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Consumer Durables

Mahindra & Mahindra Ltd.

Company Background

Mahindra & Mahindra is a core unit of conglomerate Mahindra Group. A major producer of sport utility vehicles, trucks and farm tractors, the company is active in the domestic and international markets.

The conglomerate was founded in 1945 as a steel trading company. It was established by Jagdish Chandra Mahindra, his brother Kailash Chandra Mahindra, partner Ghulam Mohammed and the city now known as Mumbai. J.C. Mahindra was the grandfather of Anand Mahindra, the current chairman.

After India won independence from Britain in 1947, Mohammed entered politics in Pakistan, leaving the management of the company to the Mahindra brothers. The company then began building four-wheel-drive vehicles and, on the strength of the auto business, gradually expanded its empire.

Anand Mahindra studied at Harvard Business School in the U.S. before going to work for a group company. In 1991, he joined the Mahindra & Mahindra management team. He became president in 1997.

The company scored hits with its SUVs in the 2000s, helping to cement its presence in the passenger car business. In 2010, it took over South Korean automaker Ssangyong Motor. It also acquired domestic startups and became the first Indian company to market electric vehicles.

Mahindra Group is also engaged in the agricultural, financial services and Information Technology services sectors. The founding family and group companies own more than 20% of Mahindra & Mahindra.

Business Summary

Mahindra & Mahindra Ltd. is a holding company, which engages in the manufacturing of automotive vehicles. It operates through the following segments: Automotive, Farm Equipment, and Others. The Automotive segment comprises of sale of automobiles, spare parts, and related services. The Farm Equipment segment involves in the sale of tractor and spare parts. The Others segment includes agri, construction equipment, powerol, and spares business unit. The company was founded by Jagdish Chandra Mahindra, Kailash Chandra Mahindra, and Ghulam Mohammed on October 2, 1945 and is headquartered in Mumbai, India.

Financial Highlights

Mar 2022 INRUSD
Gross Profit228,906.10M3,072.16M
Operating income104,612.50M1,404.01M
Income before tax75,059.80M1,007.38M
Net income65,773.20M882.74M
Diluted EPS58.960.79
Dividends Per Share11.550.15
Total Assets1,741.12B22,977.60M
Total liabilities1,172.87B15,478.39M
Total equity471,226.40M6,218.75M
Operating cash flow102,346.50M1,373.60M
Currency in INRCurrency in USD

Historical Data

 Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022
Revenue 917,458M 1,043.66B 751,290.30M 735,819.20M 896,535.10M
Gross Profit 236,452M 247,601M 224,918M 202,254.50M 228,906.10M
Operating income 98,509.80M 110,070.10M 96,622.70M 80,277.90M 104,612.50M
Income before tax 92,182.60M 75,043.20M 36,611.50M 40,710.70M 75,059.80M
Net income 75,103.90M 53,154.60M 23,917.90M 33,474.10M 65,773.20M
EBITDA 131,308.80M 149,977.80M 130,289.50M 114,059M 139,639.10M
Diluted EPS 68.86 48.69 1.03 16.14 58.96
Dividends Per Share 7.50 8.50 2.35 8.75 11.55
Total Assets 1,372.10B 1,633.91B 1,670.06B 1,664.62B 1,741.12B
Total liabilities 921,852.50M 1,150.47B 1,193.45B 1,158.10B 1,172.87B
Total equity 367,516.70M 399,598.90M 399,693.10M 415,819.20M 471,226.40M
Operating cash flow 7,308.30M -42,904.70M -9,869.90M 181,072.80M 102,346.50M
 Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022
Revenue 14,231.64M 14,921.65M 10,595.58M 9,912.02M 12,032.47M
Gross Profit 3,667.85M 3,540.05M 3,172.05M 2,724.51M 3,072.16M
Operating income 1,528.08M 1,573.71M 1,362.68M 1,081.40M 1,404.01M
Income before tax 1,429.94M 1,072.92M 516.33M 548.40M 1,007.38M
Net income 1,165.01M 759.97M 337.31M 450.92M 882.74M
EBITDA 2,036.86M 2,144.29M 1,837.49M 1,536.45M 1,874.10M
Diluted EPS 1.06 0.69 0.01 0.21 0.79
Dividends Per Share 0.11 0.12 0.03 0.11 0.15
Total Assets 21,037.61M 23,585.93M 22,075.86M 22,767.60M 22,977.60M
Total liabilities 14,134.13M 16,607.37M 15,775.76M 15,839.73M 15,478.39M
Total equity 5,634.88M 5,768.29M 5,283.36M 5,687.29M 6,218.75M
Operating cash flow 113.36M -613.42M -139.19M 2,439.18M 1,373.60M

Valuation Measures

Mar 2022
Operating margin11.66%
Profit margin7.33%

Key executives

  • Chief Executive Officer, MD & Director: Anish Dilip Shah
  • President & Group Chief Financial Officer: Manoj Bhat
  • Group Chief Technology Officer & Executive VP: Mohit Kapoor
  • Chief Information Officer: Rucha Nanavati
  • President-Group Legal & Compliance: Zhooben Dossabhoy Bhiwandiwala


  • Prudential Management & Services Pvt Ltd. (11.3%)
  • Mahindra & Mahindra Benefit Trust (6.7%)
  • Life Insurance Corporation of India (Investment Portfolio) (6.4%)
  • First Sentier Investors (Australia) IM Ltd. (4.5%)
  • SBI Funds Management Pvt Ltd. (3.8%)
  • The Vanguard Group, Inc. (2.3%)
  • ICICI Prudential Asset Management Co. Ltd. (2.0%)
  • HDFC Asset Management Co. Ltd. (Invt Mgmt) (1.8%)
  • RBC Global Asset Management (UK) Ltd. (1.7%)
  • Axis Asset Management Co. Ltd. (1.6%)

Contact Details

  • Website:
  • Address: Mahindra Towers, Dr. G. M. Bhosale Marg, Mumbai, 400018, India
  • Phone: +91.22.24901441

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Last Updated on 27 Jan, 2023

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