• Consolidated PAT at Rs 3,673 cr., up 28%*
• Consolidated Revenue at Rs 46,106 cr., up 22%
• RoE at 19.4% (annualized)
• #1 in SUVs with revenue market share at 25.7%, up 390 bps
• #1 in LCVs <3.5T: market share at 53.2%^{^}, up 100 bps
• #1 in Tractors: market share at 43.0%, up 50 bps
• #1 in electric 3 wheelers: market share at 42.3%
• MMFSL PAT up 45%; stable GS3 <4%
• Tech Mahindra EBIT at 12.1% up 250 bps
• Continued momentum in Growth Gems 

*Excluding one time gain on land sale in Q2 F25, SML Isuzu tax impact and prior period PLI benefits in Q2 F26

^Bolero Max Pickup 2T variant classified under LCV 2-3.5T, includes Jeeto sold by LMM 

Bengaluru, November 4, 2025: The Board of Directors of Mahindra & Mahindra Limited today approved the financial results for the quarter ended 30^th September 2025.

Key financials:

PAT is PAT after Non-Controlling Interest. For summary of standalone financials, refer Annexure 1

^#28% excluding one time gain on land sale in Q2 F25, SML Isuzu tax impact and prior period PLI benefits in Q2 F26 

Mahindra & Mahindra reported strong operating performance across businesses in the second quarter of F26 with consolidated PAT of Rs 3,673 cr., up 28%*. Auto and Farm continue to deliver on growth and margins. Financial services delivered 45% growth in PAT, while keeping asset quality strong. TechM continued its journey of margin expansion with EBIT improvement of 250 bps. Our growth gems continue to make strong progress with notable commercial wins in Aero, 2x presales at Mahindra Lifespaces & double-digit revenue growth in others. 

Auto

• Quarterly volumes at 262k (includes sales by LMM & MEAL), up 13%; UV volumes at 146k
• Q2 SUV revenue market share at 25.7%, up 390 bps
• Standalone PBIT Rs 2,281 cr., up 14%; PBIT margin 9.2%, excl. eSUV contract mfg. 10.3%, up 80 bps
• Consolidated Revenue Rs 27,171 cr., up 25%
• Consolidated PAT Rs 1,536 cr., up 8%

Farm

• Highest ever Q2 market share at 43.0%, up 50 bps; volumes at 123k, up 32%
• Standalone PBIT Rs 1,684 cr., up 48%; PBIT margin at 19.7%, up 220 bps
• Consolidated Revenue Rs 10,225 cr., up 25%
• Consolidated PAT Rs 1,163 cr., up 45%

Services

• MMFSL PAT up 45%; GS3 <4%
• Tech Mahindra EBIT margin at 12.1%, up 250 bps
• Mahindra Lifespaces residential pre-sales of Rs 752 cr.; GDV acquired Rs 1.7k cr., up 2.6x
• Club Mahindra occupancy at 73%; room keys up 5%
• Mahindra Logistics revenue Rs 1,685 cr., up 11%
• Consolidated Services Revenue Rs 10,048 cr., up 12%
• Consolidated Services PAT Rs 975 cr., up 3%

Commenting on Q2 F26 performance

Dr. Anish Shah, Group CEO & Managing Director, M&M Ltd., said, “We are pleased with the strong execution and solid performance delivered across the group in Q2’F26. Auto and Farm sustained their leadership with consistent gains in market share and profitability. TechM is progressing well on its transformation journey. MMFSL achieved a 45% PAT growth and remains committed to quality growth and digital transformation. Our Growth Gems are steadily advancing towards their ambitious goals, reinforcing our long-term value creation potential.”

Mr. Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd. said, “Strong performance of our Auto and Farm businesses continues in Q2’F26 reinforcing our leadership position, with a gain of 390 bps YoY in SUV revenue share, and 100 bps YoY in LCV (< 3.5T) market share. In Tractors, we gained 50 bps YoY to reach 43.0% market share. Our Auto Standalone PBIT margin (excl. e-SUV Contract Mfg.) improved by 80 bps to 10.3% and core Tractor PBIT margins improved by 190 bps to 20.6%.”

