produced 4% of reported profit over 4 years.
Balance sheet in the grey zone: Altman Z'' is 2.59, between 1.10 and 2.60.

Strengths 4

High return for shareholders: ROE was 20.1% in FY26.
Steady growth: revenue rose in each of the last 3 years.
Margins are widening: EBIT margin rose 2.1 points from FY23 to FY26.
The accounts don't match the manipulator pattern: Beneish M-score is −2.25, below the −1.78 cut-off.

Cash conversion Weak4%Operating cash flow ÷ net profit, FY23–FY26. 90% or more means profit is backed by cash.

Return on capital (ROCE) Fair14.9%EBIT ÷ (total assets − current liabilities), FY26. 15% or more is strong. A lending arm's loan book inflates capital employed and pulls this down.

Return on equity Good20.1%Net profit ÷ average shareholders' equity, FY26. 15% or more is strong.

Interest cover Fair3.2xEBIT ÷ interest cost, FY26. 5x or more is comfortable; below 2x is risky.

Net debt ÷ EBITDA Fair2.3x(Borrowings − cash) ÷ (EBIT + D&A), FY26. 1.5x or less is comfortable; above 3.5x is heavy. Carmakers and conglomerates often carry a lending arm's debt here, which overstates the burden.

Receivable days Good17 daysReceivables ÷ revenue × 365. Down from 22 days in FY23; a rise of more than 20 days is a warning.

Share count change Good+0.1% a yearWeighted diluted shares, a year, FY23–FY26. Above 2% a year is heavy dilution; shares issued for mergers count too.

Paid out to shareholders Info16.0%Dividends and buybacks ÷ net profit, FY23–FY26. Neither high nor low is good on its own: it depends on how well the company could reinvest.

Stock-based pay Good0.2%Share-based pay ÷ revenue, FY26. Above 5% is a large hidden cost to owners.

Years of revenue growth Good3 of 3Years in which revenue beat the year before, FY23–FY26.

EBIT margin trend Good+2.1 ptsFrom 13.4% in FY23 to 15.6% in FY26.

Piotroski's tests, one by one (6 passed of 9)

PASS
Made a profit Return on assets 6.2% in FY26
A company that loses money on its assets is using up its owners' capital.
PASS
Operations brought in cash Operating cash flow ₹11,657 crore in FY26
Profit has to arrive as cash in the end, and cash flow is harder to dress up than profit.
PASS
Return on assets improved 6.2% vs FY25's 5.5%
Rising profitability is one of the clearest signs a business is getting stronger.
FAIL
Cash from operations beat profit Cash ₹11,657 crore vs profit ₹17,099 crore
When cash lags profit, earnings may rest on generous accounting or customers who pay late.
PASS
Long-term debt fell relative to assets Long-term debt 24.7% of average assets vs FY25's 31.0%
More debt leaves less room for error when business slows.
FAIL
Short-term liquidity improved Current ratio 1.27 vs FY25's 1.40
More short-term assets per rupee of bills due within a year means less risk of a cash squeeze.
PASS
No new shares issued Diluted shares +0.1% vs FY25
Issuing shares shrinks each owner's slice and can mean the company could not fund itself.
FAIL
Gross margin improved Gross margin 35.9% vs FY25's 38.1%
A higher gross margin points to pricing power or falling costs.
PASS
Assets worked harder (turnover up) Revenue ÷ assets 0.70x vs FY25's 0.66x
More sales from the same assets means the business uses its capital better.

F-score by year: FY24 4/9 · FY25 5/9

How the Altman and Beneish scores are built

Altman Z'' = 2.59 (grey)
Ratio	Value	Weight	Adds
Working capital ÷ total assets	0.098	6.56	0.64
Retained earnings ÷ total assets	0.259	3.26	0.85
Operating profit (EBIT) ÷ total assets	0.095	6.72	0.64
Book equity ÷ total liabilities	0.447	1.05	0.47

FY26 figures. Safe above 2.60, grey zone 1.10 to 2.60, distress below 1.10.

