Mahindra & Mahindra Management Guidance Tracker

20 forward-looking guidance items tracked across 5 quarters.

Growth

Q1 FY24Auto capacity to reach 39,000 units per month by Q4 FY24Active

Management confirmed that production capacity will increase to 39,000 units per month by the end of Q4 FY24, with current production already at that level.

Q1 FY24EPS growth target of 15-20%Tracked

Management reiterated a long-term EPS growth target of 15-20%, despite a strong 60% growth in Q1.

Q1 FY24Farm machinery growth target of 40% for FY24Tracked

Management expressed confidence in achieving at least 40% growth in farm machinery revenue for the full year.

Q1 FY25Mid-to-high teens SUV volume growth for FY25Active

Management reiterated expectation of mid-to-high teens growth in SUV volumes for FY25, supported by new launches and capacity.

Q1 FY25Tractor industry growth around 5% with upside potentialActive

Management maintained ~5% tractor industry growth outlook but noted favorable factors (monsoons, government spending) could push higher.

Q2 FY25Auto volume growth of mid-to-high teensTracked

Management expects full-year SUV portfolio volume growth of 15%-18%.

Q2 FY25Tractor industry growth of 6-7% for FY25Tracked

Revised tractor industry growth outlook to 6%-7% for the full year, implying 13%-15% H2 growth.

Q1 FY26SUV volume growth guidance of mid-to-high teens for FY26Active

Management reaffirmed SUV volume growth guidance of mid-to-high teens for FY26, supported by new EV launches and refreshes.

Q1 FY26EV ramp-up to 5,000-6,000 units per month by festive seasonActive

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.

Q3 FY26EV volume target of 80,000+ units in FY27Tracked

Management expects to sell over 80,000 EVs in FY27, driven by the three current models and a new model (BO7) launching in calendar 2027.

Margins

Q1 FY24ROE threshold of 18%Active

Management committed to maintaining an ROE of at least 18%, with current ROE at 24%.

Q2 FY25Auto PBIT margin medium-term goal of ~10%Tracked

Management targets auto PBIT margin to first reach FY19 levels of around 10% as a medium-term goal.

Q1 FY26Tech Mahindra EBIT margin target of 15% by F27Tracked

Tech Mahindra's EBIT margin recovery is on track at 11.1% this quarter, with a target of 15% by F27.

Other

Q1 FY25Logistics express business breakeven by end of Q2 FY25Active

Management committed to turning around the express logistics business to breakeven by the end of the current quarter.

Q1 FY25Effective tax rate ~23-24% for FY25Tracked

CFO guided effective tax rate for FY25 to be approximately 23-24%.

Q1 FY26New platform reveal on August 15 and Investor Day in NovemberActive

A new platform will be revealed on August 15, with more details shared at the Investor Day in November.

Q3 FY26Last-mile mobility IPO in FY27Tracked

Management plans to list the last-mile mobility business via an IPO in FY27 to unlock value.

Expansion

Q2 FY25EV launches in early 2025Active

Two electric origin SUVs (BE 6e and XEV 9e) to be revealed in November 2024 and in market early 2025.

Q3 FY26Capacity addition of 5,000-6,000 ICE units by July-August 2026Active

Debottlenecking will add 5,000-6,000 units per month for ICE products like XUV 3XO, Bolero, Scorpio-N, and Thar.

Q3 FY26Nagpur greenfield tractor capacity of 100,000 unitsTracked

A new greenfield plant in Nagpur will add 100,000 units of Mahindra-branded tractor capacity, with additional capacity for Swaraj under evaluation.