M&M · Auto & Truck Manufacturers · INE101A01026
Analyst mean 1.56 · 34 analysts · 70% bullishWhat the numbers mean when read together — computed from the filings, not a score.
Operating cash flow is only 58% of trailing profit. Worth watching whether the gap is working-capital timing or something structural.
Operating cash flow ₹11,657 cr vs trailing net profit ₹20,243 cr. A persistent gap below 1.0 can be benign (growth working capital) or a tell (profit not converting to cash).
Both revenue and profit grew over the last year (26.2% and 35.8%) — growth is translating to the bottom line.
Trailing revenue ₹211,376 cr, trailing profit ₹20,243 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Free cash flow swings between positive and negative across the cycle.
Latest ₹2,545 cr, negative in 9 of 12 years.
Borrowings rose 26% over two years while the company also carries ₹40,324 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Borrowings moved to ₹136,936 cr from ₹108,647 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Capital work-in-progress has stayed high (20% of fixed assets) without converting to productive assets — worth checking whether projects are genuinely progressing.
CWIP ₹7,740 cr vs ₹8,039 cr two years earlier, against fixed assets ₹38,459 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.
| Metric | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 37,924 | 41,470 | 42,599 | 45,529 | 46,106 | 52,100 | 54,982 | 58,188 |
| Expenses | 30,790 | 33,239 | 34,658 | 37,117 | 37,166 | 41,939 | 44,855 | 47,360 |
| Other Income | 1,126 | 719 | 1,110 | 1,210 | 1,134 | 976 | 1,137 | 1,121 |
| Depreciation | 1,302 | 1,495 | 2,029 | 1,548 | 1,669 | 2,163 | 1,943 | 1,760 |
| Profit before tax | 4,740 | 5,092 | 4,627 | 5,644 | 6,058 | 6,569 | 6,914 | 7,628 |
| Net Profit | 3,361 | 3,624 | 3,542 | 4,377 | 3,964 | 5,021 | 5,260 | 5,998 |
| EPS | 25.50 | 25.58 | 26.50 | 32.84 | 29.54 | 37.59 | 37.53 | 43.86 |
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 555 | 556 | 557 | 557 | 558 | 559 |
| Reserves | 41,027 | 46,567 | 55,809 | 65,633 | 76,481 | 92,538 |
| Borrowings | 80,625 | 77,605 | 92,647 | 108,647 | 129,025 | 136,936 |
| Fixed Assets | 21,380 | 26,018 | 27,140 | 28,129 | 34,636 | 38,459 |
| CWIP | 7,873 | 6,703 | 3,969 | 8,039 | 8,298 | 7,740 |
| Investments | 28,778 | 30,060 | 35,272 | 35,208 | 41,309 | 40,324 |
| Total Assets | 164,968 | 172,388 | 204,283 | 234,722 | 276,013 | 316,054 |