Mahindra & Mahindra Limited (M&M) - Net Assets

Latest as of March 2026: Rs1.09 Trillion INR ≈ $11.84 Billion USD

Based on the latest financial reports, Mahindra & Mahindra Limited (M&M) has net assets worth Rs1.09 Trillion INR (≈ $11.84 Billion USD) as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Rs3.18 Trillion ≈ $34.35 Billion USD) and total liabilities (Rs2.08 Trillion ≈ $22.51 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Mahindra & Mahindra Limited tangible equity quality to evaluate the tangible quality of the company's equity base.

Key Net Assets Metrics

Metric	Value
Current Net Assets	Rs1.09 Trillion
% of Total Assets	34.47%
Annual Growth Rate	14.19%
5-Year Change	-21.57%
10-Year Change	23.48%
Growth Volatility	21.71

Mahindra & Mahindra Limited - Net Assets Trend (2005–2026)

This chart illustrates how Mahindra & Mahindra Limited's net assets have evolved over time, based on quarterly financial data. See Mahindra & Mahindra Limited defensive interval ratio to measure how many days the company can operate on defensive assets alone.

Annual Net Assets for Mahindra & Mahindra Limited (2005–2026)

The table below shows the annual net assets of Mahindra & Mahindra Limited from 2005 to 2026. For live valuation and market cap data, see Mahindra & Mahindra Limited market capitalisation.

Year	Net Assets	Change
2026-03-31	Rs445.70 Billion ≈ $4.82 Billion	-49.98%
2025-03-31	Rs890.98 Billion ≈ $9.64 Billion	+14.95%
2024-03-31	Rs775.09 Billion ≈ $8.38 Billion	+15.54%
2023-03-31	Rs670.82 Billion ≈ $7.25 Billion	+18.05%
2022-03-31	Rs568.25 Billion ≈ $6.15 Billion	+12.19%
2021-03-31	Rs506.52 Billion ≈ $5.48 Billion	+6.28%
2020-03-31	Rs476.61 Billion ≈ $5.15 Billion	-1.41%
2019-03-31	Rs483.44 Billion ≈ $5.23 Billion	+7.37%
2018-03-31	Rs450.26 Billion ≈ $4.87 Billion	+24.74%
2017-03-31	Rs360.95 Billion ≈ $3.90 Billion	+3.29%
2016-03-31	Rs349.47 Billion ≈ $3.78 Billion	+10.07%
2015-03-31	Rs317.49 Billion ≈ $3.43 Billion	+9.33%
2014-03-31	Rs290.40 Billion ≈ $3.14 Billion	+14.97%
2013-03-31	Rs252.58 Billion ≈ $2.73 Billion	+18.61%
2012-03-31	Rs212.95 Billion ≈ $2.30 Billion	+14.36%
2011-03-31	Rs186.21 Billion ≈ $2.01 Billion	+47.19%
2010-03-31	Rs126.51 Billion ≈ $1.37 Billion	+25.26%
2009-03-31	Rs101.00 Billion ≈ $1.09 Billion	+13.49%
2008-03-31	Rs88.99 Billion ≈ $962.42 Million	+36.58%
2007-03-31	Rs65.16 Billion ≈ $704.64 Million	+42.44%
2006-03-31	Rs45.74 Billion ≈ $494.68 Million	+66.43%
2005-03-31	Rs27.48 Billion ≈ $297.23 Million	--

Equity Component Analysis

This analysis shows how different components contribute to Mahindra & Mahindra Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.

Equity Composition Insights

Retained earnings have decreased by 0.0% over the analyzed period, potentially due to dividend distributions or operating losses.

Current Equity Component Breakdown (March 2026)

Component	Amount	Percentage
Common Stock	Rs275.12 Million	0.06%
Other Comprehensive Income	Rs-35.95 Billion	-8.07%
Other Components	Rs481.37 Billion	108.00%
Total Equity	Rs445.70 Billion	100.00%

Mahindra & Mahindra Limited Competitors by Market Cap

The table below lists competitors of Mahindra & Mahindra Limited ranked by their market capitalization.

