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Revenue
₹42,599 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
M&M delivered a strong Q4 FY25 with SUV volumes up 20% and market share reaching 22.5% (+210bps). Farm tractor market share hit a record 43.3% (+170bps) with standalone margins at 20.8% in Q4. The BEV business is EBITDA positive at INR 10 crore (MEAL standalone) with strong initial demand skewed to top packs. Management guided for SUV growth ahead of industry in FY26, aided by full-year contributions from Thar ROXX and 3XO, and expects tractor industry growth in high single digits. Key risks include competitive intensity in tractors and EV ramp-up complexity, particularly delivery experience and supply chain learning curves.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects M&M SUV volumes to grow faster than the industry in FY26, driven by full-year contributions from Thar ROXX and 3XO, and incremental EV volumes from a new customer base.
- Management guided for tractor industry growth in high single digits for FY26, with M&M focusing on execution rather than market share targets.
- M&M plans to slow BEV deliveries in April-May to improve customer experience, with average waiting time of ~4 months. Production capacity is at 5,000/month initially.
- Management expects technical certification for PLI on XEV 9e by Q2 FY26, at which point cumulative PLI for all sold vehicles will be accrued.
Risks flagged
- Management noted that Q4 tractor margins benefited from lower competitive intensity; if competition increases, margins may come under pressure.
- Management highlighted that BEV deliveries are more complex than ICE, with software updates and customer onboarding taking 2-3 hours, leading to a deliberate slowdown in April-May.
- An analyst raised concerns about Chinese rare earth metal export restrictions; management clarified that end-use certification is needed but process is unclear, though inventory provides near-term cover.
- Three strategic international farm subsidiaries (Turkey, Brazil, MAgNA) had an aggregated loss of INR 104 crore in FY25, with Turkey losing share due to early TREM V compliance.
Key quotes
- We do not go after market share. Our focus is execution. If execution results in higher market share, we will get it.
- We would rather give ourselves two or three months to build this capability and rhythm rather than be in the mindset of, 'Let's get the numbers out.' That's not a priority at the moment. The priority is to do this well.
- We have a unique advantage of not being so well entrenched an auto player like some of the big players in the Western world are. We were a learning organization without so much of legacy capability and system that we can't adapt.
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