M&M
Mahindra & Mahindra Limited
Each stock's 10,000-path forecast, rendered as light.
Mahindra & Mahindra Limited (M&M) Stock Analysis & Case Study
Is M&M a good buy? The data-driven verdict.
Mahindra & Mahindra Limited (M&M) trades at ₹3,502,on the numbers it screens attractive, a Downstox Snapshot Score of 72/100.
On the numbers, Mahindra & Mahindra Limited (M&M) screens attractive, a Downstox Snapshot Score of 72/100, weighing fairly valued at 22.7× earnings, ROE of 20.3%, a 64% model probability of trading higher in a year. Below: the full bull case, bear case, sector-relative valuation, and a probability-weighted price target for 2027-2031.
Last updated . Data snapshot for research, not investment advice.
The Downstox take on M&M
M&M reads like a conglomerate hiding inside an auto stock: a 20.8% ROE that sits well above its 15.4% ROCE, a gap that says financing and the non-auto arms are doing real lifting. At 21.5 times earnings the market is paying a quality multiple but not a dreamy one, which fits a business that is part cyclical tractor and SUV maker, part holding company. The honest puzzle is the Piotroski score of 4 out of 8, soft enough to question whether recent operating momentum matches those returns. Watch whether the core auto franchise, not the subsidiaries, is carrying the profitability.
Downstox editorial view, written by our own analysts on 23 Jun 2026. The figures quoted were accurate then; see the live ratios above for today's numbers. Information, not investment advice.
M&M fundamentals at a glance, PE, PB, ROE, ROCE, market cap, dividend yield
How M&M ranks against the 2,373 companies in our screener
- M&M's market cap of 4.35L Cr ranks in the top 1% of the 2,373 NSE companies in our screener, as of 9 Aug 2026.
- M&M's book value of ₹749 ranks in the 94th percentile of the 2,373 NSE companies in our screener, as of 9 Aug 2026.
- M&M's promoter holding of 18.4% ranks in the bottom 3% of the 2,373 NSE companies in our screener, as of 9 Aug 2026.
- M&M's 3-year profit (PAT) growth of 23.0% ranks in the 60th percentile of the 2,373 NSE companies in our screener, as of 9 Aug 2026.
- M&M's 3-year revenue growth of 18.0% ranks in the 69th percentile of the 2,373 NSE companies in our screener, as of 9 Aug 2026.
- M&M's debt-to-equity ratio of 1.47x is lower than 8% of the 2,373 NSE companies in our screener, as of 9 Aug 2026.
Is M&M overvalued? M&M P/E vs its Auto
M&M's P/E of 22.7× sits below the Auto peer median of 28.7×, so on earnings it screens cheaper than peers, while its 0.94% dividend yield is below the peer median of 1.02%.
M&M share price target 2027, 2028, 2029, 2030, 2031, a probability view
Unlike a single guessed number, this is a probability-weighted range from a 10,000-path Monte-Carlo simulation on 9.8y of M&M history (16%/yr drift, 29%/yr volatility).
| Year | Low (P10) | Median target (P50) | High (P90) | Upside vs today |
|---|---|---|---|---|
| M&M 2027 | ₹2,699 | ₹3,884 | ₹5,589 | +11% |
| M&M 2028 | ₹2,592 | ₹4,308 | ₹7,158 | +23% |
| M&M 2029 | ₹2,522 | ₹4,777 | ₹9,050 | +36% |
| M&M 2030 | ₹2,525 | ₹5,298 | ₹11,120 | +51% |
| M&M 2031 | ₹2,573 | ₹5,876 | ₹13,419 | +68% |
Median (P50) is the central estimate; the P10-P90 band is the 80% confidence range. Probabilities, not promises.
What is the probability M&M goes up, or doubles?
The bull case for M&M
- M&M's P/E of 22.7x is lower than 57% of the 2,373 NSE companies in our screener, as of 9 Aug 2026.
- M&M's return on equity of 20.3% ranks in the 84th percentile of the 2,373 NSE companies in our screener, as of 9 Aug 2026.
- A 10,000-path probability model puts a 64% chance the price is higher in a year, with a median target of ₹3,884 (+11%).
- Upside scenario: the model's optimistic (P90) 3-year path reaches ₹9,050.
The bear case & risks
- No model or past record guarantees future returns, treat this as one input, not a decision.
- Downside scenario: the model's pessimistic (P10) 3-year path falls to ₹2,522.
M&M volatility & expected range, how bumpy is the ride?
Over the last 9.8 years M&M compounded at 16%/year with annualized volatility of 29%. That volatility implies a 1-year 80% range of ₹2,699-₹5,589, the honest backbone behind any single price target.
