Mahindra & Mahindra Share Price Target 2027: Base and Bull Targets Built on FY26 Earnings

Investors weighing a Mahindra & Mahindra target price for 2027 should start with where the stock sits today. At Rs 2,796.20 on 9 October 2026, it is 27.2% below its 52-week high of Rs 3,839.90 and 1.9% above its 52-week low of Rs 2,744.30. That range spans 40% from low to high, so the entry point matters as much as the Mahindra & Mahindra price forecast itself.

This article builds the Mahindra & Mahindra share price target from reported numbers only: five years of annual results, the last five quarters, the latest shareholding pattern and current valuation ratios from company filings and exchange data. Each scenario shows its assumptions, so you can see exactly how the Rs 3,325 base case and the Rs 3,982 bull case were reached, along with a downside risk level of Rs 2,217.

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Mahindra & Mahindra Stock Analysis: Company Overview and Key Stats

Mahindra & Mahindra (NSE: M&M) has a market capitalisation of Rs 3,44,457 crore. In FY26 it reported revenue of Rs 2,02,084 crore and net profit of Rs 18,622 crore. The table collects the figures the Mahindra & Mahindra share price target is built on.

Metric	Value
Company	Mahindra & Mahindra
NSE Ticker	M&M
CMP (9 October 2026)	Rs 2,796.20
52-Week High	Rs 3,839.90
52-Week Low	Rs 2,744.30
Market Cap	Rs 3,44,457 crore
PE Ratio (TTM)	17.02
Industry PE	23.63
Price to Book	3.70
Return on Equity	18.37%
Debt to Equity	1.44
EPS (TTM)	Rs 162.78
Dividend Yield	1.15%
12-Month Base Target	Rs 3,325
Bull Case	Rs 3,982
Downside Risk Level (not a target)	Rs 2,217

Why Is Mahindra & Mahindra Share Price Target Set at Rs 3,325 for 2027?

The base-case Mahindra & Mahindra stock target of Rs 3,325 applies a PE multiple of 17.02 to a forward EPS estimate of Rs 195.34. That EPS assumes 20.0% yearly growth, the pace from FY24 to FY26, and puts the target 18.9% above the current price. The bull case adds faster earnings growth and a higher multiple, while the downside risk level assumes flat earnings and a lower multiple.

Earnings Growth Behind the Mahindra & Mahindra Target Price: Five Years of Results

Mahindra & Mahindra grew revenue from Rs 91,105 crore in FY22 to Rs 2,02,084 crore in FY26, a compound annual growth rate of 22.0%. Net profit grew faster, from Rs 7,253 crore to Rs 18,622 crore (26.6% a year), which shows margin gains did part of the work and not just higher sales.

Financial Year	Revenue (Rs Cr)	Net Profit (Rs Cr)	EPS (Rs)	Dividend per Share (Rs)
FY22	91,105.08	7,253.01	58.83	11.55
FY23	1,22,528.91	11,374.48	91.96	16.25
FY24	1,41,254.69	12,269.82	100.70	21.10
FY25	1,61,391.87	14,073.17	115.06	25.30
FY26	2,02,084.34	18,621.71	152.18	33.00

FY26 revenue growth was 25.2%, faster than the four-year average of 22.0%, and net profit moved up 32.3%. EPS rose from Rs 100.70 in FY24 to Rs 152.18 in FY26. The FY27 outlook depends on whether that EPS estimate keeps compounding.

Margins and the Latest Quarter

Mahindra & Mahindra converted 9.2% of FY26 revenue into net profit, against 8.7% in FY25, within a five-year range of 8.0% to 9.3%. EBITDA margin was 20.8% in FY26 versus 21.2% in FY25.

In the June 2026 quarter, revenue was Rs 59,204 crore, up 27.5% from the same quarter a year earlier, while net profit of Rs 5,998 crore was up 37.0%. EBITDA came in at Rs 11,581 crore, up 26.6% year on year. The next quarterly result is the first test of whether the earnings assumption holds.

Balance Sheet and Cash Flow

Debt to equity stands at 1.44, and shareholders' equity grew from Rs 56,825 crore in FY22 to Rs 1,09,491 crore in FY26. Operating cash flow in FY26 was Rs 11,657 crore against capital expenditure of Rs 9,605 crore, leaving free cash flow of Rs 2,052 crore, or 0.6% of the current market capitalisation. In FY25 free cash flow was negative at Rs 7,216 crore, so cash generation has not been steady year to year.

