−26% from the high · +1.7% from the low
Long unwinding into a 26-day expiry: futures OI −4.8% on a −3.0% day, the most call OI sits at 3,000, the most put OI at 3,000, max pain 3,000.
M&M futures closed at ₹2,858.60, −0.1% to spot, with 85% of open interest in the 27 Oct contract, and the 2,850 straddle prices a move of about ±5.1% by expiry.
| Expiry | Close ₹ | Basis ₹ · % | Annualised % | OI lots · on the day | Share of OI % | Contracts traded |
|---|---|---|---|---|---|---|
| 27 Oct26 days | ₹2,858.60 | −1.40−0.1% | −0.69% | 55,000▼ −6.0% · −3,500 lots | 85 | 17,000 |
| 23 Nov53 days | ₹2,874.30 | +14.30+0.5% | +3.4% | 9,700▲ +1.6% · +150 lots | 15 | 960 |
| 29 Dec89 days | ₹2,890.70 | +30.70+1.1% | +4.4% | 120▲ +1027.3% · +110 lots | 0.19 | 160 |
15% of futures OI sits beyond the 27 Oct contract · 37 of 52 listed contracts traded · 1.2 L option contracts changed hands
The 2,850 straddle closed at ₹145.85 (call 77.30 + put 68.55), pricing a move of about ±5.1% by the 27 Oct expiry. In the last 253 windows of 19 sessions, M&M moved more than that 105 times.
After the last 8 bulletins, M&M closed higher five sessions later in 1 of 7.
| Bulletin | Day of the news | 1 session later | 5 sessions later | Futures OI on the day |
|---|---|---|---|---|
| 26 SeptSumeet Bagadia's stock picks for Monday | ▼ −1.3%Nifty −1.6% · +0.2 pp | ▼ −2.9%Nifty −1.8% · −1.0 pp | —not reached | ▲ +0.5%short build-up |
| 23 SeptSensex and Nifty open higher on easing crude oil prices | ▼ −0.3%Nifty +0.5% · −0.8 pp | ▼ −2.0%Nifty −1.1% · −0.9 pp | ▼ −3.1%Nifty −3.0% · −0.1 pp | ▲ +4.9%short build-up |
| 17 AugGST cut and stable rates bolster auto demand, says M&M | ▲ +0.9%Nifty −0.6% · +1.5 pp | ▲ +0.7%Nifty −0.9% · +1.6 pp | ▲ +1.6%Nifty +0.2% · +1.4 pp | ▼ −2.0%short covering |
| 17 AugGST cut and stable rates boost auto demand, says M&M | ▼ −1.1%Nifty −0.3% · −0.8 pp | ▼ −0.2%Nifty −0.9% · +0.7 pp | ▼ −0.4%Nifty −0.6% · +0.2 pp | ▼ −0.8%long unwinding |
| 2 JulDomestic car sales rise 24% in June driven by demand | ▼ −1.2%Nifty +0.4% · −1.6 pp | ▲ +0.8%Nifty +1.1% · −0.2 pp | ▼ −1.4%Nifty +0.1% · −1.6 pp | ▼ −0.9%long unwinding |
| 2 JulDomestic car sales rise 24% in June on tax cuts and demand | ▲ +1.4%Nifty +0.7% · +0.7 pp | ▲ +0.2%Nifty +1.1% · −0.9 pp | ▼ −1.4%Nifty −0.2% · −1.2 pp | ▲ +1.5%long build-up |
| 14 MayCarmakers plan ₹40,000 crore capex amid demand surge | ▼ −1.6%Nifty −0.2% · −1.4 pp | ▼ −2.8%Nifty −0.2% · −2.7 pp | ▼ −2.9%Nifty +0.1% · −3.0 pp | ▼ −1.1%long unwinding |
| 14 MayIndian automakers plan ₹40,000 crore capex amid demand surge | ▲ +2.0%Nifty +1.2% · +0.8 pp | ▲ +0.4%Nifty +1.0% · −0.6 pp | ▼ −0.4%Nifty +1.0% · −1.4 pp | ▲ +0.3%long build-up |
Revenue ₹58,188 cr, +28% on a year earlier; profit ₹5,998 cr, +37% in the Jun 2026 quarter, consolidated.
