Nifty
:
24450.45
Sensex
:
78918.90
-315.45 (-1.27%)
-1097.00 (-1.37%)
Nifty
Sensex
:
:
24450.45
78918.90
-315.45 (-1.27%)
-1097.00 (-1.37%)

Mahindra & Mahindra Ltd.

Automobiles - Passenger Cars

Rating :
68/99

BSE: 500520 | NSE: M%26M

NSE BSE
3332.50
06-Mar-2026
  • Open
  • High
  • Low
  • Previous Close
  •  3315
  •  3367
  •  3315
  •  3348.00
  • Volume
  • Traded Value (lacs)
  • 52 Week High
  • 52 Week Low
  •  2084605
  •  6967595282
  •  3839.9
  •  2425

Stock Summary

  • Market Cap(Crs)
  • Stock P:E
  • Face Value
  • 4,14,555.21
  • 26.36
  • 5
  • Enterprise Value(Crs)
  • Dividend Yield
  • Price:Book Value
  • 5,14,944.93
  • 0.76%
  • 4.74

Shareholding Pattern

  • Promoter
  • Corporate
  • Public
  • 18.44%
  • 0.66%
  • 8.19%
  • FII
  • DII
  • Others
  • 37.49%
  • 27.24%
  • 7.98%

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 7.67
  • 16.40
  • 9.39

EBITDA CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 11.54
  • 17.17
  • 8.24

PAT CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 15.17
  • 26.43
  • 7.94

P:E (Median)

  • 8 Years
  • 5 Years
  • 3 Years
  • 18.96
  • 25.00
  • 28.93

P:BV (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 3.17
  • 3.74
  • 4.44

EV:EBITDA (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 12.17
  • 13.27
  • 13.96

Earnings Forecasts:

(Updated: 28-02-2026)
Description
2024
2025
2026
2027
Adj EPS
115.91
124.46
138.76
161.1
P/E Ratio
28.75
26.78
24.02
20.69
Revenue
158750
140537
156740
178572
EBITDA
30057.1
20842.1
23524.1
26375
Net Income
12929.1
15337.1
17883.1
21099
ROA
5.03
15.52
15.47
14.94
P/B Ratio
4.83
5.31
4.46
3.77
ROE
18.05
22.43
21.09
19.88
FCFF
-5394.01
9323.35
12906.2
14729.6
FCFF Yield
-1.01
1.75
2.42
2.77
Net Debt
86462.3
-26928.9
-35263.4
-45236
BVPS
690.12
627.33
747.54
882.8

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone
Description
Dec 25
Dec 24
Var%
Sep 25
Sep 24
Var%
Jun 25
Jun 24
Var%
Mar 25
Mar 24
Var%
Net Sales
52,099.75
41,470.05
25.63%
46,105.67
37,923.74
21.57%
45,529.19
37,217.72
22.33%
42,599.31
35,451.73
20.16%
Expenses
41,993.21
33,239.32
26.34%
37,176.58
30,790.34
20.74%
37,301.39
29,974.60
24.44%
34,688.37
28,847.82
20.25%
EBITDA
10,106.54
8,230.73
22.79%
8,929.09
7,133.40
25.17%
8,227.80
7,243.12
13.59%
7,910.94
6,603.91
19.79%
EBIDTM
19.40%
19.85%
19.37%
18.81%
18.07%
19.46%
18.57%
18.63%
Other Income
858.52
411.33
108.72%
675.51
659.22
2.47%
916.92
408.77
124.31%
701.73
355.71
97.28%
Interest
2,405.30
2,362.16
1.83%
2,347.03
2,217.02
5.86%
2,431.19
2,107.69
15.35%
2,396.52
1,989.30
20.47%
Depreciation
2,162.89
1,495.17
44.66%
1,668.89
1,301.99
28.18%
1,547.56
1,247.77
24.03%
2,028.72
1,335.05
51.96%
PBT
6,103.93
4,784.73
27.57%
5,588.68
4,273.61
30.77%
5,165.97
4,296.43
20.24%
4,187.43
3,635.27
15.19%
Tax
1,547.15
1,467.51
5.43%
2,094.18
1,378.90
51.87%
1,267.53
1,075.09
17.90%
1,084.95
905.06
19.88%
PAT
4,556.78
3,317.22
37.37%
3,494.50
2,894.71
20.72%
3,898.44
3,221.34
21.02%
3,102.48
2,730.21
13.64%
PATM
8.75%
8.00%
7.58%
7.63%
8.56%
8.66%
7.28%
7.70%
EPS
41.84
28.50
46.81%
32.89
28.42
15.73%
36.57
29.44
24.22%
29.52
24.71
19.47%

