M&M Q4 Results: Mahindra PAT Jumps 42% to Rs 4,668 Cr, Revenue Rises 29%

Major Highlights of M&M Q4 and FY26 Results

• Strong profit growth in Q4: M&M’s consolidated PAT for Q4 FY26 stood at Rs 4,668 crore, compared to Rs 3,295 crore in Q4 FY25. This marks a 42% year-on-year growth, showing strong business momentum despite a challenging operating environment.
  
• Revenue continues to rise: The company’s consolidated revenue for Q4 FY26 came in at Rs 54,982 crore, up 29% from Rs 42,599 crore in the same quarter last year. For the full financial year, revenue rose 25% to Rs 1,98,639 crore.
  
• Dividend increased by 30%: M&M announced a dividend of Rs 33 per share, which is 30% higher than the previous year. This reflects the company’s strong cash generation and confidence in future growth.
  
• SUV business remains a key growth driver: Mahindra retained its leadership in SUVs, with a 25.3% revenue market share in FY26, up 260 basis points. In Q4, SUV revenue market share stood at 24.5%, gaining 60 basis points year-on-year.
  
• Auto segment delivered robust growth: The auto business posted Q4 volumes of 3.07 lakh units, up 21%, including sales by LMM and MEAL. Utility vehicle volumes stood at 1.84 lakh units during the quarter. The auto segment’s consolidated Q4 revenue grew 32% to Rs 34,294 crore, while PAT jumped 49% to Rs 2,553 crore.
  
• Tractor business remained strong: The farm segment also delivered healthy growth, with Q4 tractor volumes rising 36% to 1.20 lakh units. M&M’s tractor market share stood at 42.1% in Q4, up 90 basis points, while the full-year tractor market share reached 43.6%.
  
• Farm segment crosses major milestone: In FY26, Mahindra’s tractor business achieved its highest-ever billing of over 5 lakh units, strengthening its leadership in the farm equipment market.
  
• Services business adds momentum: The services segment reported Q4 consolidated revenue of Rs 12,147 crore, up 23%, while PAT rose 64% to Rs 1,348 crore. For the full year, services revenue stood at Rs 43,698 crore, up 17%, with PAT growing 54%.
  
• Financial services business stays steady: Mahindra Finance reported 12% growth in assets under management, while gross stage 3 assets stood at 3.41%, indicating stable asset quality.
  
• Tech Mahindra shows margin improvement: Tech Mahindra reported improvement in profitability, with Q4 EBIT margin improving by 326 basis points. For FY26, Tech Mahindra’s EBIT stood at 12.6%, up 290 basis points.
  
• Growth businesses perform well: M&M’s “Growth Gems”, including real estate, logistics and Accelo, reported strong momentum, with PAT growing 50% during the year.
  

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Dr. Anish Shah, Group CEO & Managing Director, said, “FY26 has been a defining year marked by strong execution and breakthrough performance across several Group companies, despite geopolitical headwinds & several disruptions through the year. Auto & Farm further strengthened their leadership, supported by sustained customer demand for our differentiated products & operational discipline. TechM reported healthy traction in key new deal wins despite a challenging global environment. MMFSL pivoted to growth on the back of stable asset quality. Our Growth Gems have demonstrated significant momentum. The Group is well poised to accelerate in these uncertain times.”

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Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), said, “In Q4’FY26, the SUV Revenue share increased by 60 bps YoY, retaining the No 1 position. M&M is now the 5th largest exporter for PV + CV in F26. Tractors gained 90 bps in Q4 YoY, with a full year market share of 43.6% gaining 30 bps. Tractors achieved highest ever billing of 5 lakh+ in FY26. The market gains have been achieved by delivering strong margin performance.”
Amarjyoti Barua, Group Chief Financial Officer, said, “Despite a challenging macro environment, the Group delivered strong performance in FY26, with PAT growth of over 30%, reflecting the underlying strength of our portfolio. Strong cash generation during the year has reinforced our balance sheet, providing flexibility to fund future growth initiatives in line with our strategic priorities. Reflecting this performance and our continued focus on long-term value creation, we are pleased to announce a dividend increase of 30%.”

Overall, M&M’s Q4 and FY26 numbers show a company moving ahead with confidence across both its traditional strengths and new growth areas. From SUVs and tractors to financial services, technology, logistics and real estate, the Group delivered broad-based growth. With rising market share, improved margins, strong cash flows and a higher dividend, Mahindra has ended FY26 on a solid note and appears well-positioned to carry this momentum into the next financial year.
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