Mahindra & Mahindra Share Price Today (5 December 2025): Near Record Highs as Brokers Back SUV and EV Growth

Mumbai | 5 December 2025 — Mahindra & Mahindra Ltd (M&M) is trading within touching distance of its lifetime highs after a run of strong quarterly results, upbeat November sales, an overseas stake sale that unlocked cash, and a fresh AAA credit-rating reaffirmation. Analysts at both global and domestic brokerages remain broadly positive on the stock, even after a 5‑year rally of more than 4x.

Mahindra & Mahindra share price today: hovering near record levels

Around late morning on 5 December 2025, Mahindra & Mahindra shares were quoted near ₹3,700–3,710 on the NSE, versus a previous close of ₹3,671.6, implying a gain of roughly 1% for the day. ^[1]

The stock hit a new 52‑week and lifetime high of ₹3,796 on 1 December 2025 and is now trading less than 3% below that mark. ^[2] Over the last year, M&M has delivered about 19–28% returns depending on the data source and time window, while its 5‑year return is in the 380–425% range — far outpacing the Sensex. ^[3]

Key valuation and fundamental metrics as of 5 December 2025:

Market capitalisation: ~₹4.56 lakh crore ^[4]
Trailing P/E: ~28.8x vs an industry P/E of ~39x ^[5]
Return on equity (ROE): ~20–21% ^[6]
Return on capital employed (ROCE): ~26% ^[7]
Dividend yield: ~0.9% ^[8]
52‑week range: ₹2,425–₹3,795 (NSE data; other feeds put the 52‑week low near ₹2,360). ^[9]

The stock’s beta (about 1.3) suggests it remains more volatile than the broader market, but the long‑term trend since 2020 has clearly been upward. ^[10]

Fresh news around 5 December 2025: stake sale, AAA rating and strong November sales

CIE Automotive stake sale unlocks ~€119 million

On 4 December 2025, M&M announced that its wholly owned Mauritius subsidiary, Mahindra Overseas Investment Company (Mauritius) Ltd, sold a 3.58% stake in CIE Automotive S.A. for around €119 million. ^[11]

CIE Automotive, a Spain‑based auto‑components maker, is classified as an associate for the Mahindra group. The sale is effectively a portfolio rebalancing and capital‑recycling move, not an exit from a core business. Following the announcement, M&M shares traded roughly 0.6% higher around ₹3,672 on the BSE, indicating the market read the transaction as value‑accretive rather than distress‑driven. ^[12]

CARE reaffirms AAA rating with ‘Stable’ outlook

Adding to the positive sentiment, CARE Ratings (CareEdge) on 3 December 2025 reaffirmed M&M’s:

Long‑term bank facilities: CARE AAA; Stable
Short‑term bank facilities: CARE A1+ ^[13]

The agency cited several strengths:

Leadership across tractors, LCVs <3.5T, SUVs (by revenue share) and electric 3‑wheelers
A net‑debt‑free balance sheet with overall gearing of just 0.11x at FY25‑end
Cash and liquid investments of about ₹30,800 crore, giving the company significant financial flexibility ^[14]

CARE also flagged the group’s planned ₹37,000‑crore capex and investment programme for FY25–27, largely directed toward EV platforms, new products and capacity expansion, but expects M&M to fund this primarily through internal accruals while remaining net‑debt‑free. ^[15]

November 2025 business update: broad‑based volume growth

In its November 2025 monthly update, the company reported:

Total auto sales: 92,670 vehicles, +19% YoY
Domestic utility vehicles (SUVs): 56,336 units, +22% YoY
Domestic commercial vehicles: 24,843 units, +17% YoY
Exports: 2,923 units, +5% YoY ^[16]

M&M also highlighted the one‑year anniversary of its “Electric Origin” SUVs and the launch of the XEV 9S, described as India’s first Electric Origin 7‑seater SUV, along with a Mahindra BE 6 Formula E Edition. ^[17]

Despite the strong numbers, the stock slipped about 0.6% intraday to ₹3,736 on 1 December as investors booked profits after the recent rally, but it remains up more than 20% year‑to‑date. ^[18]

Q2 FY26 results: SUVs, tractors and services fire together

Mahindra’s latest quarterly numbers, announced on 4 November 2025, underpin the stock’s strength.

