Shares of M&M were trading lower in Tuesday's session. The stock is among the top losers on the Nifty 50 index, with the share price declining by 0.71% to Rs 3,291.90 at 11:30 am.
Among other stocks that were the top losers on Nifty 50 were Dr Reddys Labs (down 0.66%), UltraTechCement (down 0.54%), Maruti Suzuki (down 0.45%), and Asian Paints (down 0.43%).
Here is a detailed look into the financial performance of M&M:
Financial Performance:
The following table presents the consolidated quarterly financial data for M&M:
| Heading | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
|---|---|---|---|---|---|
| Revenue | Rs 37,217.72 Crore | Rs 37,923.74 Crore | Rs 41,470.05 Crore | Rs 42,599.31 Crore | Rs 45,529.19 Crore |
| Net Profit | Rs 3,221.34 Crore | Rs 2,894.71 Crore | Rs 3,317.22 Crore | Rs 3,102.48 Crore | Rs 3,898.44 Crore |
| EPS | 29.44 | 28.43 | 28.51 | 29.52 | 36.58 |
The revenue for the quarter-ending June 2025 stood at Rs 45,529.19 Crore, which is an increase compared to Rs 37,217.72 Crore in June 2024. The net profit for the quarter-ending June 2025 was Rs 3,898.44 Crore, compared to Rs 3,221.34 Crore in June 2024. The EPS for the same period increased to 36.58 from 29.44.
The following table presents the consolidated yearly financial data:
| Heading | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | Rs 74,277.78 Crore | Rs 90,170.57 Crore | Rs 121,268.55 Crore | Rs 138,279.30 Crore | Rs 158,749.75 Crore |
| Net Profit | Rs 2,425.26 Crore | Rs 5,397.22 Crore | Rs 9,869.04 Crore | Rs 11,148.39 Crore | Rs 12,535.75 Crore |
| EPS | 16.33 | 59.20 | 92.41 | 101.14 | 115.91 |
| BVPS | 456.20 | 510.96 | 602.37 | 695.30 | 690.13 |
| ROE | 4.35 | 13.95 | 18.24 | 17.02 | 16.78 |
| Debt to Equity | 1.43 | 1.58 | 1.57 | 1.56 | 1.57 |
The annual revenue has increased steadily over the years, from Rs 74,277.78 Crore in 2021 to Rs 158,749.75 Crore in 2025. Similarly, the net profit has also increased, with Rs 12,535.75 Crore reported in 2025 compared to Rs 2,425.26 Crore in 2021. EPS has risen from 16.33 in 2021 to 115.91 in 2025. The debt-to-equity ratio has remained relatively stable, fluctuating slightly around 1.5.
Annual Income Statement:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Sales | Rs 158,749 Crore | Rs 138,279 Crore | Rs 121,268 Crore | Rs 90,170 Crore | Rs 74,277 Crore |
| Other Income | Rs 2,611 Crore | Rs 2,952 Crore | Rs 1,206 Crore | Rs 934 Crore | Rs 1,033 Crore |
| Total Income | Rs 161,361 Crore | Rs 141,231 Crore | Rs 122,475 Crore | Rs 91,105 Crore | Rs 75,310 Crore |
| Total Expenditure | Rs 134,735 Crore | Rs 118,887 Crore | Rs 104,090 Crore | Rs 78,581 Crore | Rs 65,137 Crore |
| EBIT | Rs 26,625 Crore | Rs 22,344 Crore | Rs 18,384 Crore | Rs 12,524 Crore | Rs 10,173 Crore |
| Interest | Rs 9,083 Crore | Rs 7,488 Crore | Rs 5,829 Crore | Rs 5,018 Crore | Rs 6,102 Crore |
| Tax | Rs 5,006 Crore | Rs 3,707 Crore | Rs 2,685 Crore | Rs 2,108 Crore | Rs 1,645 Crore |
| Net Profit | Rs 12,535 Crore | Rs 11,148 Crore | Rs 9,869 Crore | Rs 5,397 Crore | Rs 2,425 Crore |
Cash Flow:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Operating Activities | Rs 3,175 Crore | Rs -5,629 Crore | Rs -7,074 Crore | Rs 9,247 Crore | Rs 17,908 Crore |
| Investing Activities | Rs -18,626 Crore | Rs -5,597 Crore | Rs -8,547 Crore | Rs -3,225 Crore | Rs -18,446 Crore |
| Financing Activities | Rs 15,834 Crore | Rs 12,281 Crore | Rs 15,946 Crore | Rs -5,882 Crore | Rs 406 Crore |
| Others | Rs 9 Crore | Rs -17 Crore | Rs -319 Crore | Rs -26 Crore | Rs 14 Crore |
| Net Cash Flow | Rs 393 Crore | Rs 1,036 Crore | Rs 5 Crore | Rs 112 Crore | Rs -117 Crore |
