Mahindra & Mahindra

NP up 41.65%

On consolidated basis

Quarter ended March 2026 compared with Quarter ended March 2025.

Net sales (including other operating income) of Mahindra & Mahindra has increased 29.07% to Rs 54981.91 crore.  Sales of Automotive segment has gone up 32.40% to Rs 34,294.18 crore (accounting for 60.74% of total sales).  Sales of Farm Equipment segment has gone up 26.33% to Rs 10,022.10 crore (accounting for 17.75% of total sales).  Sales of Financial Services segment rose 14.46% to Rs 5,525.29 crore (accounting for 9.79% of total sales).  Sales of Industrial Businesses & Consumer Services segment has gone up 30.17% to Rs 6,622.18 crore (accounting for 11.73% of total sales).  Inter-segment sales rose Rs 1,150.65 crore to Rs 1,481.84 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 49.71% to Rs 6,446.50 crore.  PBIT of Automotive segment rose 54.78% to Rs 3,176.16 crore (accounting for 49.27% of total PBIT).  PBIT of Farm Equipment segment rose 8.19% to Rs 1,019.34 crore (accounting for 15.81% of total PBIT).  PBIT of Financial Services segment rose 108.33% to Rs 1,249.34 crore (accounting for 19.38% of total PBIT).  PBIT of Industrial Businesses & Consumer Services segment rose 40.63% to Rs 1,001.66 crore (accounting for 15.54% of total PBIT).  

PBIT margin of Automotive segment rose from 7.92% to 9.26%.  PBIT margin of Farm Equipment segment fell from 11.88% to 10.17%.  PBIT margin of Financial Services segment rose from 12.42% to 22.61%.  PBIT margin of Industrial Businesses & Consumer Services segment rose from 14.00% to 15.13%.  Overall PBIT margin rose from 9.84% to 11.42%.  

Operating profit margin has declined from 18.57% to 17.67%, leading to 22.82% rise in operating profit to Rs 9,716.44 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 57.40% to 57.53%.   Purchase of finished goods cost rose from 4.23% to 4.32%.   Employee cost decreased from 6.63% to 5.98%.   Other expenses rose from 13.70% to 14.22%.   Loss on sales of investments rose from 0.07% to 0.76%.   

Other income rose 41.77% to Rs 994.84 crore.  PBIDT rose 24.37% to Rs 10711.28 crore.  Provision for interest rose 0.45% to Rs 2407.33 crore.  Loan funds rose to Rs 133,963.15 crore as of 31 March 2026 from Rs 124,949.31 crore as of 31 March 2025.  Inventories rose to Rs 22,044.11 crore as of 31 March 2026 from Rs 20,330.93 crore as of 31 March 2025.  Sundry debtors were higher at Rs 9,064.27 crore as of 31 March 2026 compared to Rs 8,279.70 crore as of 31 March 2025.  Cash and bank balance rose to Rs 31,978.58 crore as of 31 March 2026 from Rs 20,614.84 crore as of 31 March 2025.  Investments declined from Rs 41,308.57 crore as of 31 March 2025 to Rs 40,323.84 crore as of 31 March 2026.  

PBDT rose 33.59% to Rs 8303.95 crore.  Provision for depreciation fell 4.24% to Rs 1942.68 crore.  Fixed assets increased to Rs 43,664.18 crore as of 31 March 2026 from Rs 40,560.10 crore as of 31 March 2025.  Intangible assets increased from Rs 2,373.90 crore to Rs 2,534.77 crore.  

Profit before tax grew 51.91% to Rs 6,361.27 crore.  Share of profit/loss was 25.82% higher at Rs 552.83 crore.  Provision for tax was expense of Rs 1654.19 crore, compared to Rs 1084.95 crore.  Effective tax rate was 23.92% compared to 23.45%.

Minority interest increased 140.12% to Rs 592.34 crore.  Net profit attributable to owners of the company increased 41.65% to Rs 4,667.57 crore.  

Equity capital increased from Rs 558.15 crore as of 31 March 2025 to Rs 558.78 crore as of 31 March 2026.  Per share face Value remained same at Rs 5.00.  

Promoters? stake was 18.14% as of 31 March 2026 ,compared to 18.14% as of 31 March 2025 .  Promoters pledged stake was 0.02% as of 31 March 2026 ,compared to 0.02% as of 31 March 2025 .  

Full year results analysis.