Valuation Check for the Mahindra & Mahindra Stock Target: PE, Price to Book and ROE

At a PE of 17.02 against an industry PE of 23.63, Mahindra & Mahindra trades at a discount to its industry. Price to book is 3.70 on a book value of Rs 749.15 per share, and return on equity is 18.37%. A PE of 17.02 equals an earnings yield of 5.9%, and the FY26 dividend of Rs 33.00 per share gives a yield of 1.15%.

Shareholding Pattern and Institutional Holding

Promoters held 18.45% of Mahindra & Mahindra in June 2026, and promoter holding has stayed near 18.45% since June 2025. Foreign institutional investors (FII) held 34.89% and domestic institutions (DII) held 32.65%, which puts total institutional holding at 67.54%. FII holding fell from 38.54% in June 2025 to 34.89% in June 2026. Public shareholders own the remaining 14.01%. A meaningful institutional holding adds a layer of research coverage and trading depth.

Mahindra & Mahindra Share Price Targets for the Short Term and 12 Months

Short Term Mahindra & Mahindra Stock Target Levels: Technical Setup

At Rs 2,796.20 on 9 October 2026, Mahindra & Mahindra trades below its 50-day simple moving average of Rs 3,201.45 and below its 200-day exponential moving average of Rs 3,214.25. The 14-day RSI reads 22.3, which is oversold territory, and the MACD line sits below its signal line. The nearest resistance level is Rs 3,201.45 (50-day simple moving average) and the nearest support is Rs 2,744.30 (52-week low). A sustained move above Rs 3,201.45 would improve the short-term setup, while a close below Rs 2,744.30 would shift attention to the next support.

12 Month Mahindra & Mahindra Target Price for 2027

The 12-month target for Mahindra & Mahindra is Rs 3,325: forward EPS of Rs 195.34 at a PE of 17.02. That is 18.9% above Rs 2,796.20. It would still leave the stock 13.4% below its 52-week high of Rs 3,839.90.

How EPS Growth and PE Multiple Change the Mahindra & Mahindra Target Price

EPS Growth	PE 13.62	PE 17.02	PE 19.57
0.0% (EPS Rs 162.78)	Rs 2,217	Rs 2,771	Rs 3,186
20.0% (EPS Rs 195.34)	Rs 2,661	Rs 3,325	Rs 3,823
25.0% (EPS Rs 203.47)	Rs 2,771	Rs 3,463	Rs 3,982

Each cell multiplies the forward EPS estimate by the PE shown. Reading across a row shows what a de-rating or re-rating does to the Mahindra & Mahindra price forecast, and reading down a column shows what earnings growth is worth at a fixed multiple.

Bull Case and Downside Risk for Mahindra & Mahindra Stock Target in 2027

Bull Case Rs 3,982

The bull case Mahindra & Mahindra price target needs EPS growth of 25.0%, which lifts forward EPS to Rs 203.47, and a PE multiple that rises 15% to 19.57. That gives Rs 3,982, 42.4% above the current price and above the 52-week high of Rs 3,839.90, so the stock would have to set a fresh 52-week high.

Downside Risk Level Rs 2,217

The downside risk level is not a target. It assumes EPS stays flat at Rs 162.78 and the PE falls 20% to 13.62. That gives Rs 2,217, 20.7% below the current price and below the 52-week low of Rs 2,744.30.

Scenario	EPS Growth	PE Multiple	Price (Rs)	Change vs CMP
Bull Case	25.0%	19.57	Rs 3,982	+42.4%
Base Case	20.0%	17.02	Rs 3,325	+18.9%
Downside Risk	0.0%	13.62	Rs 2,217	-20.7%

Key Risks to the Mahindra & Mahindra Target Price for 2027

Growth Slowdown Risk for the Mahindra & Mahindra Price Target

Revenue in the June 2026 quarter was up 27.5% year on year, and FY26 revenue growth was 25.2%. If growth slows from here, the EPS estimate behind the Mahindra & Mahindra stock target will need revising.

Liquidity and Size Risk

Mahindra & Mahindra has a market capitalisation of Rs 3,44,457 crore. Institutional holding is 67.54%, and promoters hold 18.45%. A company of this size trades with deep liquidity, so entry and exit are rarely a problem, and the larger risk is paying too much for slow earnings growth.

