Mahindra & Mahindra Financial Services Ltd

Mahindra & Mahindra Financial Services Limited (MMFSL) was incorporated on 1st January, 1991 as 'Maxi Motors Financial Services Limited'. M&M FSL had received Certificate of Commencement of Business on 19th February, 1991. Thereafter, the Company's name was changed from Maxi Motors Financial Services Limited to Mahindra & Mahindra Financial Services Limited dated November 3, 1992. MMFSL is one of the leading Non-Banking Finance Companies (NBFCs) with customers primarily in the rural and semi-urban markets of India. It is part of the Mahindra Group, which is one of the largest business conglomerates in India. The Company is primarily engaged in providing financing for new and pre-owned auto and utility vehicles, tractors, cars and commercial vehicles. It provides housing finance, personal loans, financing to small and medium enterprises, insurance broking and mutual fund distribution services. It operates through a diversified portfolio spanning vehicle financing, SME lending, mortgages and allied businesses supported by a widespread distribution network with 1,348 offices across 27 States and 7 Union Territories of India as on 31st March 2026. MMFSL's insurance broking subsidiary, Mahindra Insurance Brokers Limited (MIBL), is a licensed Composite Broker providing Direct and Reinsurance broking services. Another subsidiary Mahindra Rural Housing Finance Limited (MRHFL) provides loans for purchase, renovation, construction of houses to individuals in the rural and semi-urban areas of the country. Mahindra Asset Management Company Private Limited (MAMCPL), a wholly-owned subsidiary of MMFSL, is acting as the Investment Manager of Mahindra Mutual Fund. MMFSL also has a JV in US, Mahindra Finance USA LLC, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in US. During the year 1993, the Company had commenced financing of M&M Utility Vehicles as part of its work. M&M FSL had opened its first branch outside Mumbai, at Jaipur in the year 1995. Financing to M&M dealers for purchase of tractors was added to the company's activities in the year 1996. M&M FSL had registered with the Reserve Bank of India (RBI) as a Non Banking Finance Company (NBFC) with effect from 4th September of the year 1998. Also in the same year of 1998, the company had launched pilot project for retail tractor financing. After a year, in 1999, M&M FSL had started tractor retail financing in rural and semi-urban areas. During the year 2002, apart from its parent company vehicles, the company started to financing of non-M&M vehicles and also in the same year, received Tier II debt from International Finance Corporation. In November of the year 2003, in recognition of its global competitiveness in terms of cost and quality, M&M received the Deming Prize awarded by the Japanese Union of Scientists & Engineers. M&M is the first tractor manufacturer in the world to receive this prize. M&M FSL had received a long-term credit rating of AA+/Stable in the year 2004 and had opened a branch in Port Blair during the same year of 2004. During the year 2005, the company made tie up with Hindustan Petroleum Corporation Limited (HPCL) and formed Mahindra Insurance Brokers Ltd (MIBL) as a wholly owned subsidiary to undertake the insurance and related activities. The company had issued Initial Public Offerings (IPO) in the year of 2006. Also in the same year, M&M FSL made a tie up with Maruti to provide finance to all of the latter's products, launched its marketing campaign and reached a new benchmark with 400 branches. M&M FSL won the 'Pioneer Award' in the individual category of the Enterprise Connect Award 2007, instituted by Cybermedia India Online Ltd (CIOL) and Dataquest. As part of diversification, the company had forayed into the business of rural housing finance with the incorporation of Mahindra Rural Housing Finance Limited (MRHFL) on 9th April 2007, as the second wholly owned subsidiary. M&M FSL had honored with the Amity HR Excellence Award for Retention by the Amity Business School, Noida in August of the year 2008. In 2010, the company added More than 2 lakh new customer contracts in a financial year for the first time. And the company's branch network also crossed 550 branches. In 2011, the company came out with a QIP Issue. The company also entered into a Joint Venture with with Rabobank subsidiary for tractor financing in USA. In 2012, the company won the inaugural porter prize in the category of Creating Distinctive Value and also first runners up at CNBC TV18 Best Bank & Financial Institution awards. In 2013, the company & Mahindra Finance sign MOU for Joint Venture. During 2015, the company wins the Golden Peacock National Training Award. On 30th September 2015, Mahindra and Mahindra Financial Services Ltd (MMFSL) was successfully appraised and rated at Maturity Level 3 of the People Capability Maturity Model (People-CMM). People CMM is a framework for organizational change through streamlined people management. At maturity Level 3 of the People CMM, MMFSL has implemented robust HR processes