Mahindra & Mahindra Revenue History — Quarter by Quarter

Mahindra & Mahindra's revenue moved from ₹33,892 Cr in Q1 FY24 to ₹54,982 Cr in Q4 FY26, a 62.2% change over 12 quarters. The table keeps each quarter linked back to the underlying earnings page.

Revenue by Quarter

Quarter	Revenue (₹ Cr)	YoY Change
Q4 FY26	₹54,982 Cr	+29%
Q3 FY26	₹52,100 Cr	+26%
Q2 FY26	₹46,106 Cr	+22%
Q1 FY26	₹45,529 Cr	+22%
Q4 FY25	₹42,599 Cr	—
Q3 FY25	₹41,470 Cr	+17%
Q2 FY25	₹37,924 Cr	+10%
Q1 FY25	₹37,218 Cr	+10%
Q4 FY24	₹35,452 Cr	—
Q3 FY24	₹35,299 Cr	+15%
Q2 FY24	₹34,436 Cr	—
Q1 FY24	₹33,892 Cr	+19%

What management said about revenue

Q4 FY26 · SUV volume growth of mid-to-high teens in FY27

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

Q4 FY26 · Tractor industry growth of ~5% in FY27

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

Q4 FY26 · AI to deliver INR 4,100 crore revenue impact by FY27

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

Q3 FY26 · EV volume target of 80,000+ units in FY27

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.

Q2 FY26 · Tractor industry growth raised to 10-12% for FY26

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

Q2 FY26 · SUV industry growth maintained at mid-to-high teens

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

Q1 FY26 · SUV volume growth guidance of mid-to-high teens for FY26

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

Q1 FY26 · EV ramp-up to 5,000-6,000 units per month by festive season

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.

Q4 FY25 · SUV growth to outpace industry in FY26

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.

Q4 FY25 · Tractor industry growth in high single digits for FY26

Management guided for tractor industry growth in high single digits for FY26, with M&M focusing on execution rather than market share targets.

Q3 FY25 · Q4 Tractor Industry Growth >15%

Management expects the tractor industry to grow over 15% in Q4 FY25, driven by good reservoir levels, Rabi sowing, and favorable terms of trade.

Q3 FY25 · Full Year Tractor Industry Growth ~7%

Based on Q4 growth, the full year tractor industry growth is expected to be over 7%.