# Mahindra Finance

> NBFCs. Figures from the lender's own filings, each checked against the page it came from.

Page: https://creditbrief.in/lenders/mahindrafin

## Loan book

- ₹1.34 lakh crore on 31 March 2026, the end of FY2025-26 (AUM, standalone).
- ₹1.47 lakh crore on 30 Sep 2026, the latest half-year balance.
- Source: Mahindra & Mahindra Financial Services Earnings Presentation Q4 FY26, PDF page 10: https://nsearchives.nseindia.com/corporate/M_MFIN_24042026171722_EarningPresentationSIGNED.pdf

## Findings

- Grew 20% a year from March 2022 to March 2026, faster than 4 of the 10 other NBFCs with like-for-like figures for those years.
- Growth slowed to 12% in FY2025-26, from 17% the year before.
- Slipped from 6th to 7th biggest of these 13 NBFCs between March 2022 and March 2026.

## What it lends against (30 Sep 2026)

- Passenger vehicles: ₹58,751 crore (40.1%)
- Commercial vehicles and construction equipments: ₹26,372 crore (18%)
- Tractors: ₹17,874 crore (12.2%)
- Pre-owned vehicles: ₹17,581 crore (12%)
- Others: ₹12,014 crore (8.2%)
- SME: ₹9,670 crore (6.6%)
- 3 Wheelers: ₹4,395 crore (3%)

Source: Mahindra & Mahindra Financial Services Earnings Presentation Q2 FY27, PDF page 6: https://nsearchives.nseindia.com/corporate/M_MFIN_21102026180302_EarningPresentationsigned.pdf

## Figures by period

| Measure | FY2021-22 (31 Mar 2022) | FY2022-23 (31 Mar 2023) | FY2023-24 (31 Mar 2024) | FY2024-25 (31 Mar 2025) | FY2025-26 (31 Mar 2026) | 30 Sep 2026 |
|---|---|---|---|---|---|---|
| Loan book (₹ crore) | 64,961 | 82,770 | 1,02,597 | 1,19,673 | 1,34,096 | 1,46,512 |
| Branches (Number) | 1,384 | 1,386 | 1,402 | 1,365 | 1,348 |  |

### Sources for each figure

- Loan book, FY2021-22 (31 Mar 2022): "Business Assets (including Provisions) 1,02,597 97,048 82,770 64,961" (Mahindra & Mahindra Financial Services Earnings Presentation Q4 FY24, PDF page 30) https://nsearchives.nseindia.com/corporate/M&MFIN_06052024125615_Earningspresentationsigned.pdf
- Loan book, FY2022-23 (31 Mar 2023): "Business Assets (including Provisions) 1,02,597 97,048 82,770 64,961" (Mahindra & Mahindra Financial Services Earnings Presentation Q4 FY24, PDF page 30) https://nsearchives.nseindia.com/corporate/M&MFIN_06052024125615_Earningspresentationsigned.pdf
- Loan book, FY2023-24 (31 Mar 2024): "Business Assets (including Provisions) 1,02,597 97,048 82,770 64,961" (Mahindra & Mahindra Financial Services Earnings Presentation Q4 FY24, PDF page 30) https://nsearchives.nseindia.com/corporate/M&MFIN_06052024125615_Earningspresentationsigned.pdf
- Loan book, FY2024-25 (31 Mar 2025): "AUM (Business Assets) Rs 1,34,096 crore v/s Rs 1,19,673 crore" (Mahindra & Mahindra Financial Services Earnings Presentation Q4 FY26, PDF page 10) https://nsearchives.nseindia.com/corporate/M_MFIN_24042026171722_EarningPresentationSIGNED.pdf
- Loan book, FY2025-26 (31 Mar 2026): "AUM (Business Assets) Rs 1,34,096 crore v/s Rs 1,19,673 crore" (Mahindra & Mahindra Financial Services Earnings Presentation Q4 FY26, PDF page 10) https://nsearchives.nseindia.com/corporate/M_MFIN_24042026171722_EarningPresentationSIGNED.pdf
- Loan book, 30 Sep 2026: "AUM ₹882 Cr 1.6% ₹1,46,512 Cr" (Mahindra & Mahindra Financial Services Earnings Presentation Q2 FY27, PDF page 6) https://nsearchives.nseindia.com/corporate/M_MFIN_21102026180302_EarningPresentationsigned.pdf
- Branches, FY2021-22 (31 Mar 2022): "1388 1384 1386 1402" (Mahindra Finance Earnings Presentation Q4 FY24, PDF page 54) https://nsearchives.nseindia.com/corporate/M&MFIN_06052024125615_Earningspresentationsigned.pdf
- Branches, FY2022-23 (31 Mar 2023): "1388 1384 1386 1402" (Mahindra Finance Earnings Presentation Q4 FY24, PDF page 54) https://nsearchives.nseindia.com/corporate/M&MFIN_06052024125615_Earningspresentationsigned.pdf
- Branches, FY2023-24 (31 Mar 2024): "territories in India through 1,402 offices" (Mahindra Finance Earnings Presentation Q4 FY24, PDF page 54) https://nsearchives.nseindia.com/corporate/M&MFIN_06052024125615_Earningspresentationsigned.pdf
- Branches, FY2024-25 (31 Mar 2025): "1386 1365" (Mahindra Finance Earnings Presentation Q4 FY26, PDF page 55) https://nsearchives.nseindia.com/corporate/M_MFIN_24042026171722_EarningPresentationSIGNED.pdf
- Branches, FY2025-26 (31 Mar 2026): "territories in India through 1,348 offices" (Mahindra Finance Earnings Presentation Q4 FY26, PDF page 55) https://nsearchives.nseindia.com/corporate/M_MFIN_24042026171722_EarningPresentationSIGNED.pdf

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