Mahindra & Mahindra Financial Services Ltd(M&MFIN)

NSE: M&MFINBSE: 532720

₹ 276.6-3.71%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 38,453 crWebsite: www.mahindrafinance.comUpdated: 23 Oct 2026

About

Mahindra & Mahindra Financial Services is an upper-layer NBFC. It lends for new and pre-owned passenger vehicles, tractors, commercial vehicles and construction equipment, and also offers SME loans, housing finance, leasing and insurance broking. The company says it leads in financing tractors and Mahindra utility vehicles. Business assets were about Rs 1,46,300 crore in Q2 FY27, up ~15% over September 2025.^[1][2][3]

Business segments

Financing activities made up 92.8% of segment revenue (₹19,774.61 crore) in FY26. This covers vehicle loans, SME credit and mortgages.^[4]
The Others segment (insurance broking, AMC and fee income) made up 7.2% of segment revenue (₹1,524.08 crore) in FY26, up 3.8 percentage points from FY19.^[4]
Wheels (PV, tractor, CV/CE, used vehicles) made up ~83% of consolidated lending AUM in Q1 FY27. Non-wheels (SME, mortgage, personal loans) made up 17%.^[3]

Products and subsidiaries

Besides vehicle loans, the company offers housing finance, personal loans, SME finance, insurance broking, loans against property, leasing and mutual fund distribution (FY25).^[1]
Quiklyz is the company's leasing platform, launched in FY2022.^[1]
Group companies include Mahindra Insurance Brokers (100%), Mahindra Rural Housing Finance (98.43%), Mahindra Finance USA (49%, a JV with Rabobank) and Mahindra Ideal Finance, Sri Lanka (58.2%), as of FY25.^[1]
MIBL posted PAT of ₹38 crore in Q1 FY27 (+83% YoY) on net premium of ₹1,161 crore (+19% YoY).^[3]
MRHFL posted PAT of ₹30 crore in Q1 FY27, against ₹2 crore in Q1 FY26. Its FY26 PAT was ₹58 crore, against a loss of ₹228 crore in FY25.^[3]
The AMC subsidiary MMIMPL turned profitable in Q1 FY27.^[3]

Loan book composition

Business assets were about Rs 1,46,300 crore in Q2 FY27, up ~15% over September 2025.^[2]
Standalone AUM was ₹1,37,449 crore in Q1 FY27, up 13% YoY. Consolidated lending AUM was ₹1,46,623 crore, up 14% YoY.^[3]
Tractors' share of AUM rose from 10.7% to 12.2% over FY26. Tractor disbursements grew 49% in FY26 to ₹8,732 crore.^[5]
Non-wheels AUM grew 79% YoY in Q1 FY27 and reached 17% of consolidated lending AUM.^[3]
MRHFL's net loan book grew 21% YoY to ₹8,320 crore in FY26. SME AUM grew 32% YoY to ~₹8,000 crore in FY26.^[5]
CV/CE disbursements fell 3% YoY in Q1 FY27 and 13% in FY26 after the company exited HCV fleet operator and construction equipment lending.^[3]

Key operating numbers

Disbursements were about Rs 16,490 crore in Q2 FY27 and Rs 32,050 crore in H1 FY27. Both were up ~22% YoY, excluding finance lease.^[2]
NIM (gross spread) was 7.3% in Q1 FY27, against 6.7% in Q1 FY26. For the full year it was 7.1% in FY26, against 6.5% in FY25.^[3]
Credit cost was 1.5% in Q1 FY27, down from 1.9% in Q1 FY26. It was 1.7% for FY26.^[3]
Capital adequacy was 18.5% in Q1 FY27, against 20.6% in Q1 FY26. Debt-to-equity was 5.00:1, against 4.75:1.^[3]
Collection efficiency was 97% in Q2 FY27, against 96% a year earlier. The liquidity chest was more than Rs 16,200 crore.^[2]

Asset quality

Stage-3 was estimated at 3.35%-3.45% as of Sep-26, against 3.45% in Jun-26 and 3.94% in Sep-25.^[2]
Stage-2 was estimated at 4.7%-4.8% as of Sep-26, against 5.8% a year earlier.^[2]
Stage-3 provision coverage was 58.1% in Q1 FY27, against 51.4% in Q1 FY26. Management overlay provisions totalled ₹852 crore.^[3]
MRHFL's GS3 fell to 2.41% in Q1 FY27 from 8.26% a year earlier, after an ARC sale of stressed and written-off assets in Q2 FY26.^[3]

Customers and distribution

As of FY25, the customer base passed 11 million, with 1,365 branches across 27 states and 7 union territories.^[1]
In FY25 the company worked with over 6,000 dealers and more than 10 OEMs, and ran nearly 670 smart counters at dealers, 156 of them added that year.^[1]
Its vehicle finance reached customers in 97% of India's pin codes (FY25).^[1]
It co-lends and co-originates prime-segment loans with banks including SBI and BoB (FY25).^[1]
The fixed deposit book was ₹10,926.45 crore from over 1,01,324 investors as of 31 March 2025.^[1]
The company says it is #1 in tractor finance in India by a 'fair margin', a lead that widened over the 12 months to Q3 FY26.^[6]

Technology and digital

The Udaan transformation was declared complete in Q3 FY26: 95% of channels moved to the new stack and legacy LOS/LMS systems were retired.^[6]
All wheels disbursements ran on the Udaan stack by Q1 FY27, up from 50% of FY26 disbursements.^[3]
The in-house AI agent Samur.AI covered 45% of credit processing centre operations in Q1 FY27, up from 20% in Q4 FY26.^[3]

Strategy and targets

Management targets AUM CAGR of 16-18% over FY26-FY31. It also targets a non-wheels mix of 30% by FY30, from 17% in Q1 FY27.^[3]
The ROA targets are 2.2% as a first milestone and 2.5% over the long term. The first ROE milestone is 15%, with leverage moving toward 6:1.^[3]
Credit cost is guided to a 1.3%-1.7% through-cycle range, with a NIM baseline above 7.1%.^[3]
A board decision on merging MRHFL into the company was targeted by Q2 FY27. No equity raise was expected for 6-8 quarters from Q1 FY27.^[3]

Market Cap

₹38,453 Cr

High / Low

₹415 / 269

Stock P/E

12.7

Price / Book

1.6

Book Value

₹192

EPS

₹20.5

No. of Shares

139 Cr

ROE

11.8%

Debt / Equity

4.82

Sales

₹21,005 Cr

Net Profit

₹2,861 Cr

Promoter holding

52.5%

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Mahindra & Mahindra Financial Services Ltd(M&MFIN)

About

Business segments

Products and subsidiaries

Loan book composition

Key operating numbers

Asset quality

Customers and distribution

Technology and digital

Strategy and targets

Signal history

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