For Q2 FY26 (quarter ended 30 September 2025), the company reported:

Consolidated revenue: ₹46,106 crore, up 22% YoY
Consolidated PAT: ₹3,673 crore, up 16% YoY, or 28% YoY excluding one‑off items
Annualised RoE: 19.4% ^[19]

Segment highlights:

Automotive
- Volumes: 262,000 vehicles, +13% YoY (including LMM & MEAL)
- SUV revenue market share: 25.7%, up 390 bps YoY
- Consolidated auto revenue: ₹27,171 crore, +25% YoY
- Auto PBIT margin: around 9–10%, improving ex‑eSUV contract manufacturing ^[20]
Farm equipment
- Market share: 43.0%, the company’s highest‑ever Q2 share, up 50 bps
- Revenue: ₹10,225 crore, +25% YoY
- PBIT margin: 15.7%, up from 13.6% a year ago ^[21]
Services (financial, real estate, holidays, logistics)
- Revenue: ₹10,048 crore, +12% YoY
- PAT: ₹975 crore, +3% YoY ^[22]

Management also disclosed that the group generated over ₹10,000 crore of operating cash flow in H1 FY26, reinforcing its ability to fund the ambitious capex plan internally. ^[23]

Independent analyses by brokerages and market commentators broadly described Q2 as a “healthy all‑round beat”, driven by strong SUV and tractor volumes, margin expansion, and solid contributions from financial services and Tech Mahindra. ^[24]

Strategy reset: premium SUVs, Born Electric and capital discipline

Under Group CEO Anish Shah, Mahindra & Mahindra has transformed from a “bruised blue chip” with scattered global bets into a focused auto‑and‑farm powerhouse. ^[25]

Key elements of that transformation:

SUV‑led pivot: From a 5.6% passenger‑vehicle market share in 2020, Mahindra has climbed to about 13.6% by 2025 (January–August), propelled by the new Thar, Scorpio‑N and XUV700. ^[26]
Explosive top‑line growth: Consolidated revenue rose from ₹74,278 crore in FY21 to ₹1,59,211 crore in FY25, while profit after tax from continuing operations quadrupled from ₹3,347 crore to ₹12,929 crore. ^[27]
Portfolio pruning: The group exited or scaled back more than a dozen loss‑making or non‑core ventures, refocusing capital on SUVs, electric vehicles and a handful of high‑conviction “Growth Gems”. ^[28]

On the product side, Mahindra is now executing an aggressive EV roadmap:

November’s plan presentation and third‑party coverage describe a robust pipeline of new EV SUVs, including XEV 9S, Thar EV, Scorpio EV and a BE 6 “Rall‑E” variant. ^[29]
CARE Ratings notes that Mahindra intends to launch 21 new products across SUV and LCV segments by 2030, leveraging both ICE and EV platforms. ^[30]
In Q2 FY26, the company sold over 12,000 battery‑electric vehicles (BEVs) through Mahindra Electric Automobile Ltd (MEAL), signalling that EV volumes are now material rather than experimental. ^[31]

This structural shift towards premium SUVs and EVs, backed by heavy R&D and a clearer capital‑allocation framework, is central to why many analysts still see headroom in the stock despite its strong historical run.

What analysts and brokerages are saying on 5 December 2025

Consensus view: mostly “Buy” with double‑digit upside

Data compiled by IndMoney, using S&P Global estimates, shows: ^[32]

36 analysts currently cover M&M
About 97% rate the stock “Buy”, with the rest on “Hold”; no “Sell” ratings
Average 12‑month target price:₹4,132
Target range: ₹3,600 (low) to ₹4,500 (high)

At a spot price around ₹3,705, this implies ~12–13% potential upside, excluding dividends. ^[33]

Trendlyne’s broker‑report tracker shows a similar picture. A 5 December 2025 consensus line lists M&M with: ^[34]

Last traded price: ₹3,710
Consensus target: ₹4,132.31
Implied upside: around 11%
Overall recommendation: Buy

Global brokers: Morgan Stanley and Goldman Sachs remain upbeat

A detailed 5 December 2025 ET Now analysis highlights upgraded or reiterated views from global houses: ^[35]