Z'' by year: FY23 2.37 · FY24 2.42 · FY25 2.68

Beneish M = -2.25
Index	Value	Manipulators	Others
Receivables growing faster than sales (DSRI)	0.882	1.465	1.031
Gross margin slipping (GMI)	1.060	1.193	1.014
More hard-to-value assets (AQI)	0.999	1.254	1.039
Sales growth (SGI)	1.241	1.607	1.134
Depreciation slowing (DEPI)	0.909	1.077	1.001
Overheads vs sales (SGAI)	0.940	1.041	1.054
Profit not backed by cash, ÷ assets (TATA)	0.017	0.031	0.018
Leverage rising (LVGI)	0.974	1.111	1.037

FY26 against FY25. Above −1.78 the pattern resembles companies later found to have manipulated earnings; some analysts use a stricter −2.22.

How to read this

Piotroski F-score (Joseph Piotroski, 2000): nine pass-or-fail tests of profitability, debt, liquidity and efficiency, each comparing the latest year with the one before. 7 or more is strong; 3 or fewer is weak.

Altman Z'' (Edward Altman, 1995, the version for non-manufacturers and emerging markets): combines working capital, retained earnings, operating profit and book equity relative to the balance sheet. Above 2.60 is the safe zone, below 1.10 the distress zone.

Beneish M-score (Messod Beneish, 1999): eight ratios that, in his study, separated companies later found to have manipulated earnings. Above −1.78 resembles that pattern. It is a prompt to read the notes to the accounts, not an accusation.

Grade: a 0 to 100 blend (Piotroski 40%, Altman 20%, Beneish 15%, the ratios 25%, re-weighted when a part is missing): A from 80, B from 65, C from 50, D from 35, E below.

All three screens were built on US companies and annual accounts from Yahoo Finance, which can be incomplete. Lenders, insurers and holding companies get financial-firm ratios instead of the Altman and Beneish screens.

What analysts expect

Price targets and ratings from the brokers' analysts who cover the stock, as Yahoo collects them. Their opinion, not this app's; set against the model so you can see where you differ.

35 analysts' average 12-month target is ₹4,084, +43.8% against today's ₹2,840 (median ₹4,100). The range runs from ₹3,237 to ₹4,875.

Ratings this month: 34 buy, 1 hold, 0 sell; the average works out to "Strong buy" (1.2 on a 1 to 5 scale, 1 = strong buy).

Your value estimate of ₹2,710 is 34% below the analysts' average: a big gap is worth explaining, it usually comes down to growth or margin assumptions.

Targets are usually for 12 months ahead and tend to run optimistic; brokers that cover a company often do business with it. Counts and targets come from different updates, so they may not match exactly.

Risk and likely range

How much the shares have swung and how far they have fallen over five years. Risk repeats far more reliably than direction, so this is the honest kind of forecast: how far the price may move, not which way.

Loading five years of prices…

What the price implies

A reverse DCF: the constant revenue growth, or the constant EBIT margin, that makes the DCF equal today's price, holding everything else in your base case.

Implied revenue growth, a year–Your base case averages 11.4%. No growth rate between −60% and +100% matches the price.

Implied EBIT margin23.9%Your base case averages 15.6%; the last reported year was 15.6%.

What you'd earn at today's price

The yearly return on the whole business at today's price if your base case comes true, against the return the model requires and what a government bond pays.

Caution

If your base case comes true, today's price earns about 10.3% a year, 3.9 percentage points less than the 14.2% the model requires.

Expected returnif your base case comes true10.3%
Required return (WACC)what the model discounts at14.2%
Government bondwhat the INR 10-year government bond pays7.4%

What the price pays for

Today's business, no growth17%₹486.48 a share: earnings power value

Future growth83%₹2,354 a share

Earnings yield5.4%₹153.82 trailing EPS ÷ price

Free cash flow yield2.7%FY27E forecast ÷ market value

10-year bond7.4%interest a year

Cost of equity17.1%what shareholders require

Context

Every ₹100 of share price buys ₹5.42 of today's profit a year, less than the ₹7.44 of interest the bond pays: the price counts on profits growing.

How these are worked out

Expected return (an internal rate of return). Imagine buying the whole company at today's price: its shares and its debt, less its cash. The expected return is the yearly rate that makes the free cash flows in your base case, plus the value after FY31E growing at 5.0%, add up to exactly today's price. When it is above the WACC, the price sits below your DCF value. It only comes true if the forecast does.

