Mahindra & Mahindra Management Guidance Tracker

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.

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

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

Production is currently at 42,000/month and on track to hit 49,000 by end of fiscal year.

Susten plans to grow from 1.5 GW to 7 GW in 4 years, with 1 GW of bids already won in H1.

M&M expects to grow faster than the UV industry (SIAM forecast 10-12%), targeting mid-to-high teens growth.

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.

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

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

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

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

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 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.

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.

Management upgraded tractor industry growth outlook from 5-7% to low double digits (10-12%) for FY26, citing GST cuts and strong rural fundamentals.

Management reiterated SUV industry growth guidance of mid-to-high teens for FY26, unchanged from the start of the year.

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.

Management expects SUV volume growth of 15%-18% in FY27, driven by strong demand and capacity additions.

Management expects tractor industry growth of around 5% in FY27, based on base effects and rural sentiment.

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

Credit cost expected to decline from 2.3% in H1 to 1.5%-1.7% by year-end, driven by structural asset quality improvement.

Farm machinery business expected to break even in about 1.5 to 2 years with current growth plans.

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

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

Management expects farm machinery revenue to grow about 40% for the full year, up from 35% in H1.

Management guided for tractor industry to decline 10% in Q4 FY24, with full-year decline around 5%.

Management targets an initial monthly volume of about 5,000 units combined for the BE 6e and XEV 9e.

Capacity expansion on track to 49,000 units per month by end of current quarter, though near-term volumes may be impacted by XUV300 ramp-down.

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

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

The evaluation of international farm operations will be completed in Q4, with potential actions to be disclosed.

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.

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

PLI scheme for EVs is expected to last till fiscal 2028, with sufficient funds remaining to support claims.

Management stated there are no rights issues planned in the near future for any listed or unlisted subsidiaries.

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

Management expects to list Last Mile Mobility in FY28, with calendar 2027 being a realistic timeline.

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.

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

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

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

AI transform projects are expected to contribute INR 4,100 crore in incremental revenue by FY27.