Mahindra and Mahindra reported a strong set of standalone fourth-quarter results for FY26, with net profit surging 53.35% year-on-year to Rs 3,737.27 crore and revenue growing 25.28% — a performance that underlines the company’s dominant SUV-led momentum even as mild sequential softness crept in across margins and profitability.
The Q4 FY26 numbers
| Metric | Q4 FY26 | Q4 FY25 | YoY | QoQ |
|---|---|---|---|---|
| Revenue | Rs 39,601 Cr | Rs 31,609 Cr | +25.28% | +1.69% |
| EBITDA | Rs 5,509 Cr | Rs 4,219 Cr | +30.58% | -3.64% |
| EBITDA Margin | 13.91% | 13.35% | +56 bps | -77 bps |
| PBT (ex-exceptional) | Rs 4,881 Cr | Rs 3,345 Cr | +45.93% | -7.91% |
| PAT | Rs 3,737 Cr | Rs 2,437 Cr | +53.35% | -4.94% |
The year-on-year picture is unambiguously strong. Revenue up 25%, EBITDA up 30.6%, PAT up 53% — margin expansion of 56 basis points year-on-year to 13.91% reflects the operating leverage from M&M’s SUV volume surge. The sequential dip in EBITDA margin to 13.91% from 14.68% in Q3 and 7.91% decline in PBT sequentially is worth noting, though Q3 had an exceptional loss of Rs 98.19 crore which partly distorts the comparison. Other income came in at Rs 643.89 crore, down from Rs 697.80 crore in Q3 but up from Rs 512.54 crore in Q4 FY25.
FY27 guidance — bullish on SUVs, measured on tractors
The management’s FY27 outlook slide from the investor presentation tells a clearly differentiated story across segments.
On SUVs, M&M is targeting mid-to-high teen growth — 15-19% — for its own volumes in FY27, with manufacturing capacity ramp-up described as on-track to meet that volume growth aspiration. Given the ongoing waitlist for models like the XEV 9e, XEV 7e, Thar Roxx and the new Scorpio variants, the confidence behind that guidance is well-founded.
On tractors, the company expects industry growth in the mid-single digit range for FY27 — a more conservative view that reflects the base effect of a strong FY26 and uncertainty around rural income trends, monsoon performance and the geopolitical environment.
On light commercial vehicles below 3.5 tonnes, industry growth is expected in the high single digit range for FY27.
The investor presentation carries an important caveat across all guidance — “subject to geopolitical uncertainty subsiding” — an acknowledgement that the West Asia conflict and its effects on commodity prices, energy costs and supply chains remains a material risk to all forward projections.
The April 2026 sales data context
April 2026 domestic SUV sales of 56,331 units — up 8% year-on-year — and total vehicle sales of 94,627 units — up 14% — give a real-time read on Q1 FY27 momentum. The numbers are solid but below the mid-to-high teen growth target management has set for the full year, which means execution in the remaining months of the quarter will be critical.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a qualified financial advisor before making investment decisions.