# Mahindra & Mahindra (MHID.LSE)

Canonical: https://gigainvestors.com/s/MHID.LSE

Analysis as of: 2026-10-16T07:34:56.080Z. Financial observations: FY2005–FY2026.

Listing currency: USD. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $29.85 per share; close as of 2026-10-15.

Estimated value: low $23.15 per share, central $31.42 per share, high $36.24 per share. Buy at or below the central value $31.42 per share. Valuation as of 2026-10-16T07:34:56.080Z; scenarios are not confidence intervals.

Expected annual return: 10.4% at the stated quote. About 10.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.11×

- FY2019: 0.11×

- FY2020: 0.13×

- FY2021: 0.11×

- FY2022: 0.13×

- FY2023: 0.13×

- FY2024: 0.14×

- FY2025: 0.15×

- FY2026: 0.15×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.2%

- ROIC, second-lowest year: 5.9%

- Typical minus recent gross margin: 2.9 pp

- Typical gross margin (annual median): 40.8%

- Recent gross margin (lower of latest and 3-year median): 37.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.7%

- ROIC including acquisitions, ten-year median: 6.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 8.6%

- FY2018: 9.7%

- FY2019: 8.1%

- FY2020: 5.9%

- FY2021: 5.6%

- FY2022: 8.6%

- FY2023: 10.5%

- FY2024: 10.4%

- FY2025: 11.5%

- FY2026: 12.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 539B

- Net income, five-year total: INR 582B

- Return on incremental invested capital: 32.0%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -1.4 pp

- Working capital / revenue, final three-year average: 26.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.91×

- FY2023: 0.94×

- FY2024: 0.86×

- FY2025: 0.95×

- FY2026: 0.95×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 8.6% vs 11.5%

- Per-share earnings: 33.91 to 115.31 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.3%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: INR 2.49T

- Cumulative retained earnings: INR 611B

- Diluted shares, 10-year annual growth: 0.3%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 16.5%

- Per-share value change: INR 81.39

- Per-share value, starting three-year median: INR 33.91

- Per-share value, ending three-year median: INR 115.31

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: INR 127B

- Cumulative net income, 10 years: INR 766B

- ROIC, first three-year median: 8.6%

- ROIC, last three-year median: 11.5%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 33.91

- FY2018: INR 68.78

- FY2019: INR 47.59

- FY2020: INR 1.14

- FY2021: INR 16.22

- FY2022: INR 58.83

- FY2023: INR 91.89

- FY2024: INR 100.62

- FY2025: INR 115.31

- FY2026: INR 152.32

### accounting: pass

- Sloan accruals: 0.9%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.83×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.16×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 3.1%

- FY2018: 5.0%

- FY2019: 5.9%

- FY2020: 0.9%

- FY2021: -9.7%

- FY2022: -2.1%

- FY2023: 7.9%

- FY2024: 7.2%

- FY2025: 3.5%

- FY2026: 0.9%

## Holders

## Price story

Down 30% since Nov 2025 · sales +24.6%

Story as of 2026-10-16T10:00:03.049Z; price observation 2026-10-15.

Price needs cash profits to grow 5.7% a year for ten years

### Sales · FY2025–2026

sales +24.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 821B 

- FY2018: INR 908B 

- FY2019: INR 1.03T 

- FY2020: INR 743B 

- FY2021: INR 727B 

- FY2022: INR 893B 

- FY2023: INR 1.19T 

- FY2024: INR 1.36T 

- FY2025: INR 1.59T 

- FY2026: INR 1.98T 

### Gross margin · FY2026

gross margin 37.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 39.7% 

- FY2018: 42.3% 

- FY2019: 42.4% 

- FY2020: 48.4% 

- FY2021: 47.1% 

- FY2022: 41.8% 

- FY2023: 37.3% 

- FY2024: 38.0% 

- FY2025: 39.7% 

- FY2026: 37.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto manufacturers; annual sales are INR 2 trillion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:56.080Z); FY2026: revenue 1977927800000; grossProfit 748704000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MHID.LSE: Mahindra & Mahindra Limited provides mobility products and farm solutions in India and internationally. It operates through Automotive; Farm Equipment; Auto Investments; Farm Investments; and Investments in Industrial Businesses and Consumer Services segments. The Automotive segment provides automobiles, two wheelers, spares, construction equipment and related services. The Farm Equipment segment sells tractors, implements, spares, powerol, and related services. The Auto Investments segment invests in automotive-related subsidiaries, associates and joint ventures. The Farm Investments segment is involved in the investment of farm equipment related subsidiaries, associates, and joint ventures. The Industrial Businesses and Consumer Services' segment invests in automotive & farm related subsidiaries, associates and joint ventures. The company was incorporated in 1945 and is headquartered in Mumbai, India.

