Mahindra & Mahindra Income Statement

Financials in millions INR. Fiscal year is April - March.

Millions INR. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Jun '26 Jun 30, 2026	Mar '26 Mar 31, 2026	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022
Operating Revenue	1,883,481	1,769,751	1,404,539	1,226,273	1,086,549	901,706
Other Revenue	262,079	248,234	204,121	183,057	136,223	7,740
Revenue	2,145,559	2,017,985	1,608,661	1,409,330	1,222,772	909,446
Revenue Growth	26.44%	25.45%	14.14%	15.26%	34.45%	21.07%
Cost of Revenue	1,317,613	1,237,643	967,066	843,911	747,030	524,451
Gross Profit	827,946	780,342	641,594	565,419	475,742	384,995
Selling, General & Admin	150,430	146,992	128,991	123,027	112,060	97,016
Other Operating Expenses	245,165	226,137	190,561	174,597	150,743	133,410
Operating Expenses	464,622	440,027	375,133	342,986	306,090	265,453
Operating Income	363,324	340,315	266,461	222,433	169,652	119,542
Interest Expense	-96,520	-95,233	-90,433	-73,340	-56,995	-49,146
Earnings From Equity Investments	11,952	13,834	15,066	10,885	14,516	18,558
Other Non Operating Income (Expenses)	2,184	2,184	4,857	1,675	1,215	570.3
EBT Excluding Unusual Items	280,939	261,099	195,951	161,653	128,388	89,524
Impairment of Goodwill	-40.1	-40.1	-792.4	-325.2	-1,221	-
Asset Writedown	-6,282	-6,282	-4,362	-1,550	-10,013	-1,286
Other Unusual Items	-2,929	-2,929	-	-	23,449	5,379
Pretax Income	271,687	251,848	190,796	159,778	140,602	93,618
Income Tax Expense	69,261	65,631	50,065	37,080	26,858	21,088
Earnings From Continuing Operations	202,427	186,217	140,732	122,698	113,745	72,530
Net Income to Company	202,427	186,217	140,732	122,698	113,745	72,530
Minority Interest in Earnings	-17,726	-15,229	-11,441	-10,012	-10,930	-6,757
Net Income	184,701	170,989	129,291	112,686	102,815	65,773
Net Income to Common	184,701	170,989	129,291	112,686	102,815	65,773
Net Income Growth	34.53%	32.25%	14.74%	9.60%	56.32%	262.89%
Shares Outstanding (Basic)	1,117	1,117	1,115	1,114	1,113	1,111
Shares Outstanding (Diluted)	1,121	1,121	1,120	1,119	1,117	1,116
Shares Change	0.10%	0.09%	0.09%	0.13%	0.16%	0.10%
EPS (Basic)	165.32	153.10	115.91	101.14	92.41	59.20
EPS (Diluted)	164.35	152.18	115.06	100.70	91.96	58.83
EPS Growth	34.52%	32.26%	14.26%	9.51%	56.31%	264.30%
Free Cash Flow	-	20,519	-72,161	-155,759	-133,786	32,078
Free Cash Flow Per Share	-	18.31	-64.45	-139.22	-119.74	28.75
Dividend Per Share	-	33.000	25.300	21.100	16.250	11.550
Dividend Growth	-	30.44%	19.91%	29.85%	40.69%	32.00%
Gross Margin	38.59%	38.67%	39.88%	40.12%	38.91%	42.33%
Operating Margin	16.93%	16.86%	16.56%	15.78%	13.87%	13.15%
Profit Margin	8.61%	8.47%	8.04%	8.00%	8.41%	7.23%
Free Cash Flow Margin	-	1.02%	-4.49%	-11.05%	-10.94%	3.53%
EBITDA	399,702	375,487	296,807	247,497	194,402	140,422
EBITDA Margin	18.63%	18.61%	18.45%	17.56%	15.90%	15.44%
D&A For EBITDA	36,378	35,172	30,346	25,065	24,750	20,880
EBIT	363,324	340,315	266,461	222,433	169,652	119,542
EBIT Margin	16.93%	16.86%	16.56%	15.78%	13.87%	13.15%
Effective Tax Rate	25.49%	26.06%	26.24%	23.21%	19.10%	22.53%
Revenue as Reported	2,148,418	2,020,843	1,613,919	1,412,547	1,225,289	911,051
Advertising Expenses	-	16,529	14,271	13,123	12,043	10,429