Mahindra & Mahindra Income Statement

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

Millions INR. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep '25 Sep 30, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Operating Revenue	1,557,963	1,404,539	1,226,273	1,086,549	901,706	742,778
Other Revenue	220,166	204,121	183,057	136,223	7,740	8,422
Revenue	1,778,129	1,608,661	1,409,330	1,222,772	909,446	751,200
Revenue Growth (YoY)	20.62%	14.14%	15.26%	34.45%	21.07%	-1.40%
Cost of Revenue	1,083,070	967,066	843,911	747,030	524,451	388,548
Gross Profit	695,059	641,594	565,419	475,742	384,995	362,653
Selling, General & Admin	137,218	128,991	123,027	112,060	97,016	87,653
Other Operating Expenses	201,505	190,561	174,597	150,743	133,410	129,812
Operating Expenses	400,972	375,133	342,986	306,090	265,453	251,136
Operating Income	294,087	266,461	222,433	169,652	119,542	111,517
Interest Expense	-93,073	-88,538	-73,340	-56,995	-49,146	-59,904
Earnings From Equity Investments	15,387	15,066	10,885	14,516	18,558	12,767
Other Non Operating Income (Expenses)	2,962	2,962	1,675	1,215	570.3	790.1
EBT Excluding Unusual Items	219,363	195,951	161,653	128,388	89,524	65,170
Impairment of Goodwill	-792.4	-792.4	-325.2	-1,221	-	-1,929
Asset Writedown	-4,362	-4,362	-1,550	-10,013	-1,286	-12,594
Other Unusual Items	-	-	-	23,449	5,379	2,830
Pretax Income	214,208	190,796	159,778	140,602	93,618	53,477
Income Tax Expense	59,142	50,065	37,080	26,858	21,088	16,458
Earnings From Continuing Operations	155,067	140,732	122,698	113,745	72,530	37,019
Earnings From Discontinued Operations	-	-	-	-	-	-21,895
Net Income to Company	155,067	140,732	122,698	113,745	72,530	15,124
Minority Interest in Earnings	-12,743	-11,441	-10,012	-10,930	-6,757	3,001
Net Income	142,324	129,291	112,686	102,815	65,773	18,125
Net Income to Common	142,324	129,291	112,686	102,815	65,773	18,125
Net Income Growth	19.94%	14.74%	9.60%	56.32%	262.89%	1326.71%
Shares Outstanding (Basic)	1,116	1,115	1,114	1,113	1,111	1,109
Shares Outstanding (Diluted)	1,122	1,120	1,119	1,117	1,116	1,114
Shares Change (YoY)	0.24%	0.09%	0.13%	0.16%	0.10%	0.48%
EPS (Basic)	127.51	115.91	101.14	92.41	59.20	16.34
EPS (Diluted)	126.44	115.06	100.70	91.96	58.83	16.15
EPS Growth	19.31%	14.26%	9.51%	56.31%	264.30%	1457.72%
Free Cash Flow	-26,105	-72,161	-155,759	-133,786	32,078	106,666
Free Cash Flow Per Share	-23.27	-64.45	-139.22	-119.74	28.75	95.72
Dividend Per Share	-	25.300	21.100	16.250	11.550	8.750
Dividend Growth	-	19.91%	29.85%	40.69%	32.00%	272.34%
Gross Margin	39.09%	39.88%	40.12%	38.91%	42.33%	48.28%
Operating Margin	16.54%	16.56%	15.78%	13.87%	13.15%	14.85%
Profit Margin	8.00%	8.04%	8.00%	8.41%	7.23%	2.41%
Free Cash Flow Margin	-1.47%	-4.49%	-11.05%	-10.94%	3.53%	14.20%
EBITDA	331,100	296,807	247,497	194,402	140,422	131,066
EBITDA Margin	18.62%	18.45%	17.56%	15.90%	15.44%	17.45%
D&A For EBITDA	37,013	30,346	25,065	24,750	20,880	19,549
EBIT	294,087	266,461	222,433	169,652	119,542	111,517
EBIT Margin	16.54%	16.56%	15.78%	13.87%	13.15%	14.85%
Effective Tax Rate	27.61%	26.24%	23.21%	19.10%	22.53%	30.78%
Revenue as Reported	1,783,387	1,613,919	1,412,547	1,225,289	911,051	753,109
Advertising Expenses	-	14,271	13,123	12,043	10,429	7,193

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.