Valuation and Margin Risk

Net margin was 9.2% in FY26, so a small slip in costs moves profit noticeably. At a PE of 17.02 versus an industry PE of 23.63, a de-rating toward the downside-risk PE of 13.62 would cut the price even if earnings hold.

Market and Technical Risk

The stock trades 27.2% below its 52-week high, with an RSI of 22.3 and a MACD reading below its signal line. Broader market weakness can override company fundamentals in the short term.

How to Invest in Mahindra & Mahindra

Start with the live price and volume. Any Mahindra & Mahindra share price target is only as current as the data behind it, and the data here is as of 9 October 2026, so refresh the Rs 2,796.20 price before acting on any level.

Next, review the fundamentals yourself. The Univest Screener lets you check Mahindra & Mahindra's PE, ROE, debt and shareholding in one place.

Check Mahindra & Mahindra fundamentals on the Univest Screener

Then compare the three Mahindra & Mahindra target price scenarios with your own view. If you expect EPS growth below 20.0%, the base case is too optimistic for you; if you expect more, the bull case deserves weight.

Decide your position size and exit levels before you buy. The support and resistance levels above can serve as reference points, but they are not recommendations.

Finally, place the order through a SEBI-registered broker or the Univest app, and review the position after each quarterly result. Consult a SEBI-registered advisor if you are unsure.

Download the Univest iOS App or Univest Android App to track Mahindra & Mahindra live price and get daily stock recommendations.

Conclusion

The Mahindra & Mahindra share price target for 2027 is Rs 3,325 in the base case, with Rs 3,982 as the bull case. The support for that view is arithmetic you can check: EPS grew 22.9% a year over FY24 to FY26, and the stock trades at a PE of 17.02. The risks are equally concrete, including a stock that sits 27.2% below its 52-week high and a downside scenario that cuts the price 21% if earnings stall. Use these numbers as a framework, check them against the latest filings, and size any position to your own risk appetite.

FAQs on Mahindra & Mahindra Share Price Target 2027

What is the Mahindra & Mahindra share price target for 2027?

Ans. The base-case Mahindra & Mahindra share price target for 2027 is Rs 3,325, with Rs 3,982 as the bull case. The downside risk level, which is not a target, is Rs 2,217. These are model estimates from reported earnings and the current PE, not guaranteed outcomes.

What is the Mahindra & Mahindra share price today?

Ans. As of 9 October 2026, 3:30 PM IST, Mahindra & Mahindra trades at Rs 2,796.20, up 1.64% on the day. The 52-week range is Rs 2,744.30 to Rs 3,839.90.

Is Mahindra & Mahindra a buy or sell at the current price?

Ans. The data is mixed rather than one-sided: EPS has grown 22.9% a year over FY24 to FY26, but the stock is 27.2% below its 52-week high. Whether Mahindra & Mahindra fits your portfolio depends on your time horizon and risk appetite, so consult a SEBI-registered advisor before investing. This article is not investment advice.

What are the bull case target and downside risk level for Mahindra & Mahindra shares?

Ans. The bull case target is Rs 3,982, which assumes 25.0% EPS growth and a PE of 19.57. The downside risk level is Rs 2,217, which assumes flat EPS and a PE of 13.62. It marks a risk, not a target.

What are the main risks to the Mahindra & Mahindra price target?

Ans. The main risks are slower revenue growth, a small market capitalisation of Rs 3,44,457 crore, a PE de-rating and short-term weakness in the broader market. Each is covered in the risk section above.

What is the PE ratio of Mahindra & Mahindra and how does it compare with the industry?

Ans. The PE ratio of Mahindra & Mahindra is 17.02 against an industry PE of 23.63. Price to book is 3.70 and return on equity is 18.37%. The base case in the Mahindra & Mahindra price target holds this PE constant.

Who owns Mahindra & Mahindra, and what is the promoter holding?

Ans. Promoters held 18.45% of Mahindra & Mahindra in June 2026. FII held 34.89%, DII held 32.65% and the public held 14.01%.

What were Mahindra & Mahindra's latest quarterly results?

Ans. In the June 2026 quarter, Mahindra & Mahindra reported revenue of Rs 59,204 crore (up 27.5% year on year) and net profit of Rs 5,998 crore (up 37.0%).