Mahindra & Mahindra

MHID.L

Auto - Manufacturers · Consumer Cyclical

Price

37.40 GBp

+1.25 (+3.46%)

Market Cap

£46.50B

Exchange

London Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Data not available

Stability

Weak

Valuation

Mixed

Dividends

Good

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Winston Score History

The full picture

Mahindra & Mahindra is an Indian company that makes cars, trucks, tractors, and farm equipment. Its most popular products are SUVs like the Scorpio and Thar, along with a wide range of tractors sold to farmers across India and other countries. It is one of India's largest vehicle manufacturers and the world's largest tractor company by volume.

The company earns money by selling vehicles and farm machinery directly to consumers, farmers, and businesses. It operates mainly in India but also sells tractors in the United States, Europe, and other markets through its subsidiaries. Mahindra has a strong competitive position in India because of its well-known brand, large dealer network, and dominance in both the SUV and tractor segments. The key growth driver is rising demand for SUVs in India's growing middle class, while a key risk is increasing competition from both domestic rivals and global automakers entering the Indian market.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+28.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+41.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

35.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

₹461.1B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Mahindra & Mahindra grew revenue 29% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.7% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.12B (2022) → 1.12B (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

36.9%

Modest — 36.9% gross margin

Profit after running costs

Operating Margin

14.6%

Healthy — 14.6% operating margin

Return on the money invested

ROCE

3.8%

Weak — 3.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

N/A

Data not available

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Stability

What it owes vs what it owns

Debt / Equity

1.39

Elevated debt (1.39)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

20.6x

Growth-priced — P/E 20.6

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

0.96%

Small dividend — 0.96% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+214.4%

Dividend growing fast (214.4% YoY)

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