# Mahindra & Mahindra (NSE: M&M) share analysis

Canonical: https://vestmind.in/stocks/mahindra-and-mahindra  
Source: VestCall by Vestmind, price as of 14 October 2026.

> Mahindra & Mahindra (NSE: M&M) was trading at ₹2,835.6 on 14 October 2026. VestCall scores its business health 71/100 (healthy). On valuation, the price sits in the “Fairly Valued” zone (₹2,805.45 – ₹2,905.82) — inside the modelled fair-value range. This is a reading of the evidence, not a buy or sell recommendation.

## Valuation zones

| Zone | Price band | Meaning |
| --- | --- | --- |
| Deeply Discounted | ₹2,557.07 – ₹2,754.15 | Furthest below the modelled fair-value range |
| Attractive Valuation | ₹2,754.15 – ₹2,805.45 | Below the modelled fair-value range |
| Fairly Valued (current) | ₹2,805.45 – ₹2,905.82 | Inside the modelled fair-value range |
| Valuation Premium | ₹2,905.82 and above | Above the modelled fair-value range |

## The case for and against

- Supports — Capital Allocation 100/100
- Supports — Growth 76/100
- Supports — Business Quality 73/100
- Supports — Financial Strength 69/100
- Supports — Shareholding Quality 66/100
- Needs proof — Management Stability 46/100

## Key ratios

| Ratio | Mahindra & Mahindra | Sector median |
| --- | --- | --- |
| P/E | 12.46x | — |
| P/B | 0.67x | — |
| P/S | 0.25x | — |
| Return on equity (ROE) | 25.1% | — |
| Return on capital employed (ROCE) | 33.9% | — |
| Operating margin | 12.5% | — |
| Net margin | 9.2% | — |
| Current ratio | 1.47x | — |

## Bull, base and bear case (model outputs, not forecasts)

| Scenario | Modelled CAGR | Weight | Assumption |
| --- | --- | --- | --- |
| Bear | +1.6% | 19% | Growth decelerates to 5.6% and the multiple de-rates toward the cohort's trough. |
| Base | +15.5% | 55% | Earnings compound near the measured 15.5% and the multiple drifts toward its quality-adjusted warranted level. |
| Bull | +25.2% | 26% | Growth holds at 21.7% and the market pays the full premium the measured quality supports. |

## Questions

### Is Mahindra & Mahindra overvalued or undervalued?

At ₹2,835.6, Mahindra & Mahindra sits in VestCall’s “Fairly Valued” zone (₹2,805.45 – ₹2,905.82): inside the modelled fair-value range. Its valuation scores 78/100 (fair) against Unclassified peers. Zones describe where the price sits against modelled value; they are not an instruction to buy or sell.

### Is Mahindra & Mahindra fundamentally strong?

VestCall scores Mahindra & Mahindra’s business health 71/100 (healthy). The strongest measured pillars are capital allocation and growth. The ones that need proof are management stability. Each pillar is computed from reported financials, and a pillar whose inputs were not reported is excluded rather than scored as zero.

### What is Mahindra & Mahindra’s P/E ratio?

Mahindra & Mahindra trades at a P/E of 12.46x, on VestCall’s latest read. A multiple only means something against the business it buys: the quality-adjusted fair value on this page weighs it against Mahindra & Mahindra’s returns and growth.

### What are the risks of investing in Mahindra & Mahindra?

The review triggers VestCall watches for Mahindra & Mahindra are: drawdown from the 52-week high exceeds tolerance (drawdown from 52-week high at or beyond 25%); return on equity falls below the quality floor (roe below 15%); revenue growth falls below the thesis floor (revenue cagr below 8%). On the fundamentals, management stability is the weakest measured pillar at 46/100. A trigger is a named condition that would change the reading, published so the case against the stock is as visible as the case for it.

### Is this a recommendation to buy or sell Mahindra & Mahindra?

No. VestCall states where Mahindra & Mahindra’s price sits against modelled value, what supports the case and what would break it, with every figure sourced. It does not issue buy, sell or hold calls or price targets. Vestmind is not a SEBI-registered investment adviser or research analyst, and nothing on this page is personalised investment advice.

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Vestmind is not a SEBI-registered investment adviser or research analyst. This is research for information, not a recommendation or personalised investment advice.