Mahindra & Mahindra Limited (M&M) — Tangible Net Worth Ratio
Mahindra & Mahindra Limited (M&M) has a Tangible Net Worth Ratio of 88.8% as of March 2026. This metric is calculated by deducting intangible assets (Rs122.84 Billion) from net assets (Rs1.09 Trillion) and expressing it as a percentage of total net assets. A higher ratio means that more of the company's equity is backed by tangible, balance-sheet-verifiable assets rather than goodwill, patents, or brand value. Also explore net asset momentum of Mahindra & Mahindra Limited to track the company's year-over-year net asset growth rate.
Tangible NW Ratio
Net Assets (Equity)
Intangible Assets
Total Assets
Mahindra & Mahindra Limited Tangible Net Worth Ratio (2005–2026)
This chart shows how Mahindra & Mahindra Limited's Tangible Net Worth Ratio has changed across 22 annual periods from 2005 to 2026. As of March 2026, the ratio stands at 88.8%, reflecting net assets of Rs1.09 Trillion with intangible assets of Rs122.84 Billion INR. For live market cap and overall valuation, see Mahindra & Mahindra Limited stock valuation.
Annual Tangible Net Worth Ratio for Mahindra & Mahindra Limited (2005–2026)
The table below presents the year-by-year Tangible Net Worth Ratio for Mahindra & Mahindra Limited from 2005 to 2026, covering 22 annual filings. Each row shows net assets, intangible assets, total assets, the tangible net worth ratio, and the change in percentage points versus the prior year. Explore Mahindra & Mahindra Limited (M&M) reinvestment ratio to see what proportion of operating cash flow is directed to capital expenditures.
| Year | Tangible NW Ratio | Net Assets (INR) | Intangible Assets | Total Assets | Change (pp) |
|---|---|---|---|---|---|
| 2026 | 91.4% | Rs445.70 Billion | Rs38.52 Billion | Rs1.49 Trillion | ▲ +3.8 pp |
| 2025 | 87.6% | Rs890.98 Billion | Rs110.72 Billion | Rs2.78 Trillion | ▼ -1.0 pp |
| 2024 | 88.6% | Rs775.09 Billion | Rs88.50 Billion | Rs2.36 Trillion | ▼ -1.0 pp |
| 2023 | 89.6% | Rs670.82 Billion | Rs69.86 Billion | Rs2.06 Trillion | ▲ +0.9 pp |
| 2022 | 88.7% | Rs568.25 Billion | Rs64.43 Billion | Rs1.74 Trillion | ▲ +0.2 pp |
| 2021 | 88.4% | Rs506.52 Billion | Rs58.58 Billion | Rs1.66 Trillion | ▲ +5.4 pp |
| 2020 | 83.1% | Rs476.61 Billion | Rs80.65 Billion | Rs1.67 Trillion | ▼ -2.5 pp |
| 2019 | 85.5% | Rs483.44 Billion | Rs69.87 Billion | Rs1.63 Trillion | ▼ -1.9 pp |
| 2018 | 87.4% | Rs450.26 Billion | Rs56.57 Billion | Rs1.37 Trillion | ▼ -0.1 pp |
| 2017 | 87.5% | Rs360.95 Billion | Rs45.15 Billion | Rs1.15 Trillion | ▼ -1.6 pp |
| 2016 | 89.1% | Rs349.47 Billion | Rs38.02 Billion | Rs1.08 Trillion | ▼ -2.1 pp |
| 2015 | 91.2% | Rs317.49 Billion | Rs27.95 Billion | Rs948.44 Billion | ▼ -2.2 pp |
| 2014 | 93.4% | Rs290.40 Billion | Rs19.26 Billion | Rs882.70 Billion | ▼ -1.5 pp |
| 2013 | 94.9% | Rs252.58 Billion | Rs12.91 Billion | Rs764.70 Billion | ▲ +10.0 pp |
| 2012 | 84.9% | Rs212.95 Billion | Rs32.16 Billion | Rs638.69 Billion | ▼ -9.6 pp |
| 2011 | 94.5% | Rs186.21 Billion | Rs10.33 Billion | Rs501.62 Billion | ▲ +0.1 pp |
| 2010 | 94.4% | Rs126.51 Billion | Rs7.09 Billion | Rs356.46 Billion | ▼ -1.1 pp |
| 2009 | 95.5% | Rs101.00 Billion | Rs4.60 Billion | Rs313.22 Billion | ▼ -1.6 pp |
| 2008 | 97.0% | Rs88.99 Billion | Rs2.64 Billion | Rs259.41 Billion | ▼ -0.2 pp |
| 2007 | 97.3% | Rs65.16 Billion | Rs1.77 Billion | Rs198.63 Billion | ▼ -2.1 pp |
| 2006 | 99.4% | Rs45.74 Billion | Rs269.45 Million | Rs135.42 Billion | ▲ +0.3 pp |
| 2005 | 99.1% | Rs27.48 Billion | Rs235.67 Million | Rs93.52 Billion | — |