Mahindra & Mahindra Limited (MHID) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Mahindra & Mahindra Limited $27.02, price $29.30, upside -7.8%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range $8.42 – $45.30 · fair‑value band $11.83 – $41.85 · the $29.30 price screens above the $27.02 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Mahindra & Mahindra Limited provides mobility products and farm solutions in India and internationally. It operates through five segments: Automotive; Farm Equipment; Auto Investments; Farm Investments; and Investments in Industrial Businesses and Consumer Services.
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Mahindra & Mahindra Limited provides mobility products and farm solutions in India and internationally. It operates through five segments: Automotive; Farm Equipment; Auto Investments; Farm Investments; and Investments in Industrial Businesses and Consumer Services. The company offers commercial vehicles, trucks, buses, vans, passenger cars, utility vehicles, and electric vehicles (EV), as well as motorcycles; aero and defense products; offers construction equipment, such as rotaries, tillers, loaders, and backhoes under the Mahindra EarthMaster brand; and road construction equipment comprising motor graders under the Mahindra RoadMaster brand. It is also involved in the provision of farm equipment, including tractors under the Mahindra, Swaraj, and Trakstar brands, as well as farm mechanization solutions, such as rotavators, cultivators, harvesters, rice transplanters, balers, sprayers, and implements and attachments; and renewable energy business comprising installation of EV chargers and provision of Li-ion batteries. In addition, the company offers financial services, such as fixed deposits, retail and other loans, leasing, SME finance, housing finance, mutual funds, and life and non-life insurance broking services, as well as vehicle and equipment financing; provides logistics services; power backup solutions, including diesel and gas generators; and technology services comprising business process, integrated engineering, infrastructure and cloud, network, application development and maintenance, supply chain digital transformation, and design services. Further, it engages in the sale of timeshare and vacation ownership through its resorts; develops and sells residential properties, and engages in the development, management, and operation of commercial complexes; and processing and trading of steel for automotive, non-automotive, and power industries. The company has a strategic partnership with Embraer S.A. for the development of C-390 Millennium multi-mission military transport aircraft in India. The comp
Stock analysis
Mahindra & Mahindra Limited (MHID) currently trades at $29.30, while our model-based Fair Value estimate is $27.02, so the stock looks roughly fairly valued today (gap 8.4%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $30.40 per share, and 9 of the 26 models we run sit above the $29.30 price.
Bear case: the Dividend Discount group reads lowest at $3.80, and 17 of the 26 models stay below the price. Evidence for this calculation is medium.
Scenario range: $11.83 (bear) to $41.85 (bull), the price of $29.30 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Consumer Cyclical sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Mahindra & Mahindra Limited reported revenue of ₹2.0T in FY2026 versus ₹893B in FY2022, a compound +22.0%/yr. Reported net income was ₹171B in FY2026, compounding +27.0%/yr from FY2022.
Key figures
Market cap $1.7T · P/E ratio 0.1 · EPS (TTM) $1.61 · Dividend yield 1.1% · Net margin 8.6% · Return on equity 18.8% · Return on assets (EBIT) 8.1% · Operating margin 17.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (medium confidence).
What moves the price
The share trades about 35% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 2% fair-value upside, at −8%, MHID screens richer than that median.
Fair Value models
Bear $11.83Fair Value $27.02Bull $41.85
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+24.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.0%
Start year 2021 (pandemic). Over 10 years: +11.1% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.5%
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What shareholders gained per year (last 5 years), in INR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+31.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+30.7%
Dividend (yield on the price)1.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.56.4% vs 18.0%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 15%
2026 sits 51% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+53.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in INR, India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +47.5% a year for the price and −0.7% for the forecasts.
Compare Mahindra & Mahindra Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Auto Manufacturers · 106 stocks
Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside+11.0% · Below median
Profitability
Return on equity (TTM)18.8% · Top 25%
Return on assets7.2% · Top 25%
Net margin (TTM)8.5% · Top 25%
Operating margin (TTM)17.1% · Top 25%
Growth and dividend
Revenue growth30.2% · Top 25%
Dividend yield (TTM)1.1% · Bottom 25%
Balance sheet
Debt / equity0.79× · Highest 25%
Valuation Multiplesvs Auto Manufacturers median · lower = cheaper
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Is Mahindra & Mahindra Limited (MHID) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of $27.02 versus a price of $29.30, about −8% upside (fairly valued).
What is the fair value of MHID?
Our model-based fair value for Mahindra & Mahindra Limited is $27.02 (as of Sep 27, 2026), built from audited fundamentals. The current price: $29.30.
What is the quality score of MHID?
Mahindra & Mahindra Limited has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Mahindra & Mahindra Limited (MHID)?
Our model-based price target is the fair value of $27.02 (as of Sep 27, 2026) from 26 valuation models. Cautious scenario $11.83, optimistic scenario $41.85. It is a calculation from audited fundamentals, not an analyst target.
What is the Mahindra & Mahindra Limited stock forecast for 2026?
Our models put fair value at $27.02, about −8% upside versus a price of $29.30 (fairly valued). Cautious scenario $11.83, optimistic scenario $41.85. The calculation is refreshed regularly with new filings.
What is the revenue of Mahindra & Mahindra Limited (MHID)?
Mahindra & Mahindra Limited reported trailing-twelve-month revenue of about ₹2.0T (latest available figure, as of Sep 27, 2026).
