Mahindra & Mahindra (M&M) has reported a strong financial performance for the fourth quarter and full fiscal year 2026, driven by robust growth across its automotive, farm equipment, and services businesses.
The company’s consolidated profit after tax (PAT) for FY26 rose to ₹17,099 crore, marking a 35% increase year-on-year, while revenue surged 25% to ₹1,98,639 crore. For the fourth quarter, PAT grew 42% to ₹4,668 crore, with revenue climbing 29% to ₹54,982 crore. Reflecting the strong performance, the board approved a dividend of ₹33 per share, up 30%.
M&M maintained its leadership across multiple segments, retaining the top position in SUVs with a 25.3% revenue market share and dominating the light commercial vehicle (LCV) segment under 3.5 tonnes with a 52.3% share. The company also led the tractor market with a 43.6% share and emerged as a leader in electric three-wheelers with a 40% market share.
The automotive business delivered solid growth, with total vehicle volumes rising 21% year-on-year in Q4 to over 307,000 units. Utility vehicle (UV) volumes remained strong, helping the company sustain its leadership position. For the full year, vehicle volumes increased 19%, while profits and margins improved due to operational efficiency and strong demand for premium offerings.
The farm equipment segment also recorded significant growth, with Q4 volumes increasing 36% and full-year tractor sales crossing a record 500,000 units. The segment benefited from improved market share and strong rural demand, contributing to higher profitability.
In the services segment, which includes financial services, IT, logistics, and real estate, M&M reported robust momentum. Financial services arm Mahindra Finance saw assets under management grow 12%, while Tech Mahindra improved its EBIT margin to 12.6%, supported by new deal wins. Other businesses such as logistics and real estate also delivered strong profit growth.
Group CEO and Managing Director Anish Shah described FY26 as a “defining year,” highlighting strong execution despite geopolitical challenges. He noted that the group is well-positioned for future growth, supported by disciplined capital allocation and a diversified portfolio.
Rajesh Jejurikar, Executive Director and CEO of the Auto and Farm sectors, emphasized continued market share gains in SUVs and tractors, while CFO Amarjyoti Barua pointed to strong cash generation and balance sheet strength as key enablers for future investments.
Overall, M&M reported a return on equity (RoE) of 20.1% and earnings per share (EPS) of ₹152.2 for FY26. The company’s consistent performance across core businesses and emerging segments underscores its resilience amid a challenging macroeconomic environment.
Looking ahead, Mahindra remains focused on sustaining growth through innovation, operational efficiency, and strategic investments across its diversified business portfolio.
