Financial Performance Highlights
Mahindra & Mahindra Limited reported record financial performance for FY 2025-26 with consolidated revenue of ₹1,98,639 crore (25% YoY growth) and profit after tax of ₹17,099 crore (32% YoY growth). Standalone performance showed revenue of ₹1,45,576 crore (24.6% growth) and PAT of ₹15,639 crore. The company achieved return on equity of 20.1% and earnings per share of ₹152.2 on consolidated basis.
Operational Excellence
Automotive Sector Performance
The automotive business delivered exceptional results with total vehicle sales of 11,17,698 units (18.8% growth), maintaining leadership in SUV revenue market share at 25.3% and LCV <3.5T segment with 52.3% market share. Electric vehicle penetration reached 9.6% in SUV portfolio with E-SUV revenue market share at 37.4%. Exports grew 18.2% to 41,030 vehicles.
Farm Equipment Dominance
The farm equipment sector achieved tractor sales of 5,26,403 units (24.0% growth) with domestic market share increasing to 43.6%. EBIT margins expanded by 110 bps to 20.8%, while farm machinery revenue grew 32% to ₹1,354 crore, demonstrating strong rural demand and operational efficiency.
Subsidiary Contributions
Tech Mahindra delivered robust performance with EBIT margin of 12.6% (290 bps improvement) and free cash flow of $616 million. Mahindra Finance achieved 12% AUM growth to ₹1,34,096 crore with GS3 at 3.4% (lowest in 8 years) and operational PAT growth of 60%. Mahindra Lifespaces added GDV of ₹18,060 crore with cumulative GDV exceeding ₹45,000 crore.
Strategic Initiatives & Investments
The company launched the NU_IQ modular multi-energy architecture with four SUV concepts and announced ₹15,000 crore investment in a new Nagpur manufacturing facility with capacity for 5 lakh vehicles and 1 lakh tractors annually (production starting 2028). Strategic acquisitions included 58.97% stake in SML Isuzu (renamed SML Mahindra) to strengthen CV portfolio and a 50:50 life insurance JV with Manulife involving ₹3,600 crore commitment each.
ESG Leadership & Sustainability
Mahindra demonstrated exceptional ESG performance with carbon neutrality commitment by 2040, achieving 90.10% waste recovery rate and 34% freshwater requirement met through recycled water. The company received TIME World's Top 50 Companies ranking (#44), DJSI World Index leadership in automobile sector, CDP 'A' climate rating, and Golden Peacock Global Award for Governance (5th consecutive year). CSR initiatives supported 1,00,007 girls through Project Nanhi Kali and trained 4,62,704 women through Project Kaabil.
Corporate Governance & Compliance
The Board recommended final dividend of ₹33 per share (660%) aggregating ₹4,103.65 crore. The 80th AGM is scheduled for July 30, 2026 to approve financial statements, dividend, director reappointments (Mr. Sat Pal Bhanoo and Mr. Ranjan Pant), and material related party transactions with Mahindra Electric Automobile Limited (up to ₹35,000 crore) and between MUSA and MFUSA (up to ₹6,000 crore).
Auditors reported adverse CARO remarks for 8 group entities and identified audit trail deficiencies in accounting software across multiple subsidiaries and joint ventures. However, internal financial controls were deemed adequate and operating effectively.
Outlook & Risk Factors
With India's GDP growth estimated at 7.7% in FY26, the company expects strong demand across auto, farm, and services sectors. Key risks include monsoon variability, commodity price fluctuations, geopolitical tensions impacting supply chains, and competitive intensity. Mitigation strategies focus on localization, robust hedging practices, cost optimization, and compliant product development.
The company maintains focus on global expansion, technology leadership, and continued investment in digital transformation and AI capabilities to drive future growth across all business segments.