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Informist, Tuesday, May 5, 2026

 

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--M&M Jan-Mar net profit INR 37.37 bln 
--Analysts saw M&M Jan-Mar net profit at INR 34.93 bln 
--M&M Jan-Mar revenue INR 395.54 bln 
--Analysts saw M&M Jan-Mar revenue at INR 383.40 bln 
--M&M Jan-Mar net profit INR 37.37 bln vs INR 24.37 bln year ago 
--M&M Jan-Mar revenue INR 395.54 bln vs INR 313.53 bln year ago 
--M&M to pay INR 33 per share final dividend 
--M&M final dividend record date Jul 3 
--M&M Q4 automotive revenue INR 311.16 bln vs INR 249.76 bln year ago 
--M&M FY26 net profit INR 156.39 bln vs INR 118.55 bln year ago 
--M&M Q4 farm equipment revenue INR 84.83 bln vs INR 64.28 bln year ago 
--M&M FY26 revenue INR 1.46 tln vs INR 1.16 tln year ago 
--M&M Jan-Mar operating margin 13.91% vs 13.35% year ago 
--M&M Jan-Mar EBITDA INR 55.09 bln vs INR 42.19 bln year ago 
--M&M Jan-Mar auto EBIT INR 29.55 bln vs INR 23.06 bln year ago 
--M&M Jan-Mar auto EBIT margin 9.5% vs 9.2% year ago 
--M&M Jan-Mar farm equipment EBIT INR 16.43 bln vs INR 12.50 bln year ago 
--M&M Jan-Mar farm equipment EBIT margin 19.4%, unchanged from year ago 
--M&M SUV revenue market share up 60 bps on year in Jan-Mar 
--M&M: BEV Jan-Mar revenue at INR 48.20 bln, EBITDA at INR 5.63 bln 
--M&M: BEV Jan-Mar EBIT at INR 2.45 bln, EBIT margin at 5.1% 
--M&M: Expect SUV ICE monthly capacity at 60,000 by Sept-end from 56,500 now 
--M&M: Scale-up during FY27 as part of debottlenecking, new product capacity 
--M&M:Creating NU_IQ capacity in Chakan, to be operational in phases by FY28 
--M&M: Planning 7 new launches under farm products in FY27 
--M&M: Aspire to grow SUV segment in mid to high teens in FY27 
--M&M: Expect tractors industry growth to be in mid single digit in FY27 
--M&M expects to launch 6 BEVs by 2031 vs earlier plans of 7 launches by 2030 
--M&M to launch 10 ICE SUVs by 2031 vs earlier plans of 9 launches by 2030 
 

 

By Gopika Balasubramanium

 

MUMBAI – The on-year growth in Mahindra & Mahindra Ltd.'s net profit for the March quarter was the highest in nine quarters, mirroring the strong appetite of consumers for its sports utility vehicles and its focus on premiumisation. At a 12-quarter high, the growth in top line was driven by robust sales in both its automotive and farm equipment verticals. Both the metrics comfortably beat consensus estimates.

 

As soon as the results were detailed, the company's shares, which were marginally lower, recovered. At 1501 IST, the stock was around 3% higher at INR 3,202.80 on the National Stock Exchange. 

 

The Thar-maker reported a net profit of INR 37.37 billion for the March quarter, registering year-on-year growth of over 53%. The net profit was also well above the consensus estimate of INR 34.93 billion. The robust growth in net profit was despite a sharp rise in costs of raw materials consumed during the quarter.

 

As for the top line, the company earned INR 395.54 billion from its core operations, up a little over 26% from the year-ago quarter. The company's revenue from operations was also easily above analysts' estimate of INR 383.40 billion. The company earned other income of INR 6.44 billion during the quarter, up nearly 26%. It also earned INR 468 million from investments related to joint ventures and subsidiaries. Adding these two items, the company's total income was INR 402.45 billion, up 26% on year.

 

The Bolero-maker's operating margin for the March quarter expanded to 13.91% from 13.35% in the corresponding quarter a year ago. Its earnings before interest, tax, depreciation, and amortisation grew around 31% on year to INR 55.09 billion. Total expenses increased 23% on year to INR 353.64 billion in the March quarter. The cost of raw materials consumed, which accounts for a lion's share in the overal expenditure, grew 21% on year to INR 281.65 billion. For 2025-26 (Apr-Mar), the company's revenue from operations was INR 1.46 trillion, up 25%, and its net profit was INR 156.39 billion, up nearly 32%.

 

SEGMENT, MARKET SHARE

M&M's automotive business, which accounts for 79% of its total sales, earned INR 311.16 billion in revenue, up 25% on year. This segment houses the compay's utility vehicles, which showed robust growth throughout FY26. The segment's overall volumes in the March quarter were 307,000 units, while volumes of utility vehicles were at 184,000 units. The company's SUV revenue market share improved by 60 basis points to 24.5% in the March quarter. The segment's EBIT rose 28% on year to INR 29.55 billion and the EBIT margin was 9.5%, against 9.2% a year ago. 

 

 

In Jan-Mar, sales from battery electric vehicles rose 64% on quarter to INR 48.20 billion. This sub-segment sells M&M's major electric sports utility vehicles such as the XEV 9 and BE 6. Its EBITDA for the reportering quarter was INR 5.63 billion, up from INR 1.75 billion a quarter ago. Its EBIT was INR 2.45 billion for Jan-Mar and the EBIT margin was 5.1%.  

 

M&M's revenue from the farm equipment segment, which offers tractors, harvestors, and the like, grew 32% on year to INR 84.83 billion. The segment's overall volume in March quarter was 120,000 units and its market share expanded 90 bps to 42.1%. The segment's EBIT rose 31% on year to INR 16.43 billion and the EBIT margin was 19.4%, unchanged from a year ago. 

OUTLOOK

M&M will take measures to scale up production capacities in FY27 as part of "debottlenecking" and adding new product capacity. The company will create 'NU_IQ' capacity in Chakan and it will be operationalised in phases by FY28. M&M will manufacture modular, multi-energy monocoque platform under 'NU_IQ', designed for compact to mid-sized sports utility vehicles. 

 

The company expects to expand its monthly production capacity of sports utility vehicles running on internal combustion engines to 60,000 by the end of September from 56,500 capacity as on Mar. 31. Additional capacity to produce 10,000 units of such cars will be added in FY27-end to cater to new launches in FY28, M&M said. The company aspires to grow its sports utility vehicle segment in "mid to high" teens in FY27.  

 

It also expects to ramp up production capacity of its battery-run sports utility vehicles by an additional 4,000 units by the end of FY27 in anticipation of new launches. As of the end of the March quarter, the company produced 8,000 operational electric cars a month. 

 

Under 'NEW ASPIRATION 2031', which started from Apr. 1, the company expects to launch 10 internal combustion engine-run sports utility vehicles and six electric sports utility vehicles. These include the remaining launches that the company planned in May 2024, under 'ASPIRATION 2030,' in which the company had planned to launch nine fuel-run sports utility vehicles and seven electric sports utility vehicles. M&M also plans to launch seven new farm products in FY27 and expects the tractor industry growth to be in "mid single" digit in FY27.  

 

The company will pay final dividend of INR 33 per share and has set a record date of Jul. 3 for this.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

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