India · Delayed Price · Currency is INR Mahindra & Mahindra Earnings Call Transcripts
Fiscal Year 2026
-
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.
-
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.
-
Consolidated profit rose 28% year-over-year, with all segments contributing strongly. Farm and auto businesses saw robust growth, while Mahindra Finance and Tech Mahindra delivered significant profit increases. Outlook for SUVs, LCVs, and tractors remains positive, with upward revision for tractor growth.
-
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
-
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.
-
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.
-
Auto and farm segments delivered double-digit growth in volumes, margins, and market share, with consolidated profit after tax up 20% year-over-year. EV ramp-up will be gradual to ensure quality, and new reporting for EV margins will start from Q4. Mark-to-market losses from KG Mobility impacted profits.
-
Consolidated PAT rose 35% year-over-year, with strong growth across auto, farm, and services segments. Auto market share and margins improved, while services outperformed tractors in profit contribution. Outlook remains positive, with temporary margin pressure expected from new launches.
-
Q1 saw robust operating performance with 20% profit growth (excluding one-offs), margin expansion, and market share gains in SUVs, LCVs, and tractors. Auto and farm segments led growth, while Mahindra Finance and Tech M showed early turnaround signs. ROE reached 19.4%, and the outlook remains positive, supported by new launches and capacity expansion.