Please refer enclosed

Mgmt Guided Margin ImprovementAnalyst Day Multiyear TargetsInvestor Communications View source PDF

M&M · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reaction · full curve 14 horizons · vs prior close

+6.0%1-day move

₹3109.90

prior close

₹3173.90

base price

In-mkt

timing

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AI summary

Mahindra & Mahindra reported strong Q4 and Full Year F26 results with consolidated PAT growing 42% YoY to Rs 4,668 crore in Q4 and 35% YoY to Rs 17,099 crore for F26. Revenue grew 25% to Rs 1.99 lakh crore. ROE reached 20%. Auto segment delivered standout performance with 19% volume growth and 80 bps margin expansion, becoming #1 SUV player with 25.3% market share. Farm equipment grew 24% in volumes with 150 bps margin improvement. Mahindra Finance reported 60% PAT growth with improving asset quality (GS3 at 3.41%). The company provided FY27 outlook expecting mid-single digit tractor industry growth, mid-to-high teen SUV volume growth for M&M, and high single-digit LCV growth. Multi-year targets were set including doubling Auto revenue to Rs 43,000 crore and Farm to Rs 29,000 crore by F31.

Likely market impact

Strong execution across businesses with margin expansion signals operational leverage. FY27 guidance appears achievable given capacity ramp-up plans and robust order pipeline. ROE improvement to 20% reflects quality of earnings and could support valuation re-rating.