Mr. Amarjyoti Barua, Group Chief Financial Officer, M&M Ltd. said, “Our solid Q2 consolidated results reflects the strength of our diversified portfolio. We continue to deliver on our strategic priorities. We had strong cash generation in the first half, delivering over 10k crores of operating cash flow. We remain committed to sustainable growth and value creation.”

Annexure 1 

Summary of standalone financials:

Rs cr.

^# Includes 38,995 in Q2 F26 and 28,266 in Q2 F25, volume sold by LMM. Includes 12,404 BEVs sold by MEAL in Q2 F26.

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In the Utility Vehicles segment, Mahindra sold 56,233 vehicles in the domestic market, a growth of 10% and overall, 58,714 vehicles, including exports. The domestic sales for Commercial Vehicles stood at 26,728, a growth of 18%. The Billing numbers of SUVs for September were subdued due to availability of trailers in the last 10 days of the month.

According to Nalinikanth Gollagunta, CEO, Automotive Division, M&M Ltd., “In September, we achieved SUV sales of 56,233 units, a growth of 10%, and total vehicle sales of 100,298 units, a 16% growth compared to the same month last year. 

Thanks to the impetus from GST 2.0 and the preceding weeks’ pent-up demand, we have seen robust growth in dealer reported customer retails during the first nine days of Navratri*, with over 60% growth in the SUV segment and over 70% growth in the CV segment compared to the first nine days of Navratri last year. 

The surge in festive demand has placed significant constraints on availability of trailers. We are working to improve dispatches to our dealer network within the constraints.”

Note- Total vehicle sales of 100,298 units include SUVs, LCVs (<3.5T), 3-wheelers, and export volumes

* Dealer reported customer retail estimates for first nine days of Navratri compared to first nine days of Navratri last year

** Above UV Sales includes sales made by subsidiary company Mahindra Electric Automobile Limited

*** Above Sales Includes sales made by subsidiary company Mahindra Last Mile Mobility Limited

****Above Sales includes Bolero Maxx PUP HD 1.9 & HD 2.0

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Consequent to completion of the aforesaid transaction, SAMPO would cease to be a wholly owned subsidiary of the Company.

This divestiture aligns with M&M’s focus on opportunities that best position the Company for long-term success. Sampo has contributed meaningfully to M&M since it became part of the group. Some of the technologies developed by Sampo have been instrumental in building M&M’s farm machinery capabilities. By transitioning its ownership of SAMPO to a new owner, the Company believes it will enable SAMPO to pursue new pathways for innovation and growth building on its rich heritage and understanding of the Finnish market.

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·     MAHLE product is used in the first platform of battery electric vehicles from M&M

·     Award for innovative functions and best energy efficiency

·     India is one of MAHLE’s core markets with high local production

·     MAHLE makes decisive contribution to the transformation of the Indian vehicle market towards e-mobility

Mahindra & Mahindra Limited (M&M), one of the largest car manufacturers in India, has given MAHLE the “Special Appreciation Award” for its Intelligent Thermal Management System (ITMS). MAHLE has developed the system especially for the first platform of battery electric vehicles (BEV) XEV 9e and BE 6 from M&M. The ITMS was designed specifically for regional market requirements. Particularly noteworthy are the intelligent control strategy and software, which optimize the temperature in the interior and the battery as well as the air flow at the cooling module. As a result, MAHLE has significantly improved the energy efficiency of the system and reduced the power consumption of the electric compressor by 15 to 20 percent compared to reference vehicles without making any concessions in terms of comfort. India is one of the core markets of the German automotive supplier. Therefore, many parts are produced locally. The Indian e-vehicle market is in an early growth phase, to which electric two-wheelers (e2Ws) and electric tricycles (e3Ws) make a significant contribution. Annual new registrations of e-vehicles are expected to reach 5.9 million units by 2030. MAHLE is committed to make a decisive contribution to this transformation.

