Mahindra & Mahindra Share Price: 31.5% CAGR in 3 Years as the SUV and Tractor Major Faces Maruti Suzuki and Ashok Leyland
- November 12, 2026
- Posted by: Kunal Singla
- Category: Best Stocks
Mahindra & Mahindra Share Price: 31.5% CAGR in 3 Years as the SUV and Tractor Major Faces Maruti Suzuki and Ashok Leyland
Mahindra & Mahindra previous close Rs 3,465. 3-year CAGR 31.5%. Up 2.3x since 10 Nov 2023. ROE 19.80%. Market cap Rs 4,29,813 crore.
Quick Answer
The Mahindra & Mahindra share price closed at Rs 3,465 on 11 November 2026, a compounded annual return of 31.5% over three years. That compares with Maruti Suzuki at 8.3% and Ashok Leyland at 26.0%. The company has a market cap of Rs 4,29,813 crore and a P/E of 20.04 against an industry P/E of 25.73.
The Mahindra & Mahindra share price has delivered a very strong return over three years, and the stock still trades at a P/E below the industry level. Mahindra & Mahindra, based in Mumbai, makes SUVs, tractors and commercial vehicles and also runs a financial services business.
This article compares that run with Maruti Suzuki and Ashok Leyland. We calculate the three-year CAGR for all three and set the results beside market cap, valuation, return on equity and debt, using prices adjusted for corporate actions.
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How Much Has the Mahindra & Mahindra Share Price Returned in 3 Years?
The Mahindra & Mahindra stock closed at Rs 1,524.10 on 10 November 2023 and at Rs 3,465.00 on 11 November 2026. Rs 1 lakh invested three years ago would have grown to about Rs 2.27 lakh, which is a CAGR of 31.5%. This is a price return and leaves out dividends.
CAGR condenses a bumpy three-year ride into one yearly number, which is why it is the fairest way to compare companies of different sizes. A stock such as Mahindra & Mahindra can look spectacular on a chart and still have earned a modest yearly return, so the compounded figure keeps the comparison honest.
The Mahindra & Mahindra share price has also followed the strong demand for its SUV range, steady sales of tractors in rural markets and the growth of its electric vehicle plans.
Mahindra & Mahindra vs Maruti Suzuki and Ashok Leyland: 3-Year CAGR Compared
The table ranks the companies by three-year CAGR. Prices on 10 November 2023 are adjusted for splits and bonuses, and the latest figures are the previous close on 11 November 2026.
| Company | Close on 10 Nov 2023 | Previous close (11 Nov 2026) | Price multiple | 3-year CAGR |
|---|---|---|---|---|
| Mahindra & Mahindra | Rs 1,524.10 | Rs 3,465.00 | 2.3x | 31.5% |
| Ashok Leyland | Rs 86.90 | Rs 173.90 | 2.0x | 26.0% |
| Maruti Suzuki | Rs 10,388.80 | Rs 13,185.00 | 1.3x | 8.3% |
The Mahindra & Mahindra stock leads the group at 31.5%, followed by Ashok Leyland at 26.0% and Maruti Suzuki at 8.3%. M&M leads the group, followed by Ashok Leyland and then Maruti Suzuki. M&M is also the largest of the three by market cap and trades at the lowest P/E.
Look at the Mahindra & Mahindra share price alongside the peers as a snapshot of the last three years. It describes what happened, and valuation and earnings will decide what happens next.
Valuation and Quality Compared
| Company | Market cap | P/E | Industry P/E | ROE | Debt to equity |
|---|---|---|---|---|---|
| Mahindra & Mahindra | Rs 4,29,813 crore | 20.04 | 25.73 | 19.80% | 1.57 |
| Maruti Suzuki | Rs 4,14,351 crore | 30.80 | 25.73 | 12.34% | 0.00 |
| Ashok Leyland | Rs 1,01,765 crore | 27.28 | 25.73 | 24.37% | 4.49 |
By market cap, Mahindra & Mahindra is the largest of the group at Rs 4,29,813 crore, which gives it the scale advantage over Maruti Suzuki, Ashok Leyland. On earnings, Mahindra & Mahindra shares trade at a P/E of 20.04 against an industry P/E of 25.73, a discount of about 22% to the sector, which leaves room if earnings keep growing. Peer multiples are Maruti Suzuki at 30.80 and Ashok Leyland at 27.28.
Return on equity is 19.80% for the Mahindra & Mahindra stock, which ranks second among the three, and debt to equity stands at 1.57. Trailing EPS is Rs 172.46. Diversified auto groups are valued on the strength of each division, so the P/E should be read together with return on equity and the debt that sits in the financing arm.
What Is Driving the Mahindra & Mahindra Stock?
