Mahindra & Mahindra cash flow

Latest FY26

Cash from operations: ₹11,657cr+267.1% on FY25
Capital spending: ₹9,605cr−7.6% on FY25
Free cash flow: ₹2,052cr−₹7,216 cr in FY25
Cash from financing: ₹5,391cr−66.0% on FY25

₹ crore except per share

Tap a line for its trend	Last 12Mto Jun 2026	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024	FY23Mar 2023	FY22 and earlierAlpha Plus

Changes in working capital
Adjustments to reconcile profit — non-cash items						FY22 and earlierEvery year the company has filed comes with Alpha Plus.
	—	7,322	6,074	4,724	4,357
	—	672	682	544	750
	—	−1,771	−1,243	−785	−528
	—	−1,388	−406	−1,026	−427
	—	343	120	129	140
	—	585	44.6	−74.3	59.6
	—	293	0.0	0.0	−1,250
	—	−336	−763	−826	−14.9
	—	−593	−1,646	−1,753	−5,252
	—	−3,516	−3,782	−1,890	−2,904
	—	−15,670	−17,170	−19,887	−18,797
	—	8,763	8,485	4,354	7,013
Cash from operating activities
	25,314	23,220	17,542	14,856	12,555
	—	−5,297	−9,606	−16,490	−16,854
	—	17,923	7,937	−1,634	−4,299
	—	6,265	4,761	3,996	2,775
	—	11,657	3,176	−5,630	−7,074
Cash from investing activities
	—	9,605	10,392	9,946	6,305
	—	493	583	273	138
	—	31,591	15,611	12,680	13,280
	—	16,166	9,261	13,095	11,649
	—	1,41,518	90,595	49,927	50,165
	—	1,44,887	85,257	50,919	46,269
	—	785	29.1	249	62.1
	—	1,658	620	1,023	1,123
	—	885	0.0	52.9	587
	—	538	0.0	15.3	387
	—	1,287	1,374	1,213	1,397
	—	1,559	884	703	464
	—	0.0	20.8	10.2	70.9
	—	−17,794	−18,626	−5,603	−8,900
Cash from financing activities
	—	0.6	0.7	0.5	0.5
	—	2,445	12.5	0.0	0.0
	—	0.0	0.0	192	13.9
	—	0.0	2,050	1,600	400
	—	79,921	82,590	61,308	55,622
	—	72,288	64,689	46,805	37,056
	—	967	887	786	751
	—	344	436	597	734
	—	3,376	2,806	2,247	1,522
	—	556	458	436	237
	—	5,391	15,834	12,281	15,946
	—	−746	384	1,049	−28.0
	—	114	10.0	−12.0	33.9
	—	−632	394	1,037	5.8
	—	4,292	4,924	4,530	3,493
Reference items
	39,317	36,980	30,518	24,892	20,285
	18.6%	18.6%	19.2%	17.9%	16.7%
	2,052	2,052	−7,216	−15,576	−13,379
	—	10,150	10,318	−5,216	—
	₹18.36	₹18.36	−₹64.57	−₹139.37	−₹119.71
	156.31×	—	—	—	—
	—	0.63×	0.23×	−0.46×	−0.62×
	—	6,265	4,761	3,996	2,775
	—	344	436	597	734

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From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

alphave

M&M₹2,869.90

Mahindra & Mahindra Ltd.

