Company Update : Mahindra Finance by Motilal Oswal Financial Services Ltd
Business assets increase 12.5% YoY; asset quality broadly stable
* Mahindra Finance’s (MMFS) 1QFY27 disbursements at INR156b grew 21% YoY and declined ~9% QoQ (slightly better than our estimates).
* Gross business assets as of Jun’26 stood at ~INR1.37t, up 12.5% YoY/2.4% QoQ (broadly in line).
* The company’s 1QFY27 CE stood at 95% (PY: 95% and PQ: 98%). ? MMFS reported that its Stage 3 is estimated at 3.4-3.5% (PQ: 3.4% and PY: 3.8%) and Stage 2 is estimated at 4.9-5% (PQ: 4.8% and PY: 5.9%).
* As of Jun’26, MMFS maintained a comfortable liquidity position with a liquidity chest of ~INR146b.
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