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. In compliance with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company published extracts of the audited financial results in the Mumbai editions of Business Standard (English) and Sakal (Marathi) on 6 May 2026.

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:

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. Standalone total assets were Rs 1,20,602.68 crores as at 31 March 2026, against Rs 99,648.91 crores as at 31 March 2025.

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:

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. Equity attributable to owners of the company stood at Rs 93,096.35 crores, while non-controlling interests were Rs 16,394.65 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:

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):

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.

Q4FY26 Analyst and Institutional Investor Meet

Following the declaration of results, Mahindra & Mahindra conducted its Q4FY26 Earnings Conference Call on 5 May 2026 in hybrid mode in Mumbai, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The call was attended by several funds, analysts, and investors, commencing at 3.30 p.m. and concluding at 5.15 p.m. The company confirmed that only publicly available documents were referred to during the discussion and that no unpublished price-sensitive information was shared. The audio-video recording of the analyst meet is hosted on the company's website under the Investor Relations section in the Earnings Update category.

Newspaper Publication and Regulatory Compliance

In fulfilment of Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Mahindra & Mahindra published extracts of its audited standalone and consolidated financial results for the quarter and financial year ended 31 March 2026 in the Mumbai editions of Business Standard (English) and Sakal (Marathi) on 6 May 2026. The newspaper advertisement included a Quick Response (QR) code and details of the webpage where the complete audited financial results, along with audit reports, are accessible to investors. The intimation was also uploaded on the company's website at www.mahindra.com . The filing was submitted by Company Secretary Sailesh Kumar Daga (FCS: 4164) and copies were marked to the Luxembourg Stock Exchange and London Stock Exchange Plc.

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.

Mahindra & Mahindra Limited filed its disclosure of Related Party Transactions for the half year ended 31 March 2026 with stock exchanges on 5 May 2026, pursuant to Regulation 23(9) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the SEBI Master Circular dated 30 January 2026. The disclosure was signed by Company Secretary Sailesh Kumar Daga and covers transactions undertaken by the company and its subsidiaries across a broad range of counterparties.

Key Highlights of the Disclosure

The filing encompasses over 1,800 line items of related party transactions across multiple entities within the Mahindra group. Transaction types include sale and purchase of goods or services, sale and purchase of fixed assets, investments, inter-corporate deposits (ICDs), loans, interest received and paid, remuneration, and other miscellaneous transactions. Counterparties span subsidiaries, associates, joint ventures, promoter group entities, key managerial personnel (KMP), welfare funds, and post-employment benefit plans.

Significant Transactions — Mahindra and Mahindra Limited

The following table highlights select high-value transactions reported by Mahindra and Mahindra Limited during the half year ended 31 March 2026:

Significant Transactions — Key Subsidiaries

Several subsidiaries also reported material related party transactions during the period. The table below presents select notable items:

Inter-Corporate Deposit Details

For inter-corporate deposits given by Mahindra and Mahindra Limited, the disclosure provides additional details on interest rates, tenure, and end-use. Key ICDs are summarised below:

Compliance and Regulatory Context

All transactions disclosed were either approved by the respective audit committees or marked as "Not Applicable" in accordance with the prescribed regulatory format. The disclosure also covers balance details including opening and closing balances for ICDs, trade receivables, trade payables, guarantees, and fixed deposits payable, as applicable. The filing has been uploaded on the company's website at www.mahindra.com and copies have been sent to the Luxembourg Stock Exchange and London Stock Exchange Plc.