· Auto & Mobility

₹ CrorePeersMARUTI ESCORTS BAJAJ-AUTO EICHERMOT TMPV MOTHERSON BOSCHLTD TVSMOTORMcap ₹3.21L Cr

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In ₹ Crore except Per Share 12 Months Ending	FY23 31/03/2023	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Last 12M 30/06/2026
Adjustments to Reconcile Profit — Non-cash Items
+ Depreciation & Amortisation	4,356.8	4,723.8	6,073.7	7,322.0	—
+ Finance Costs	750.1	544.1	681.5	671.6	—
+ Interest Income	-528.0	-784.8	-1,242.5	-1,771.4	—
+ Fair Value (Gains) / Losses	-426.7	-1,026.5	-406.3	-1,388.5	—
+ Share-based Payments	139.8	128.9	120.2	342.9	—
+ Unrealised FX (Gain) / Loss	59.6	-74.3	44.6	585.0	—
+ Other Non-cash Items	-1,249.5	0.0	0.0	292.9	—
+ Other — Cash Effects are Investing / Financing	-14.9	-826.3	-763.4	-335.9	—
Changes in Working Capital
+ Inventories	-5,252.0	-1,752.6	-1,646.4	-592.9	—
+ Trade Receivables — Current	-2,904.5	-1,889.8	-3,781.9	-3,515.8	—
+ Other Financial Assets — Current	-18,797.2	-19,887.0	-17,170.3	-15,670.2	—
+ Trade Payables — Current	7,012.6	4,354.4	8,485.2	8,763.2	—
Cash from Operating Activities
Profit Before Tax (per I/S)	12,554.8	14,856.4	17,542.2	23,219.9	25,314.5
+ Total Adjustments (incl. Working Capital)	-16,853.9	-16,490.2	-9,605.7	-5,297.1	—
Cash from Operations (pre-tax)	-4,299.2	-1,633.9	7,936.5	17,922.8	—
+ Income Taxes Paid	2,774.9	3,996.1	4,760.7	6,265.4	—
Cash from Operating Activities	-7,074.0	-5,630.0	3,175.8	11,657.4	—
Cash from Investing Activities
+ Acq of Fixed Assets (Capex)	6,304.6	9,946.0	10,392.0	9,605.5	—
+ Disp of Fixed Assets	137.8	273.2	583.0	493.4	—
+ Acq of Other Long-term Assets	13,279.9	12,680.5	15,610.6	31,590.8	—
+ Disp of Other Long-term Assets	11,649.1	13,095.0	9,261.1	16,166.2	—
+ Purchase of Investments (Equity / Debt)	50,164.6	49,926.6	90,595.0	1,41,517.7	—
+ Sale of Investments (Equity / Debt)	46,269.1	50,919.4	85,257.2	1,44,887.2	—
+ Acq of Interests in Joint Ventures	62.1	248.8	29.1	784.7	—
+ Disp of Interests in Joint Ventures	1,122.9	1,023.1	620.5	1,658.5	—
+ Acq of Subsidiaries / Businesses (net)	586.6	52.9	0.0	885.4	—
+ Disp of Subsidiaries / Businesses (net)	387.4	15.3	0.0	537.6	—
+ Dividends Received — Investing	1,396.7	1,212.7	1,374.2	1,287.5	—
+ Interest Received — Investing	463.7	703.3	883.9	1,559.2	—
+ Other Inflows / (Outflows) — Investing	70.9	10.2	20.8	0.0	—
Cash from Investing Activities	-8,900.1	-5,602.7	-18,626.1	-17,794.5	—
Cash from Financing Activities
+ Proceeds from Exercise of Stock Options	0.5	0.5	0.7	0.6	—
+ Proceeds — Change in Ownership of Subsidiaries	0.0	0.0	12.5	2,444.8	—
+ Payments — Change in Ownership of Subsidiaries	13.9	192.4	0.0	0.0	—
+ Proceeds from Debentures / Notes / Bonds	400.0	1,600.0	2,050.0	0.0	—
+ Proceeds from Borrowings	55,622.4	61,307.8	82,589.6	79,921.1	—
+ Repayment of Borrowings	37,055.6	46,805.2	64,689.2	72,288.1	—
+ Payment of Lease Liabilities	750.8	785.5	887.1	967.1	—
+ Interest Paid	734.4	596.9	436.0	344.0	—
+ Dividends Paid	1,522.1	2,247.0	2,806.4	3,376.3	—
+ Dividends Paid — Minority	237.4	436.5	457.9	555.7	—
Cash from Financing Activities	15,946.1	12,281.4	15,834.1	5,391.0	—
Net Changes in Cash (pre-FX)	-28.0	1,048.7	383.8	-746.1	—
+ Effect of FX Rate Changes on Cash	33.9	-12.0	10.0	114.4	—
Net Changes in Cash	5.8	1,036.7	393.8	-631.7	—
Closing Cash	3,493.4	4,530.1	4,923.9	4,292.2	—
Reference Items
EBITDA	20,285.3	24,891.9	30,518.2	36,979.9	39,317.0
EBITDA Margin %	16.73	17.90	19.17	18.62	18.60
Free Cash Flow (CFO − Capex)	-13,378.6	-15,575.9	-7,216.1	2,051.9	2,051.9
Free Cash Flow to Equity	—	-5,216.4	10,317.6	10,149.5	—
Free Cash Flow per Basic Share	-119.71	-139.37	-64.57	18.36	18.36
Price to Free Cash Flow	—	—	—	—	156.31
Cash Flow to Net Income	-0.62	-0.46	0.23	0.63	—
Cash Paid for Taxes	2,774.9	3,996.1	4,760.7	6,265.4	—
Cash Paid for Interest	734.4	596.9	436.0	344.0	—

As filed, sign as filed: a payment tagged as a positive magnitude in the filing stays positive here, so read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown — depth follows the filer, so a thin statement means a thin filing. Total Adjustments is the filer's own grand total of the reconciliation and spans BOTH the non-cash items and the working-capital block; Profit Before Tax plus it equals Cash from Operations (pre-tax). It can be reported when its components are not, so it is never a sum of the rows above it. No consensus estimates → no Est columns. Click any row to chart it.

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Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 240%.