Mahindra & Mahindra / Q4-FY24

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Positive2024-05-16Back to MM

Revenue

₹35,452 Cr

verified against source

Revenue YoY

—

reported change

EBITDA

Pending

latest reported figure

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Actual signal trajectory

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Revenue (₹ Cr)PositiveWatchNegative
12 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 33,892 · Positive source sentiment · 2023-08-04Q1 FY24Q2 FY24: 34,436 · Positive source sentiment · 2023-10-23Q2 FY24Q3 FY24: 35,299 · Positive source sentiment · 2024-02-09Q3 FY24Q4 FY24: 35,452 · Positive source sentiment · 2024-05-16Q4 FY24Q1 FY25: 37,218 · Positive source sentiment · 2024-08-01Q1 FY25Q2 FY25: 37,924 · Positive source sentiment · 2024-11-05Q2 FY25Q3 FY25: 41,470 · Positive source sentiment · 2025-02-07Q3 FY25Q4 FY25: 42,599 · Positive source sentiment · 2025-04-15Q4 FY25Q1 FY26: 45,529 · Positive source sentiment · 2025-08-01Q1 FY26Q2 FY26: 46,106 · Positive source sentiment · 2025-10-30Q2 FY26Q3 FY26: 52,100 · Positive source sentiment · 2026-02-10Q3 FY26Q4 FY26: 54,982 · Positive source sentiment · 2026-05-15Q4 FY2654,98233,892
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

M&M delivered a strong FY24 with standalone PAT up 48% YoY (64% excluding one-offs) and consolidated PAT up 25%, driven by auto (PAT up 2.5x to INR 4,700 crore) and resilient farm margins (core tractor margin 17.7%). Auto revenue grew 36% with SUV market leadership and LCV market share at 49%+. The XUV 3XO launch saw 50,000 bookings in 60 minutes, and management guided for mid-to-high teen volume growth in FY25. Farm sector is expected to grow ~5% in FY25 with favorable monsoons. Key risks include potential EV adoption slowdown and competitive pressure in last-mile mobility. Management reiterated 15-20% EPS growth and 18% ROE targets, with a INR 27,000 crore auto capex plan (including INR 12,000 crore for EVs) and INR 5,000 crore for farm over three years.

Colored figures show movement against the previous available record.

Guidance to track

  • Management expects auto volume growth in the mid-to-high teens for FY25, driven by new launches like XUV 3XO and Thar 5-door.
  • Farm sector expected to grow around 5% in FY25, with potential upside from favorable monsoons and farmer terms of trade.
  • Includes INR 12,000 crore for EVs, INR 8,500 crore for SUV ICE, INR 4,000 crore for CVs, and INR 1,500 crore for Susten.
  • Includes INR 2,800 crore for product development, INR 700 crore for capacity, and INR 600 crore for TREM V readiness.

Risks flagged

  • Global EV slowdown and low penetration in India may impact BEV launch success; management relies on 'wow' products to drive demand.
  • New entrants in electric three-wheelers may reduce market share, though management expects category growth to offset.
  • A INR 136 crore fraud in Aizawl branch raised concerns about internal controls; management claims strengthened processes.
  • Farm sector growth of 5% is tentative; weak monsoon or unfavorable terms of trade could delay recovery.

Key quotes

  • We've delivered what we committed and, in fact, much more, as you will see.
  • The cost of losing sales because you didn't have capacity is much lesser than having some capacity which is unused.
  • EV is the endgame. Hybrids can be something that's in between, and if the consumer wants more hybrid, then we will be ready for that.

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