Mahindra & Mahindra Limited Earnings Summary — Q4 FY2026
Mahindra & Mahindra Reports Strong Q4 Performance Driven by Automotive and Financial Services Momentum
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 10 consecutive quarters.
- Revenue of ₹58,188 Cr is 27.8% higher year-on-year.
- Revenue has compounded at 24.6% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit has reached its highest level in 10 quarters.
- Net profit of ₹5,455 Cr is 33.6% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 35.5% annualised across the period.
- Operating margin stands at 18.6% in Q1 FY2027.
- Operating margin expanded by 13 bps year-on-year.
- Over the last two years operating margin has contracted by 85 bps.
- PBT margin is 13.1%.
- Expense growth of 27.6% remained below revenue growth of 27.8%.
- Operating profit of ₹10,827 Cr is 28.7% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 78/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 58,188 | 54,982 | 52,100 | 46,106 | 45,529 | 42,599 | 41,470 | 37,924 | 37,218 | 35,452 |
| Expenses | Improving | 47,360 | 44,855 | 41,939 | 37,166 | 37,117 | 34,658 | 33,239 | 30,790 | 29,975 | 28,848 |
| Operating Profit | Improving | 10,827 | 10,127 | 10,160 | 8,940 | 8,412 | 7,942 | 8,231 | 7,133 | 7,243 | 6,604 |
| Operating Margin | Stable | 18.6% | 18.4% | 19.5% | 19.4% | 18.5% | 18.6% | 19.9% | 18.8% | 19.5% | 18.6% |
| Other Income | Improving | 1,121 | 1,137 | 976 | 1,134 | 1,210 | 1,110 | 719 | 1,126 | 733 | 750 |
| Interest | Stable | 2,560 | 2,407 | 2,405 | 2,347 | 2,431 | 2,397 | 2,362 | 2,217 | 2,108 | 1,989 |
| Depreciation | Improving | 1,760 | 1,943 | 2,163 | 1,669 | 1,548 | 2,029 | 1,495 | 1,302 | 1,248 | 1,335 |
| Profit Before Tax | Improving | 7,628 | 6,914 | 6,569 | 6,058 | 5,644 | 4,627 | 5,092 | 4,740 | 4,621 | 4,030 |
| Tax | Improving | 1,631 | 1,654 | 1,547 | 2,094 | 1,268 | 1,085 | 1,468 | 1,379 | 1,075 | 905 |
| Net Profit | Improving | 5,455 | 4,668 | 4,675 | 3,673 | 4,083 | 3,295 | 3,181 | 3,171 | 3,283 | 2,754 |
| Net Margin | Stable | 9.4% | 8.5% | 9.0% | 8.0% | 9.0% | 7.7% | 7.7% | 8.4% | 8.8% | 7.8% |
Key Takeaways
- Revenue from operations grew 28.9% YoY to ₹54,891.55 Cr, reflecting strong market demand in the SUV segment.
- The Automotive segment remains the primary growth engine, with quarterly revenue reaching ₹34,294.18 Cr compared to ₹25,902.39 Cr a year ago.
- Farm Equipment segment showed significant YoY recovery, with revenue up 26.3% to ₹10,022.10 Cr.
- Financial Services segment results doubled YoY, contributing ₹1,233.26 Cr to segment results versus ₹583.83 Cr in the prior year quarter.
- The Board recommended a significantly higher final dividend of ₹33 per share, up from ₹25.3 in the previous fiscal year.
- Operating margins remained resilient at 14.25% despite rising material costs, benefiting from a superior product mix and scale.
- Consolidated cash flow from operations for the full year improved dramatically to ₹11,657.36 Cr from ₹3,175.81 Cr in FY25.
Management Guidance
Management maintains a focus on ROE-led growth and disciplined capital allocation. Growth strategy centers on scaling the SUV portfolio and executing the EV transition, while driving operational efficiencies in the Farm and Services businesses to mitigate cyclicality.
Sentiment Shift
Improving
Robust top-line growth and a significant dividend hike signal strong confidence in the core business trajectory and cash generation capability.
Outlook
The company is positioned as a high-quality compounder with dominant market share in tractors and SUVs. Future performance is expected to be driven by the premiumization of the auto portfolio and the scaling of the electric vehicle segment.
From the Annual Report (Key Quotes)
“The Board of Directors... has recommended a Final Dividend of Rs. 33 (660%) per Ordinary (Equity) Shares.”
“Operating Margin (%) (excluding investment related income/(loss)) stood at 14.25% for the quarter.”
“Consolidated segment results for Automotive rose to ₹3,186.83 Cr, a substantial increase from ₹2,092.87 Cr YoY.”
Official Quarterly Documents
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This summary is AI-generated from Mahindra & Mahindra Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.