Annual Results

Consolidated Figures in Rs. Crores /

Standalone
Description
TTM
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Net Sales
1,86,333.92
1,58,749.75
1,38,279.30
1,21,268.55
90,170.57
74,277.78
75,381.93
1,04,720.68
92,093.95
83,773.05
75,841.42
Net Sales Growth
22.54%
14.80%
14.03%
34.49%
21.40%
-1.46%
-28.02%
13.71%
9.93%
10.46%
 
Cost Of Goods Sold
1,14,360.58
95,742.72
83,614.75
73,987.56
51,906.32
38,472.14
38,331.74
60,120.16
53,511.71
50,677.43
45,049.85
Gross Profit
71,973.34
63,007.03
54,664.55
47,280.99
38,264.25
35,805.64
37,050.19
44,600.52
38,582.24
33,095.62
30,791.57
GP Margin
38.63%
39.69%
39.53%
38.99%
42.44%
48.21%
49.15%
42.59%
41.89%
39.51%
40.60%
Total Expenditure
1,51,159.55
1,28,692.63
1,14,186.34
1,01,037.13
75,590.85
60,666.58
62,190.36
89,514.17
78,867.85
73,074.28
65,758.98
Power & Fuel Cost
-
832.35
752.73
830.48
541.27
429.56
530.92
817.11
733.90
657.06
639.97
% Of Sales
-
0.52%
0.54%
0.68%
0.60%
0.58%
0.70%
0.78%
0.80%
0.78%
0.84%
Employee Cost
-
11,126.17
10,624.33
9,677.95
8,386.74
7,813.26
8,214.82
11,242.08
10,004.62
8,910.63
7,689.40
% Of Sales
-
7.01%
7.68%
7.98%
9.30%
10.52%
10.90%
10.74%
10.86%
10.64%
10.14%
Manufacturing Exp.
-
4,162.28
3,791.75
3,838.42
3,124.27
2,362.66
2,960.21
3,896.45
2,092.37
1,722.20
2,142.36
% Of Sales
-
2.62%
2.74%
3.17%
3.46%
3.18%
3.93%
3.72%
2.27%
2.06%
2.82%
General & Admin Exp.
-
2,258.13
2,070.15
1,945.20
833.58
639.54
1,070.67
1,583.12
1,405.51
1,248.69
1,069.16
% Of Sales
-
1.42%
1.50%
1.60%
0.92%
0.86%
1.42%
1.51%
1.53%
1.49%
1.41%
Selling & Distn. Exp.
-
8,553.27
7,762.05
6,559.86
5,150.58
3,995.50
5,251.20
8,080.98
6,190.17
5,010.71
4,694.55
% Of Sales
-
5.39%
5.61%
5.41%
5.71%
5.38%
6.97%
7.72%
6.72%
5.98%
6.19%
Miscellaneous Exp.
-
6,017.71
5,570.58
4,197.66
5,648.09
6,953.92
5,830.80
3,774.27
4,929.57
4,847.56
4,694.55
% Of Sales
-
3.79%
4.03%
3.46%
6.26%
9.36%
7.74%
3.60%
5.35%
5.79%
5.90%
EBITDA
35,174.37
30,057.12
24,092.96
20,231.42
14,579.72
13,611.20
13,191.57
15,206.51
13,226.10
10,698.77
10,082.44
EBITDA Margin
18.88%
18.93%
17.42%
16.68%
16.17%
18.32%
17.50%
14.52%
14.36%
12.77%
13.29%
Other Income
3,152.68
2,736.85
3,094.76
1,442.85
1,037.64
1,098.46
1,028.69
1,085.61
631.03
766.16
521.05
Interest
9,580.04
9,178.12
7,607.58
6,012.19
5,018.05
6,102.22
6,021.15
5,021.35
3,987.09
3,648.46
3,367.59
Depreciation
7,408.06
6,073.65
4,723.78
4,356.81
3,507.50
3,378.11
3,366.68
3,990.77
3,279.90
2,812.72
2,441.65
PBT
21,046.01
17,542.20
14,856.36
11,305.27
7,091.81
5,229.33
4,832.43
7,280.00
6,590.14
5,003.75
4,794.25
Tax
5,993.81
5,006.45
3,707.97
2,685.75
2,108.76
1,645.81
1,975.61
2,853.99
2,367.73
2,299.73
2,117.53
Tax Rate
28.48%
28.54%
24.96%
21.39%
28.09%
40.43%
53.96%
38.03%
25.69%
42.19%
43.88%
PAT
15,052.20
12,929.10
11,268.64
10,281.50
6,577.32
4,002.02
3,160.86
5,315.46
7,510.39
3,698.04
3,148.43
PAT before Minority Interest
13,875.00
14,073.17
12,269.82
11,374.48
7,253.01
3,701.92
2,712.82
6,016.85
7,957.79
4,050.53
3,554.50
Minority Interest
-1,177.20
-1,144.07
-1,001.18
-1,092.98
-675.69
300.10
448.04
-701.39
-447.40
-352.49
-406.07
PAT Margin
8.08%
8.14%
8.15%
8.48%
7.29%
5.39%
4.19%
5.08%
8.16%
4.41%
4.15%
PAT Growth
23.75%
14.74%
9.60%
56.32%
64.35%
26.61%
-40.53%
-29.23%
103.09%
17.46%
 
