M&M FY26 Full Results: Q4 Revenue Rs 395B, EBITDA Rs 55.1B, Rs 33 Dividend Declared
Mahindra & Mahindra reported strong Q4 FY26 results with standalone net profit of Rs 3,737.27 crores, Q4 revenue of Rs 395 billion versus Rs 314 billion YoY, and EBITDA of Rs 55.1 billion with a 13.9% margin. Consolidated FY26 income from operations reached Rs 1,98,638.55 crores, with full-year consolidated PAT at Rs 18,621.71 crores. The Board recommended a final dividend of Rs 33 per share and scheduled the 80th AGM for 30 July 2026.
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Mahindra & Mahindra has reported its audited standalone and consolidated financial results for the fourth quarter and financial year ended 31 March 2026, approved by the Board of Directors on 5 May 2026. The standalone net profit for Q4 FY26 stood at Rs 3,737.27 crores, compared to Rs 2,437.14 crores in the corresponding quarter of the previous year, comfortably exceeding the consensus estimate of Rs 3,524 crores. On a full-year standalone basis, profit after tax came in at Rs 15,638.93 crores against Rs 11,854.96 crores in FY25, with basic earnings per share of Rs 130.18 and diluted EPS of Rs 129.76.
Q4 and FY26 Standalone Financial Highlights
The quarterly and annual standalone results demonstrated strong earnings momentum across key metrics. Q4 revenue came in at Rs 395 billion versus Rs 314 billion in the year-ago period, against an estimate of Rs 378.2 billion. Q4 EBITDA stood at Rs 55.1 billion compared to Rs 42.2 billion in the prior year period, against an estimate of Rs 54 billion, with EBITDA margin at 13.9% versus 13.4% year-on-year, compared to an estimate of 14.3%. The following table summarises the key standalone profit and income figures:
| Metric: | Q4 FY26 (Audited) | Q4 FY25 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|
| Revenue from Operations: | Rs 39,554.13 crores | Rs 31,353.40 crores | Rs 1,45,575.77 crores | Rs 1,16,483.68 crores |
| Income from Operations: | Rs 39,600.92 crores | Rs 31,608.67 crores | Rs 1,47,765.35 crores | Rs 1,18,624.53 crores |
| Total Income: | Rs 40,244.81 crores | Rs 32,121.21 crores | Rs 1,50,540.29 crores | Rs 1,20,336.40 crores |
| Profit Before Tax: | Rs 4,881.24 crores | Rs 3,345.02 crores | Rs 20,624.21 crores | Rs 15,650.12 crores |
| Profit After Tax: | Rs 3,737.27 crores | Rs 2,437.14 crores | Rs 15,638.93 crores | Rs 11,854.96 crores |
| Basic EPS (Rs.): | Rs 31.10 | Rs 20.30 | Rs 130.18 | Rs 98.80 |
| Diluted EPS (Rs.): | Rs 31.00 | Rs 20.24 | Rs 129.76 | Rs 98.45 |
On the standalone balance sheet, other equity stood at Rs 73,724.14 crores as at 31 March 2026, compared to Rs 60,984.71 crores a year earlier, while paid-up equity share capital was Rs 601.02 crores. Standalone net worth (as per the Companies Act, 2013) stood at Rs 73,994.77 crores as at 31 March 2026.
Consolidated Financial Performance
On a consolidated basis, Mahindra & Mahindra reported total income from operations of Rs 1,98,638.55 crores for FY26, compared to Rs 1,59,210.82 crores in FY25. Consolidated profit after tax for the full year was Rs 18,621.71 crores, with profit attributable to owners of the company at Rs 17,098.85 crores. The following table presents key consolidated income statement highlights:
| Metric: | Q4 FY26 (Audited) | Q4 FY25 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|
| Revenue from Operations: | Rs 54,891.55 crores | Rs 42,585.67 crores | Rs 1,97,792.78 crores | Rs 1,58,749.75 crores |
| Income from Operations: | Rs 54,981.91 crores | Rs 42,599.31 crores | Rs 1,98,638.55 crores | Rs 1,59,210.82 crores |
| Total Income: | Rs 55,976.75 crores | Rs 43,301.04 crores | Rs 2,02,084.34 crores | Rs 1,61,391.87 crores |
| Profit Before Tax: | Rs 6,914.10 crores | Rs 4,626.80 crores | Rs 25,184.76 crores | Rs 19,079.62 crores |
| Profit After Tax: | Rs 5,259.91 crores | Rs 3,541.85 crores | Rs 18,621.71 crores | Rs 14,073.17 crores |
| Profit Attributable to Owners: | Rs 4,667.57 crores | Rs 3,295.17 crores | Rs 17,098.85 crores | Rs 12,929.10 crores |
| Basic EPS (Rs.): | Rs 41.77 | Rs 29.52 | Rs 153.10 | Rs 115.91 |
| Diluted EPS (Rs.): | Rs 41.48 | Rs 29.04 | Rs 152.18 | Rs 115.06 |
Consolidated other equity stood at Rs 92,537.57 crores as at 31 March 2026, against Rs 76,480.71 crores a year earlier. Total consolidated assets were Rs 3,17,634.64 crores as at 31 March 2026, compared to Rs 2,77,586.27 crores as at 31 March 2025. Consolidated net worth (as per the Companies Act, 2013) was Rs 92,145.00 crores.
