Mahindra & Mahindra (M&M) investor relations material

Executive summary

• Consolidated profit after tax rose 34% year-over-year to ₹5,455 crore, with ROE at 23% and EPS up to ₹48.80, driven by strong performances across Auto, Farm, Finance, Tech, and Growth Gems.

• Revenue increased 28% year-over-year to ₹58,188 crore, with all major segments contributing to growth.

• Multiple business segments delivered value despite 400-500bps commodity inflation headwinds.

• Growth Gems profits tripled, with real estate and logistics showing significant turnarounds.

• Total comprehensive income attributable to owners reached ₹5,512.16 crore, up from ₹4,329.76 crore year-over-year.

Financial highlights

• Auto segment PAT up 21% to ₹2,129 crore; Farm segment PAT up 15% to ₹1,520 crore; Mahindra Finance PAT up 78%; Tech Mahindra PAT up 28%.

• Auto revenue up 32% to ₹34,387 crore; Farm revenue up 15% to ₹12,501 crore; Financial Services revenue at ₹7,200.72 crore.

• Basic EPS (not annualised) was ₹48.80, up from ₹36.58 in Q1 FY26.

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

• Logistics achieved highest-ever quarterly profit, turning around from losses.

Outlook and guidance

• Plans to double SUV and EV capacity by FY31, with new models launching from FY28.

• Farm segment to focus on new product launches, export acceleration, and addressing international execution.

• Mahindra Finance targets 70/30 wheels/non-wheels mix by 2031, aiming for INR 3 lakh crore book.

• Lifespaces targets INR 10,000 crore pre-sales by FY30, focusing on premium residential in three cities.

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