Mahindra & Mahindra Ltd
Mahindra & Mahindra Q4 FY26 earnings call: Revenue & Margins
Q4 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Auto revenue grew 32% in the recent quarter; farm revenue grew 26%, Growth Gems 30%, and Mahindra Finance 14%. Mahindra & Mahindra targets a longer-term EPS growth of 15%-20% annually over the next 5 years (Page 14).
From Mahindra & Mahindra Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Auto revenue grew 32% in the recent quarter; farm revenue grew 26%, Growth Gems 30%, and Mahindra Finance 14%.
- For the full year, standalone revenue grew 25% and PAT grew 34%.
- SUV growth guidance remains mid-to-high teens for the third successive year, despite risks like fuel price increases or commodity costs.
- Farm machinery volume grew 32%; eyeing continued volume and margin growth.
- Electric vehicle (EV) penetration reached 9.6%, exceeding 10% in the last two months, signaling a strong growth trend.
- Long-term EPS growth target is 15-20% annually over the next 5 years.
2 more points management made on revenue & sales performance
Profitability & Margins
See what Mahindra & Mahindra Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- CapEx is planned within the current 3-year cycle, with more details to be shared in July.
- New products, including 10 ICE SUVs and 6 EVs, are being developed, many from the NU_IQ platform.
- The NU_IQ platform supports both ICE and EV models with high fungibility, enabling flexible production.
- Significant capacity ramp-up is planned for existing models like the 9S in FY27, with no major new launches until NU_IQ lines begin.
- Real estate, logistics, and new energy businesses (generators plus solar) are highlighted as value-creating areas with ongoing investments.
- Aerospace ambitions aim to become a Top 5 global aero structures company, with potential acquisitions considered if return thresholds are met.
2 more points management made on capital expenditure plans
Top-ranked in Automobiles
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Mahindra & Mahindra Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- In the last 12+ months, Mahindra's aerospace business has secured about $1 billion in orders.
- This is a significant increase compared to $150 million of orders accumulated over the previous 12-15 years.
- Global OEMs have shown strong interest in Mahindra as a reliable supplier amid supply chain challenges.
- These OEMs have extended support for acquisitions to help Mahindra scale up, with an emphasis on guaranteed returns over 5 years.
2 more points management made on order book & pipeline
Mahindra & Mahindra Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹55.0K Cr, net profit ₹5.3K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What M & M's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY25 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q3 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
- Q4 FY23 earnings call →
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Frequently Asked Questions
What were Mahindra & Mahindra Ltd Q4 FY26 results?
Auto revenue grew 32% in the recent quarter; farm revenue grew 26%, Growth Gems 30%, and Mahindra Finance 14%. Mahindra & Mahindra targets a longer-term EPS growth of 15%-20% annually over the next 5 years (Page 14).
What is Mahindra & Mahindra Ltd share price analysis?
Mahindra & Mahindra Ltd currently shows a neutral. The stock trades at a P/E of 22.2 with a market cap of ₹426,319 Cr. Investors should review the full earnings analysis for detailed insights.
Is Mahindra & Mahindra Ltd planning capital expenditure?
CapEx is planned within the current 3-year cycle, with more details to be shared in July.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.