Shares of M&M were among the top gainers on the Nifty 50 in Monday’s trade. At the end of yesterday’s session, the stock was at Rs 3,315.40 on the NSE, a gain of 3.62% from the previous close.
Financial Snapshot:
The following table presents the consolidated quarterly financial performance of M&M:
HeadingJun 2024Sep 2024Dec 2024Mar 2025
Jun 2025RevenueRs 37,217.72 CroreRs 37,923.74 CroreRs 41,470.05 CroreRs 42,599.31 Crore
Rs 45,529.19 CroreNet ProfitRs 3,221.34 CroreRs 2,894.71 CroreRs 3,317.22 CroreRs 3,102.48 Crore
Rs 3,898.44 CroreEPS29.4428.4328.5129.52
36.58
The company’s revenue has shown a consistent increase over the quarters, with revenue for the quarter ending June 2025 at Rs 45,529.19 Crore compared to Rs 37,217.72 Crore in June 2024. Net profit also increased, with Rs 3,898.44 Crore reported for the quarter ending June 2025, up from Rs 3,221.34 Crore in June 2024.
The following table presents the consolidated yearly financial performance of M&M:
Heading2021202220232024
2025RevenueRs 74,277.78 CroreRs 90,170.57 CroreRs 121,268.55 CroreRs 138,279.30 Crore
Rs 158,749.75 CroreNet ProfitRs 2,425.26 CroreRs 5,397.22 CroreRs 9,869.04 CroreRs 11,148.39 Crore
Rs 12,535.75 CroreEPS16.3359.2092.41101.14
115.91BVPS456.20510.96602.37695.30
690.13ROE4.3513.9518.2417.02
16.78Debt to Equity1.431.581.571.56
1.57
The annual financial data shows consistent growth in revenue and net profit. Revenue increased from Rs 74,277.78 Crore in 2021 to Rs 158,749.75 Crore in 2025. Net profit also rose from Rs 2,425.26 Crore in 2021 to Rs 12,535.75 Crore in 2025.
The following table presents the consolidated yearly income statement of M&M:
Mar 2025Mar 2024Mar 2023Mar 2022
Mar 2021SalesRs 158,749 CroreRs 138,279 CroreRs 121,268 CroreRs 90,170 Crore
Rs 74,277 CroreOther IncomeRs 2,611 CroreRs 2,952 CroreRs 1,206 CroreRs 934 Crore
Rs 1,033 CroreTotal IncomeRs 161,361 CroreRs 141,231 CroreRs 122,475 CroreRs 91,105 Crore
Rs 75,310 CroreTotal ExpenditureRs 134,735 CroreRs 118,887 CroreRs 104,090 CroreRs 78,581 Crore
Rs 65,137 CroreEBITRs 26,625 CroreRs 22,344 CroreRs 18,384 CroreRs 12,524 Crore
Rs 10,173 CroreInterestRs 9,083 CroreRs 7,488 CroreRs 5,829 CroreRs 5,018 Crore
Rs 6,102 CroreTaxRs 5,006 CroreRs 3,707 CroreRs 2,685 CroreRs 2,108 Crore
Rs 1,645 CroreNet ProfitRs 12,535 CroreRs 11,148 CroreRs 9,869 CroreRs 5,397 Crore
Rs 2,425 Crore
The following table presents the consolidated quarterly income statement of M&M:
Jun 2025Mar 2025Dec 2024Sep 2024
Jun 2024SalesRs 45,529 CroreRs 42,599 CroreRs 41,470 CroreRs 37,923 Crore
Rs 37,217 CroreOther IncomeRs 916 CroreRs 701 CroreRs 411 CroreRs 659 Crore
Rs 408 CroreTotal IncomeRs 46,446 CroreRs 43,301 CroreRs 41,881 CroreRs 38,582 Crore
Rs 37,626 CroreTotal ExpenditureRs 38,848 CroreRs 36,717 CroreRs 34,734 CroreRs 32,092 Crore
Rs 31,222 CroreEBITRs 7,597 CroreRs 6,583 CroreRs 7,146 CroreRs 6,490 Crore
Rs 6,404 CroreInterestRs 2,431 CroreRs 2,396 CroreRs 2,362 CroreRs 2,217 Crore
Rs 2,107 CroreTaxRs 1,267 CroreRs 1,084 CroreRs 1,467 CroreRs 1,378 Crore
Rs 1,075 CroreNet ProfitRs 3,898 CroreRs 3,102 CroreRs 3,317 CroreRs 2,894 Crore
Rs 3,221 Crore
The cash flow from operating activities for the year ending March 2025 was Rs 3,175 Crore. The cash flow from investing activities was Rs -18,626 Crore, and the cash flow from financing activities was Rs 15,834 Crore.
