Mahindra & Mahindra vs Bajaj Auto: share price, P/E, ROE and financials compared
Mahindra & Mahindra
Bajaj Auto
Mahindra & Mahindra and Bajaj Auto at a glance
Mahindra & Mahindra and Bajaj Auto are both listed in Automobile and Auto Components. Mahindra & Mahindra is the larger by market cap, at ₹3.9L Cr against ₹3.0L Cr for Bajaj Auto (1.3 times as large). On valuation, Mahindra & Mahindra has the lower P/E (19.0× against 23.3×) and the lower price-to-book (3.75× against 8.21×). On returns and margins, Bajaj Auto has the higher ROCE (26.1% against 17.1%), the higher ROE (35.6% against 20.1%) and the higher operating margin (21.0% against 18.2%). Over three years, Bajaj Auto has faster 3-year sales growth (+19.5% against +17.5% a year) and faster 3-year profit growth (+21.0% against +18.5% a year). Bajaj Auto carries less debt for its equity, with a debt-to-equity of 0.70× against 1.25×.
Key metrics, side by side
| Metric | Mahindra & MahindraM&M | Bajaj AutoBAJAJ-AUTO |
|---|---|---|
| Price (₹) | 3,287.20 | 10,900.00 |
| Market cap (₹ Cr) | 3,94,715 | 2,99,536 |
| P/E | 19.0× (the lower figure, shaded) | 23.3× |
| P/B | 3.75× (the lower figure, shaded) | 8.21× |
| Dividend yield, trailing | 1.00% | 1.38% (the higher figure, shaded) |
| ROE | 20.1% | 35.6% (the higher figure, shaded) |
| ROCE | 17.1% | 26.1% (the higher figure, shaded) |
| Operating margin (OPM) | 18.2% | 21.0% (the higher figure, shaded) |
| Net margin (NPM) | 8.6% | 16.0% (the higher figure, shaded) |
| Sales CAGR 3Y | +17.5% | +19.5% (the higher figure, shaded) |
| Profit CAGR 3Y | +18.5% | +21.0% (the higher figure, shaded) |
| Debt to equity | 1.25× | 0.70× (the lower figure, shaded) |
| Interest cover | 3.7× | 12.9× (the higher figure, shaded) |
| Net profit TTM (₹ Cr) | – | 13,073 |
| 1Y return | −12.7% | +22.9% (the higher figure, shaded) |
| Promoter holding | 18.39% | 55.95% |
Mahindra & Mahindra vs Bajaj Auto: common questions
Which is bigger, Mahindra & Mahindra or Bajaj Auto?
By market cap, Mahindra & Mahindra is bigger at ₹3.9L Cr, against ₹3.0L Cr for Bajaj Auto (prices as of 6 Nov 2026).
Which has a lower P/E ratio, Mahindra & Mahindra or Bajaj Auto?
Mahindra & Mahindra trades at a P/E of 19.0× and Bajaj Auto at 23.3×. Mahindra & Mahindra has the lower P/E. P/E is the share price divided by earnings per share; it varies a lot between industries and with growth, so it says little on its own.
Which has a higher ROE, Mahindra & Mahindra or Bajaj Auto?
Mahindra & Mahindra reports a return on equity of 20.1% and Bajaj Auto 35.6%. Bajaj Auto has the higher ROE. ROE is net profit as a share of shareholders’ equity.
Which is growing faster, Mahindra & Mahindra or Bajaj Auto?
Over the last three years: Sales grew +17.5% a year at Mahindra & Mahindra and +19.5% at Bajaj Auto, so Bajaj Auto grew sales faster; profit grew +18.5% a year at Mahindra & Mahindra and +21.0% at Bajaj Auto, so Bajaj Auto grew profit faster. Past growth doesn’t predict future growth.