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Revenue
₹45,529 Cr
verified against source
Revenue YoY
22%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
M&M reported a strong Q1 FY26 with consolidated PAT up 24% YoY to INR4,083 crore and ROE crossing 20.6% for the first time. Auto revenue grew 31% driven by SUV volume growth of 22% and market share expansion to 27.3% (+570bps). Farm tractor volumes rose 10% with market share at 45.2% (+50bps) and PBIT margin of 19.8%. Management maintained SUV growth guidance of mid-to-high teens for FY26, supported by new EV launches and refreshes. Key risks include rising steel prices (up 6% QoQ) and potential urban demand slowdown, though rural sentiment is improving. The EV business is ramping profitably without PLI accrual, with EBITDA positive at INR90 crore for MEAL.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed SUV volume growth guidance of mid-to-high teens for FY26, supported by new EV launches and refreshes.
- EV production is expected to ramp up from current 4,000 to 5,000-6,000 per month during the festive season, with further ramp-up after January 2026.
- Tech Mahindra's EBIT margin recovery is on track at 11.1% this quarter, with a target of 15% by F27.
- A new platform will be revealed on August 15, with more details shared at the Investor Day in November.
Risks flagged
- Steel prices have risen 6% QoQ, and while hedges mitigated Q1 impact, continued inflation could pressure margins in future quarters.
- Management acknowledged a tangible urban slowdown, which could affect auto sales if sentiment does not improve during the festive season.
- Management stated that if the economic environment deteriorates significantly, the mid-to-high teens SUV growth guidance could be at risk.
- As lower-priced EV variants launch, there is potential for cannibalization of ICE SUV sales, though management is agnostic due to similar unit margins.
Key quotes
- Consolidated profit after tax is up 24 and ROE is north of 20% for the first time, 20.6%.
- We stay with our number. So we stay with the mid to high teens as a growth percentage.
- We are comfortably covered on the railroads, the magnet issue as we've shared earlier. We have no disruption in production because of that.
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