Mahindra & Mahindra (M&M) Q4 25/26 earnings summary

Executive summary

• Q4 profit after tax rose 42% year-over-year, with full-year profit up 35%, exceeding expectations.

• Revenue for Q4 increased 29% year-over-year; full-year revenue up 25%.

• Auto and Farm segments delivered robust volume and margin expansion, with Auto volumes up 19% and Farm up 24% year-over-year.

• Growth Gems and other businesses saw profit up 50% or more, with notable contributions from Aerostructures, Logistics, and Advanced Technologies.

• Audited standalone and consolidated financial results for Q4 and FY ended 31 March 2026 were approved, with a final dividend of Rs. 33 per share recommended, up from Rs. 25.3 last year.

Financial highlights

• Consolidated revenue reached ₹1,98,639 crore, up 25% year-over-year; consolidated PAT at ₹17,099 crore, up 35%.

• Standalone revenue grew 25% to ₹1,47,765 crore; standalone PAT up 34% to ₹15,639 crore.

• Q4 consolidated revenue was ₹54,982 crore (up 29%), with PAT at ₹4,668 crore (up 42%).

• Auto segment PAT rose 33% to ₹7,842 crore; Farm segment PAT up 13% to ₹4,298 crore.

• Basic EPS (consolidated) for FY26 was Rs. 153.10, up from Rs. 115.91 year-over-year.

Outlook and guidance

• Expecting 15%-20% annual EPS growth and 18% ROE over the next five years.

• F2027 outlook: tractor growth mid-single digits (~5%), SUV growth mid to high teens, LCV <3.5t high single digits.

• Auto revenue expected to grow 8x, Farm 3x, TechM 1.5–2x, Mahindra Finance AUM 5x, Logistics 4x, Residential presales 14x by F2031 (vs F2020).

• Manufacturing capacity ramp-up on track to meet volume growth aspirations.

• The company continues to monitor regulatory changes, including new Labour Codes and ELV Rules, for potential future impacts.