“I am very proud of our team in India. M&M honored the great cooperation, the first-class results and our contributions to M&M’s recently launched battery-electric vehicles”, said Jumana Al-Sibai, member of the MAHLE Group Management Board for Thermal and Fluid Systems. “With this award, MAHLE continues to demonstrate its commitment to innovation and excellence in providing cutting-edge solutions for its customers.”

The series production of the Intelligent Thermal Management System started after a 24-month development period at the end of last year. It includes functions such as intelligent control with advanced algorithms, optimal temperature control and multiple fault detection and -diagnosis. Many components of the thermal system, including ventilation and air conditioning (HVAC) module, cooling module, controller, and coolant pump, are produced locally in India.

The group has been operating in India for six decades, with 14 locations including 11 manufacturing plants and one tech center, employing around 4,400 people. The company is producing electric drives for small vehicles for the local market – for motorcycles, scooters, and small transporters. For MAHLE, India is an important growth market. In 2024, MAHLE India achieved sales of 400 million Euros. The company plans to significantly expand its research and development activities on-site to pave the way for the widespread use of alternative drives.

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Q4 Consolidated PAT at Rs 3,295 cr., up 20%

Dividend of Rs 25.3 per share, up 20% 

F25 Key Highlights 

·         #1 in SUVs, revenue market share at 22.5%, up 210 bps

·         #1 in LCV <3.5T: market share at 51.9%^{^}, up 290 bps

·         #1 in Tractors: highest ever full year market share at 43.3%, up 170 bps

·         #1 in electric 3 wheelers: market share at 42.9%, volume growth of 4.5x in 3 years

·         MMFSL AUM up 17%; GS3 < 4%; PAT up 33%

·         Tech Mahindra EBIT 9.7%, up 360 bps

·         MLDL highest ever GDV acquisition of Rs 18K cr., residential presales at Rs 2,804 cr., up 20%

·         MHRIL room inventory at 5,847, up 10%, highest addition of 520 keys

·         F25 Consolidated Revenue at Rs 1,59,211 cr., up 14%

·         F25 Consolidated PAT at Rs 12,929 cr., up 20%*

·         F25 ROE at 18.1%, EPS at Rs 115.1 … in line with commitments 

* Excluding impact of KG Mobility ^ Bolero Max Pickup 2T variant classified under LCV 2-3.5T 

Bengaluru, May 5, 2025: The Board of Directors of Mahindra & Mahindra Limited today approved the financial results for the quarter and year ended 31^st March 2025.

Key financials:

Rs cr.	Q4 F25	Q4 F24	Growth% YoY	F25	F24	Growth% YOY
Consolidated Results
Revenue	42,599	35,452	20%	159,211	139,078	14%
PAT	3,295	2,754	20%	12,929	11,269	15%#

PAT is PAT after Non-Controlling Interest. For summary of standalone financials, refer Annexure 1

^# 20% growth excluding impact of KG Mobility 

Mahindra & Mahindra delivered solid results across multiple businesses in F25 on the back of strong growth, execution excellence and capital allocation discipline. Auto and Farm maintain market leadership in key segments with 15% revenue growth with profits up 17%. Financial services AUM grew at 17%. TechM achieved good traction in deal wins and saw EBIT improvement of 360 bps. Multiple growth gems saw significant traction in F25. 