M&M sells SUVs such as the Scorpio, Thar and XUV range, and it is among the largest tractor makers in the world by volume. Tractor demand follows the farm cycle, while SUV demand follows consumer spending, so the two divisions balance each other.
The company also makes light commercial vehicles and owns a lending arm that finances vehicle and tractor buyers. The consolidated balance sheet includes the loans of this arm, which is why debt to equity looks higher than at a pure car maker.
Followers of the Mahindra & Mahindra share price usually track SUV order books, tractor volumes, margins and the progress of its electric vehicle launches.
How the Established Players Stack Up
Maruti Suzuki is a Suzuki Motor Corporation subsidiary and the largest passenger car maker in India. It compounded at 8.3% a year, on a market cap of Rs 4,14,351 crore and an ROE of 12.34%.
Ashok Leyland is a Chennai-based Hinduja Group company that makes trucks and buses. It compounded at 26.0% a year, on a market cap of Rs 1,01,765 crore and an ROE of 24.37%.
What Should Investors Track Next?
Three things are worth watching on the Mahindra & Mahindra share price. First, SUV demand and the waiting period on key models. Second, tractor sales through the farm season. Third, the credit quality of the finance arm.
At a P/E of 20, the stock trades below the industry P/E of 26, and its ROE is 19.80%. Debt to equity of 1.57 includes the lending arm, so follow quarterly numbers closely.
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How to Compare Auto Stocks Yourself
You can repeat this exercise for any pair of stocks, including the Mahindra & Mahindra stock against its peers. Note the adjusted closing price on the base date, take the latest close, divide one by the other, raise the result to the power of one third and subtract one. Then place the CAGR next to market cap, P/E against the industry P/E, ROE and debt to equity. Benchmark the result against the Nifty 50 as well, so you know whether the stock beat the broader market.
A stock that scores well on growth but weakly on quality, or the reverse, deserves closer study before it enters a portfolio. When tracking the Mahindra & Mahindra share price, the same four checks give a more complete picture than price alone.
Download the Univest iOS App or Univest Android App to track the Mahindra & Mahindra share price and compare auto stocks live.
A Diversified Auto Group at the Lowest P/E in Its Peer Set
The Mahindra & Mahindra share price compounded at 31.5% a year over three years, ahead of Ashok Leyland at 26.0% and Maruti Suzuki at 8.3%. Its P/E of 20.04 is the lowest of the three and its ROE of 19.80% is second only to Ashok Leyland.
Ashok Leyland brings the highest ROE in a smaller market cap, while Maruti Suzuki brings almost no debt. The choice depends on which business mix you prefer.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Frequently Asked Questions
What is the Mahindra & Mahindra share price today?
Ans. Mahindra & Mahindra closed at Rs 3,465 on 11 November 2026, according to NSE data. It has a market cap of Rs 4,29,813 crore and a P/E of 20.04. Check live quotes before acting, as prices change every trading day.
What is the 3-year CAGR of the Mahindra & Mahindra stock?
Ans. Mahindra & Mahindra delivered a price CAGR of 31.5% over three years, moving from Rs 1,524.10 on 10 November 2023 to Rs 3,465.00 on 11 November 2026. The figure excludes dividends and uses adjusted closing prices.
Is M&M better than Maruti Suzuki?
Ans. M&M delivered a higher three-year CAGR at 31.5% than Maruti Suzuki at 8.3%. M&M is slightly larger by market cap at Rs 4,29,813 crore against Rs 4,14,351 crore, trades at a lower P/E of 20.04 against 30.80 and has a higher ROE at 19.80% against 12.34%, while Maruti Suzuki carries almost no debt. The better choice depends on your view of each business.
What does Mahindra & Mahindra do?
Ans. Mahindra & Mahindra is a Mumbai-based auto group that makes SUVs, tractors and commercial vehicles and runs a financial services arm.
Is the Mahindra & Mahindra stock debt free?
Ans. The debt to equity ratio of the Mahindra & Mahindra stock is 1.57 and its return on equity is 19.80%. Always check the latest balance sheet for current figures, as debt levels change with expansion plans.
Is Mahindra & Mahindra expensive compared with the industry?
Ans. Mahindra & Mahindra trades at a P/E of 20.04 against an industry P/E of 25.73. A higher multiple reflects expectations of faster growth, which the company must deliver through earnings.
Which auto stock gave the highest return in 3 years?
Ans. Among the companies compared here, Mahindra & Mahindra delivered the highest three-year CAGR at 31.5%, followed by Ashok Leyland at 26.0%. Past returns do not guarantee future performance.
How do I calculate CAGR for a stock?
Ans. Divide the latest price by the starting price, raise the result to the power of one divided by the number of years, and subtract one. Multiply by 100 for a percentage. Use split and bonus adjusted prices for accurate results.
