Mahindra & Mahindra Limited — Credit Ratings, 04-08-2025: Credit Rating- Others

ICRA has reaffirmed Mahindra & Mahindra's long-term ratings at [ICRA]AAA with a Stable outlook, and its short-term ratings at [ICRA]A1+. This reflects M&M's robust financial health, driven by strong free cash flows and superior liquidity, including over Rs. 37,000 Cr in cash and liquid investments. The company maintains leadership in domestic tractors and has significantly improved its utility vehicle market share. Its diversified business and net debt-free status further underpin this strong assessment. This signals continued low borrowing costs and high investor confidence, providing ample strategic room for substantial capex plans of Rs. 20,000-25,000 Cr for FY2026-FY2027 without impacting its strong credit profile.