Earnings power value. What the business is worth if its last reported operating profit never grows or shrinks (a simplified version of Bruce Greenwald's method). It treats depreciation as the spending needed to stand still, and uses reported rather than average profit, so one unusual year moves it.

FY26 operating profit (EBIT), ₹ crore: 30,029
After tax at 23.7%: 22,912
Held flat for ever: ÷ WACC of 14.2%: 1,61,394
+ Cash − debt, leases, minorities and dividends since the balance sheet: -1,02,980
÷ Shares, per share: ₹486.48

Earnings yield is the profit a year you buy with each unit of price (the P/E turned upside down). Free cash flow yield is the same idea with next year's forecast cash flow.

Show as table

Measure	Value
Expected return (IRR), base case	10.3%
Required return (WACC)	14.2%
Expected minus required	−3.9 pts
Cost of equity	17.1%
10-year government bond	7.4%
Earnings power value per share	₹486.48
Share of price paying for growth	83%
Earnings yield	5.4%
Free cash flow yield	2.7%

Three scenarios

Revenue path for each scenario and its value per share with the same WACC and terminal growth.

Bear · 25%₹876.15-69.2% vs price

Base · 50%₹1,198-57.8% vs price

Bull · 25%₹1,655-41.7% vs price

Probability-weighted₹1,232-56.6% vs price

ReportedBearBaseBull

Show as table

Revenue, ₹ crore	FY23	FY24	FY25	FY26	FY27E	FY28E	FY29E	FY30E	FY31E
Reported	1,19,040	1,35,803	1,55,645	1,93,098
Bear					2,15,497	2,39,418	2,60,486	2,77,157	2,88,244
Base					2,21,290	2,52,492	2,82,286	3,08,821	3,30,439
Bull					2,27,083	2,65,914	3,05,270	3,43,123	3,77,436

Monte Carlo

2,000 simulated futures around your base case. Each run shifts growth, margin, WACC and terminal growth at random using the spreads below (one standard deviation).

Growth spread (± pts)Margin spread (± pts)WACC spread (± pts)Terminal growth spread (± pts)

Worth more than the price0%of runs above ₹2,840

Median outcome₹1,192-58.0% vs price

Downside (10th pct)₹726.971 run in 10 is lower

Upside (90th pct)₹1,7481 run in 10 is higher

Runs below today's priceRuns above it

Free cash flow, base case

FCF = EBIT × (1 − tax) + D&A − capex − increase in working capital, discounted at the WACC from today to each fiscal year end.

Free cash flowPresent value

₹ crore	FY27E	FY28E	FY29E	FY30E	FY31E
Revenue	2,21,290	2,52,492	2,82,286	3,08,821	3,30,439
EBIT	34,521	39,389	44,037	48,176	51,548
NOPAT = EBIT × (1 − tax)	26,340	30,054	33,600	36,758	39,331
+ D&A	7,745	8,837	9,880	10,809	11,565
− Capex	13,499	14,140	14,397	13,897	13,218
− Increase in working capital	11,277	12,481	11,918	10,614	8,647
Free cash flow	9,309	12,271	17,166	23,056	29,032
Present value	8,818	10,175	12,464	14,660	16,165
Years to year end (t)	0.41	1.41	2.41	3.41	4.41

From cash flows to a share price

Enterprise value plus cash, minus debt, leases, minority interests and cash already returned to shareholders since the balance sheet, divided by the shares.

Present value of FCF: 62,282
Present value of terminal value: 1,84,569
Enterprise value: 2,46,851
+ Cash and short-term investments (31 Mar 2026): 51,340
− Borrowings: 1,29,615
− Lease liabilities: 4,349
− Minority interests: 16,395
− Dividends since the balance sheet: 3,963
Equity value: 1,43,871
÷ Shares outstanding: 120.08 crore
Value per share: ₹1,198

All amounts in ₹ crore. Dividends with ex-dates after 2026-03-31: 2026-07-03 (33.00 per share).

Terminal value share of enterprise value74.8%The forecast years carry a good share of the value.

