What Mahindra Finance does

Mahindra & Mahindra Financial Services Limited (Mahindra Finance) is an Indian non-banking financial company (NBFC) founded in 1991 and listed on BSE/NSE under the ticker M&MFIN. It is a subsidiary of the diversified Mahindra Group and operates primarily in rural and semi-urban India through a physical distribution network of 1,365+ branches spanning 27 states, 7 Union Territories, 516,000+ villages, and 8,000+ towns — one of the widest rural retail footprints in Indian financial services. The company's core lending business covers tractor loans, utility vehicle loans, car loans, commercial vehicle loans, used car loans, three-wheeler loans, loans against vehicles, home loans, personal loans, and SME loans (business loans, loans against property, machinery loans). It complements lending with investment products (Samruddhi and Dhanvruddhi fixed deposits up to 7.80% p.a., mutual funds via Mahindra Manulife JV) and the Quiklyz corporate vehicle-leasing subsidiary serving 500+ corporate clients with 15,000+ vehicles.

The technology stack combines physical branch operations with digital servicing channels including a multilingual mobile app, customer portal, WhatsApp banking at 7066331234, and AI-powered chatbot support available in 10+ Indian languages. Mahindra Finance has set explicit AI operating targets — Rs 10,000 crore in AI-driven disbursements, 75% AI-assisted loan collections, and 80% autonomous operations — and partners with CRIF Solutions for AI-powered instant credit assessment in EV financing. The company is classified by the RBI among the upper-layer NBFCs subject to enhanced regulatory scrutiny.

The revenue model is dominated by net interest income on the loan portfolio; Q4 FY26 NII grew 27% YoY to Rs 2,739 crore with NIM expanding 100 bps to 7.5%, full-year FY26 PAT reached Rs 2,782 crore (+19% YoY), and Q4 standalone PAT was Rs 873 crore (+55% YoY). AUM stands at Rs 1,34,096 crore, disbursements in Q4 FY26 were Rs 17,184 crore (+11% YoY), and collection efficiency is reported at 95%. Balance sheet strength is supported by an Rs 8,850 crore+ liquidity buffer and AAA credit rating enabling competitive wholesale funding, including a recent Rs 1,000 crore secured NCD issuance at 7.90%. The company serves 10M+ retail customers, the great majority of whom are individual borrowers in underserved rural and semi-urban markets where access to formal credit has historically been limited.

Name

Mahindra Finance

Legal name

Mahindra & Mahindra Financial Services Limited

Website

https://mahindrafinance.com

Company type

Public

Founded year

1991

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Mahindra Finance is an Indian NBFC providing vehicle financing (tractor, utility vehicle, car, commercial vehicle), SME loans, home loans, and fixed deposits primarily to rural and semi-urban customers. It operates 1,365+ branches across 516,000+ villages, serves 10M+ customers, and is a subsidiary of Mahindra Group.

Ownership category

akta.pro rank

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Interest Income from Loan Portfolio: Core revenue from interest income on vehicle loans (tractor, utility vehicle, car, commercial vehicle, three-wheeler), SME loans (business loan, loan against property, machinery loan), home loans, and personal loans. NII grew 27% YoY to Rs 2,739 crore in Q4 FY26 with NIM expansion to 7.5%
2. Non-Convertible Debentures (NCDs): Issuance of secured NCDs through private placement, including recent Rs 1,000 crore issuance at 7.90% fixed coupon for 3-year tenure
3. Fixed Deposit Investments: Accepts fixed deposits from retail and corporate investors through Samruddhi and Dhanvruddhi schemes, offering up to 7.80% interest rate
4. Mutual Fund Distribution: Distribution of mutual fund products through investment solutions platform
5. Vehicle Leasing (Quiklyz): Corporate vehicle leasing through Quiklyz subsidiary, serving 500+ corporate clients with 15,000+ vehicles across multiple cities

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

Mahindra Finance is a leading Indian Non-Banking Financial Company (NBFC) that provides financing for the purchase of tractors, utility vehicles, cars, commercial vehicles, three-wheelers, and used cars, alongside SME loans (business loans, loans against property, machinery loans), home loans, personal loans, and investment products such as fixed deposits and mutual funds. It serves over 10 million customers across rural and semi-urban India through 1365+ branches and digital channels. The company also operates Quiklyz, a corporate vehicle leasing subsidiary serving 500+ corporate clients.

Product overview

Mahindra Finance is a leading Non-Banking Financial Company (NBFC) offering a comprehensive suite of financial products and services. The company operates as a platform with three main pillars: Loans (vehicle financing, home loans, personal loans), SME Loans (business loans, loans against property, machinery loans), and Investment products (fixed deposits, mutual funds). The core vehicle financing business covers tractor loans, utility vehicle loans, car loans, commercial vehicle loans, used car loans, and three-wheeler loans. SME lending includes business loans, loans against property, and machinery loans. Investment offerings comprise fixed deposits (Samruddhi and Dhanvruddhi schemes) and mutual funds through the Mahindra Manulife partnership. The company also operates Quiklyz, a vehicle leasing sub-brand for corporate clients. The product ecosystem serves over 11 million customers through 1,365+ branches across India, with digital channels including a mobile app with AI-powered chatbot support.