Net sales (including other operating income) of Mahindra & Mahindra has increased 24.76% to Rs 198638.55 crore.  Sales of Automotive segment has gone up 29.74% to Rs 117,834.13 crore (accounting for 57.73% of total sales).  Sales of Farm Equipment segment has gone up 20.33% to Rs 42,568.39 crore (accounting for 20.86% of total sales).  Sales of Financial Services segment rose 14.50% to Rs 20,949.32 crore (accounting for 10.26% of total sales).  Sales of Industrial Businesses & Consumer Services segment has gone up 19.91% to Rs 22,748.93 crore (accounting for 11.15% of total sales).  Inter-segment sales rose Rs 4,256.32 crore to Rs 5,462.22 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 26.65% to Rs 23,383.54 crore.  PBIT of Automotive segment rose 33.17% to Rs 10,383.47 crore (accounting for 44.41% of total PBIT).  PBIT of Farm Equipment segment rose 11.53% to Rs 5,516.90 crore (accounting for 23.59% of total PBIT).  PBIT of Financial Services segment rose 25.87% to Rs 3,778.53 crore (accounting for 16.16% of total PBIT).  PBIT of Industrial Businesses & Consumer Services segment rose 36.32% to Rs 3,704.64 crore (accounting for 15.84% of total PBIT).  

PBIT margin of Automotive segment rose from 8.59% to 8.81%.  PBIT margin of Farm Equipment segment fell from 13.98% to 12.96%.  PBIT margin of Financial Services segment rose from 16.41% to 18.04%.  PBIT margin of Industrial Businesses & Consumer Services segment rose from 14.32% to 16.28%.  Overall PBIT margin rose from 11.29% to 11.46%.  

Operating profit margin has declined from 19.17% to 18.62%, leading to 21.17% rise in operating profit to Rs 36,979.87 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 55.34% to 57.37%.   Purchase of finished goods cost fell from 4.80% to 4.38%.   Employee cost decreased from 6.99% to 6.43%.   Other expenses fell from 13.71% to 13.14%.   Loss on sales of investments rose from 0.02% to 0.29%.   

Other income rose 57.99% to Rs 3445.79 crore.  PBIDT rose 23.63% to Rs 40425.66 crore.  Provision for interest rose 5.59% to Rs 9590.85 crore.  Loan funds rose to Rs 133,963.15 crore as of 31 March 2026 from Rs 124,949.31 crore as of 31 March 2025.  Inventories rose to Rs 22,044.11 crore as of 31 March 2026 from Rs 20,330.93 crore as of 31 March 2025.  Sundry debtors were higher at Rs 9,064.27 crore as of 31 March 2026 compared to Rs 8,279.70 crore as of 31 March 2025.  Cash and bank balance rose to Rs 31,978.58 crore as of 31 March 2026 from Rs 20,614.84 crore as of 31 March 2025.  Investments declined from Rs 41,308.57 crore as of 31 March 2025 to Rs 40,323.84 crore as of 31 March 2026.  

PBDT rose 30.57% to Rs 30834.81 crore.  Provision for depreciation rose 20.55% to Rs 7322.02 crore.  Fixed assets increased to Rs 43,664.18 crore as of 31 March 2026 from Rs 40,560.10 crore as of 31 March 2025.  Intangible assets increased from Rs 2,373.90 crore to Rs 2,534.77 crore.  

Profit before tax grew 34.04% to Rs 23,512.79 crore.  Share of profit/loss was 27.81% higher at Rs 1964.91 crore.  Provision for tax was expense of Rs 6563.05 crore, compared to Rs 5006.45 crore.  Effective tax rate was 26.06% compared to 26.24%.

Minority interest increased 33.11% to Rs 1,522.86 crore.  Net profit attributable to owners of the company increased 32.25% to Rs 17,098.85 crore.  

Equity capital increased from Rs 558.15 crore as of 31 March 2025 to Rs 558.78 crore as of 31 March 2026.  Per share face Value remained same at Rs 5.00.  

Promoters? stake was 18.14% as of 31 March 2026 ,compared to 18.14% as of 31 March 2025 .  Promoters pledged stake was 0.02% as of 31 March 2026 ,compared to 0.02% as of 31 March 2025 .  

Other Highlight

The board recommendation of a Final Dividend of Rs 33 per Equity Share of the face value of Rs 5 each for the financial year ended 31st March 2026. Record date for the purpose is 3rd July 2026.

In Q4 FY26, Financial services AUM grew 12% YoY.

In Q4 FY26, its tractor market share was 43.6% and its SUV revenue market share stood at 25.3%.

In Q4 FY26, the company?s Total Vehicles sales grew 21% YoY to 3,06,508 units. The company?s tractor sales grew 36% YoY to 1,19,811 units.

Management Comments :
Dr. Anish Shah, Managing Director & Group CEO, M&M said, ?FY26 has been a defining year marked by strong execution and breakthrough performance across several Group companies, despite geopolitical headwinds & several disruptions through the year. Auto & Farm further strengthened their leadership, supported by sustained customer demand for our differentiated products & operational discipline. TechM reported healthy traction in key new deal wins despite a challenging global environment. MMFSL pivoted to growth on the back of stable asset quality. Our Growth Gems have demonstrated significant momentum. The Group is well poised to accelerate in these uncertain times.?