| Quarter | Revenue ₹ cr | Revenue YoY | Profit ₹ cr | Profit YoY | EPS ₹ | Market on the day |
|---|---|---|---|---|---|---|
| Jun 2026filed 30 Jul | ₹58,188 cr | ▲ +28% | ₹5,998 cr | ▲ +37% | 48.59 | ▲ +3.5%Nifty +0.3% · +3.2 pp |
| Mar 2026filed 5 May · audited | ₹54,982 cr | ▲ +29% | ₹5,260 cr | ▲ +49% | 41.48 | ▲ +2.8%Nifty +1.2% · +1.6 pp |
| Dec 2025filed 11 Feb | ₹52,100 cr | ▲ +26% | ₹5,021 cr | ▲ +39% | 41.69 | 0.0%Nifty +0.1% · −0.1 pp |
| Sept 2025filed 4 Nov | ₹46,106 cr | ▲ +22% | ₹3,964 cr | ▲ +18% | 32.51 | ▲ +1.0%Nifty −0.3% · +1.4 pp |
| Jun 2025filed 30 Jul | ₹45,529 cr | ▲ +22% | ₹4,377 cr | ▲ +23% | 36.43 | ▼ −0.2%Nifty −0.3% · +0.2 pp |
| Mar 2025filed 5 May · audited | ₹42,599 cr | ▲ +20% | ₹3,542 cr | ▲ +13% | 29.04 | ▲ +3.3%Nifty +0.5% · +2.8 pp |
| Dec 2024filed 7 Feb | ₹41,470 cr | ▲ +17% | ₹3,624 cr | ▲ +22% | 28.40 | ▼ −1.9%Nifty −0.8% · −1.1 pp |
| Sept 2024filed 7 Nov | ₹37,924 cr | ▲ +10% | ₹3,361 cr | ▲ +35% | 28.31 | ▼ −1.5%Nifty −1.2% · −0.3 pp |
| Year | Revenue ₹ cr | Revenue YoY | Profit ₹ cr | Profit YoY | EPS ₹ |
|---|---|---|---|---|---|
| FY26to Mar 2026 | ₹1,98,717 cr | ▲ +25% | ₹18,622 cr | ▲ +32% | 152.11 |
| FY25to Mar 2025 | ₹1,59,211 cr | ▲ +14% | ₹14,073 cr | ▲ +15% | 115.07 |
| FY24to Mar 2024 | ₹1,39,078 cr | — | ₹12,270 cr | — | 100.73 |
M&M trades at 17 times trailing earnings against 8.6 for its industry, 3.3 times book value, revenue +26% over twelve months, a 2.3% dividend yield, market cap ₹3,60,000 cr.
| Stock | Market cap ₹ | P/E | P/B | Close ₹ |
|---|---|---|---|---|
| MARUTIMaruti Suzuki India Limited | 3,60,000 cron 1 Oct | 25consolidated | 3.3 | ₹11,386.00 |
| M&MMahindra & Mahindra Limited | 3,60,000 cron 1 Oct | 17consolidated | 3.3 | ₹2,860.00 |
| HYUNDAIHyundai Motor India Limited | 1,60,000 cron 1 Oct | 33consolidated | 8.2 | ₹2,024.00 |
| TMPVTata Motors Passenger Vehicles Limited | 1,00,000 cron 1 Oct | — | 0.87 | ₹279.40 |
| FORCEMOTFORCE MOTORS LTD | 22,000 cron 1 Oct | 18consolidated | 5.2 | ₹16,800.00 |
| OLECTRAOlectra Greentech Limited | 9,000 cron 1 Oct | — | 7.3 | ₹1,096.20 |
| MERCURYEVMercury Ev-Tech Limited | 700 cron 1 Oct | — | — | ₹37.05 |
Promoters hold 18.4%, foreign portfolio investors 34.9%, mutual funds 18.1% and insurance companies 10.9%, as filed for the quarter to 30 Jun.
