Mahindra & Mahindra (M&M) is the leader in the Indian tractor market and one of the major sport utility vehicles (SUV) and pick-up truck manufacturers in the country. In 2011, M&M acquired majority ownership of SsangYong (a Korean SUV manufacturer). M&M’s auto and farm equipment divisions contribute a majority of their consolidated revenue. The company has subsidiaries and associates in IT services (Tech Mahindra), financial services (M&M Financial Services), infrastructure development (Mahindra Lifespace Developers), hospitality (Mahindra Holidays & Resorts), logistics, etc.
M&M parent (incl. Mahindra Vehicle Manufacturers Limited (MVML) and its two wheelers business) have a 1yr forward EV/EBITDA that is below the one of the key listed subsidiaries.