Does Mahindra & Mahindra Limited pay a dividend?
Mahindra & Mahindra Limited currently shows a dividend yield of about 1.08% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Mahindra & Mahindra Limited (MHID)?
For today's price to be fair in a discounted-cash-flow model, Mahindra & Mahindra Limited would have to grow free cash flow by +53.6 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +22.0 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of MHID use?
Our models discount Mahindra & Mahindra Limited at 8.1 %: a base by market capitalisation (mega), damped by beta 0.34, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Mahindra & Mahindra Limited that is +53.6 % per year a year over ten years, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has Mahindra & Mahindra Limited (MHID) delivered so far?
Over the past 5 years revenue at Mahindra & Mahindra Limited grew +22.0 % a year. The price currently implies +53.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Mahindra & Mahindra Limited (MHID) growing?
The median revenue growth in the sector is +9.1 % a year. That is the yardstick for the growth priced into Mahindra & Mahindra Limited (+53.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Mahindra & Mahindra Limited (MHID)?
The free-cash-flow yield on the price is 0.49 %: that much free cash flow Mahindra & Mahindra Limited produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Mahindra & Mahindra Limited (MHID)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Mahindra & Mahindra Limited it is $27.02 per share (as of Sep 27, 2026), against a price of $29.30. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Mahindra & Mahindra Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, MHID trades above its calculated fair value: price $29.30, fair value $27.02, a gap of about −8% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MHID?
No. The price is what the market pays today ($29.30); the fair value is what the company's own numbers justify ($27.02). For Mahindra & Mahindra Limited the two are $2.28 per share apart. That gap is exactly why we show both numbers side by side.
How much is Mahindra & Mahindra Limited worth?
The market values Mahindra & Mahindra Limited at about $1.7T (market capitalisation, as of Sep 27, 2026). Per share that is $29.30; our models calculate a fair value of $27.02 per share.
What do the bullish and bearish scenarios say about MHID?
Our models span a range for Mahindra & Mahindra Limited: cautious scenario $11.83, base $27.02, optimistic $41.85 per share (as of Sep 27, 2026, price $29.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MHID?
Mahindra & Mahindra Limited trades at a price-to-earnings ratio of 0.1 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $27.02 is built from several models across several years. Other multiples: PEG 1.2.
What is the PEG ratio of MHID?
The PEG ratio of Mahindra & Mahindra Limited is 1.24 (P/E divided by earnings growth, as of Sep 27, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Mahindra & Mahindra Limited (MHID)?
Balance-sheet figures for Mahindra & Mahindra Limited (as of Sep 27, 2026): return on equity 18.8%, debt of 0.79 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is MHID from its 52-week high?
Mahindra & Mahindra Limited trades at $29.30, about 35% below its 52-week high of $45.30 and at the low of $29.30 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $27.02 is for.
Which stocks are comparable to Mahindra & Mahindra Limited?
From the same area (Consumer Cyclical) we also value Tesla, Inc, Toyota Motor Corporation, BYD Company, General Motors Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Mahindra & Mahindra Limited stock attractive at the current price?
The data as of Sep 27, 2026: price $29.30, calculated fair value $27.02 (−8%), Quality Score 46/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MHID calculated?
We run Mahindra & Mahindra Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $27.02, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Mahindra & Mahindra Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Mahindra & Mahindra Limited (MHID)?
The closing price on Oct 2, 2026 was $29.30. Our model-based fair value is $27.02, about −8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Mahindra & Mahindra Limited right now?
The model range is unusually wide ($11.83 to $41.85). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Where does the earnings growth of Mahindra & Mahindra Limited (MHID) come from?
Earnings per share at Mahindra & Mahindra Limited grew +17.3 % a year from 2015 to 2026. Broken into its drivers: revenue per share +9.8 %, EBIT margin +7.7 %, tax rate +1.7 %, residual (interest, one-offs) −2.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Mahindra & Mahindra Limited
How large is the market capitalisation of Mahindra & Mahindra Limited (MHID)?
The market capitalisation of Mahindra & Mahindra Limited is $1.7T. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Mahindra & Mahindra Limited (MHID)?
Earnings per share at Mahindra & Mahindra Limited are $1.61 (price ÷ EPS = P/E 0.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Mahindra & Mahindra Limited (MHID)?
The dividend yield of Mahindra & Mahindra Limited is 1.1% (payout 19.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Mahindra & Mahindra Limited (MHID)?
The net margin of Mahindra & Mahindra Limited is 8.6% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Mahindra & Mahindra Limited (MHID)?
The return on equity (ROE) of Mahindra & Mahindra Limited is 18.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Mahindra & Mahindra Limited (MHID)?
On an EBIT basis the return on assets of Mahindra & Mahindra Limited is 8.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Mahindra & Mahindra Limited (MHID)?
The operating margin of Mahindra & Mahindra Limited is 17.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Mahindra & Mahindra Limited (MHID)?
Revenue at Mahindra & Mahindra Limited is growing +30.2% versus a year earlier (3y avg +17.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Mahindra & Mahindra Limited (MHID)?
Earnings per share at Mahindra & Mahindra Limited are growing +43.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Mahindra & Mahindra Limited (MHID) carry?
The net debt of Mahindra & Mahindra Limited is ₹1.3T (fiscal year 2026, ≈ 63.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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