M&M price forecast, the full 60-month probability fan
M&M price probability fan
Each band shows where 10,000 simulated paths land. The wider the fan, the more uncertainty.
Probability of key outcomes
What are the odds M&M hits common targets within the simulated horizon?
Full multi-horizon detail on the M&M price target & forecast page.
M&M Piotroski F-Score: 5/8, how financially strong is it?
The Piotroski F-Score grades financial strength on profitability, leverage and efficiency checks. Downstox scores the eight checks it can verify from published filings, so 8 is full marks. M&M scores 5/8, mixed financial health.
M&M MTF margin & leverage across 10 brokers
Margin Trading Facility lets you buy M&M with part of the capital. Lower margin % = higher leverage. Rates compared across 10 brokers (no competitor publishes this):
| Broker | Margin required | Approx. leverage |
|---|---|---|
| Upstox | 25.50% | 3.9× |
| Zerodha | 24.80% | 4.0× |
| Groww | 24.76% | 4.0× |
| Dhan | 23.00% | 4.3× |
| Kotak Neo | 22.03% | 4.5× |
| Paytm MoneyCHEAPEST | 22.00% | 4.5× |
| Pocketful | 29.08% | 3.4× |
| Anand Rathi | 29.04% | 3.4× |
| Bajaj Broking | 23.00% | 4.3× |
| Share India | 29.07% | 3.4× |
Compare every broker on the M&M MTF page.
M&M vs peers,Auto comparison
| Stock | P/E | Div yield | Market cap |
|---|---|---|---|
| M&M (this stock) | 22.7× | 0.94% | ₹4.35L Cr |
| MARUTI | 30.8× | 1.00% | ₹4.41L Cr |
| EICHERMOT | 37.8× | 1.02% | ₹2.20L Cr |
| HEROMOTOCO | 20.7× | 3.23% | ₹1.15L Cr |
| BAJAJ-AUTO | 27.2× | 1.29% | ₹3.20L Cr |
| TVSMOTOR | 61.0× | 0.27% | ₹2.11L Cr |
| ASHOKLEY | 28.7× | 1.97% | ₹1.04L Cr |
Fundamentals from Screener.in, as of 9 Aug 2026
About Mahindra & Mahindra Limited: sector, index & market-cap context
Mahindra & Mahindra Limited (M&M) is a large-cap NSE-listed company in the Auto sector, and a constituent of the Nifty 50 index, with a market capitalisation of ₹4.35L Cr. See more stocks on our screener.
How the M&M Snapshot Score & forecast are built
The Downstox Snapshot Score is a transparent, rules-based read of Mahindra & Mahindra Limited's public fundamentals plus a statistical forecast, not an analyst opinion. It rewards low-to-fair valuation, high ROE/ROCE, a strong Piotroski F-Score, a dividend, low volatility and a favourable probability of upside; it penalises rich valuations, weak capital efficiency, a low F-Score and high volatility. The price target is a 10,000-path Monte-Carlo simulation on real historical volatility, a distribution, not a single guess. The bull and bear cases are generated from the same data, so you always see both sides.
This is information, not investment advice. Do your own due diligence and consult a SEBI-registered adviser before investing.
M&M analysis, FAQs
Is Mahindra & Mahindra Limited (M&M) a good buy?
On the numbers, Mahindra & Mahindra Limited (M&M) screens attractive, a Downstox Snapshot Score of 72/100, weighing fairly valued at 22.7× earnings, ROE of 20.3%, a 64% model probability of trading higher in a year. This is a data snapshot for research, not investment advice.
Is M&M overvalued or undervalued?
M&M trades at 22.7× earnings versus a peer median of 28.7×, so it screens cheaper than its Auto peers.
What is the M&M share price target for 2031?
M&M's probability-weighted 2031 median target is ₹5,876, with an 80% range of ₹2,573-₹13,419 (10,000-path Monte-Carlo).
What is the probability M&M doubles in 5 years?
The modelled probability of M&M reaching ₹7,004 (2×) within 5 years is 39%.
What is the bull case for M&M?
M&M's P/E of 22.7x is lower than 57% of the 2,373 NSE companies in our screener, as of 9 Aug 2026. M&M's return on equity of 20.3% ranks in the 84th percentile of the 2,373 NSE companies in our screener, as of 9 Aug 2026. A 10,000-path probability model puts a 64% chance the price is higher in a year, with a median target of ₹3,884 (+11%).
What are the risks in M&M?
No model or past record guarantees future returns, treat this as one input, not a decision.