Start with its own history
At 21.90×, M&M.NS is 48.7% below its 10-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NSE · M&M.NSAuto - ManufacturersUpdated Oct 22, 2026
Mahindra & Mahindra Limited P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
21.90×
48.7% belowthe 10-year annual average
Share price2,864.1
÷Earnings per share130.76
Price and EPS in quote currency. Calculation details
Investors are paying 21.90 for every 1 of reported earnings per share.
P/E over time
2017 – 2026
Annual P/ESelected-period average 42.73×
3-year average20.50×3 positive annual observations
5-year average17.53×5 positive annual observations
10-year average42.73×10 positive annual observations
Peer median · TTM24.31×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 22 observations
| Period end | P/E | Change |
|---|---|---|
| Mar 31, 2026 | 19.80× | -13.0% |
| Mar 31, 2025 | 22.76× | +20.1% |
| Mar 31, 2024 | 18.94× | +51.1% |
| Mar 31, 2023 | 12.54× | -8.0% |
| Mar 31, 2022 | 13.62× | -72.0% |
| Mar 31, 2021 | 48.70× | -80.3% |
| Mar 31, 2020 | 247.78× | +1733.7% |
| Mar 31, 2019 | 13.51× | +25.0% |
View all 22 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Mar 31, 2018 | 10.81× | -42.6% |
| Mar 31, 2017 | 18.84× | -11.7% |
| Mar 31, 2016 | 21.32× | -4.6% |
| Mar 31, 2015 | 22.36× | +80.3% |
| Mar 31, 2014 | 12.40× | +0.8% |
| Mar 31, 2013 | 12.31× | -6.5% |
| Mar 31, 2012 | 13.17× | +0.5% |
| Mar 31, 2011 | 13.10× | +9.1% |
| Mar 31, 2010 | 12.01× | +61.5% |
| Mar 31, 2009 | 7.43× | -29.8% |
| Mar 31, 2008 | 10.59× | -14.2% |
| Mar 31, 2007 | 12.33× | +10.9% |
| Mar 31, 2006 | 11.12× | +34.7% |
| Mar 31, 2005 | 8.25× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How M&M.NS compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 M&M.NS This stockMahindra & Mahindra Limited | 21.90× |
 MARUTI.NSMaruti Suzuki India Limited | 24.50× |
 HYUNDAI.NSHyundai Motor India Limited | 31.11× |
 EICHERMOT.NSEicher Motors Limited | 33.67× |
 HEROMOTOCO.NSHero MotoCorp Limited | 18.83× |
 BAJAJ-AUTO.NSBajaj Auto Limited | 24.12× |
 ASHOKLEY.NSAshok Leyland Limited | 24.67× |
 TMPV.NSTata Motors Passenger Vehicles Limited | 1.25× |
 000270.KSKia Corporation | 6.01× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does M&M.NS’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 24.31×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take M&M.NS into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("MM.NS", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 2,864.1 ÷ EPS 130.76 = 21.90×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Oct 22, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
M&M.NS P/E ratio: common questions
The essentials behind the numbers.
Mahindra & Mahindra Limited's current P/E is 21.90× based on the quote data last updated Oct 22, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.