EPS
123.03
105.67
92.10
84.03
53.76
32.71
25.83
43.44
61.38
30.23
25.73

Results Balance Sheet

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Shareholder's Funds
77,038.86
66,190.55
56,365.79
47,122.64
41,581.92
39,969.31
39,983.41
36,775.19
29,737.99
26,492.65
Share Capital
558.15
557.38
556.82
556.06
555.15
554.28
543.96
543.13
270.89
270.40
Total Reserves
76,172.39
65,334.41
55,548.64
46,343.12
40,771.89
39,150.07
39,205.53
36,002.73
29,250.27
26,084.75
Non-Current Liabilities
96,593.15
81,666.75
66,614.79
59,274.90
62,646.93
64,045.56
54,935.35
42,194.11
37,908.12
30,795.43
Secured Loans
64,160.71
55,972.73
43,067.92
33,081.05
35,256.11
36,949.07
32,991.47
26,441.28
22,246.00
17,845.54
Unsecured Loans
19,621.75
13,768.69
12,359.47
15,544.01
17,522.26
15,348.98
10,534.70
7,367.90
7,878.51
5,753.24
Long Term Provisions
1,982.02
1,763.28
1,815.95
1,497.99
1,600.88
4,384.13
4,234.64
3,785.68
3,507.04
3,289.61
Current Liabilities
90,322.01
75,545.65
70,579.41
56,288.33
51,446.01
54,009.52
58,609.33
49,149.54
39,832.47
36,643.54
Trade Payables
30,855.30
25,665.64
23,835.66
19,036.55
15,505.79
14,985.35
20,992.17
18,287.34
14,796.87
13,376.49
Other Current Liabilities
49,240.12
37,284.85
35,866.10
30,521.96
29,780.47
26,754.11
25,320.03
17,737.29
13,355.70
14,758.58
Short Term Borrowings
8,193.11
10,929.64
9,072.18
5,369.61
4,646.59
10,217.53
10,541.01
11,325.54
10,121.65
7,077.12
Short Term Provisions
2,033.48
1,665.52
1,805.47
1,360.21
1,513.16
2,052.53
1,756.12
1,799.37
1,558.25
1,431.35
Total Liabilities
2,76,013.16
2,34,721.74
2,04,276.31
1,72,388.49
1,64,745.17
1,65,716.13
1,61,888.66
1,36,369.31
1,13,835.48
99,851.82
Net Block
34,636.36
28,129.41
27,139.98
26,018.49
21,379.68
29,689.27
28,982.74
26,181.90
20,989.01
20,584.71
Gross Block
66,221.78
56,494.80
52,089.81
48,526.15
