Mahindra & Mahindra (M&M) Q4 24/25 earnings summary

Executive summary

• Auto and Farm segments delivered strong growth, with SUV volumes up 20% and market share rising to 22.5%; consolidated PAT grew 20% year-over-year and ROE was maintained at 18%.

• Maintained leadership in SUVs, LCVs (<3.5T), and tractors, with record market shares and volumes.

• Significant progress in electric vehicles, with leading E-SUV and E-PV revenue market share and record bookings.

• Growth gems in hospitality, logistics, real estate, and last mile mobility are on track for significant expansion.

• Board approved audited results for FY25 and recommended a final dividend of Rs. 25.3 per share.

Financial highlights

• Consolidated revenue for FY25 was Rs. 1,58,749.75 crore, up 14% year-over-year; consolidated PAT rose 20% to Rs. 13,167 crore, excluding KG Mobility impact.

• Standalone revenue increased 17% to Rs. 1,18,625 crore; standalone PAT up 17% to Rs. 12,093 crore.

• Auto segment revenue up 19% and farm segment up 6% (domestic up 15%), with international farm markets dragging overall growth.

• Tech Mahindra and Mahindra Finance both posted over 80% profit growth year-over-year; MMFSL PAT up 33%.

• Net cash generation of Rs. 13,313 crore; closing cash balance at Rs. 27,389 crore.

Outlook and guidance

• Continued focus on margin improvement, new product launches, and capacity increases, especially in BEVs.

• Growth gems targeted for $2–3 billion valuation each by FY2030; emerging gems targeted for $1 billion.

• Strategic measures underway to return international farm subsidiaries to profitability within 12-18 months.

• Committed to delivering ROCE above 18% in both Auto and Farm segments.

• Farm industry expected to grow at high single digits in FY2026, with market share gains possible.