Mahindra & Mahindra Q4 FY26 Results: Profit Jumps 42% YoY, Revenue Up 29%

The price of Mahindra & Mahindra shares was ₹3,273, increasing by ₹62.20 or 1.94%. At 11:22 AM IST, it opened at ₹3,245.00 and reached its highest point of the day at ₹3,315.70 compared to its previous closing price of ₹3,210.80.

Mahindra & Mahindra Q4 Results

Consolidated net profit for Mahindra & Mahindra stood at ₹4,668 crore in Q4 FY26, marking a year-on-year increase of 42% from ₹3,295 crore in Q4 FY25. The company's consolidated net income also rose sharply by 29% YoY from ₹42,599 crore to ₹54,982 crore due to robust demand in all three segments, i.e., automotive, farm, and services.

The consolidated PAT margin also witnessed an improvement and touched 8.5%, up from 7.7% YoY, while consolidated EBITDA jumped by 27.5% to ₹10,127.3 crore. However, margins declined slightly by 20 basis points (bps) from 18.6% in Q4 FY25 to 18.4% in Q4 FY26.

Standalone Performance Beats Expectations

As for standalone performance, the company reported robust earnings surprises. Profits grew 53.3% YoY to ₹3,737 crore, bettering estimates of ₹3,432 crore. Revenue saw a rise of 26.2% YoY to ₹39,554 crore, beating estimates of ₹37,821 crore.

EBITDA witnessed growth of 18.8% YoY to ₹5,565 crore, which was just above the estimates of ₹5,400 crore. However, there was an 80 bps YoY decline in EBITDA margins to 14.1%, owing to rising commodity prices, partly offset by higher pricing.

Segment-Wise Performance Remains Strong

 Automotive division continues to be the main growth engine, as the company registered consolidated Q4 revenue at ₹34,294 crore, growing 32% YoY. The segment also reported PAT at ₹2,553 crore, which was up by 49% YoY. On a standalone basis, automotive division's revenue was up by 25%, coming in at ₹31,115 crore. EBIT for the segment witnessed an increase of 28% YoY, with EBIT margins moving up to 9.5% from 9.2% previously.

Farm equipment division registered revenue at ₹10,022 crore, which was an increase of 26% YoY, while PAT at ₹768 crore saw an increase of just 1% YoY. On a standalone basis, tractor division's revenue went up by 32%, touching ₹8,483 crore, while EBIT saw an increase of 31% YoY to ₹1,643 crore. Margins were stable at 19.4% YoY.

The services segment also delivered strong growth, with revenue increasing 23% YoY to ₹12,147 crore and PAT surging 64% YoY to ₹1,348 crore.

Volume Growth Drives Performance

From an operational perspective, total automotive volumes were up 21% year-on-year to 307,000 units in Q4, while tractor volumes shot up 36% year-on-year to 120,000 units. Year-on-year growth in volumes was at 27%, though there was a sequential decline of 5%.

The significance of SUVs continued, as revenue share increased by 60 basis points year-on-year, while revenue share for tractors increased by 90 basis points. For tractors, a billing record of over 5 lakh units was recorded in FY26.

Market Leadership and Strong FY26 Performance

The company was rated as the second-largest passenger vehicle manufacturer in India in FY26. The volumes in SUVs increased by 19.73% to 660,276 units from 551,487 units in FY25, which is a record highest ever domestic PV wholesale for any passenger carmaker except Maruti Suzuki India.

Some of the key models that were responsible for SUV volumes include Scorpio at 178,800 units, Bolero at 103,627 units, XUV 3XO at 103,341 units, and Thar Roxx at 81,746 units. In addition, the company was the fifth-largest exporter in the PV and CV segment in FY26. The tractor market share remained at 43.6%, improving by 30 basis points.

Dividend Announcement and Record Date

The board has recommended a final dividend of ₹33 per share (660% on face value of ₹5) for FY26, subject to shareholder approval at the AGM. The record date for determining shareholder eligibility is July 3, 2026. The dividend is expected to be paid after July 30, 2026.

Management Commentary

Speaking on behalf of Group CEO and MD, Anish Shah said FY26 would be remembered as a landmark year for its execution and performance even amidst geopolitical hurdles. The growth in autos, farms, and services, along with enhanced discipline, were underlined.