42,657.87
68,602.29
62,211.37
56,339.26
47,128.47
44,722.83
Accumulated Depreciation
31,396.11
28,332.87
24,949.83
22,507.66
21,203.45
37,768.12
33,228.63
30,157.36
26,139.46
21,480.95
Non Current Assets
1,49,439.89
1,36,456.10
1,12,950.87
97,240.49
92,607.26
1,01,670.70
92,482.62
77,293.29
65,047.72
55,940.62
Capital Work in Progress
8,297.64
8,039.30
3,968.58
6,702.81
7,872.61
6,856.48
4,759.84
4,269.47
4,278.94
2,371.35
Non Current Investment
19,361.10
21,573.46
21,006.50
19,210.55
18,745.84
12,914.78
12,160.88
10,667.54
9,961.77
8,286.49
Long Term Loans & Adv.
84,108.64
73,566.25
56,642.22
42,170.42
42,200.61
50,064.60
44,569.42
35,087.84
28,914.77
24,587.99
Other Non Current Assets
3,036.15
5,147.68
4,193.59
3,138.22
2,408.52
2,145.57
2,009.74
1,086.54
903.23
110.08
Current Assets
1,26,573.27
98,240.17
91,268.84
75,148.00
72,137.91
63,948.93
69,406.04
59,012.41
48,787.76
43,911.20
Current Investments
21,947.47
13,634.64
14,265.92
10,849.88
10,031.82
6,295.56
6,107.22
5,350.07
4,700.67
3,316.09
Inventories
20,330.93
18,590.47
16,854.97
11,595.82
9,615.41
11,111.86
12,200.16
9,335.57
8,886.01
9,116.12
Sundry Debtors
8,279.70
7,459.40
7,028.02
6,373.95
6,007.76
6,928.28
8,677.89
8,489.82
7,199.26
5,817.60
Cash & Bank
20,614.84
12,012.75
11,273.43
11,117.61
12,851.99
7,910.90
8,734.91
6,547.60
4,654.03
4,527.55
Other Current Assets
55,400.33
3,506.71
3,691.40
3,321.83
33,630.93
31,702.33
33,685.86
29,289.35
23,347.79
21,133.84
Short Term Loans & Adv.
50,305.38
43,036.20
38,155.10
31,888.91
31,251.78
29,340.52
31,533.36
26,790.70
21,120.94
20,031.05
Net Current Assets
36,251.26
22,694.52
20,689.43
18,859.67
20,691.90
9,939.41
10,796.71
9,862.87
8,955.29
7,267.66
Total Assets
2,76,013.16
2,34,696.27
2,04,219.71
1,72,388.49
1,64,745.17
1,65,619.63
1,61,888.66
1,36,305.70
1,13,835.48
99,851.82