| Category | 30 Jun | 31 Mar | 31 Dec | 30 Sept | 30 Jun |
|---|---|---|---|---|---|
| Promoters | 18.450.00 pp | 18.45▲ +0.01 pp | 18.440.00 pp | 18.440.00 pp | 18.44 |
| Foreign portfolio investors | 34.89▼ −1.34 pp | 36.23▼ −1.26 pp | 37.49▼ −0.55 pp | 38.04▼ −0.49 pp | 38.53 |
| Mutual funds | 18.15▲ +0.90 pp | 17.25▲ +0.64 pp | 16.61▲ +0.26 pp | 16.35▲ +0.96 pp | 15.39 |
| Insurance companies | 10.87▲ +0.17 pp | 10.70▲ +0.19 pp | 10.51▼ −0.06 pp | 10.57▼ −0.74 pp | 11.31 |
| Banks and financial institutions | 3.62▲ +0.06 pp | 3.56▲ +0.24 pp | 3.32▲ +0.28 pp | 3.04▲ +0.16 pp | 2.88 |
| Individual investors | 9.19▲ +0.17 pp | 9.02▲ +0.29 pp | 8.73▲ +0.06 pp | 8.67▲ +0.13 pp | 8.54 |
| Bodies corporate | 0.63▲ +0.03 pp | 0.60▼ −0.06 pp | 0.66▼ −0.02 pp | 0.68▲ +0.02 pp | 0.66 |
| Government | 0.070.00 pp | 0.070.00 pp | 0.070.00 pp | 0.070.00 pp | 0.07 |
| Other foreign holders | 0.080.00 pp | 0.080.00 pp | 0.080.00 pp | 0.080.00 pp | 0.08 |
| Employee trusts | 3.47▼ −0.03 pp | 3.50▼ −0.02 pp | 3.52▼ −0.03 pp | 3.55▼ −0.03 pp | 3.58 |
| Others | 0.58▲ +0.03 pp | 0.55▼ −0.02 pp | 0.57▲ +0.06 pp | 0.51▼ −0.01 pp | 0.52 |
Nothing upcoming on record; the board meets for results on 5 Nov 2026.
| Ex-date | Action | Amount or ratio | Record date | Source |
|---|---|---|---|---|
| recent | ||||
| 3 Jul 2026 | dividend | ₹33.00 | 3 Jul 2026 | BSE |
| 4 Jul 2025 | dividend | ₹25.30 | 4 Jul 2025 | BSE |
| 5 Jul 2024 | dividend | ₹21.10 | — | BSE |
M&M is −10.3% over 20 sessions against Nifty's −6.2%, 26% below its 52-week high, realised volatility 19% annualised.
| Window | From ₹ | M&M % | Nifty 50 % | Difference pp |
|---|---|---|---|---|
| 250 sessionssince 26 Sept | ₹3,396.67 | ▼ −16% | ▼ −9.1% | −6.7 |
| 120 sessionssince 9 Apr | ₹3,166.87 | ▼ −9.7% | ▼ −5.7% | −4.0 |
| 60 sessionssince 8 Jul | ₹3,102.63 | ▼ −7.8% | ▼ −6.1% | −1.7 |
| 20 sessionssince 2 Sept | ₹3,189.83 | ▼ −10% | ▼ −6.2% | −4.1 |
| 5 sessionssince 24 Sept | ₹2,982.58 | ▼ −4.1% | ▼ −2.8% | −1.3 |
| 1 sessionsince 30 Sept | ₹2,949.97 | ▼ −3.0% | ▼ −0.88% | −2.2 |
OI Charts is not a SEBI-registered investment adviser or research analyst. Prices, open interest, filings and the desk read are exchange data and arithmetic on it, not a basis for any investment decision.