Auto

·      Q4 volumes at 253k (includes sale by LMM & MEAL), up 18%; UV volumes at 149k, up 18%

·      Q4 rev market share at 23.5%, up 310 bps

·      F25 volumes up 14%; UV volumes up 20%

·      eSUV 30,179 bookings on Day 1, 6,300 eSUVs delivered

·      Standalone Q4 PBIT Rs 2,306 cr., up 28%; PBIT margin 9.2%

·      Standalone Q4 PBIT margin excluding eSUV Contract manufacturing at 10.0%

·      Standalone F25 PBIT Rs 8,277 cr., up 30%

·      Standalone F25 PBIT margin 9.5%, up 110 bps (excl. PY gain on LMM transfer)

·      Consolidated Q4 Revenue Rs 25,902 cr., up 24%, PAT Rs 1,715 cr., up 27%

·      Consolidated F25 Revenue Rs 90,825 cr., up 19%, PAT Rs 5,907 cr., up 25%

Farm

·      Q4 volumes at 87k, up 23%

·      Q4 market share at 41.2%; F25 market share at 43.3%, up 170 bps

·      Standalone Q4 PBIT Rs 1,250 cr., up 51% and PBIT margin 19.4%

·      Standalone F25 PBIT Rs 5,371 cr., up 30%; PBIT margin 18.4%, up 210 bps

·      Consolidated Q4 Revenue Rs 7,933 cr., up 17%, PAT Rs 758 cr., up 29%

·      Consolidated F25 Revenue Rs 35,375 cr., up 6%, PAT Rs 3,792 cr., up 6%

·      Sharpened focus with strategic pivots in 2 markets, Rs 654 cr. one-time standalone impact 

Services

·      Consolidated Q4 Revenue Rs 9,914 cr., up 12%, PAT Rs 822 cr. in line YoY

·      Consolidated F25 Revenue Rs 37,267 cr., up 12%, PAT Rs 3,231 cr., up 8%

·      MMFSL Q4 exit AUM up 17%, GS3 at 3.7%

·      Tech Mahindra Q4 EBIT margin improved by 310 bps, PAT up 77%

·      Mahindra Lifespaces Q4 residential pre-sales of Rs 1,055 cr., down 3%

·      Club Mahindra Q4 resort revenue Rs 107 cr., up 14%, AUR up 82%

·      Mahindra Logistics Q4 revenue Rs 1,570 cr., up 8% 

Commenting on Q4 FY25 and FY25 performance 

Dr. Anish Shah, Group CEO & Managing Director, M&M Ltd. said, “We have delivered strong growth on the back of stellar execution in F25. Auto and Farm continue to gain market share and expand profitability. TechM is making commendable progress towards its dual objectives of strengthening client positioning and margin expansion. MMFSL has maintained GS3 under 4% as committed, remains focused on controls and has delivered 33% growth in profits. Our Growth Gems are scaling up well. We continue to build strong businesses which will deliver significant value to our stakeholders.”

Mr. Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd. said, “We continued our outstanding performance for the year in Q4-F25, with significant gain of 310 bps YoY in SUV revenue share, and 480 bps YoY in LCV (< 3.5T) market share. In Tractors, we reached our highest-ever Q4 market share of 41.2%, gaining 180 bps YoY. In F25, our Auto Standalone PBIT margin improved by 110 bps and core tractor PBIT margins improved by 200 bps”.

Mr. Amarjyoti Barua, Group Chief Financial Officer, M&M Ltd. said, “It has been an excellent year with broad-based growth and profitability improvement across our businesses. In line with our commitment to capital allocation, we have sharpened our focus in international Farm geographies. Our results include nearly 10,000 cr. of cash generation in F25 which gives us the ability to continue to drive value for our shareholders through strategic investments. We are happy to declare a 20% growth in dividend for F26 on the back of this strong performance.” 

Annexure 1

Summary of standalone financials:

                                                                                                                                                                         Rs cr.

^{^} Includes 27,990 in Q4 F25, 23,412 in Q4 F24, 1,08,661 in F25 and 60,629 in F24, volumes sold by separate entity “MLMML,” which was demerged from Sep’23 onwards. Includes 8,048 BEV’s sold by MEAL in Q4 F25 and F25

Revenue in standalone results do not include realisation from these volumes.