Morgan Stanley
- Rating: “Overweight”
- Target price: ₹4,407
- Expects 15–40% CAGR across business segments during FY26–30
- Forecasts 8x revenue growth in SUV and LCV businesses and 3x growth in farm revenue between FY20 and FY30
- Sees tractor‑industry growth improving to ~9% CAGR, versus an earlier 7% assumption
- Emphasises scaling of six “Growth Gems” (emerging businesses) towards a combined US$2‑billion valuation by 2030
Goldman Sachs
- Maintains “Buy”
- Estimates ~13% upside in a base‑case and up to ~29% in a bullish scenario
- Notes that last‑mile mobility and aerospace are scaling well, with the aerospace business now boasting an order book of US$1.1 billion
- Sees M&M raising tractor growth guidance and pushing a strong EV‑SUV roadmap, targeting 20–30% EV share in SUV sales by FY28, compared with about 8% in Q2 FY26

Domestic brokers such as Motilal Oswal, Geojit, Prabhudas Lilladher, BOB Capital, ICICI Securities and others also retain “Buy” calls with target prices broadly clustered between ₹3,950 and ₹4,450, citing market‑share gains, margin resilience and the EV pipeline as key drivers. ^[36]

Performance versus the market: a 5‑year wealth creator

Over shorter horizons, Mahindra has already beaten the benchmarks decisively:

An ET Now performance table (as of early December 2025) shows M&M delivering: ^[37]

1‑month return: ~3.8% vs Sensex ~1.1%
3‑month return: ~11.4% vs Sensex ~4.1%
6‑month return: ~21.7% vs Sensex ~4.6%
1‑year return: ~28.1% vs Sensex ~10.6%
5‑year return: ~424.9% vs Sensex ~94.5%

IndMoney’s long‑term return figures (191% over three years and ~388% over five years) broadly corroborate this story of sustained outperformance, with small differences driven by cut‑off dates. ^[38]

In other words, Mahindra & Mahindra has behaved more like a structural compounder than a cyclical auto stock over the last half‑decade—helped by the SUV boom, tractor dominance and better capital discipline.

Valuation and key risks: what could go wrong?

At roughly 29x trailing earnings, M&M is not a deep‑value stock. However, it still trades at a discount to the broader auto‑sector P/E of about 39x, arguably reflecting a balance between growth expectations and cyclical risks. ^[39]

Major risks highlighted by rating agencies and brokerages include: ^[40]

Auto‑cycle and macro sensitivity
- Demand for SUVs and commercial vehicles is tied to interest rates, fuel prices and overall economic activity.
- A sharp slowdown in domestic consumption or investment could hit volumes and margins.
Rural and monsoon dependence
- Tractor volumes depend heavily on farm incomes, which are influenced by monsoon quality, crop prices and government support. Weak monsoons or soft agri prices could dampen farm‑segment growth.
Intense competition in SUVs and EVs
- Global and domestic rivals are pushing aggressively into both compact and premium SUVs, and into EVs across price points.
- Maintaining pricing power while executing 21 planned launches and EV ramp‑ups will be crucial.
Execution and capital‑allocation risk
- The group has guided to ₹37,000 crore of capex and investments between FY25–27, including about ₹32,000 crore in auto and farm and ₹5,000 crore in other group companies.
- While the balance sheet is currently net‑debt‑free, any large, debt‑funded acquisitions or under‑performing investments could pressure future ratings.
Policy and regulatory shifts
- Changes in EV subsidies, emission norms, import tariffs on key components (such as cells and rare‑earth materials) or farm‑sector policies could alter demand patterns and economics.

These risks don’t negate the long‑term story, but they limit the margin of safety at current valuations and help explain why some investors are cautious after the big multi‑year rally.

Outlook: is Mahindra & Mahindra stock still attractive in late 2025?

Putting it together:

Fundamentals: M&M is delivering double‑digit revenue and earnings growth, maintaining leadership in tractors and gaining share in SUVs and LCVs, with improving margins and strong cash generation. ^[41]
Balance sheet: The group is net‑debt‑free, rated AAA / A1+ by CARE with a stable outlook, and holds substantial cash and liquid investments. ^[42]
Strategy: Management has a clearer, SUV‑and‑EV‑centric roadmap, a large pipeline of new products and an expanding portfolio of high‑growth “Growth Gems”. ^[43]
Valuation & expectations: The stock trades at a premium to the market but a discount to its sector, with consensus analysts seeing low‑to‑mid teens upside over the next 12 months, plus dividends. ^[44]

For long‑term investors who believe in India’s SUV premiumisation, farm mechanisation and EV adoption stories, Mahindra & Mahindra continues to sit in the “quality growth” bucket, even after its substantial rerating. Near term, however, the stock is priced for continued execution: any disappointment on volumes, margins, EV ramp‑up or capital discipline could trigger bouts of volatility.