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Today's prices ask more of Tata Motors than of Mahindra & Mahindra.
At current prices, buyers of Mahindra & Mahindra are assuming about 0% growth against 20% in its own record; for Tata Motors it is 15% against 8%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: Mahindra & Mahindra on estimate withheld; Tata Motors on discounted cash flow.
- Size: Mahindra & Mahindra is worth about 2.3 times Tata Motors on the stock market.
- Record: Tata Motors' filed history in the data used here is too short to compare year by year, so only Mahindra & Mahindra's record is summarised: revenue went from FY2018 to FY2026 at about 10% a year.
- What to watch: suv volumes and margins at Mahindra & Mahindra; truck cycle at Tata Motors.
| Mahindra & Mahindra | Tata Motors | |
|---|---|---|
| Price | ₹3,333 | ₹434 |
| Market cap | ₹3.73L Cr | ₹1.60L Cr |
| P/E | 19.2 | 25.3 |
| P/B | 4.00 | 12.55 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Discounted cash flow |
01Two businesses
Tractors, SUVs and a group around them
Mahindra & Mahindra is India's largest tractor maker by volume and a leading maker of SUVs and light commercial vehicles — the Thar, Scorpio-N, XUV700 and XUV 3XO, and electric SUVs under the BE and XEV names. Its farm business also sells tractors abroad.
India's largest commercial-vehicle maker
The listed company now called Tata Motors is the commercial-vehicle business demerged in 2025 from the old Tata Motors. It is India's largest maker of trucks and buses, from small cargo vehicles such as the Ace to heavy trucks, and sells across South Asia, the Middle East and Africa.
02The records side by side
Tata Motors' filed history in the data used here is too short to compare year by year, so only Mahindra & Mahindra's record is summarised: revenue went from FY2018 to FY2026 at about 10% a year.
Full ten-year tables and charts are on each company's page: Mahindra & Mahindra · Tata Motors.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- SUV volumes and marginsSUVs are where most of the recent profit growth has come from; holding waiting lists and pricing matters more than volume alone.
- The tractor cycleTractor demand follows the monsoon, crop prices and rural credit, so farm profits swing year to year.
- Truck cycleFreight demand, infrastructure spending and interest rates drive sales.
- Market shareHolding its lead against Ashok Leyland, Eicher and Mahindra.
05What could go wrong
- A weak monsoonPoor rains hit tractor sales and rural lending at the same time.
- SUV competitionEvery major carmaker is now targeting the segment Mahindra leads.
- Cyclical downturnsTruck sales can fall sharply.
- Acquisition riskA large overseas deal brings debt and integration challenges.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Mahindra & Mahindra or Tata Motors better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Mahindra & Mahindra trades at 19.2 times earnings and 4.00 times book value, and Tata Motors at 25.3 times earnings and 12.55 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Mahindra & Mahindra and Tata Motors?
Mahindra & Mahindra is India's largest tractor maker by volume and a leading maker of SUVs and light commercial vehicles — the Thar, Scorpio-N, XUV700 and XUV 3XO, and electric SUVs under the BE and XEV names. The listed company now called Tata Motors is the commercial-vehicle business demerged in 2025 from the old Tata Motors.
Are Mahindra & Mahindra and Tata Motors valued the same way?
No. Mahindra & Mahindra is valued on estimate withheld and Tata Motors on discounted cash flow, because forcing one model onto both would misstate at least one of them.
What does today's price assume for Mahindra & Mahindra and Tata Motors?
Worked backwards from the share price, Mahindra & Mahindra needs about 0% growth and Tata Motors about 15% growth, against 20% and 8% in their own records.