and aligned itself to a competency framework. On 4 February 2016, Mahindra and Mahindra Financial Services Ltd (MMFSL) announced that its wholly owned subsidiary, Mahindra Asset Management Company Private Limited has received the approval from the Securities and Exchange Board of India (Sebi) to act as the asset management company to the Mahindra Mutual Fund, set up by the company. The Committee of Directors of Mahindra and Mahindra Financial Services Ltd (MMFSL) at its meeting held on 26 July 2017 approved the investment of an amount not exceeding Rs 25 crore in the equity share capital of Orizonte Business Solutions Limited (OBSL), in or more tranches. OBSL is operating the platform 'SmartShift' which is a load exchange platform for small commercial vehicles. OBSL is a subsidiary of Mahindra & Mahindra. The Board of Directors of Mahindra and Mahindra Financial Services Ltd (MMFSL) at its meeting held on 6 October 2017 considered and approved the raising of funds by way of issue of equity shares or convertible securities subject to receipt of necessary approvals, if any, for an amount not exceeding Rs 2250 crore through any permissible mode as may be considered appropriate. On 16 October 2017, Mahindra Insurance Brokers Ltd. (MIBL) announced that XL Group, through its subsidiaries, will acquire a 20% minority stake in the company, subject to satisfaction of customary closing conditions by all stakeholders. The existing shareholder in MIBL, LeapFrog Financial Inclusion Fund, through its subsidiary Inclusion Resources Private Ltd (IRPL), currently holds a 15% equity stake in MIBL. It will purchase an additional 5% stake in MIBL from Mahindra & Mahindra Financial Services Ltd. (MMFSL) (taking its total equity stake in MIBL to 20%), and immediately sell the entire capital of IRPL to XL Group, subject to necessary regulatory approvals. XL Group, through its subsidiaries and under the XL Catlin brand, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. MIBL is a leading insurance broker primarily serving rural and semi-urban India. MIBL is a subsidiary of MMFSL. On 1 November 2017, Mahindra & Mahindra Financial Services Limited (MMFSL) announced that its Board of Directors approved the issue of equity shares through the Qualified Institutions Placement (QIP) route for upto 2.4 crore equity shares/securities convertible into equity shares and a preferential issue to Mahindra & Mahindra Limited (M&M) for up to 2.5 crore equity shares. The pricing for the same shall be in compliance with the pricing formula under SEBI regulations. Issuance of shares under QIP will enable the company in diversifying its investor base. With investment by M&M through the preferential issue, MMFSL shall continue to remain a subsidiary of M&M and effectively leverage the strategic and financial synergies. The capital to be raised shall be used for business growth and funding requirements, investment in its subsidiaries and joint venture, strengthening its capital adequacy and for general corporate purposes. During the 2018-19, Company strengthened its pan-India presence with a network of 1,321 offices. It also launched Suvidha Loans to meet specific needs of its existing customers through its numerous Branches. It expanded its reach in the Micro Small and Medium Enterprises (MSME) segment, whose Assets Under Management (AUM) crossed more than Rs. 3,655.90 Crores. During the year under review, the activity of distribution of Mutual Fund Products (MFP) was carried out across 160 branches covering 24 States. During the 2019-20, Company signed a Joint Venture (JV) with Ideal Finance Limited (IFL), Sri Lanka. During the year under review, the activity of distribution of Mutual Fund Products (MFP) was carried out across 163 branches covering 24 States. During the year 2020-21, Company enhanced footprint by adding 156 new branches to its network. During year 2022, Company launched its Leasing and Subscription platform Quiklyz' which facilitates customers to access new cars without the hassle of car ownership. It launched a special business unit (SBU) for its digital finance lending business to focus on consumer durables and personal loans. With 7 new branches opened during the year, the Company increased its footprint to 27 locations in the island nation as on March 31, 2023. The Company launched specialised end to end journey named Used Car Digi Loans' to enable customers to get customised loan offers from the Company enabling them to take faster buying decisions. It expanded ML/AI penetration through business intelligence dashboards and insights which have aided in rolling out business and strategic business initiatives. Company in FY2024, acquired 20% stake in Mahindra Insurance Brokers Limited (MIBL), making it a wholly owned subsidiary effective from September 22, 2023. Assets under management grew to Rs 1.34 lakh crore during FY26. Net Profit was up 19% over the prior year 2025. The expansion in 2026 has spanned the business in core vehicle financing business, farm equipment loans, small business financing, and home loans.