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Revenue
₹41,470 Cr
verified against source
Revenue YoY
17%
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 delivered a strong Q3 FY25 with consolidated PAT up 20% YoY, driven by robust performance in Auto & Farm. Auto volumes grew 16% and SUV market share expanded 200bps to 23%, while Farm volumes rose 20% with market share at 44.2%. Auto standalone PBIT margin improved to 9.7% (+120bps YoY) and Farm core tractor margin reached 19.5% (+260bps). The company is preparing for the BE 6e and XEV 9e electric SUV launch with bookings opening Feb 14, targeting 5,000 units/month combined. Management guided for Q4 tractor industry growth >15% and expects positive momentum into FY26. A key risk is the mark-to-market hit from KG Mobility investment, which depressed reported profits despite strong operational performance.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the tractor industry to grow over 15% in Q4 FY25, driven by good reservoir levels, Rabi sowing, and favorable terms of trade.
- Based on Q4 growth, the full year tractor industry growth is expected to be over 7%.
- Management targets an initial monthly volume of about 5,000 units combined for the BE 6e and XEV 9e.
- The evaluation of international farm operations will be completed in Q4, with potential actions to be disclosed.
Risks flagged
- A significant mark-to-market loss from KG Mobility investment depressed reported profits despite strong operational performance.
- Analyst raised concern about quality issues during EV ramp-up; management acknowledged and plans gradual ramp-up to avoid quality trade-offs.
- The LCV segment (2-3.5 ton) continues to see low single-digit growth, and management is unable to explain the sluggishness despite favorable economic factors.
- CAFE 3 norms are still under debate with no consensus, potentially delaying implementation and creating regulatory uncertainty.
Key quotes
- We are not looking at selling this on economy or fuel saving and so on. We were selling this as a lifestyle SUV statement, what we may call objects of desire.
- None of our vehicles on a per-unit basis are selling at a loss on a net margin basis, on the net variable margin basis.
- We are very mindful of not trying to ramp this up too fast... we will not trade off the number for the quality.
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