Cash Flow

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Cash From Operating Activity
3,175.81
-5,629.95
-7,074.02
9,247.55
17,908.83
-1,456.93
-4,347.29
681.86
183.09
2,384.76
PBT
17,542.20
14,856.36
11,305.27
7,091.81
3,039.80
1,798.61
7,280.00
6,590.14
5,003.75
4,794.25
Adjustment
4,507.64
2,684.88
4,336.62
3,422.90
4,547.92
5,975.51
3,832.34
3,568.89
2,907.70
2,801.03
Changes in Working Capital
-14,113.34
-19,175.09
-19,941.04
293.26
12,171.19
-6,974.45
-12,522.23
-6,813.30
-5,723.55
-3,237.99
Cash after chg. in Working capital
7,936.50
-1,633.85
-4,299.15
10,807.97
19,758.91
799.67
-1,409.89
3,345.73
2,187.90
4,357.29
Interest Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Tax Paid
-4,760.69
-3,996.10
-2,774.87
-1,560.42
-1,850.08
-2,256.60
-2,937.40
-2,663.87
-2,004.81
-1,972.53
Other Direct Exp. Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Extra & Other Items
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Cash From Investing Activity
-18,626.11
-5,597.77
-8,547.26
-3,225.82
-18,446.76
-6,894.83
-7,168.17
-5,467.93
-5,875.38
-5,798.54
Net Fixed Assets
-3,486.80
-4,970.81
-2,159.67
-3,402.66
-6,761.61
-3,737.60
-2,931.41
-2,489.03
-2,156.93
-1,443.47
Net Investments
-6,260.91
-2,120.07
-2,882.61
-2,421.85
-1,844.48
2,077.90
-1,433.06
-2,674.57
-4,361.00
-409.24
Others
-8,878.40
1,493.11
-3,504.98
2,598.69
-9,840.67
-5,235.13
-2,803.70
-304.33
642.55
-3,945.83
Cash from Financing Activity
15,834.11
12,281.41
15,946.11
-5,882.60
406.23
6,932.75
13,193.63
6,314.50
6,107.97
2,966.81
Net Cash Inflow / Outflow
383.81
1,053.69
324.83
139.13
-131.70
-1,419.01
1,678.17
1,528.43
415.68
-446.97
Opening Cash & Equivalents
4,530.10
3,493.41
3,487.59
3,374.59
4,745.03
6,139.00
4,466.63
2,937.49
2,521.72
2,676.12
Closing Cash & Equivalent
4,923.89
4,530.10
3,493.41
3,487.59
3,374.59
4,745.03
6,139.00
4,466.63
2,937.49
2,521.72

Financial Ratios

Consolidated /

Standalone
Description
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Book Value (Rs.)
687.36
591.09
503.80
421.71
372.22
358.16
365.37
336.44
272.45
243.67
ROA
5.51%
5.59%
6.04%
4.30%
1.47%
-0.83%
3.12%
5.48%
2.95%
2.79%
ROE
19.73%
20.11%
22.09%
16.44%
5.99%
-3.43%
12.19%
20.74%
11.28%
10.40%
ROCE
15.12%
14.88%
15.02%
11.92%
8.41%
5.68%
12.31%
15.43%
12.42%
12.43%
Fixed Asset Turnover
2.69
2.67
2.51
2.05
1.38
1.46
1.77
1.80
1.94
1.87
Receivable days
17.40
18.26
19.36
24.21
30.68
29.82
29.92
30.70
26.70
25.62
Inventory Days
43.03
44.68
41.11
41.48
49.16
44.55
37.53
35.66
36.92
39.85
Payable days
100.70
101.53
98.58
110.89
128.04
139.99
63.05
62.62
58.87
57.38
Cash Conversion Cycle
-40.26
-38.60
-38.11
-45.20
-48.20
-65.62
4.40
3.73
4.74
8.09
Total Debt/Equity
1.63
1.60
1.59
1.59
1.89
2.08
1.78
1.53
1.65
1.58
Interest Cover
3.08
3.10
3.34
2.87
1.67
1.10
2.49
3.31
2.49
2.43

Annual Reports:

FY 2025
FY 2024
FY 2023
FY 2022
FY 2021
FY 2020
FY 2019
FY 2018
FY 2017
FY 2016

News Update:


  • M&M sells remaining 20% stake in BPIWSPL
    2nd Mar 2026, 16:00 PM

    Consideration received from such sale/disposal is Rs 5.07 crore

    Read More
  • M&M’s overall auto sales rise 18% in February
    2nd Mar 2026, 12:30 PM

    The exports of the company increased 11% to 3,384 units in February 2026 as compared to 3,059 units in February 2025