### Why customers stay

Margins ranged from 37.9% to 39.7% during 2024–26; it earns 9.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:56.080Z); FY2024: grossProfit / revenue = 38%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:56.080Z); FY2025: grossProfit / revenue = 39.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:56.080Z); FY2026: grossProfit / revenue = 37.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:56.080Z); 10-year return on capital observations [[2017,0.08600798363516822],[2018,0.09748164416497254],[2019,0.08098748458808613],[2020,0.058952439306582165],[2021,0.0563422675603826],[2022,0.08602052811676648],[2023,0.10511074245259346],[2024,0.10447151889602939],[2025,0.11539458167043219],[2026,0.12578746223241202]]; median 0.09175108614086952. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 14% of cash earnings on expansion; earns 32% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:56.080Z); FY2017: growth capex 20846400000; upkeep 29415100000; owner earnings 36980400000. Growth capex / owner earnings = 0.5637148327221988.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:56.080Z); FY2018: growth capex 23256599428.389694; upkeep 35801200571.610306; owner earnings 72101699428.3897. Growth capex / owner earnings = 0.3225527222349009.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:56.080Z); FY2019: growth capex 32255623495.20127; upkeep 41144476504.79873; owner earnings 51917823495.20127. Growth capex / owner earnings = 0.6212822750203046.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:56.080Z); FY2022: growth capex 25371400000; upkeep 35026600000; owner earnings 59897140000. Growth capex / owner earnings = 0.4235828288295568.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:56.080Z); FY2023: growth capex 19758700000; upkeep 43287000000; owner earnings 96524079455.0608. Growth capex / owner earnings = 0.20470228891640616.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:56.080Z); FY2024: growth capex 43939814643.220055; upkeep 55520085356.779945; owner earnings 97071651473.77673. Growth capex / owner earnings = 0.45265341607060333.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:56.080Z); FY2025: growth capex 43183000000; upkeep 60736500000; owner earnings 122352273888.39899. Growth capex / owner earnings = 0.35293990563173716.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:56.080Z); FY2026: growth capex 22834300000; upkeep 73220200000; owner earnings 163002454244.535. Growth capex / owner earnings = 0.1400856208320898.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:56.080Z); Incremental return on capital 0.3195538265084019, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:56.080Z); Dividend observations: [[2017,7661295000],[2018,8457300000],[2019,9374600000],[2020,11350900000],[2021,2643300000],[2022,9804400000],[2023,12847500000],[2024,18105400000],[2025,23485500000],[2026,28206500000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MHID.LSE SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 5.7% yearly over ten years; actual growth was 19.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:56.080Z); Ten-year compound average after fade. Initial solved rate 0.06936256941367758. Price 29.85; FX 0.01054; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 25.173747878859466 → FY2026 145.2054887245048. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $9.78 per share

