M&M
Futures
Mahindra & Mahindra Ltd. (Automobiles & Auto Components) — near-month futures price, basis to spot, open interest, contract specs and the M&M options picture.
M&M futures snapshot
Mahindra & Mahindra Ltd. (M&M) near-month futures last settled at ₹3,455.40, up 0.65% on the day. Against a spot of ₹3,459.00, the contract is trading at a discount of ₹3.60 (0.10%). A futures premium typically reflects the cost of carry (financing minus dividends); a persistent discount can signal bearish positioning, heavy hedging or an upcoming dividend. One lot is 200 shares, a contract value of about ₹691,080.
M&M derivatives snapshot
On the options side, M&M's nearest expiry (2026-08-25) shows a put-call ratio of 0.89, max pain at 3,350 and an ATM implied volatility of 27.3%. The heaviest call open interest sits at 3,500 (resistance) and the heaviest put OI at 3,200 (support). See the full M&M option chain.
Contract specifications
| Exchange & segment | NSE — Equity Futures (F&O) |
| Sector | Automobiles & Auto Components |
| Lot size | 200 shares |
| Approx. contract value | ₹691,080 |
| Expiry | Monthly (last Thursday) — near, next & far series |
| Settlement | Cash settled |
How M&M futures work
A M&M futures contract is an agreement to buy or sell 200 M&M shares at a set price on a future date. You don't pay the full contract value — only a margin (the exchange's VaR + ELM), which is what gives futures their leverage. Work out the exact figure with the equity margin calculator.
Two ideas matter most: basis (futures minus spot, which converges to zero by expiry) and rollover (moving a position to the next series as expiry nears — heavy rollover with rising OI signals continued interest). Positions are marked-to-market daily, so profit and loss settle into your account each session.
Futures vs options on M&M
Futures give linear, leveraged exposure with unlimited profit and loss; options let you define risk (a buyer's loss is capped at the premium) and express views on volatility. Many traders use the M&M option chain for the OI walls and sentiment, then trade futures or options around those levels. Size any trade with the position size calculator.
Track M&M live
Live M&M futures, option chain, OI, PCR and max pain with AI commentary — free to start on TradePulse.