Mahindra & Mahindra Limited (M&M) — Working Capital to Net Assets Ratio
Mahindra & Mahindra Limited (M&M) has a Working Capital to Net Assets ratio of 28.4% as of March 2026. Working capital of Rs310.41 Billion (current assets of Rs1.47 Trillion minus current liabilities of Rs1.16 Trillion) is measured against net assets of Rs1.09 Trillion. A higher ratio indicates strong short-term liquidity financed by the equity base. See M&M days of operational coverage to measure how many days the company can operate on defensive assets alone.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Mahindra & Mahindra Limited Working Capital to Net Assets (2005–2026)
This chart shows how Mahindra & Mahindra Limited's Working Capital to Net Assets ratio has evolved across 22 annual periods from 2005 to 2026. As of March 2026, the ratio stands at 28.4%, reflecting working capital of Rs310.41 Billion against net assets of Rs1.09 Trillion INR. For the complete balance sheet picture, see balance sheet size of Mahindra & Mahindra Limited.
Annual Working Capital to Net Assets for Mahindra & Mahindra Limited (2005–2026)
The table below presents the year-by-year Working Capital to Net Assets ratio for Mahindra & Mahindra Limited from 2005 to 2026, covering 22 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. Check Mahindra & Mahindra Limited liquidity resilience to evaluate the company's liquid asset resilience ratio.
| Year | WC/NA Ratio | Working Capital (INR) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2026 | 44.9% | Rs199.92 Billion | Rs445.70 Billion | Rs611.96 Billion | Rs412.04 Billion | ▲ +4.2 pp |
| 2025 | 40.7% | Rs362.51 Billion | Rs890.98 Billion | Rs1.27 Trillion | Rs903.22 Billion | ▲ +11.4 pp |
| 2024 | 29.3% | Rs227.20 Billion | Rs775.09 Billion | Rs982.66 Billion | Rs755.46 Billion | ▼ -1.6 pp |
| 2023 | 30.9% | Rs207.46 Billion | Rs670.82 Billion | Rs913.25 Billion | Rs705.79 Billion | ▼ -2.3 pp |
| 2022 | 33.2% | Rs188.60 Billion | Rs568.25 Billion | Rs751.48 Billion | Rs562.88 Billion | ▼ -7.7 pp |
| 2021 | 40.9% | Rs206.92 Billion | Rs506.52 Billion | Rs721.38 Billion | Rs514.46 Billion | ▲ +19.8 pp |
| 2020 | 21.1% | Rs100.36 Billion | Rs476.61 Billion | Rs640.45 Billion | Rs540.10 Billion | ▼ -1.0 pp |
| 2019 | 22.1% | Rs106.63 Billion | Rs483.44 Billion | Rs694.06 Billion | Rs587.43 Billion | ▲ +0.0 pp |
| 2018 | 22.0% | Rs99.26 Billion | Rs450.26 Billion | Rs590.76 Billion | Rs491.50 Billion | ▼ -2.9 pp |
| 2017 | 24.9% | Rs90.03 Billion | Rs360.95 Billion | Rs488.86 Billion | Rs398.83 Billion | ▲ +4.1 pp |
| 2016 | 20.8% | Rs72.68 Billion | Rs349.47 Billion | Rs439.11 Billion | Rs366.44 Billion | ▲ +1.8 pp |
| 2015 | 19.0% | Rs60.17 Billion | Rs317.49 Billion | Rs397.50 Billion | Rs337.33 Billion | ▼ -22.5 pp |
| 2014 | 41.4% | Rs120.36 Billion | Rs290.40 Billion | Rs395.94 Billion | Rs275.58 Billion | ▲ +10.1 pp |
| 2013 | 31.3% | Rs79.17 Billion | Rs252.58 Billion | Rs340.20 Billion | Rs261.03 Billion | ▼ -2.0 pp |
| 2012 | 33.3% | Rs71.02 Billion | Rs212.95 Billion | Rs290.11 Billion | Rs219.09 Billion | ▼ -49.9 pp |
| 2011 | 83.2% | Rs154.95 Billion | Rs186.21 Billion | Rs285.94 Billion | Rs130.99 Billion | ▼ -9.0 pp |
| 2010 | 92.2% | Rs116.61 Billion | Rs126.51 Billion | Rs203.16 Billion | Rs86.56 Billion | ▼ -8.6 pp |
| 2009 | 100.8% | Rs101.79 Billion | Rs101.00 Billion | Rs185.75 Billion | Rs83.96 Billion | ▼ -14.3 pp |
| 2008 | 115.1% | Rs102.46 Billion | Rs88.99 Billion | Rs169.29 Billion | Rs66.82 Billion | ▼ -20.5 pp |
| 2007 | 135.7% | Rs88.40 Billion | Rs65.16 Billion | Rs140.40 Billion | Rs51.99 Billion | ▼ -3.6 pp |
| 2006 | 139.3% | Rs63.73 Billion | Rs45.74 Billion | Rs97.32 Billion | Rs33.59 Billion | ▼ -1.7 pp |
| 2005 | 141.1% | Rs38.77 Billion | Rs27.48 Billion | Rs67.01 Billion | Rs28.25 Billion | — |