M&M Q4 FY26 results: Revenue rises 29% to ₹54,982 cr, net profit jumps 42%; turnover nears ₹2 lakh cr

Mahindra & Mahindra Ltd. (M&M) reported a strong performance for the fourth quarter and full year ended March 31, 2026, with consolidated revenue and net profit registering robust double-digit growth across businesses.

On a consolidated basis, revenue for Q4 FY26 rose 29% year-on-year to ₹54,982 crore, while net profit surged 42% to ₹4,668 crore. For the full year, revenue climbed 25% to ₹1,98,639 crore, while net profit stood at ₹17,099 crore, up 32% year-on-year (35% excluding one-off gains).

The homegrown automaker's performance was underpinned by strong execution, sustained demand, and disciplined capital allocation across its diversified portfolio.

Commenting on the performance, M&M Group CEO and MD Anish Shah said FY26 was a “defining year” marked by strong execution despite geopolitical disruptions. He highlighted that auto and farm businesses strengthened leadership positions, while services businesses such as Tech Mahindra and financial services delivered steady traction.

Revenue growth led by auto, farm segments

The automotive business remained the primary growth engine, with consolidated revenue for the segment rising 32% YoY in Q4 to ₹34,294 crore and 30% for the full year to ₹1,17,834 crore.

The farm equipment segment also contributed meaningfully, posting a 26% YoY rise in Q4 revenue to ₹10,022 crore and a 20% increase for FY26 to ₹42,568 crore.

Meanwhile, the services segment—which includes financial services, IT, logistics, and real estate—reported a 23% YoY growth in Q4 revenue to ₹12,147 crore and a 17% increase for the full year to ₹43,698 crore.

Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), said, “In Q4’FY26, the SUV Revenue share increased by 60 bps YoY, retaining the No 1 position. M&M is now the 5th largest exporter for PV + CV in F26. Tractors gained 90 bps in Q4 YoY, with a full year market share of 43.6% gaining 30 bps. Tractors achieved highest ever billing of 5 lakh+ in FY26. The market gains have been achieved by delivering strong margin performance.

Outlook supported by diversified portfolio

M&M’s broad-based growth across automotive, farm, and services segments, coupled with improving margins and capital discipline, positions the group well amid macro uncertainties. With consolidated revenue nearing the ₹2 lakh crore mark, the company’s scale and diversified earnings streams continue to underpin its growth trajectory.

 According to Amarjyoti Barua, Group Chief Financial Officer, despite a challenging macro environment, the Group delivered strong performance in FY26, with PAT growth of over 30%, reflecting the underlying strength of our portfolio. "Strong cash generation during the year has reinforced our balance sheet, providing flexibility to fund future growth initiatives in line with our strategic priorities. Reflecting this performance and our continued focus on long-term value creation, we are pleased to announce a dividend increase of 30%,” he noted.