Transcript of Q4 FY26 Earnings Call is enclosed
M&M · price
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Mahindra & Mahindra delivered exceptional Q4 FY26 results with PAT up 42% and full-year PAT growth of 35% - significantly above initial expectations. Auto segment drove 33% profit growth with 19% volume increase and 80 bps margin expansion, while Farm grew 13% (36% without impairments from exited international subsidiaries). Mahindra Finance posted 60% profit growth with GS3 asset quality at 3.41%. EV penetration reached double digits (10%+ in last two months), with M&M becoming #1 in revenue market share for EVs. Group ROE hit 20% for the full year. Management outlined bold multi-year targets: Auto revenue expected 8X by F31, Farm 3X, Mahindra Finance AUM 5X, and planned 16 new vehicle launches (10 ICE, 6 BEVs) by F31. AI initiatives are delivering tangible results with Rs 4,100 crore revenue impact tracked for F27.
This is a strongly positive earnings beat with robust guidance. The company is well-positioned for sustained growth driven by market share gains, EV leadership, AI-driven efficiency, and a resilient India macro tailwind. The multi-year targets and ROE maintenance suggest quality growth.