Company	Market Cap
Infineon Technologies AG F:IFXA	$40.80 Billion
China CSSC Holdings Ltd SHG:600150	$40.91 Billion
Autodesk Inc NASDAQ:ADSK	$40.93 Billion
LONZA GROUP UNSP.ADR 1/10 F:LO3A	$41.04 Billion
Waste Connections Inc TO:WCN	$40.48 Billion
Bayerische Motoren Werke Aktiengesellschaft XETRA:BMW	$40.46 Billion
Telstra Group Ltd AU:TLS	$40.46 Billion
Erste Group Bank AG VI:EBS	$40.39 Billion

Equity Growth Attribution

This analysis shows how different factors contributed to changes in Mahindra & Mahindra Limited's equity between the two most recent reporting periods.

Equity Growth Insights

From 2025 to 2026, total equity changed from 770,380,000,000 to 445,698,450,000, a change of -324,681,550,000 (-42.1%).
Net income of 170,988,500,000 contributed positively to equity growth.
Dividend payments of 28,206,500,000 reduced retained earnings.
New share issuances of 6,200,000 increased equity.
Other comprehensive income decreased equity by 92,030,840,000.
Other factors decreased equity by 375,438,910,000.

Equity Change Factors (2025 to 2026)

Factor	Impact	Contribution
Net Income	Rs170.99 Billion	+38.36%
Dividends Paid	Rs28.21 Billion	-6.33%
Share Issuances	Rs6.20 Million	+0.0%
Other Comprehensive Income	Rs-92.03 Billion	-20.65%
Other Changes	Rs-375.44 Billion	-84.24%
Total Change	Rs-	-42.15%

Book Value vs Market Value Analysis

This analysis compares Mahindra & Mahindra Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.

Valuation Insights

Current price-to-book ratio: 1.94x
The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
The price-to-book ratio has decreased from 128.38x to 1.94x over the analyzed period, indicating reduced market premium.

Historical Price-to-Book Ratios

Date	Book Value per Share	Market Price	P/B Ratio
2005-03-31	Rs24.40	Rs3132.90	x
2006-03-31	Rs37.86	Rs3132.90	x
2007-03-31	Rs47.60	Rs3132.90	x
2008-03-31	Rs60.35	Rs3132.90	x
2009-03-31	Rs59.73	Rs3132.90	x
2010-03-31	Rs85.55	Rs3132.90	x
2011-03-31	Rs119.08	Rs3132.90	x
2012-03-31	Rs136.57	Rs3132.90	x
2013-03-31	Rs162.55	Rs3132.90	x
2014-03-31	Rs189.35	Rs3132.90	x
2015-03-31	Rs208.88	Rs3132.90	x
2016-03-31	Rs244.04	Rs3132.90	x
2017-03-31	Rs273.23	Rs3132.90	x
2018-03-31	Rs337.20	Rs3132.90	x
2019-03-31	Rs366.29	Rs3132.90	x
2020-03-31	Rs360.39	Rs3132.90	x
2021-03-31	Rs373.14	Rs3132.90	x
2022-03-31	Rs422.42	Rs3132.90	x
2023-03-31	Rs504.48	Rs3132.90	x
2024-03-31	Rs591.64	Rs3132.90	x
2025-03-31	Rs687.89	Rs3132.90	x
2026-03-31	Rs1611.93	Rs3132.90	x

Capital Efficiency Dashboard

This dashboard shows how efficiently Mahindra & Mahindra Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.

Capital Efficiency Insights

Current Return on Equity (ROE): 38.36%
The company demonstrates strong efficiency in generating profits from shareholder equity.
DuPont Analysis Breakdown:
• Net Profit Margin: 8.64%
• Asset Turnover: 1.33x
• Equity Multiplier: 3.34x
Recent ROE (38.36%) is above the historical average (19.27%), indicating improving capital efficiency.

