Mahindra & Mahindra
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Mahindra & Mahindra (M&M) investor relations material

Mahindra & Mahindra Q1 26/27 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 26/27 earnings summary30 Jul, 2026

Executive summary

  • Consolidated profit after tax rose 34% year-over-year to ₹5,455 crore, with ROE at 23% and revenue up 28% to ₹58,188 crore, reflecting strong performances across Auto, Farm, Finance, and Tech segments.

  • Auto profits rose 21%, Farm profits up 15%, Mahindra Finance profits surged 78%, and Tech Mahindra delivered a 28% profit increase year-over-year.

  • Growth Gems (Real Estate, Logistics, Aerostructures) profits tripled, driven by real estate, Accelo, and logistics.

  • Strong execution and operational excellence across all businesses, with multiple growth engines delivering value despite 400-500bps commodity inflation headwinds.

  • Total comprehensive income attributable to owners reached ₹5,512.16 crore, up from ₹4,329.76 crore in Q1 FY26.

Financial highlights

  • Revenue up 28% year-over-year to ₹58,188 crore; PAT up 34% to ₹5,455 crore; EPS grew to ₹48.80.

  • Auto segment revenue grew 32% to ₹34,387 crore, Farm 15% to ₹12,501 crore, Mahindra Finance had a strong quarter, and Growth Gems grew 39%.

  • Auto PBIT grew 28%, PAT by 21%; Farm PBIT up 9% after impairment, 12% before impairment, and PAT up 15%.

  • Free cash flow at Tech Mahindra up 94%; Real Estate GDV additions up 60%, residential pre-sales doubled.

  • Net profit margin improved to 10.31% from 9.61% year-over-year.

Outlook and guidance

  • Plans to double SUV capacity and accelerate EV volume growth; Farm segment to focus on new product launches and export acceleration.

  • Mahindra Finance targets a 70/30 split between wheels and non-wheels business by 2031, aiming for a INR 3 lakh crore book.

  • Lifespaces aims for INR 10,000 crore pre-sales by FY 2030, focusing on premium residential in Mumbai, Pune, and Bangalore.

  • Logistics expects continued momentum, with express logistics nearing EBITDA positive.

  • The company continues to monitor the impact of new Environment Protection (End-of-Life Vehicles) Rules, 2025, with potential financial implications yet to be determined.

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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.