    Read More
  • Mahindra Group, Embraer to establish MRO facility for C-390 aircraft in India
    19th Feb 2026, 15:46 PM

    The proposed MRO facility will provide comprehensive in country maintenance and sustainment for the C 390 fleet

    Read More
  • M&M’s arm unveils advanced electric three-wheeler ‘Mahindra UDO’
    12th Feb 2026, 16:14 PM

    It is priced attractively at Rs 3,84,299.00, ex-showroom, but for a limited period, the UDO will be offered for Rs 3,58,999.00

    Read More
  • Mahindra & Mahindra - Quarterly Results
    12th Feb 2026, 00:00 AM

    Read More
  • M&M reports 47% jump in Q3 consolidated net profit
    11th Feb 2026, 14:50 PM

    Consolidated total income increased by 26.45% at Rs 52,958.27 crore for Q3FY26

    Read More
  • Mahindra Group to establish integrated manufacturing facility in Maharashtra
    6th Feb 2026, 15:29 PM

    The state-of-the-art facility will be developed across an area of 1500 acres in Vidarbha

    Read More
  • M&M to deliver 35,000 units of Scorpio Pik Up vehicles in Indonesia
    4th Feb 2026, 14:20 PM

    These Pik Ups will play a crucial role in enhancing logistics for Koperasi (Cooperatives) being set up in the country

    Read More
  • M&M’s Farm Equipment Business reports 47% rise in January tractor sales
    1st Feb 2026, 12:14 PM

    The exports increased 72% to 2,159 units in January 2026 from 1,252 units in January 2025

    Read More
  • M&M’s overall auto sales rise 24% in January
    1st Feb 2026, 11:09 AM

    The company has posted 25% increase in domestic passenger vehicles sales at 63,510 units

    Read More
  • M&M launches new Thar ROXX STAR EDN
    27th Jan 2026, 12:59 PM

    The introductory price of the Thar ROXX Star Edition starts at Rs 16.85 lakh

    Read More
  • M&M launches updated Bolero Camper, Bolero Pik-Up range
    21st Jan 2026, 16:15 PM

    The Bolero Pik-Up now features a new front look, reclining driver's seat with headrest, and a wider co-driver seat for added comfort

    Read More
  • M&M opens bookings for XEV 9S, XUV 7XO
    14th Jan 2026, 18:24 PM

    It reported a milestone of 93,689 consolidated bookings across both vehicles, with a booking value of over Rs 20,500 crore

    Read More
  • M&M launches XUV 3XO EV
    7th Jan 2026, 09:29 AM

    The XUV 3XO EV offers practical ownership, making it an economical choice for the customers

    Read More
  • M&M launches new XUV 7XO
    6th Jan 2026, 09:14 AM

    The XUV 7XO delivers an experience that rewrites the rules of high-end SUVs by elevating sophistication and technology like never before

    Read More
  • M&M’s Farm Equipment Business reports 39% rise in December tractor sales
    1st Jan 2026, 14:29 PM

    Farm Equipment Business has reported total tractor sales (Domestic + Exports) of 31,859 units during December 2025

    Read More
  • M&M’s overall auto sales rise 25% in December 2025
    1st Jan 2026, 14:20 PM

    The company has posted 23% increase in domestic passenger vehicles sales at 50,946 units in December 2025

    Read More
  • M&M’s arm sells 3.58% stake in CIE Automotive S.A
    4th Dec 2025, 12:00 PM

    CIE Automotive S.A is an associate of MOICML

    Read More
  • M&M launches BE 6 Formula E Edition
    27th Nov 2025, 14:11 PM

    It is available in two variants, FE2 and FE3, priced at Rs 23.69 lakh and Rs 24.49 lakh respectively

    Read More
  • M&M’s arm unveils XEV 9S with prices starting at Rs 19.95 lakh
    27th Nov 2025, 12:43 PM

    The XEV 9S introduces a 70 kWh battery that offers best-in-class power of 180 kW and 380 Nm of torque

    Read More

Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.