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Revenue
Pending
verification pending
Revenue YoY
29%
reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Mahindra & Mahindra delivered a stellar Q4 FY26 with PAT up 42% YoY and revenue up 29% YoY, driven by strong auto (33% PAT growth) and farm (13% PAT growth, excluding impairments) performance. Auto volumes grew 19% with margin expansion of 80bps, while farm volumes surged 24% with 150bps margin improvement. The EV business achieved PBIT positivity for the quarter, with EV penetration reaching 9.6% (double-digit in last two months). Management guided for mid-to-high teens SUV growth and mid-single-digit tractor growth in FY27, underpinned by robust product pipeline and capacity expansion. AI initiatives are expected to deliver ₹4,100 crore revenue impact by FY27. Key risk: commodity price inflation and potential fuel price increases could pressure demand and margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects SUV volume growth of 15-18% for FY27, driven by strong demand and capacity expansion.
- Tractor industry expected to grow around 5% in FY27, with M&M gaining market share through product upgrades.
- AI transform projects expected to contribute ₹4,100 crore in revenue, 2-3 ppt customer satisfaction improvement, and 10% reduction in product development time.
- Mahindra Electric achieved PBIT profit of ₹287 crore for FY26 including contract manufacturing, ahead of expectations.
Risks flagged
- Rising commodity prices and potential fuel price hikes could pressure margins and demand, especially in the SUV segment.
- Memory chip shortages persist due to AI demand, requiring costly inventory buildup and potentially impacting production.
- Tractor demand is sensitive to monsoon and base effects; a rainfall deficit in H2 could derail the 5% growth guidance.
- Gas shortages and labor availability issues affected April production; while improving, they remain a near-term risk.
Key quotes
- Profit after tax for Q4 is up 42%. And profit after tax for this fiscal year is up 35%.
- We are not looking at short-term actions to meet that number. That's a number that's what we believe our underlying growth rate should be.
- We are fully maxed out because we're doing well in exports. We're not able to do more than a certain number in domestic at this point of time.
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