Consolidated Segment Performance
The Automotive segment remained the largest revenue contributor on a consolidated basis. The following table presents consolidated segment revenue and segment results (after exceptional items and share of profit/loss of associates and joint ventures) for FY26 and FY25:
| Segment: | FY26 Revenue (Rs cr) | FY25 Revenue (Rs cr) | FY26 Segment Result (Rs cr) | FY25 Segment Result (Rs cr) |
|---|---|---|---|---|
| Automotive: | 1,17,834.13 | 90,824.58 | 10,383.47 | 7,797.40 |
| Farm Equipment: | 42,568.39 | 35,375.30 | 5,516.90 | 4,946.65 |
| Financial Services: | 20,949.32 | 18,295.83 | 3,778.53 | 3,002.02 |
| Industrial Businesses & Consumer Services: | 22,748.93 | 18,971.43 | 3,704.64 | 2,717.52 |
| Total: | 2,04,100.77 | 1,63,467.14 | 23,383.54 | 18,463.59 |
On a standalone basis, the Automotive segment reported FY26 revenue of Rs 1,09,354.93 crores (FY25: Rs 87,443.10 crores) and segment results of Rs 10,141.22 crores (FY25: Rs 8,277.23 crores). The Farm Equipment segment posted standalone FY26 revenue of Rs 36,409.27 crores (FY25: Rs 29,236.66 crores) and segment results of Rs 7,206.27 crores (FY25: Rs 5,371.02 crores).
Key Financial Ratios (Consolidated)
The following table presents select key financial ratios on a consolidated basis (excluding Financial Services business where applicable):
| Ratio: | FY26 (Audited) | FY25 (Audited) |
|---|---|---|
| Debt-Equity Ratio (times): | 0.04 | 0.07 |
| Debt Service Coverage Ratio (times): | 15.00 | 21.10 |
| Interest Service Coverage Ratio (times): | 34.91 | 24.87 |
| Net Worth (Rs. crores): | 92,145.00 | 77,087.23 |
| Current Ratio (times): | 1.27 | 1.40 |
| Operating Margin (%) (excl. investment income): | 14.05% | 13.66% |
| Net Profit Margin (%): | 9.37% | 8.84% |
Board Approves Final Dividend
The Board of Directors has recommended a final dividend of Rs 33 (660%) per Ordinary (Equity) Share of face value Rs 5 each for the financial year ended 31 March 2026. This represents an increase from Rs 25.3 (506%) per share declared for the previous financial year ended 31 March 2025. The Record Date for the final dividend has been fixed as Friday, 3 July 2026. The dividend will be paid after Thursday, 30 July 2026, subject to approval at the Annual General Meeting.
Annual General Meeting
The 80th Annual General Meeting of the Company is scheduled to be held on Thursday, 30 July 2026 at 3.00 p.m. Indian Standard Time through Video Conferencing and Other Audio Visual Means. The Register of Members and Share Transfer Books will remain closed from Saturday, 4 July 2026 to Thursday, 30 July 2026 (both days inclusive) for the payment of dividend and AGM. The AGM will also seek shareholder approval for payment of remuneration to Mr. Anand G. Mahindra, Non-Executive Chairman, and for material related party transactions.
Corporate Governance Updates
The Board approved several key governance changes effective from July 2026. Mr. K N Vaidyanathan will cease as the Group Chief Internal Auditor upon conclusion of his term at the close of business hours on 30 June 2026. Mr. Vimal Agarwal has been appointed as the new Group Chief Internal Auditor and part of Senior Management effective from 1 July 2026. Mr. Agarwal is a Chartered Accountant and MBA with 25 years of experience in finance, governance, and business strategy across multinational corporations and listed Indian entities. He previously served as CFO of Mahindra Lifespaces and CFO of Mahindra Holidays & Resorts.
The statutory auditors, Messrs B S R & Co. LLP, Chartered Accountants, have issued audit reports with unmodified opinion on both the standalone and consolidated financial results for the financial year ended 31 March 2026. On the borrowings front, outstanding long-term borrowings stood at Rs 1,056.09 crores as at 31 March 2026, down from Rs 1,135.05 crores at the start of the financial year, with the company holding a highest credit rating of AAA/Stable and nil incremental qualified borrowings during FY26.
Historical Stock Returns for Mahindra & Mahindra
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +3.36% | +3.49% | +6.61% | -10.34% | +6.27% | +333.22% |
How might Mahindra & Mahindra's accelerating EV portfolio expansion and upcoming electric SUV launches impact its automotive segment margins in FY27 amid intensifying competition from Tata Motors and global OEMs?
Given the Farm Equipment segment's strong 34% revenue growth in FY26, how could potential monsoon variability and rural credit conditions shape tractor demand and segment profitability in the coming fiscal year?
With M&M's debt-equity ratio declining to 0.04 and net worth surging to Rs 92,145 crores, what large-scale capital allocation decisions — including acquisitions, subsidiary investments, or capacity expansions — could the company pursue in FY27?
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