Historical Capital Efficiency Metrics

Year	Return on Equity	Net Profit Margin	Asset Turnover	Equity Multiplier	Economic Value Added
2005	28.58%	7.12%	1.02x	3.92x	Rs4.43 Billion
2006	34.12%	10.04%	0.93x	3.64x	Rs8.98 Billion
2007	30.83%	8.38%	0.90x	4.09x	Rs10.12 Billion
2008	25.49%	6.49%	0.93x	4.21x	Rs9.55 Billion
2009	19.96%	5.25%	0.85x	4.45x	Rs7.01 Billion
2010	24.33%	7.85%	0.89x	3.50x	Rs14.60 Billion
2011	22.23%	8.61%	0.73x	3.51x	Rs17.46 Billion
2012	18.64%	6.01%	0.81x	3.81x	Rs14.50 Billion
2013	20.54%	6.68%	0.80x	3.83x	Rs21.03 Billion
2014	20.02%	6.98%	0.76x	3.79x	Rs23.36 Billion
2015	12.13%	4.96%	0.67x	3.67x	Rs5.52 Billion
2016	11.88%	4.21%	0.69x	4.09x	Rs4.99 Billion
2017	12.44%	4.51%	0.71x	3.86x	Rs7.24 Billion
2018	20.42%	8.27%	0.66x	3.73x	Rs38.33 Billion
2019	13.29%	5.16%	0.63x	4.09x	Rs13.17 Billion
2020	0.32%	0.17%	0.44x	4.18x	Rs-38.70 Billion
2021	4.36%	2.49%	0.44x	4.00x	Rs-23.46 Billion
2022	13.96%	7.44%	0.51x	3.69x	Rs18.65 Billion
2023	18.24%	8.64%	0.58x	3.65x	Rs46.45 Billion
2024	17.02%	8.30%	0.57x	3.57x	Rs46.50 Billion
2025	16.78%	8.31%	0.56x	3.60x	Rs52.25 Billion
2026	38.36%	8.64%	1.33x	3.34x	Rs126.42 Billion

Industry Comparison

This section compares Mahindra & Mahindra Limited's net assets metrics with peer companies in the Auto Manufacturers industry.

Industry Context

Industry: Auto Manufacturers
Average net assets among peers: $91,811,758,571
Average return on equity (ROE) among peers: 1.91%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Mahindra & Mahindra Limited (M&M)	Rs1.09 Trillion	28.58%	1.90x	$40.68 Billion
Bajaj Auto Limited (BAJAJ-AUTO)	$232.34 Billion	21.21%	0.24x	$30.33 Billion
Eicher Motors Limited (EICHERMOT)	$126.08 Billion	13.30%	0.28x	$22.28 Billion
Hero MotoCorp Limited (HEROMOTOCO)	$103.83 Billion	34.52%	0.47x	$10.86 Billion
Hindustan Motors Limited (HINDMOTORS)	$-91.34 Million	0.00%	0.00x	$46.19 Million
Hyundai Motor India Ltd (HYUNDAI)	$153.11 Billion	12.29%	0.75x	$17.37 Billion
Ola Electric Mobility Ltd (OLAELEC)	$23.56 Billion	-62.47%	1.37x	$2.04 Billion
SML Isuzu Limited (SMLISUZU)	$3.85 Billion	-5.47%	1.23x	$491.77 Million

About Mahindra & Mahindra Limited

NSE:M&M India Auto Manufacturers

Market Cap

$40.68 Billion

Rs3.76 Trillion INR

Market Cap Rank

#668 Global

#11 in India

Share Price

Rs3132.90

Change (1 day)

-0.16%

52-Week Range

Rs2931.10 - Rs3802.40

All Time High

Rs3802.40