- 2016-11: $8.55 per share

- 2016-12: $8.80 per share

- 2017-01: $9.25 per share

- 2017-02: $9.75 per share

- 2017-03: $9.95 per share

- 2017-04: $10.48 per share

- 2017-05: $11.10 per share

- 2017-06: $10.70 per share

- 2017-07: $10.80 per share

- 2017-08: $10.43 per share

- 2017-09: $9.65 per share

- 2017-10: $10.43 per share

- 2017-11: $10.78 per share

- 2017-12: $11.65 per share

- 2018-01: $12.00 per share

- 2018-02: $11.00 per share

- 2018-03: $11.50 per share

- 2018-04: $13.05 per share

- 2018-05: $12.95 per share

- 2018-06: $13.05 per share

- 2018-07: $13.75 per share

- 2018-08: $13.40 per share

- 2018-09: $11.70 per share

- 2018-10: $10.35 per share

- 2018-11: $11.60 per share

- 2018-12: $11.35 per share

- 2019-01: $9.68 per share

- 2019-02: $9.20 per share

- 2019-03: $9.90 per share

- 2019-04: $9.15 per share

- 2019-05: $9.25 per share

- 2019-06: $9.30 per share

- 2019-07: $7.89 per share

- 2019-08: $7.54 per share

- 2019-09: $7.75 per share

- 2019-10: $8.55 per share

- 2019-11: $7.53 per share

- 2019-12: $7.56 per share

- 2020-01: $7.95 per share

- 2020-02: $6.23 per share

- 2020-03: $3.86 per share

- 2020-04: $4.84 per share

- 2020-05: $5.64 per share

- 2020-06: $6.62 per share

- 2020-07: $8.00 per share

- 2020-08: $8.38 per share

- 2020-09: $8.16 per share

- 2020-10: $7.82 per share

- 2020-11: $9.70 per share

- 2020-12: $9.72 per share

- 2021-01: $10.45 per share

- 2021-02: $11.30 per share

- 2021-03: $10.95 per share

- 2021-04: $9.92 per share

- 2021-05: $11.80 per share

- 2021-06: $10.45 per share

- 2021-07: $9.96 per share

- 2021-08: $11.10 per share

- 2021-09: $10.80 per share

- 2021-10: $12.00 per share

- 2021-11: $11.00 per share

- 2021-12: $11.35 per share

- 2022-01: $11.95 per share

- 2022-02: $10.50 per share

- 2022-03: $11.10 per share

- 2022-04: $11.90 per share

- 2022-05: $13.00 per share

- 2022-06: $13.60 per share

- 2022-07: $14.70 per share

- 2022-08: $16.10 per share

- 2022-09: $15.60 per share

- 2022-10: $16.30 per share

- 2022-11: $16.30 per share

- 2022-12: $15.05 per share

- 2023-01: $16.95 per share

- 2023-02: $15.45 per share

- 2023-03: $14.00 per share

- 2023-04: $15.00 per share

- 2023-05: $15.70 per share

- 2023-06: $17.70 per share

- 2023-07: $17.85 per share

- 2023-08: $19.20 per share

- 2023-09: $18.85 per share

- 2023-10: $17.70 per share

- 2023-11: $19.95 per share

- 2023-12: $21.10 per share

- 2024-01: $20.00 per share

- 2024-02: $23.40 per share

- 2024-03: $23.30 per share

- 2024-04: $26.10 per share

- 2024-05: $30.00 per share

- 2024-06: $34.20 per share

- 2024-07: $35.00 per share

- 2024-08: $33.40 per share

- 2024-09: $36.60 per share

- 2024-10: $32.80 per share

- 2024-11: $35.30 per share

- 2024-12: $35.40 per share

- 2025-01: $34.40 per share

- 2025-02: $29.60 per share

- 2025-03: $31.00 per share

- 2025-04: $34.30 per share

- 2025-05: $34.30 per share

- 2025-06: $36.60 per share

- 2025-07: $36.10 per share

- 2025-08: $35.80 per share

- 2025-09: $38.40 per share

- 2025-10: $39.70 per share

- 2025-11: $42.60 per share

- 2025-12: $41.40 per share

- 2026-01: $37.80 per share

- 2026-02: $37.90 per share

- 2026-03: $33.00 per share

- 2026-04: $32.65 per share

- 2026-05: $32.20 per share

- 2026-06: $32.00 per share

- 2026-07: $35.05 per share

- 2026-08: $35.20 per share

- 2026-09: $30.50 per share

- 2026-10: $29.60 per share

## Annual estimated value (USD per share)

- FY2017: low $5.63 per share, central $7.71 per share, high $8.92 per share

- FY2018: low $6.34 per share, central $8.64 per share, high $9.98 per share

- FY2019: low $7.16 per share, central $9.71 per share, high $11.20 per share

- FY2020: low $4.66 per share, central $5.14 per share, high $5.77 per share

- FY2021: low $5.45 per share, central $5.92 per share, high $6.54 per share

- FY2022: low $6.61 per share, central $7.25 per share, high $8.10 per share

- FY2023: low $9.69 per share, central $12.73 per share, high $14.57 per share

- FY2024: low $13.65 per share, central $18.57 per share, high $21.45 per share

- FY2025: low $18.21 per share, central $24.42 per share, high $28.04 per share

- FY2026: low $23.58 per share, central $31.92 per share, high $36.77 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.