^# 17% growth excluding impact of KG Mobility

Q4 F25 Standalone result includes 654 cr. of one-time impact towards Farm International.

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Mumbai, 4^th March, 2025 — The Forbes India Leadership Awards 2025 culminated in a grand ceremony at the Jio World Convention Centre, Mumbai, where the country’s top leaders were honoured for their innovative and transformative leadership and contributions to their industries and the nation.

The first awards of the evening celebrated breakthrough innovations and stellar achievements:

• Emerging Innovator Award: BugWorks Research, with Dr Anand Anandkumar, Dr V Balasubramanium and Dr Santanu Datta remarking, “Innovation isn’t just discovery; it’s impact.”
• Outstanding Startup Award: BrowserStack. Recipients Ritesh Arora and Nakul Aggarwal noted, “We power half the world’s airlines, banks, and tech firms.”
• Icons of Excellence: Ajay Singh of SpiceJet and Katrina Kaif of Kay Beauty were honoured, with Singh saying, “We started SpiceJet against all odds,” and Kaif emphasising, “If you enter business, you must have something unique to say.”

Fireside Chat – Katrina Kaif on Business and Branding: Katrina Kaif, in conversation with Naini Thaker of Forbes India, talked about her journey from Bollywood to the boardroom, underscoring the importance of inclusivity and self-expression in branding.

Business & Economy Panel: This segment featured robust discussions on the economic outlook and key business strategies:

• Leaders like KVS Manian, Rajesh Jejurikar, and Madan Sabnavis explored topics ranging from global trade challenges to growth projections and the role of MSMEs in job creation.
• A standout quote from Rajesh Jejurikar: “The world needs India more than India needs the world.”

Final Set of Awards and Closing Highlights: The ceremony recognised outstanding leaders:

• Icons of Excellence: Jay Shah, Chairman of ICC; Shyam Srinivasan, Veteran Banker; and Mohit Joshi of Tech Mahindra were honoured.
• Promising Startup: Presented to Minimalist, received by Rahul Yadav and Mohit Yadav.
• Regional Goliath: Presented to MTR Foods, received by Sunay Bhasin and Sanjay Sharma.
• Grassroots Philanthropists: Rizwan Koita and Rekha Koita of Koita Foundation.
• Climate Warrior: Presented to Indra Water, received by Amrit Om Nayak and Krunal Patel.
• Turnaround Star: Presented to Indian Hotels Co Ltd (IHCL), received by Puneet Chhatwal.
• Next-Gen Entrepreneur: Varun Jaipuria of Varun Beverages.
• Institution Builder: Ashish Dhawan of Central Square Foundation and Ashoka University.
• Entrepreneur of the Year: Supam Maheshwari of FirstCry.
• CEO of the Year: Rajesh Jejurikar of Mahindra & Mahindra.

“These are tricky times, when great leaders and transformational leadership are needed more than ever. These are people who seize the day. Today, we have a hall full of people who seize the day, and we are here to raise a toast to them,” said Suveen Sinha, Editor, Forbes India.

The event concluded with a grand finale that included a celebratory toast and a group photo of all the winners, embodying the spirit of collaborative success and leadership.

Special thanks were extended to partners Federal Bank, KIA, Indiqube, Rajasthan Tourism, and Reliance Industries for their support in making the event a success.

For more information about the Forbes India Leadership Awards 2025, visit https://www.forbesindia.com/awards/leadership/ or view the ceremony on YouTube at https://www.youtube.com/watch?v=Usg4g-5KoF0.

