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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.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.
- Profit rose 20.1% as tractors gained share and core investment advanced.M&M
Q4 97/98 - Core-division growth lifted FY97 net income to Rs. 209.33 crore.M&M
Q4 96/97 - Market-share gains and tractor leadership softened recession-driven profit declines.M&M
Q4 98/99 - Rural weakness cut profits, while tractor share gains and product investment bolstered resilience.M&M
Q4 00/01 - Profit grew as vehicle and tractor shares advanced and foreign-currency debt was cleared.M&M
Q4 99/00 - Margin resilience and Scorpio launch offset a difficult rural and vehicle market.M&M
Q4 01/02 - Record earnings and rising volumes fuel expansion amid input-cost and excise risks.M&M
Q4 04/05 - Record FY04 profits paired with 30% vehicle growth and tractor-market leadership.M&M
Q4 03/04 - Scorpio-led vehicle growth lifted FY03 earnings as weak monsoon hit tractor volumes.M&M
Q4 02/03 - Record standalone earnings and strong group growth, with exceptional gains and cost risks.M&M
Q4 05/06
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