Differentiator

Problem solved

Functional benefit

Brands

• Quiklyz: Corporate vehicle leasing and subscription service platform offering car leasing solutions to corporate clients
• Mahindra Finance Bot

Products and services

• Tractor Loan Financing solution for purchasing tractors with top-up and refinancing options, minimal paperwork, and quick disbursement for farmers and agricultural businesses.
• Utility Vehicle Loan Tailor-made loans for purchasing utility vehicles with fast processing time and attractive interest rates for commercial and personal use.
• Car Loan Up to 100% financing for new car purchases with minimal documentation, affordable EMIs, and funding for insurance and accessories.
• Commercial Vehicle Loan Loans for new and old commercial vehicles including construction equipment loans to accelerate business growth.
• Used Car Loan Low-interest loans for pre-owned cars with speedy disbursals, available for cars up to 10 years old.
• Three-Wheeler Loan Quick three-wheeler loan sanctioning with easy documentation and flexible repayment options for auto-rickshaw and small commercial vehicle owners.
• Loan Against Vehicle Quick access to emergency funds using existing vehicles as collateral for urgent financial circumstances.
• Home Loan Home financing solutions for purchasing or constructing homes with hassle-free processing.
• Personal Loan Instant personal loans for Mahindra Finance customers and Mahindra Group employees with minimal documentation and flexible EMIs.
• Business Loan Unsecured business loans for SME growth and working capital requirements.
• Loan Against Property Loans against residential or commercial property for business expansion and capital needs.
• Machinery Loan Financing for industrial and commercial machinery and equipment purchases.
• Fixed Deposits Fixed deposit schemes (Samruddhi and Dhanvruddhi) offering competitive interest rates up to 7.80% p.a. with additional 0.35% for senior citizens.
• Mutual Funds Mutual fund investment products offered in partnership with Mahindra Manulife for wealth creation.
• Quiklyz Vehicle Leasing Corporate vehicle leasing service offering digital-first HR mobility solutions with over 500 corporate clients and 15,000+ vehicles, providing tax-efficient structuring and flexible EV options for employees.

Quantifiable outcome

• 55% YoY PAT growth to Rs 873 crore in Q4 FY26
• +4 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature5 records

Partnerships

Five partnerships are on record, tiered minor and core.

• JioFinancial ServicesminorGTM or Marketing Partner · 12 February 2026Mahindra Finance fixed deposit products listed on JioFinance app's multi-bank FD marketplace platform, enabling Jio's digital customers to access Mahindra Finance fixed deposits.
• Co-lending Bank PartnerscoreChannel Partner/ Reseller/ DistributorCo-lending partnerships with banks for joint loan origination, sharing credit risk and expanding reach to underserved markets. Multiple bank partners involved in co-lending arrangements for vehicle and SME financing.
• Corporate Fleet ClientscoreChannel Partner/ Reseller/ Distributor500+ corporate clients served through Quiklyz vehicle leasing platform including various enterprises accessing employee vehicle leasing solutions.
• Debt-Asset Management PartnersminorOthersPartnerships for debt recovery and asset management services for loan portfolio management.
• State Bank of IndiacoreChannel Partner/ Reseller/ DistributorKey EV financing partner along with other major banks including ICICI Bank, Shriram Transport Finance, and Tata Capital in India's growing EV financing market.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Tata Capital: Tata Group's flagship NBFC offering vehicle finance, SME loans, home loans, and personal loans. Direct competitor in NBFC space and also classified in RBI's upper layer; comparable product suite and large-conglomerate parent.
• Bajaj Finance: India's largest listed NBFC by AUM, offering consumer durable loans, vehicle finance, SME loans, and fixed deposits. Directly comparable as a publicly listed Indian NBFC with multi-product retail credit franchise and similar AAA credit profile.
• Sundaram Finance: TVS Group NBFC with strong vehicle finance (cars, CVs, two-wheelers) and SME lending presence in South India. Comparable NBFC model with similar product mix and conservative underwriting approach.
• Muthoot Finance: India's largest gold loan NBFC, with growing vehicle finance and SME lending. Comparable listed NBFC with similar geographic reach into rural and semi-urban India and similar deposit-taking model.
• Cholamandalam Investment and Finance Company: Promoted by the Murugappa Group, Cholamandalam is a leading vehicle finance NBFC with growing SME book. Directly competes in auto, CV, and equipment financing, with comparable rural/semi-urban customer base.
• Shriram Finance: One of India's largest vehicle finance NBFCs, with strong focus on commercial vehicles, two-wheelers, and small business lending. Closest peer in vehicle-finance-led NBFC model, also classified in RBI's upper-layer NBFC list alongside Mahindra Finance.
• L&T Finance Holdings: L&T Group NBFC with vehicle finance, farm equipment, SME, and rural lending. Competes directly in tractor, agri equipment, and rural vehicle finance segments, making it a close peer in rural vehicle credit.

Broad incumbents

• ICICI Bank: Major Indian private bank with a sizable vehicle finance business and a key co-lending partner for Mahindra Finance. Competes across vehicle, SME, and home loan segments and is among the largest distributors of fixed deposits that compete with Mahindra Finance's FD product.
• HDFC Bank: India's largest private bank with extensive vehicle finance and rural banking operations. While not an NBFC, it competes in auto, CV, and tractor financing, and is one of the largest co-lending partners for NBFCs including Mahindra Finance.
• State Bank of India: India's largest public bank, with the largest vehicle finance portfolio and a key co-lending partner for Mahindra Finance in EV financing. Competes broadly across vehicle finance, SME, and rural lending.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mahindrafin
• YouTubeyoutube.com/@MahindraFinanceOfficial
• Facebookfacebook.com/mahindrafin
• LinkedInlinkedin.com/company/mahindra-finance
• Instagraminstagram.com/mahindrafin/?igshid=1wcwnkle0d8jd

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mahindra Finance