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Mahindra & Mahindra Margin Trend — Quarter by Quarter

Mahindra & Mahindra's EBITDA margin moved from 18.0% in Q1 FY24 to 20.0% in Q3 FY26 across 5 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q3 FY2620.0%—
Q1 FY2618.0%—
Q2 FY2519.0%—
Q1 FY2519.0%—
Q1 FY2418.0%—

What management said about ebitda margin

G

Q1 FY26 · Tech Mahindra EBIT margin target of 15% by F27

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

G

Q2 FY25 · Auto PBIT margin medium-term goal of ~10%

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

G

Q3 FY24 · Farm machinery breakeven in 1.5-2 years

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

G

Q2 FY24 · Mahindra Finance credit cost target of 1.5%-1.7% for FY24

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

G

Q1 FY24 · ROE threshold of 18%

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