The following table summarizes M&M’s cash flow:
Mar 2025Mar 2024Mar 2023Mar 2022
Mar 2021Operating ActivitiesRs 3,175 CroreRs -5,629 CroreRs -7,074 CroreRs 9,247 Crore
Rs 17,908 CroreInvesting ActivitiesRs -18,626 CroreRs -5,597 CroreRs -8,547 CroreRs -3,225 Crore
Rs -18,446 CroreFinancing ActivitiesRs 15,834 CroreRs 12,281 CroreRs 15,946 CroreRs -5,882 Crore
Rs 406 CroreOthersRs 9 CroreRs -17 CroreRs -319 CroreRs -26 Crore
Rs 14 CroreNet Cash FlowRs 393 CroreRs 1,036 CroreRs 5 CroreRs 112 Crore
Rs -117 Crore
Key balance sheet figures show that total assets for March 2025 stood at Rs 277,586 Crore, compared to Rs 236,300 Crore in March 2024. Total liabilities increased from Rs 236,300 Crore in March 2024 to Rs 277,586 Crore in March 2025.
The following table summarizes M&M’s balance sheet:
Mar 2025Mar 2024Mar 2023Mar 2022
Mar 2021Share CapitalRs 558 CroreRs 557 CroreRs 556 CroreRs 556 Crore
Rs 555 CroreReserves & SurplusRs 76,480 CroreRs 65,334 CroreRs 55,548 CroreRs 46,343 Crore
Rs 40,771 CroreCurrent LiabilitiesRs 90,322 CroreRs 75,545 CroreRs 70,579 CroreRs 56,288 Crore
Rs 51,446 CroreOther LiabilitiesRs 110,225 CroreRs 94,863 CroreRs 79,206 CroreRs 70,925 Crore
Rs 73,689 CroreTotal LiabilitiesRs 277,586 CroreRs 236,300 CroreRs 205,891 CroreRs 174,112 Crore
Rs 166,462 CroreFixed AssetsRs 40,560 CroreRs 33,720 CroreRs 28,559 CroreRs 31,380 Crore
Rs 27,947 CroreCurrent AssetsRs 126,573 CroreRs 98,265 CroreRs 91,325 CroreRs 75,148 Crore
Rs 72,137 CroreOther AssetsRs 110,452 CroreRs 104,314 CroreRs 86,006 CroreRs 67,583 Crore
Rs 66,377 CroreTotal AssetsRs 277,586 CroreRs 236,300 CroreRs 205,891 CroreRs 174,112 Crore
Rs 166,462 CroreContingent LiabilitiesRs 23,507 CroreRs 28,897 CroreRs 10,610 CroreRs 7,015 Crore
Rs 8,934 Crore
Key financial ratios for M&M include a basic EPS of Rs 115.91 and diluted EPS of Rs 115.06 for March 2025. The book value per share was Rs 690.13. The debt-to-equity ratio stood at 1.57.
The following table presents the key ratios for M&M:
Mar 2025Mar 2024Mar 2023Mar 2022
Mar 2021Basic EPS (Rs.)115.91101.1492.4159.20
16.33Diluted EPS (Rs.)115.06100.7091.9658.83
16.15Book Value /Share (Rs.)690.13695.30602.37510.96
456.20Dividend/Share (Rs.)25.3021.1016.2511.55
8.75Face Value5555
5Gross Profit Margin (%)20.5919.5717.7217.31
19.80Operating Margin (%)16.7716.1514.1213.42
15.25Net Profit Margin (%)7.898.068.135.98
0.31Return on Networth / Equity (%)16.7817.0218.2413.95
4.35ROCE (%)14.2113.8912.6610.27
9.85Return On Assets (%)4.654.764.993.77
1.08Current Ratio (X)1.401.301.291.34
1.40Quick Ratio (X)1.181.051.061.13
1.22Debt to Equity (x)1.571.561.571.58
1.43Interest Coverage Ratios (X)3.603.613.693.11
1.86Asset Turnover Ratio (%)0.620.630.680.49
44.62Inventory Turnover Ratio (X)4.534.396.085.23
7.723 Yr CAGR Sales (%)32.6936.4426.84-7.21
-10.193 Yr CAGR Net Profit (%)52.40114.40141.977.73
-40.50P/E (x)23.0019.0012.5413.62
48.70P/B (x)3.863.242.291.90
2.12EV/EBITDA (x)12.5511.7010.1110.43
9.79P/S (x)1.871.551.060.99
1.19
Corporate Actions
M&M has announced several corporate actions, including stake dilutions, analyst/investor meetings, and dividends. A final dividend of Rs 25.30 per share (506%) was announced on May 5, 2025, with an effective date of July 4, 2025. The company also announced bonus issues, including a 1:1 bonus on November 10, 2017.
A rights issue was announced on September 30, 1992, with a ratio of 1:5. Additionally, a stock split was announced on January 25, 2010, with the face value changing from Rs 10 to Rs 5.Moneycontrol analysis on August 29, 2025, indicated a bearish sentiment on the stock.
