Consolidated Financial Performance

Mahindra & Mahindra reported strong financial results for Q1 FY27 (quarter ended 30th June 2026) with consolidated revenue of Rs 58,188 crore, representing 28% year-on-year growth from Rs 45,529 crore in Q1 FY26. Consolidated PAT (Profit After Tax after Non-Controlling Interest) reached Rs 5,455 crore, up 34% from Rs 4,083 crore in the same quarter last year. The PAT margin stood at 9.4% compared to 9.0% in Q1 FY26. Return on Equity (RoE) was reported at 23.0% on an annualized basis, with EPS at 48.6.

Segment-wise Performance Breakdown

Automotive Business
  • Consolidated Automotive Revenue: Rs 34,387 crore (up 32% YoY)
  • Consolidated Automotive PAT: Rs 2,129 crore (up 21% YoY)
  • Standalone Automotive PBIT: Rs 2,212 crore (flat YoY)
  • Standalone Automotive PBIT Margin: 7.1%; excluding eSUV contract manufacturing: 8.3% (down 170 bps)
  • Total quarterly volumes: 304,421 units (includes sales by LMM & MEAL), up 23% YoY
  • UV volumes: 175,000 units
  • Market Leadership: #1 in SUVs with revenue market share at 25.0% (SUV volumes up 15% in Q1)
  • #1 in LCVs <3.5T: market share at 52.0% (includes Bolero Max Pickup 2T variant and Jeeto sold by LMM)
  • XEV 9S emerged as highest selling EV in India by Volume
Farm Equipment Business
  • Consolidated Farm Revenue: Rs 12,501 crore (up 15% YoY)
  • Consolidated Farm PAT: Rs 1,520 crore (up 15% YoY)
  • Standalone Farm PBIT: Rs 2,028 crore (up 11% YoY)
  • Standalone Farm PBIT Margin: 18.5% (down 130 bps)
  • Tractor volumes: 158,041 units (up 18% YoY)
  • Market Leadership: #1 in Tractors with market share at 44.9% (gained 280 bps QoQ)
  • Core Tractor PBIT margin: 19.2%
Services Business
  • Consolidated Services Revenue: Rs 12,899 crore (up 31% YoY)
  • Consolidated Services PAT: Rs 1,805 crore (up 80% YoY)
  • Key Subsidiary Performance:
  • MMFSL: AUM up 13%; GS3 at 3.45%; PAT (M&M share) up 78%
  • Tech Mahindra: EBIT margin at 14.4% (up 330 bps); PAT (M&M share) up 28%
  • Mahindra Lifespaces: Residential pre-sales of Rs 925 crore (up 2x); GDV acquired Rs 5,600 crore (up 60%)
  • Club Mahindra: Occupancy at 87%; room keys up 1%
  • Mahindra Logistics: Revenue Rs 2,003 crore (up 23%); PAT (M&M share) up 3x

Management Commentary

Dr. Anish Shah, Group CEO & Managing Director: Highlighted strong start to F27 despite macro headwinds, emphasizing the strength of the diversified portfolio and proactive actions. Noted that Auto and Farm businesses continued to strengthen leadership positions, while TechM and MMFSL made progress on strategic priorities, and Growth Gems accelerated growth momentum.

Mr. Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector): Reported resilience in Auto and Tractor business, achieving QoQ increase of 50 bps in SUV revenue market share and 150 bps in LCV (<3.5T) volume market share. Mentioned maintaining Core Tractor PBIT margin at 19.2% despite commodity inflation.

Mr. Amarjyoti Barua, Group Chief Financial Officer: Emphasized resilient performance across businesses with 34% PAT growth, praising supply chain teams for navigating uneven environment with significant commodity inflation. Reiterated commitment to value creation while maintaining strong balance sheet.

Additional Financial Data

| Consolidated Metrics | Q1 F27 | Q4 F26 | Q1 F26 | Full Year F26 |

| Revenue (Rs. Cr) | 58,188 | 54,982 | 45,529 | 1,98,639 |

| PAT (Rs. Cr) | 5,455 | 4,668 | 4,083 | 17,099 |

| PAT % | 9.4% | 8.5% | 9.0% | 8.6% |

| Segment PBIT Performance | Q1 F27 | Q4 F26 | Q1 F26 | Full Year F26 |

| Automotive PBIT (Rs. Cr) | 2,645 | 3,176 | 2,062 | 10,383 |

| Automotive PBIT % | 7.7% | 9.3% | 7.9% | 8.8% |

| Farm PBIT (Rs. Cr) | 1,781 | 1,019 | 1,631 | 5,517 |

| Farm PBIT % | 14.2% | 10.2% | 15.0% | 13.0% |

| Services PBIT (Rs. Cr) | 2,570 | 2,251 | 1,372 | 7,483 |

| Services PBIT % | 19.9% | 18.5% | 13.9% | 17.1% |

Note: PBIT figures are after Share of profit/(loss) of associates and joint ventures (net). Services segment represents Financial services segment & Industrial businesses & consumer services segment.

Standalone Performance Highlights

  • Total Vehicles sold: 304,421 units (Q4 F26: 306,508 units; Q1 F26: 247,249 units)
  • Total Tractors sold: 158,041 units (Q4 F26: 119,811 units; Q1 F26: 134,089 units)
  • Standalone Automotive Revenue: Rs 31,033 crore (Q4 F26: Rs 31,116 crore; Q1 F26: Rs 24,949 crore)
  • Standalone Automotive PBIT: Rs 2,212 crore (Q4 F26: Rs 2,955 crore; Q1 F26: Rs 2,221 crore)
  • Standalone Automotive PBIT %: 7.1% (Q4 F26: 9.5%; Q1 F26: 8.9%)
  • Standalone Farm Revenue: Rs 10,947 crore (Q4 F26: Rs 8,483 crore; Q1 F26: Rs 9,186 crore)
  • Standalone Farm PBIT: Rs 2,028 crore (Q4 F26: Rs 1,643 crore; Q1 F26: Rs 1,819 crore)
  • Standalone Farm PBIT %: 18.5% (Q4 F26: 19.4%; Q1 F26: 19.8%)

Market Position Highlights

  • #1 in electric 3 wheelers: market share at 39.5%
  • Strong performance across all business segments with market leadership positions maintained
  • Diversified portfolio showing resilience amid challenging macro environment

Board Meeting Details

  • Meeting held on 30th July 2026
  • Commenced at 11:10 a.m. and concluded at 12:50 p.m.
  • Results approved by the Board of Directors