Mahindra & Mahindra (M&M) is India’s iconic automobile manufacturer and a diversified conglomerate with leadership in utility vehicles, tractors, and electric mobility. Headquartered in Mumbai and part of the USD 35 billion Mahindra Group, M&M has successfully pivoted toward premiumization, electrification, and rural resilience—making it a core holding for investors seeking exposure to India’s auto and farm mechanization story. As of January 2026, the company is riding strong tailwinds from robust SUV demand, export growth, and strategic investments in EVs through its Born Electric Vehicles (BEV) platform. This article provides a data-driven outlook on the Mahindra & Mahindra share price target 2026–2030.
Mahindra & Mahindra: Company Overview
- Founded: 1945
- Managing Director: Dr. Anish Shah
- NSE Symbol: M&M
- Key Segments: Passenger Vehicles (42%), Tractors (38%), Commercial Vehicles (12%), Auto Components, Farm Equipment, and EVs
- Market Position: No. 1 in UV segment; No. 1 tractor brand in India; among the top 3 global tractor players
M&M operates across 100+ countries and is aggressively expanding its EV portfolio, including the XUV.e8 and XEV 9e. The company also benefits from strong rural demand, government support for farm mechanization, and a capital-light asset model post-demerging non-core businesses.
Mahindra & Mahindra: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹2,709 |
| Market Capitalization | ₹4,55,131.55 Cr |
| No. of Shares Outstanding | 124.35 Cr |
| 52-Week High / Low | ₹3,276 / ₹1,789 |
| P/E Ratio (TTM) | 34.04 |
| P/B Ratio | 6.84 |
| EPS (TTM) | ₹107.53 |
| Book Value (TTM) | ₹534.86 |
| ROE | 20.93% |
| ROCE | 27.42% |
| Dividend Yield | 0.69% |
| Face Value | ₹5 |
| Cash | ₹10,790.55 Cr |
| Debt | ₹1,135.05 Cr |
| Sales Growth (YoY) | 17.54% |
| Profit Growth (YoY) | 11.39% |
| Promoter Holding | 18.44% |
Mahindra & Mahindra Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹2,850 – ₹3,150 |
| 2027 | ₹3,050 – ₹3,400 |
| 2028 | ₹3,250 – ₹3,700 |
| 2029 | ₹3,450 – ₹4,050 |
| 2030 | ₹3,650 – ₹4,400 |
Mahindra & Mahindra Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹2,850 | ₹3,150 |
M&M reported 11.39% YoY profit growth in FY2025, supported by strong SUV and tractor sales. Despite a high P/E of 34x, the valuation is justified by premium positioning, EV optionality, and a consistent ROCE of 27.4%. A 2026 target range of ₹2,850–₹3,150 assumes sustained volume growth, stable margins, and successful EV launches.
Mahindra & Mahindra Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹3,050 | ₹3,400 |
If M&M sustains 15–18% earnings growth and maintains its rural-urban dual engine, investor confidence will remain strong. Assuming EPS reaches ₹115–₹122 by FY27 and P/E stabilizes at 33–34x, the 2027 target range of ₹3,050–₹3,400 is justified.
Mahindra & Mahindra Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹3,250 | ₹3,700 |
By 2028, benefits from EV scale-up, export expansion (especially in Africa and LATAM), and margin resilience should reflect in cash flows. With ROCE consistently above 27%, the company efficiently deploys capital. A P/E of 34–35x on projected EPS of ₹122–₹130 supports the ₹3,250–₹3,700 band.
Mahindra & Mahindra Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹3,450 | ₹4,050 |
Long-term tailwinds include India’s rising vehicle penetration, farm income growth, and global EV adoption. If competition doesn’t erode pricing, EPS could reach ₹130–₹140 by FY29. At a P/E of 34–36x, the 2029 target is ₹3,450–₹4,050.
Mahindra & Mahindra Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹3,650 | ₹4,400 |
Over a five-year horizon, M&M’s appeal lies in brand strength, rural moat, and EV leadership. A terminal P/E of 35–37x on FY30 EPS (~₹135–₹150) justifies the ₹3,650–₹4,400 range. Upside depends on EV execution; downside is limited by tractor cash flows.
Mahindra & Mahindra: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Foreign Institutional Investors (FII) | 38.04% |
| Domestic Institutional Investors (DII) | 30.03% |
| Promoters | 18.44% |
| Public & Others | 13.49% |
High institutional ownership (68.07%) ensures liquidity and analyst coverage. Low promoter holding may raise governance questions but is offset by professional management.
Mahindra & Mahindra: Strengths vs Risks
Strengths:
- Market leader in UVs and tractors with pricing power
- Exceptional ROCE (27.42%) and a near-debt-free balance sheet
- Strong rural demand and global tractor footprint
- Aggressive EV roadmap with dedicated BEV platform
Risks:
- High P/E (34x) leaves little room for execution delays
- Intense competition from Tata Motors in EVs and SUVs
- Rural distress could impact tractor demand
- Low dividend yield (0.69%) limits income appeal
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Moderate |
| Ideal Time Horizon | 5+ years |
| Volatility | Lower than market average (large-cap liquidity) |
| Dividend/Income Potential | Low (0.69% yield) but consistent |
| Best For | Core portfolio holding for investors betting on India’s auto and rural consumption story |
FAQs
What is the target price of the Mahindra and Mahindra share?
Based on fundamentals and sector trends, the Mahindra & Mahindra share price target for 2026 is ₹2,850–₹3,150. The 2026–2030 cumulative range is ₹2,850 to ₹4,400.
Is M&M a good share to buy?
Yes—for long-term portfolios focused on India’s auto and rural growth. Avoid if you seek low-valuation or high-dividend stocks. Suitable only as a core large-cap holding with a 5+ year horizon.
What is the dividend of Mahindra and Mahindra in 2025?
For FY2025, M&M declared an interim dividend of ₹15/share and final dividend of ₹22.50/share—totaling ₹37.50 per share (dividend payout ratio: ~35%).
Why is the M&M share price rising today?
Recent price movement is likely driven by:
1. Strong Q3 FY26 SUV and tractor volumes
2. Positive investor sentiment on EV launch timelines
3. Stable commodity prices supporting margins
4. Institutional buying ahead of index rebalancing
Final Verdict
Mahindra & Mahindra remains India’s auto and farm champion—with a balanced mix of legacy strength and future-ready innovation. While near-term growth is priced in, its long-term optionality in EVs and global tractors offers compelling upside.
Our Mahindra & Mahindra share price target 2026–2030 (₹2,850 to ₹4,400) reflects steady earnings growth, moderate multiple expansion, and sustained investor confidence. It won’t deliver explosive gains, but offers reliable compounding for those betting on India’s mobility and agricultural evolution.
Disclaimer: Price targets are estimates based on publicly available data and sector analysis. They are not investment advice. Consult a SEBI-registered advisor before making decisions.
Sources
- Screener.in – M&M Consolidated Page (FY2025 + TTM)
- Finology Ticker – SCRIP-100520 Financials & Analysis
- Groww.in – Mahindra & Mahindra Stock Profile
- M&M Investor Presentation (Q3 FY26, Jan 2026)
- SIAM & Ministry of Heavy Industries Reports on Auto Sector Outlook
