M&M · NSE
Mahindra & Mahindra
Phase 4 · Capital Return
Profitable, cash-generative, and returning capital to shareholders through dividends.
Phase 1
Startup
Phase 2
Hyper Growth
Phase 3
Operating Leverage
Phase 4
Capital Return
Phase 5
Decline
Revenue growth (YoY)
24.8%
Mar 2026 vs Mar 2025
Net profit growth (YoY)
32.3%
Operating cash flow
₹11657 Cr
Mar 2026
Returning capital?
Yes
Last dividend ex-date 2026-06-04
Revenue, profit & operating cash flow
₹ crore, by fiscal year
RevenueNet profitOperating cash flowRevenue ends at ₹198639 Cr. Net profit ends at ₹18622 Cr. Operating cash flow ends at ₹11657 Cr.
Judge management on
Capital allocation — are dividends sized sensibly against free cash flow?
Key metric to watch
Free cash flow and the dividend payout ratio.
Typically valued on
Price/earnings and dividend yield.
| Fiscal year | Revenue | Net profit | Operating cash flow |
|---|---|---|---|
| Mar 2021 | ₹74278 Cr | ₹1512 Cr | ₹17909 Cr |
| Mar 2022 | ₹90171 Cr | ₹7253 Cr | ₹9248 Cr |
| Mar 2023 | ₹121362 Cr | ₹11374 Cr | -₹7074 Cr |
| Mar 2024 | ₹139078 Cr | ₹12270 Cr | -₹5630 Cr |
| Mar 2025 | ₹159211 Cr | ₹14073 Cr | ₹3176 Cr |
| Mar 2026 | ₹198639 Cr | ₹18622 Cr | ₹11657 Cr |
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