Mahindra & Mahindra on Tuesday reported a strong March quarter, with consolidated net profit rising 42% year-on-year to ₹4,668 crore and revenue growing 29% to ₹54,982 crore, driven by continued strength in its SUV and tractor businesses.
The performance came in ahead of Street expectations on all key metrics. Analysts had pegged Q4 standalone revenue at around ₹38,000 crore and profit in the ₹3,350–₹3,600 crore range; actual standalone revenue of ₹39,601 crore and profit of ₹3,737 crore beat both.
Street surprise: Profit, margins outperform
The 53% jump in standalone profit marked the sharpest upside surprise, driven by operating leverage that the Street had not fully priced in. Farm PBIT margins at 19.9% for the full year, and the services segment’s 64% Q4 profit surge also came in stronger than consensus expectations.
The dividend of ₹33 per share was in line with estimates of ₹28–₹36. Consensus 12-month price targets average ₹4,300, with a range of ₹3,200–₹4,150 across brokerages.
On a sequential basis, profit remained largely flat at ₹4,675 crore compared with the December quarter, while revenue rose to ₹52,100 crore, signalling sustained momentum.
Full-year snapshot: Scale and returns. Auto: SUV leadership, margins hold
For FY26, the company reported revenue of ₹1,98,639 crore, up 25%, and net profit of ₹17,099 crore, up 35%, with a return on equity of 20.1% and EPS of ₹152.2. The board declared a dividend of ₹33 per share, up 30%.
The automotive business remained the primary growth driver, with Q4 vehicle volumes rising 21% to 3,06,508 units, including 1,84,000 utility vehicles. Full-year volumes grew 19% to 11,17,698 units.
Standalone auto PBIT rose 28% to ₹2,955 crore, with margins at 9.5%. Excluding eSUV contract manufacturing, underlying margins stood higher at 10.9%, up 80 basis points.
On a consolidated basis, auto revenue grew 32% to ₹34,294 crore, with profit rising 49% to ₹2,553 crore. Rajesh Jejurikar, Executive Director and CEO (Auto and Farm), said the company strengthened its SUV position through margin-led growth. “The market gains have been achieved by delivering strong margin performance,” he said.
Mahindra retained its No. 1 position in SUVs by revenue market share at 25.3%, and continued leadership in light commercial vehicles under 3.5 tonnes with a 52.3% share.
Farm: Volume surge, record profitability
The farm equipment business saw strong traction, with tractor volumes rising 36% to 1,19,811 units in Q4. Market share stood at 42.1%, up 90 basis points.
For the full year, volumes crossed the 5 lakh mark for the first time at 5,26,403 units, with market share at 43.6%.
Standalone farm PBIT rose 31% to ₹1,643 crore in Q4, with margins at 19.4%. Full-year margins expanded to 19.9%, exceeding Street expectations. The company also exited three international farm businesses during the year as part of its capital allocation strategy.
Services: Profit surge emerges as key lever
A key positive surprise came from the services segment, where consolidated profit rose 64% in Q4 to ₹1,348 crore and 54% for the full year to ₹4,960 crore.
Mahindra Finance reported AUM growth of 12%, with stable asset quality (GS3 at 3.41%). Tech Mahindra’s EBIT margin improved to 12.6%, supported by new deal wins. Within the Growth Gems portfolio, full-year profit rose 50%. Mahindra Lifespaces reported Q4 pre-sales growth of 55%, while
Mahindra Logistics returned to profitability for the full year. Group CFO Amarjyoti Barua said strong cash generation had strengthened the balance sheet and enabled future investments, adding that the dividend increase reflects a focus on long-term value creation.
Management view: Execution-led growth: Group CEO Anish Shah described FY26 as a “defining year marked by strong execution and breakthrough performance,” adding that the group is well-positioned despite global uncertainties.
Mahindra ended FY26 as a market leader across four segments , SUVs (by revenue), tractors, light commercial vehicles under 3.5 tonnes, and electric three-wheelers, where it holds a 40% share.