Mahindra & Mahindra Income Statement

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

Millions INR. Fiscal year is Apr - Mar.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	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	1,768,435	1,404,539	1,226,273	1,086,549	901,706
Other Revenue	252,409	204,121	183,057	136,223	7,740
Revenue	2,020,843	1,608,661	1,409,330	1,222,772	909,446
Revenue Growth (YoY)	25.62%	14.14%	15.26%	34.45%	21.07%
Cost of Revenue	1,229,224	967,066	843,911	747,030	524,451
Gross Profit	791,620	641,594	565,419	475,742	384,995
Selling, General & Admin	127,306	128,991	123,027	112,060	97,016
Other Operating Expenses	254,241	190,561	174,597	150,743	133,410
Operating Expenses	454,768	375,133	342,986	306,090	265,453
Operating Income	336,852	266,461	222,433	169,652	119,542
Interest Expense	-95,909	-88,538	-73,340	-56,995	-49,146
Earnings From Equity Investments	13,834	15,066	10,885	14,516	18,558
Other Non Operating Income (Expenses)	-	2,962	1,675	1,215	570.3
EBT Excluding Unusual Items	254,777	195,951	161,653	128,388	89,524
Impairment of Goodwill	-	-792.4	-325.2	-1,221	-
Asset Writedown	-	-4,362	-1,550	-10,013	-1,286
Other Unusual Items	-2,929	-	-	23,449	5,379
Pretax Income	251,848	190,796	159,778	140,602	93,618
Income Tax Expense	65,631	50,065	37,080	26,858	21,088
Earnings From Continuing Operations	186,217	140,732	122,698	113,745	72,530
Net Income to Company	186,217	140,732	122,698	113,745	72,530
Minority Interest in Earnings	-15,229	-11,441	-10,012	-10,930	-6,757
Net Income	170,989	129,291	112,686	102,815	65,773
Net Income to Common	170,989	129,291	112,686	102,815	65,773
Net Income Growth	32.25%	14.74%	9.60%	56.32%	262.89%
Shares Outstanding (Basic)	1,124	1,115	1,114	1,113	1,111
Shares Outstanding (Diluted)	1,124	1,120	1,119	1,117	1,116
Shares Change (YoY)	0.35%	0.09%	0.13%	0.16%	0.10%
EPS (Basic)	152.18	115.91	101.14	92.41	59.20
EPS (Diluted)	152.18	115.06	100.70	91.96	58.83
EPS Growth	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	18.26	-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	39.17%	39.88%	40.12%	38.91%	42.33%
Operating Margin	16.67%	16.56%	15.78%	13.87%	13.15%
Profit Margin	8.46%	8.04%	8.00%	8.41%	7.23%
Free Cash Flow Margin	1.01%	-4.49%	-11.05%	-10.94%	3.53%
EBITDA	410,072	296,807	247,497	194,402	140,422
EBITDA Margin	20.29%	18.45%	17.56%	15.90%	15.44%
D&A For EBITDA	73,220	30,346	25,065	24,750	20,880
EBIT	336,852	266,461	222,433	169,652	119,542
EBIT Margin	16.67%	16.56%	15.78%	13.87%	13.15%
Effective Tax Rate	26.06%	26.24%	23.21%	19.10%	22.53%
Revenue as Reported	2,020,843	1,613,919	1,412,547	1,225,289	911,051
Advertising Expenses	-	14,271	13,123	12,043	10,429

Source: S&P Global Market Intelligence. Standard template. Financial Sources.