Sensitivity: WACC against terminal growth

DCF value per share, base case. Blue cells sit above today's price, red cells below; the outlined cell is your current pair.

g ↓ · WACC →	13.20%	13.70%	14.20%	14.70%	15.20%
4.0%	₹1,256	₹1,139	₹1,034	₹939	₹852
4.5%	₹1,355	₹1,227	₹1,112	₹1,008	₹915
5.0%	₹1,467	₹1,325	₹1,198	₹1,085	₹983
5.5%	₹1,592	₹1,434	₹1,294	₹1,170	₹1,058
6.0%	₹1,735	₹1,558	₹1,402	₹1,265	₹1,142

Peers

Found from Yahoo's related stocks in the same industry; multiples rebuilt here so currencies match. Untick a peer to drop it, or add your own.

Company	In median	EV/EBITDA	P/E	EV/Sales	P/B	Op. margin	Rev. growth
Maruti Suzuki India Limited MARUTI.NS Auto Manufacturers		16.9x	26.6x	1.7x	3.3x	5.3%	26.0%
Bajaj Auto Limited BAJAJ-AUTO.NS Auto Manufacturers		16.4x	21.8x	3.7x	7.8x	19.6%	57.4%
Hero MotoCorp Limited HEROMOTOCO.NS Auto Manufacturers		13.0x	17.2x	1.8x	4.4x	11.8%	22.5%
Eicher Motors Limited EICHERMOT.NS Auto Manufacturers		33.4x	34.3x	7.7x	7.9x	19.8%	31.5%
Median of included	4	16.6x	24.2x	2.7x	6.1x
Mahindra & Mahindra Limited	–	11.0x	18.5x	2.1x	3.7x	15.6%	24.1%

Add a peer

Implied value per share	25th pct	Median	75th pct
EV/EBITDA × EBITDA + net cash	₹4,346 (15.5x)	₹4,710 (16.6x)	₹6,170 (21.0x)
P/E × earnings per share	₹3,173 (20.6x)	₹3,722 (24.2x)	₹4,394 (28.6x)
P/B × book value per share	₹3,207 (4.1x)	₹4,736 (6.1x)	₹6,065 (7.8x)
EV/Sales × revenue + net cash (check only)	₹2,308 (1.8x)	₹4,040 (2.7x)	₹7,556 (4.7x)
Peer value (average of median EV/EBITDA and median P/E prices)		₹4,216

Against its own past

Is today's multiple high or low for this stock? Its P/E (price ÷ earnings per share) or P/B (price ÷ book value per share) month by month, against the range it has traded in.

Loading ten years of monthly prices…

Pitch summary

Three pieces of evidence that lead to a view. The client summary button copies all of this as text.

1 · Margins+5 bpsEBIT margin change from the last reported year (15.6%) to FY31E (15.6%)

2 · Valuation vs peers-33.8%Mahindra & Mahindra Limited EV/EBITDA against the peer median; negative means cheaper

3 · Cash2.7%FCF yield: FY27E free cash flow ÷ market value at today's price

Mahindra & Mahindra Limited (M&M.NS), valuation summary, 1 Nov 2026
Value estimate ₹2,710 (-4.6% vs today's price of ₹2,840).

• DCF (base case): ₹1,198 per share. WACC 14.20%, terminal growth 5.0%; terminal value is 75% of enterprise value.
• Peers: ₹4,216 per share (average of median EV/EBITDA and median P/E prices; 4 peers).
• Scenarios: bear ₹876.15, base ₹1,198, bull ₹1,655; probability-weighted ₹1,232.
• What the price implies: outside the range tested for FY27E–FY31E, against 11.4% in this forecast.
• Monte Carlo: 0% of 2,000 simulated outcomes are above today's price; middle 80% ₹726.97 to ₹1,748.
• Key assumptions (base): revenue growth 14.6% → 14.1% → 11.8% → 9.4% → 7.0%; EBIT margin 15.6% to 15.6%; tax 23.7%.
• Checks: all pass.

Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 1 Nov 2026. Educational model, not investment advice.

Model checks

7 pass, 0 to review.

