Mahindra & Mahindra Reports Robust Q4 Profit Growth, Outlines Ambitious Expansion Plans

Mahindra & Mahindra Ltd. announced a robust 48.5 per cent increase in its consolidated profit after tax for the March quarter, propelled by strong performances in its automotive and farm equipment divisions, as the company outlines ambitious plans for new SUV and electric vehicle launches.

Mahindra & Mahindra Ltd. reported a 48.5 per cent jump in consolidated profit after tax to Rs 5,259.91 crore during the March quarter, primarily driven by its auto and farm sectors.

The company had posted a consolidated profit after tax (PAT) of Rs 3,541.85 crore in the corresponding period of the previous fiscal year, Mahindra & Mahindra Ltd (M&M) said in a regulatory filing.

Consolidated revenue from operations in the fourth quarter of the previous fiscal year stood at Rs 54,891.55 crore, as against Rs 42,585.67 crore in the year-ago period, it added.

Total expenses were higher at Rs 49,615.48 crore, as compared to Rs 39,113.61 crore a year earlier, the company said.

Annual Performance and Future Outlook

For FY26, consolidated PAT was Rs 18,621.71 crore compared to Rs 14,073.17 crore in FY25, up 32.32 per cent.

Consolidated revenue from operations in FY26 stood at Rs 197,792.78 crore as against Rs 158,749.75 crore in FY25, the company said.

On the outlook, the company said the tractor industry is expected to grow in low-to-mid single digit during the current year, adding that the company is aspiring for mid- to high teen growth in the SUV segment for FY27.

It also said the manufacturing capacity ramp-up plans are on-track to meet the volume growth the company is aspiring for.

On the other hand, the LCV (<3.5T) segment is estimated to grow in the high single-digits in the ongoing fiscal year.

The company also said it plans to launch 10 new internal combustion engine-powered SUVs and 6 new BEVs by 2031 while in the farm product portfolio, it is looking at 19 new launches/enhancements during the ongoing fiscal.

Leadership Commentary and Strategic Focus

"FY26 has been a defining year marked by strong execution and breakthrough performance across several group companies, despite geopolitical headwinds and several disruptions through the year.

"Auto and farm further strengthened their leadership, supported by sustained customer demand for our differentiated products and operational discipline," said Anish Shah, Group CEO and managing director, M&M Ltd.

Auto volumes during the March quarter stood at 3.07 lakh, up 21 per cent year-on-year while for the entire FY26 it grew 19 per cent yoy at 11.18 lakh, the company said.

"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," Shah added.

He also said the Mahindra Group sees huge benefit in the artificial intelligence in day-to day basis as the technology has the ability to transform all its businesses.

"And we are, therefore, putting a tremendous amount of effort into its real applications.

"Yes, there's a lot of talk about AI and there have been a lot of questions about what is real what is not but we see huge benefits on a day-to-day basis and small things on larger projects as well," he said.

"Our ambition is to be a tech leader in every industry we are in.

"If we want to lead the industry we have to be a technology leader in that industry.

"The foundation is important and we did spend some time building that foundation," Shah added.

Segmental Performance and Dividend

"In Q4, FY26, the SUV revenue share increased 60 basis points YoY, retaining the No 1 position.

"M&M is the 5th largest exporter for PV+CV in F26," Rajesh Jejurikar, executive director and CEO (auto and farm sector) said.

Tractors gained 90 bps during the quarter under review, with a full-year market share of 43.6 per cent gaining 30 basis.

Tractors achieved their highest-ever billing of 5 lakh+ in FY26, Jejurikar said, adding that the market gains have been achieved by delivering strong margin performance.

The board of directors has recommended a final dividend of Rs 33 per ordinary equity share of face value of Rs 5 each for the financial year ended March 31, 2026, it added.