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Mahindra & Mahindra (M&M) investor relations material

Mahindra & Mahindra Q1 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 25/26 earnings summary31 Jul, 2025

Executive summary

  • Consolidated profit after tax rose 24% year-over-year to ₹4,083 crore, with ROE reaching 20.6% for the first time, surpassing the 18% target.

  • Revenue increased 22% year-over-year to ₹45,529 crore, with broad-based growth across auto, farm, financial services, and other segments.

  • Strong market share gains in SUVs and tractors, with significant margin improvements in core businesses.

  • Growth Gems businesses and Tech Mahindra contributed to overall profitability and margin recovery.

  • Cash generation remained robust, supporting investments and maintaining a strong cash balance despite rights issues.

Financial highlights

  • Consolidated revenue up 22% and profit after tax up 24% to ₹4,083 crore compared to the same quarter last year.

  • Auto segment revenue up 31% to ₹25,999 crore; Farm segment revenue up 12% to ₹10,892 crore.

  • EPS for the quarter at ₹36.4, a significant increase from the prior year.

  • Assets under management in financial services up 15% year-over-year.

  • Standalone PAT up 32% to ₹3,450 crore; standalone revenue up 26% to ₹34,143 crore.

Outlook and guidance

  • SUV growth guidance maintained at mid to high teens, supported by new electric SUV launches and product refreshes.

  • Tech Mahindra targets EBIT margin of 15% by FY27, with recovery on track at 11.1% in Q1.

  • MMFSL asset quality remains in line with commitments, with AUM up 15% year-over-year.

  • The company is monitoring the impact of new Environment Protection (End-of-Life Vehicles) Rules, 2025.

  • Expectation of continued strong performance, with focus on margin management and incremental growth in farm machinery.

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Frequently asked questions

Mahindra & Mahindra Limited is India's largest tractor and utility vehicle manufacturer. It provides a range of products and services including utility vehicles, information and communication technology-based solutions, financial services and farm equipment. The Company operates in five business segments: Farm Equipment, Consumer Solutions, Financial Services, Mahindra Retail/Mahindra Logistics and Corporate Investments. Mahindra & Mahindra Limited is based in Mumbai, India.

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