PASSWACC is above terminal growth g
PASSThe DCF gives a positive value per share
PASSShares × price is within 2% of the reported market cap
PASSScenario values are in order: bear ≤ base ≤ bull
PASSAt least three peers are in the medians
PASSTerminal value is less than 85% of enterprise value
PASSThe forecast starts after the last reported year

Company data

What the model uses, from Yahoo Finance via yahoo-finance2 (unofficial; delayed prices). Edit any number that looks wrong; your edits stay in this browser and are marked.

₹ crore	FY23	FY24	FY25	FY26	Avg ratio
Revenue					growth 17.6%
EBIT (operating profit)					margin 14.8%
D&A					3.5%
Profit before tax
Tax					rate 23.7%
Capex					6.1%
Increase in working capital					59.8% of Δrev

Cash and short-term investments (₹ crore)
Borrowings (₹ crore)
Lease liabilities (₹ crore)
Minority interests (₹ crore)
Dividends since the balance sheet (₹ crore)

Revenue, trailing 12 months (₹ crore)
EBITDA, trailing 12 months (₹ crore)
Net income, trailing 12 months (₹ crore)
Shares outstanding (crore)

FY labels follow Indian fiscal years ending in March. Shares: 1,200,762,264. Price ₹2,840 at Fri, 30 Oct 2026 09:58:23 GMT.

Loading prices, five years of statements and peers…

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Driver

FY27E

FY28E

FY29E

FY30E

FY31E

Revenue growthFY23–FY26 avg 17.6%

EBIT marginFY23–FY26 avg 14.8%

Tax rateFY23–FY26 avg 23.7%

D&A % of revenueFY23–FY26 avg 3.5%

Capex % of revenueFY23–FY26 avg 6.1%

Working capital % of revenue changeFY23–FY26 avg 59.8%

Range

Low

Mid

High

DCF scenarios (bear to bull)

₹876

₹1,198

₹1,655

DCF sensitivity (WACC and g ±1 point)

₹852

₹1,198

₹1,735

Monte Carlo (middle 80% of 2,000 runs)

₹727

₹1,192

₹1,748

EV/EBITDA comps (25th to 75th percentile)

₹4,346

₹4,710

₹6,170

P/E comps (25th to 75th percentile)

₹3,173

₹3,722

₹4,394

Analyst targets (35 analysts, low to high)

₹3,237

₹4,084

₹4,875

52-week share price (trading range)

₹2,744

–

₹3,840

Altman Z'' = 2.59 (grey)

Ratio

Value

Weight

Adds

Working capital ÷ total assets

0.098

6.56

0.64

Retained earnings ÷ total assets

0.259

3.26

0.85

Operating profit (EBIT) ÷ total assets

0.095

6.72

0.64

Book equity ÷ total liabilities

0.447

1.05

0.47

Beneish M = -2.25

Index

Value

Manipulators

Others

Receivables growing faster than sales (DSRI)

0.882

1.465

1.031

Gross margin slipping (GMI)

1.060

1.193

1.014

More hard-to-value assets (AQI)

0.999

1.254

1.039

Sales growth (SGI)

1.241

1.607

1.134

Depreciation slowing (DEPI)

0.909

1.077

1.001

Overheads vs sales (SGAI)

0.940

1.041

1.054

Profit not backed by cash, ÷ assets (TATA)

0.017

0.031

0.018

Leverage rising (LVGI)

0.974

1.111

1.037

Measure

Value

Expected return (IRR), base case

10.3%

Required return (WACC)

14.2%

Expected minus required

−3.9 pts

Cost of equity

17.1%

10-year government bond

7.4%

Earnings power value per share

₹486.48

Share of price paying for growth

83%

Earnings yield

5.4%

Free cash flow yield

2.7%

Revenue, ₹ crore

FY23

FY24

FY25

FY26

FY27E

FY28E

FY29E

FY30E

FY31E

Reported

1,19,040

1,35,803

1,55,645

1,93,098

Bear

2,15,497

2,39,418

2,60,486

2,77,157

2,88,244

Base

2,21,290

2,52,492

2,82,286

3,08,821

3,30,439

Bull

2,27,083

2,65,914

3,05,270

3,43,123

3,77,436

₹ crore

FY27E

FY28E

FY29E

FY30E

FY31E

Revenue

2,21,290

2,52,492

2,82,286

3,08,821

3,30,439

EBIT

34,521

39,389

44,037

48,176

51,548

NOPAT = EBIT × (1 − tax)

