M&M Q4 Results 2026 Highlights: Consolidated net profit soars 42% to ₹4,667.57 cr, revenue up 29%; dividend declared

Consolidated Q4 revenue of the services segment increased by 23% to ₹12,147 crore, while PAT jumped 64% YoY to ₹1,348 crore.

The Q4 exit assets under management (AUM) of Mahindra & Mahindra Financial Services Limited (MMFSL) rose by 12%.

Tech Mahindra Q4 EBIT margin improved by 326 basis points. Mahindra Lifespaces Q4 residential pre-sales at ₹1,633 crore were up 55%.

The farm segment's Q4 volumes jumped 36% to 1,20,000, while market share rose by 90 basis points to 42.1% during the quarter.

Consolidated Q4 revenue of the farm segment saw a healthy 26% rise to ₹10,022 crore, while PAT inched up by just 1% to ₹768 crore.

The auto segment's Q4 volumes stood at 3,07,000, including sales by LMM and MEAL, rising 21%, while UV volumes stood at 1,84,000 during the quarter.

Q4 SUV revenue market share increased by 60 basis points to 24.5%.

Standalone Q4 PBIT rose by 28% to ₹2,955 crore, while PBIT margin stood at 9.5%.

The segment's consolidated Q4 revenue rose by 32% to ₹34,294 crore, while PAT jumped by 49% to ₹2,553 crore.

Mahindra & Mahindra’s SUV revenue share rose by 60 basis points year-on-year in Q4 FY26, helping the company retain its No. 1 position, said Rajesh Jejurikar, Executive Director and CEO (Auto and Farm). He added that M&M became the fifth-largest exporter in the PV and CV segments in FY26. In the tractor business, market share increased by 90 basis points in Q4, while the full-year share stood at 43.6%, up 30 basis points.

Mahindra & Mahindra reported healthy volume growth in Q4 FY26, with total sales rising 21% year-on-year to 3.06 lakh units, compared to 2.53 lakh units in the same period last year.

Within this, the tractor segment delivered a strong performance, with volumes increasing 36% to 1.19 lakh units from around 88,000 units in Q4 FY25, highlighting robust rural demand.

The company also saw an improvement in its revenue mix during the March quarter. SUV revenue share increased by 60 basis points year-on-year, while tractors saw a sharper 90 basis point rise, reflecting stronger contribution from both key segments.

According to Rajesh Jejurikar, the tractor business achieved its highest-ever billing of over 5 lakh units in FY26. This milestone underscores the segment’s sustained momentum and its growing importance in the company’s overall performance.

Mahindra & Mahindra reported a solid operational performance in Q4 FY26, with overall volumes rising 27% year-on-year, reflecting strong demand across segments. However, on a sequential basis, volumes declined 5%, indicating some moderation compared to the previous quarter.

The growth was broad-based, with the automobile segment posting a 23% YoY increase, driven largely by continued traction in its SUV portfolio. The farm segment outperformed, with tractor volumes jumping 36% YoY, highlighting resilient rural demand and a strong recovery in the agri cycle.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter increased to ₹5,565 crore, a 19% growth from last year.

EBITDA margin narrowed by 80 basis points from 14.9% last year to 14.1% during the ongoing quarter.

Post the earnings, the stock rose 1.2% to ₹3,105.75 per share on BSE.

Revenue from operations for the quarter stood at ₹54,891.55 crore, registering a robust 29% year-on-year growth from ₹42,585.67 crore in Q4 FY25. Sequentially, revenue rose 6.4% from ₹51,579.95 crore.

Recommendation of a Final Dividend of Rs. 33 (660%) per Ordinary (Equity) Shares of the face value of Rs. 5 each for the financial year ended 31st March 2026 (vis-à-vis Rs. 25.3 (506%) per Ordinary (Equity) Shares, declared for the previous financial year ended 31st March 2025).

The company posted a consolidated net profit of ₹4,667.57 crore, marking a 41.65% increase compared to ₹3,295.17 crore in the corresponding quarter last year.

Motilal Oswal Financial Services (MOFSL) expects Mahindra & Mahindra to report a relatively moderate PAT growth of around 33% year-on-year for Q4, while sequential profitability is likely to decline across most estimates.

Revenue is projected to grow between 19% and 24% YoY, with the topline seen in the range of ₹37,287 crore to ₹38,912 crore.

HDFC Securities projected M&M's Q4 revenue at ₹37,817.1 crore, a solid 20.6% YoY growth. Their estimates peg the company's PAT at ₹3,506.3 crore.

“On a QoQ basis, EBIT margin to contract 80bps to 19.4% for the farm segment, mainly impacted by higher raw material cost and lower operatingleverage, though partially negated by better HP mix,” HDFC Securities added.

PL Capital expects Mahindra & Mahindra to report a strong Q4 performance, with revenue likely to rise 27.8% year-on-year to ₹40,056.4 crore. The brokerage also estimates adjusted PAT to grow around 46% YoY to ₹3,558.4 crore, supported by robust volumes in both the automotive and farm equipment segments along with better realisations.

The brokerage noted that higher raw material costs and increased EV penetration may weigh on margins. However, these pressures are likely to be partly offset by cost optimisation measures, resulting in a modest margin decline of around 50 basis points on a year-on-year basis.

In a filing dated March 24, Mahindra & Mahindra said its Board of Directors will meet on May 5 to consider and approve the audited standalone and consolidated results for the fourth quarter and financial year ended March 31, 2026.

The board will also evaluate and recommend a dividend on equity shares for FY26, if deemed appropriate.

Brokerages expect the company’s revenue to grow in the range of 18% to 24% year-on-year, potentially crossing ₹38,000 crore, supported by strong traction in its automotive segment. Net profit (PAT) is also seen rising sharply, with estimates suggesting growth between 21% and 48% year-on-year, reflecting operating leverage from higher volumes.

Street expectations point to a strong operational performance, led by robust SUV demand and healthy volume growth, which is likely to drive both revenue and profitability sharply higher on a year-on-year basis. However, rising input costs and a growing electric vehicle (EV) mix could weigh on margins, making management commentary critical for future outlook.