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Key Highlights 

• #1 in SUVs with revenue market share at 23%, up 200 bps, SUV volumes up 20% in Q3
• #1 in LCVs <3.5T: market share at 51.9%^{^}, up 230 bps
• #1 in Tractors: market share at 44.2%, up 240 bps
• #1 in electric 3 wheelers: market share at 41.8%
• MMFSL AUM up 19%; GS3 at 3.9%, within defined range
• Tech Mahindra EBIT up 480 bps, continued focus on margin expansion
• Consolidated Revenue at Rs 41,470 cr., up 17%
• Consolidated PAT at Rs 3,181 cr., up 20%
• YTD F25 RoE at 18.4%; EPS at 86.0 

^ Bolero Max Pickup 2T variant classified under LCV 2-3.5T 

Bengaluru, February 7, 2025: The Board of Directors of Mahindra & Mahindra Limited today approved the financial results for the quarter and nine months ended 31^st December 2024.

Key financials: 

PAT is PAT after Non-Controlling Interest. For summary of standalone financials, refer Annexure 1 

Mahindra & Mahindra reported strong operating performance across businesses in Q3 of F25 with consolidated PAT of Rs 3,181 cr., up 20%. Auto and Farm continue to deliver on growth and margins with profits up 16%. Financial services AUM grew at 19%. TechM achieved good traction in deal wins and saw EBIT improvement of 480 bps. 

Auto

• Quarterly volumes at 245k, up 16%; UV volumes at 142k
• Standalone PBIT Rs 2,167 cr., up 37%; PBIT margin 9.7%, up 120 bps
• Consolidated Revenue Rs 23,391 cr., up 21%
• Consolidated PAT Rs 1,438 cr., up 20% 

Farm

• Highest ever Q3 market share at 44.2%; volumes at 121k, up 20%
• Standalone PBIT Rs 1,479 cr., up 42% and PBIT margin 18.1%, up 260 bps
• Consolidated Revenue Rs 9,537 cr., up 11%
• Consolidated PAT Rs 996 cr., up 11% 

Services

• MMFSL AUM up 19%, GS3 at 3.9%, standalone PAT up 63%
• Tech Mahindra EBIT margin improved by 480 bps, PAT up 93%
• Mahindra Lifespaces residential pre-sales of Rs 334 cr., down 25%
• Club Mahindra total income Rs 391 cr., up 5%
• Mahindra Logistics revenue Rs 1,594 cr., up 14%
• Consolidated Revenue Rs 9,607 cr., up 14%
• Consolidated PAT Rs 747 cr., up 34% 

Commenting on Q3 FY25 performance 

Dr. Anish Shah, Managing Director & CEO, M&M Ltd. said, “Our businesses continue to demonstrate strength in execution. Auto and Farm delivered solid performance on market share and margins, on the back of focused execution. The transformation at TechM is gathering momentum. MMFSL continues to balance asset quality and growth priorities, with GS under 4% on the back of strong AUM growth. Our Growth Gems are demonstrating steady progress towards their long-term objectives.”

Mr. Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd. said, “The launch of our flagship Electric Origin SUVs, the BE 6 and XEV 9e set a new benchmark in global innovation. Thar ROXX won the Indian Car of the Year (ICOTY) as well as Autocar car of the year. In Q3 F25, we were No. 1 in SUV revenue market share with 200 bps YoY increase. LCV < 3.5T volume market share is at 51.9%, a gain of 230 bps. The Auto segment PBIT is up by 120 bps YoY. We achieved highest ever Q3 tractor market share at 44.2%, gain of 240 bps YoY, and farm PBIT is up by 260 bps YoY.”

Mr. Amarjyoti Barua, Group Chief Financial Officer, M&M Ltd. said, “Our Q3 consolidated results reflect strong performance across multiple businesses despite global headwinds. Our operating businesses remain laser focused on execution and we remain committed to disciplined capital allocation to drive long term shareholder value creation”. 

Annexure 1 

Summary of standalone financials:                                                                                                                                                                                Rs cr.

^# Includes 29,423 in Q3 F25, 27,198 in Q3 F24 volumes sold by separate entity “MLMML,” which was demerged from Sep’23 onwards. Revenue in standalone results do not include realisation from these volumes.

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