26,340

30,054

33,600

36,758

39,331

+ D&A

7,745

8,837

9,880

10,809

11,565

− Capex

13,499

14,140

14,397

13,897

13,218

− Increase in working capital

11,277

12,481

11,918

10,614

8,647

Free cash flow

9,309

12,271

17,166

23,056

29,032

Present value

8,818

10,175

12,464

14,660

16,165

Years to year end (t)

0.41

1.41

2.41

3.41

4.41

g ↓ · WACC →

13.20%

13.70%

14.20%

14.70%

15.20%

4.0%

₹1,256

₹1,139

₹1,034

₹939

₹852

4.5%

₹1,355

₹1,227

₹1,112

₹1,008

₹915

5.0%

₹1,467

₹1,325

₹1,198

₹1,085

₹983

5.5%

₹1,592

₹1,434

₹1,294

₹1,170

₹1,058

6.0%

₹1,735

₹1,558

₹1,402

₹1,265

₹1,142

Company

In median

EV/EBITDA

P/E

EV/Sales

P/B

Op. margin

Rev. growth

Maruti Suzuki India Limited MARUTI.NS

Auto Manufacturers

16.9x

26.6x

1.7x

3.3x

5.3%

26.0%

Bajaj Auto Limited BAJAJ-AUTO.NS

Auto Manufacturers

16.4x

21.8x

3.7x

7.8x

19.6%

57.4%

Hero MotoCorp Limited HEROMOTOCO.NS

Auto Manufacturers

13.0x

17.2x

1.8x

4.4x

11.8%

22.5%

Eicher Motors Limited EICHERMOT.NS

Auto Manufacturers

33.4x

34.3x

7.7x

7.9x

19.8%

31.5%

Median of included

16.6x

24.2x

2.7x

6.1x

Mahindra & Mahindra Limited

–

11.0x

18.5x

2.1x

3.7x

15.6%

24.1%

Implied value per share

25th pct

Median

75th pct

EV/EBITDA × EBITDA + net cash

₹4,346 (15.5x)

₹4,710 (16.6x)

₹6,170 (21.0x)

P/E × earnings per share

₹3,173 (20.6x)

₹3,722 (24.2x)

₹4,394 (28.6x)

P/B × book value per share

₹3,207 (4.1x)

₹4,736 (6.1x)

₹6,065 (7.8x)

EV/Sales × revenue + net cash (check only)

₹2,308 (1.8x)

₹4,040 (2.7x)

₹7,556 (4.7x)

Peer value (average of median EV/EBITDA and median P/E prices)

₹4,216

Mahindra & Mahindra Limited (M&M.NS), valuation summary, 1 Nov 2026 Value estimate ₹2,710 (-4.6% vs today's price of ₹2,840). • DCF (base case): ₹1,198 per share. WACC 14.20%, terminal growth 5.0%; terminal value is 75% of enterprise value. • Peers: ₹4,216 per share (average of median EV/EBITDA and median P/E prices; 4 peers). • Scenarios: bear ₹876.15, base ₹1,198, bull ₹1,655; probability-weighted ₹1,232. • What the price implies: outside the range tested for FY27E–FY31E, against 11.4% in this forecast. • Monte Carlo: 0% of 2,000 simulated outcomes are above today's price; middle 80% ₹726.97 to ₹1,748. • Key assumptions (base): revenue growth 14.6% → 14.1% → 11.8% → 9.4% → 7.0%; EBIT margin 15.6% to 15.6%; tax 23.7%. • Checks: all pass. Data: Yahoo Finance via yahoo-finance2 (unofficial; delayed prices), as of 1 Nov 2026. Educational model, not investment advice.

₹ crore

FY23

FY24

FY25

FY26

Avg ratio

Revenue

growth 17.6%

EBIT (operating profit)

margin 14.8%

D&A

3.5%

Profit before tax

Tax

rate 23.7%

Capex

6.1%

Increase in working capital

59.8% of Δrev