India · Delayed Price · Currency is INR Mahindra & Mahindra Earnings Call Transcripts
Fiscal Year 2026
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Q4 and full-year profits surged 42% and 35% year-over-year, driven by strong Auto, Farm, and EV performance, with robust cash generation and a 30% dividend hike. Outlook remains positive with ambitious growth targets and continued resilience amid supply chain and inflation risks.
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Record revenue and profit growth driven by strong performance across auto, farm, finance, and real estate segments. Robust demand, margin expansion, and capacity investments support a positive outlook, while commodity inflation and regulatory changes remain key risks.
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Consolidated profit rose 28% year-over-year, with strong growth in farm (54% PAT) and auto (14% PBIT) segments, and revenue up 22%. Outlook for SUVs remains mid to high teens, LCVs upgraded to low double-digit growth, and tractors to 10%-12%.
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Consolidated profit after tax rose 24% year-over-year, with ROE at 20.6% and revenue up 22%. Strong market share gains in SUVs and tractors, robust cash generation, and continued EV momentum offset headwinds from commodity inflation and international subsidiary write-downs.
Fiscal Year 2025
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A new life insurance JV targets rural and semi-urban India, leveraging Mahindra's distribution and Manulife's global expertise. The plan involves disciplined capital allocation, a protection-focused product suite, and a digital-first strategy, aiming for long-term value creation and market leadership.
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Auto and Farm segments delivered strong growth, with consolidated PAT up 20% and ROE at 18%. Strategic write-downs in international farm subsidiaries were offset by robust domestic performance and strong cash generation, positioning the group for continued above-market growth in FY2026.
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Auto and farm segments delivered double-digit growth in volumes, revenue, and margins, with consolidated profit after tax up 20% year-over-year. Mark-to-market losses from KG Mobility muted profit growth, but core businesses remain strong, and new EV launches are attracting non-traditional buyers.
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Consolidated PAT rose 35% year-over-year, with strong growth in auto, services, and improved margins. Domestic demand, especially rural, is robust, while international farm business faces headwinds. New electric SUV launches and continued investment in both ICE and EV capacity are planned.
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Q1 saw robust operating performance with 20% profit growth (excluding one-offs), strong market share and margin gains in Auto and Farm, and early signs of turnaround in Mahindra Finance and Tech M. Outlook remains positive with mid- to high-teens auto growth targeted for FY25.