Mr. Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M said, ?In Q4?FY26, the SUV Revenue share increased by 60 bps YoY, retaining the No 1 position. M&M is now the 5th largest exporter for PV + CV in F26. Tractors gained 90 bps in Q4 YoY, with a full year market share of 43.6% gaining 30 bps. Tractors achieved highest ever billing of 5 lakh+ in FY26. The market gains have been achieved by delivering strong margin performance.?

Mr. Amarjyoti Barua, Group Chief Financial Officer, M&M said, ?Despite a challenging macro environment, the Group delivered strong performance in FY26, with PAT growth of over 30%, reflecting the underlying strength of our portfolio. Strong cash generation during the year has reinforced our balance sheet, providing flexibility to fund future growth initiatives in line with our strategic priorities. Reflecting this performance and our continued focus on long-term value creation, we are pleased to announce a dividend increase of 30%.?

 

Mahindra & Mahindra : Consolidated Results

Quarter ended Year ended Particulars 202603 202503 Var.(%) 202603 202503 Var.(%) Net Sales (including other operating income) 54,981.91 42,599.31 29.07 198,638.55 159,210.82 24.76 OPM (%) 17.67 18.57 -90 bps 18.62 19.17 -55 bps OP 9,716.44 7,910.94 22.82 36,979.87 30,518.19 21.17 Other Inc. 994.84 701.73 41.77 3,445.79 2,181.05 57.99 PBIDT 10,711.28 8,612.67 24.37 40,425.66 32,699.24 23.63 Interest 2,407.33 2,396.52 0.45 9,590.85 9,083.39 5.59 PBDT 8,303.95 6,216.15 33.59 30,834.81 23,615.85 30.57 Depreciation 1942.68 2028.72 -4.24 7322.02 6073.65 20.55 PBT 6,361.27 4,187.43 51.91 23512.79 17542.2 34.04 Share of Profit/(Loss) from Associates 552.83 439.37 25.82 1964.91 1537.42 27.81 PBT before EO 6914.1 4626.8 49.44 25477.7 19079.62 33.53 EO Income 0 0 - -292.94 0 - PBT after EO 6914.1 4626.8 49.44 25184.76 19079.62 32.00 Taxation 1654.19 1084.95 52.47 6563.05 5006.45 31.09 PAT 5259.91 3541.85 48.51 18621.71 14073.17 32.32 Minority Interest (MI) 592.34 246.68 140.12 1522.86 1144.07 33.11 Net profit 4667.57 3295.17 41.65 17098.85 12929.1 32.25 P/(L) from discontinued operations net of tax 0 0 - 0 0 - Net profit after discontinued operations 4667.57 3295.17 41.65 17098.85 12929.1 32.25 EPS (Rs)* 37.53 26.50 41.65 139.04 103.97 33.73 * EPS is on current equity of Rs 621.76 crore, Face value of Rs 5, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

Mahindra & Mahindra : Consolidated Segment Results

Quarter ended Year ended % of (Total) 202603 202503 Var.(%) % of (Total) 202603 202503 Var.(%) Sales Automotive 60.74 34,294.18 25,902.39 32.40 57.73 117,834.13 90,824.58 29.74 Farm Equipment 17.75 10,022.10 7,933.25 26.33 20.86 42,568.39 35,375.30 20.33 Financial Services 9.79 5,525.29 4,827.12 14.46 10.26 20,949.32 18,295.83 14.50 Industrial Businesses & Consumer Services 11.73 6,622.18 5,087.20 30.17 11.15 22,748.93 18,971.43 19.91 Total Reported Sales 100.00 56,463.75 43,749.96 29.06 100.00 204,100.77 163,467.14 24.86 Less: Inter segment revenues   1,481.84 1,150.65 28.78   5,462.22 4,256.32 28.33 Net Sales 100.00 54,981.91 42,599.31 29.07 100.00 198,638.55 159,210.82 24.76 PBIT Automotive 49.27 3,176.16 2,052.01 54.78 44.41 10,383.47 7,797.40 33.17 Farm Equipment 15.81 1,019.34 942.14 8.19 23.59 5,516.90 4,946.65 11.53 Financial Services 19.38 1,249.34 599.68 108.33 16.16 3,778.53 3,002.02 25.87 Industrial Businesses & Consumer Services 15.54 1,001.66 712.27 40.63 15.84 3,704.64 2,717.52 36.32 Total PBIT 100.00 6,446.50 4,306.10 49.71 100.00 23,383.54 18,463.59 26.65 Less : Interest 191.05 182.01 4.97 671.59 681.51 -1.46 Add: Other un-allcoable 658.65 502.71 31.02 2,472.81 1,297.54 90.58 PBIT Margin(%) Automotive   9.26 7.92 133.94   8.81 8.59 22.68 Farm Equipment   10.17 11.88 -170.49   12.96 13.98 -102.33 Financial Services   22.61 12.42 1,018.82   18.04 16.41 162.83 Industrial Businesses & Consumer Services   15.13 14.00 112.46   16.28 14.32 196.06 PBT 100.00 6,914.10 4,626.80 49.44 100.00 25,184.76 19,079.62 32.00

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