Balance Sheet:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Share Capital | Rs 558 Crore | Rs 557 Crore | Rs 556 Crore | Rs 556 Crore | Rs 555 Crore |
| Reserves & Surplus | Rs 76,480 Crore | Rs 65,334 Crore | Rs 55,548 Crore | Rs 46,343 Crore | Rs 40,771 Crore |
| Current Liabilities | Rs 90,322 Crore | Rs 75,545 Crore | Rs 70,579 Crore | Rs 56,288 Crore | Rs 51,446 Crore |
| Other Liabilities | Rs 110,225 Crore | Rs 94,863 Crore | Rs 79,206 Crore | Rs 70,925 Crore | Rs 73,689 Crore |
| Total Liabilities | Rs 277,586 Crore | Rs 236,300 Crore | Rs 205,891 Crore | Rs 174,112 Crore | Rs 166,462 Crore |
| Fixed Assets | Rs 40,560 Crore | Rs 33,720 Crore | Rs 28,559 Crore | Rs 31,380 Crore | Rs 27,947 Crore |
| Current Assets | Rs 126,573 Crore | Rs 98,265 Crore | Rs 91,325 Crore | Rs 75,148 Crore | Rs 72,137 Crore |
| Other Assets | Rs 110,452 Crore | Rs 104,314 Crore | Rs 86,006 Crore | Rs 67,583 Crore | Rs 66,377 Crore |
| Total Assets | Rs 277,586 Crore | Rs 236,300 Crore | Rs 205,891 Crore | Rs 174,112 Crore | Rs 166,462 Crore |
| Contingent Liabilities | Rs 23,507 Crore | Rs 28,897 Crore | Rs 10,610 Crore | Rs 7,015 Crore | Rs 8,934 Crore |
Financial Ratios:
| Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | |
|---|---|---|---|---|---|
| Basic EPS (Rs.) | 115.91 | 101.14 | 92.41 | 59.20 | 16.33 |
| Diluted EPS (Rs.) | 115.06 | 100.70 | 91.96 | 58.83 | 16.15 |
| Book Value /Share (Rs.) | 690.13 | 695.30 | 602.37 | 510.96 | 456.20 |
| Dividend/Share (Rs.) | 25.30 | 21.10 | 16.25 | 11.55 | 8.75 |
| Face Value | 5 | 5 | 5 | 5 | 5 |
| Gross Profit Margin (%) | 20.59 | 19.57 | 17.72 | 17.31 | 19.80 |
| Operating Margin (%) | 16.77 | 16.15 | 14.12 | 13.42 | 15.25 |
| Net Profit Margin (%) | 7.89 | 8.06 | 8.13 | 5.98 | 0.31 |
| Return on Networth / Equity (%) | 16.78 | 17.02 | 18.24 | 13.95 | 4.35 |
| ROCE (%) | 14.21 | 13.89 | 12.66 | 10.27 | 9.85 |
| Return On Assets (%) | 4.65 | 4.76 | 4.99 | 3.77 | 1.08 |
| Current Ratio (X) | 1.40 | 1.30 | 1.29 | 1.34 | 1.40 |
| Quick Ratio (X) | 1.18 | 1.05 | 1.06 | 1.13 | 1.22 |
| Debt to Equity (x) | 1.57 | 1.56 | 1.57 | 1.58 | 1.43 |
| Interest Coverage Ratios (X) | 3.60 | 3.61 | 3.69 | 3.11 | 1.86 |
| Asset Turnover Ratio (%) | 0.62 | 0.63 | 0.68 | 0.49 | 44.62 |
| Inventory Turnover Ratio (X) | 4.53 | 4.39 | 6.08 | 5.23 | 7.72 |
| 3 Yr CAGR Sales (%) | 32.69 | 36.44 | 26.84 | -7.21 | -10.19 |
| 3 Yr CAGR Net Profit (%) | 52.40 | 114.40 | 141.97 | 7.73 | -40.50 |
| P/E (x) | 23.00 | 19.00 | 12.54 | 13.62 | 48.70 |
| P/B (x) | 3.86 | 3.24 | 2.29 | 1.90 | 2.12 |
| EV/EBITDA (x) | 12.55 | 11.70 | 10.11 | 10.43 | 9.79 |
| P/S (x) | 1.87 | 1.55 | 1.06 | 0.99 | 1.19 |
Corporate Actions:
M&M has announced several corporate actions, including dividends, bonus issues, rights issues, and stock splits.
Dividends: M&M has a history of distributing dividends to its shareholders. The most recent final dividend was announced on May 5, 2025, at Rs 25.30 per share.
Bonus Issues: The company has issued bonus shares on several occasions, with the most recent being a 1:1 bonus on November 10, 2017.
Rights Issues: M&M had a rights issue on September 30, 1992, with an existing ratio of 5:1.
Stock Splits: The company had a stock split on January 25, 2010, where the face value was split from Rs 10 to Rs 5.
M&M's recent announcements include a dilution of stake in Mahindra Last Mile Mobility Limited and analyst/investor meet intimations.
With the stock's last traded price at Rs 3,291.90, M&M has seen a slight decline in today's session and is among the top losers on the Nifty 50.
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