Mahindra & Mahindra Limited (M&M), one of India’s leading automobile and farm equipment manufacturers, reported a strong set of numbers for Q1 FY26 on 30 July 2025. The company’s Profit After Tax (PAT) jumped 24.39% YoY to ₹4,083.32 crore, while revenue rose 22.33% YoY to ₹45,529.19 crore on a consolidated basis.
This performance reflects robust demand for utility vehicles, tractors, and farm machinery, coupled with improved margins and operational efficiency. Both consolidated and standalone results indicate healthy growth, positioning M&M as a strong performer in India’s auto and agri sectors.
Mahindra & Mahindra Q1 FY26 Results Overview
The company has reported growth across revenue and profitability on both consolidated and standalone levels.
Consolidated Performance
| Particulars | Q1 FY26 (30-06-2025) | Q1 FY25 (30-06-2024) |
|---|---|---|
| Revenue from Operations | ₹45,529.19 crore | ₹37,217.72 crore |
| Profit Before Tax (PBT) | ₹9,144.72 crore | ₹7,651.89 crore |
| Profit After Tax (PAT) | ₹4,083.32 crore | ₹3,282.63 crore |
Key Highlights:
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Revenue grew 22.33% YoY.
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PAT increased 24.39% YoY.
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PBT rose 19.51% YoY, indicating healthy pre-tax profitability.
Standalone Performance
| Particulars | Q1 FY26 (30-06-2025) | Q1 FY25 (30-06-2024) |
|---|---|---|
| Revenue from Operations | ₹34,142.96 crore | ₹27,132.76 crore |
| Profit Before Tax (PBT) | ₹5,527.05 crore | ₹4,373.74 crore |
| Profit After Tax (PAT) | ₹3,449.84 crore | ₹2,612.63 crore |
Key Highlights:
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Revenue rose 25.84% YoY, supported by strong vehicle and tractor sales.
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PAT increased 32.04% YoY, reflecting higher operational efficiency.
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Standalone profit margins improved due to better product mix and stable raw material costs.
Revenue Growth Drivers
The 22.33% YoY revenue growth for M&M is driven by:
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Strong demand for SUVs and utility vehicles, led by popular models like Scorpio, Thar, and XUV series.
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Recovery in tractor and farm equipment sales due to stable monsoon forecasts and government support for rural markets.
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Export and international operations contributing to incremental growth in revenue.
The company continues to capitalize on India’s rising preference for SUVs and mechanized agriculture solutions, positioning itself as a market leader in both segments.
Profitability Analysis
Mahindra & Mahindra’s profit growth outpaced revenue growth due to better operating margins and cost management.
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Consolidated PAT Margin Q1 FY26: 8.97%
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Consolidated PAT Margin Q1 FY25: 8.82%
Key Contributors to Profit Growth:
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Improved product mix with higher sales of SUVs and premium tractors.
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Cost efficiencies and supply chain optimization across plants.
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Steady rural demand boosting the high-margin farm equipment segment.
The company’s profit growth of 24.39% YoY reflects resilience amid rising competition in the automotive space.
Share Price Performance
Mahindra & Mahindra’s share price movement post the results has remained positive.
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31 July 2025 Opening Price: ₹3,177.90 per share
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Current Price: ₹3,203.10 per share
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1-Year Return: 8.87%
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5-Year Return: 433.01%
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Max Return: 24,583.85%
Observations on Stock Performance
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The stock trades slightly higher than its opening price post-result, indicating mild positive sentiment.
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Long-term investors have enjoyed multi-bagger returns, with over 24,000% gain since listing.
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Short-term volatility may persist, but robust fundamentals continue to support the share price.
Historical Returns and Long-Term Perspective
Mahindra & Mahindra’s long-term returns highlight its consistent performance:
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Last 1 Year: 8.87% (modest due to market consolidation)
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Last 5 Years: 433.01% (strong medium-term growth)
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Since Listing: 24,583.85% (multi-decade wealth creator)
The company has proven to be a reliable long-term investment, though short-term investors must be cautious of market swings.
Industry and Market Outlook
M&M operates in two key sectors: automotive and farm equipment. The market outlook remains favorable due to:
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Rising SUV demand: India’s preference for bigger vehicles with advanced features drives strong sales for M&M’s SUV portfolio.
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Agricultural growth: Government support, stable monsoons, and increasing mechanization support tractor and farm equipment demand.
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Export Opportunities: Expansion into Africa, Latin America, and ASEAN regions could further boost revenue streams.
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Electric Vehicle Strategy: The company’s EV push under Born Electric range will play a critical role in sustaining long-term growth.
Key Takeaways from Mahindra & Mahindra Q1 FY26 Results
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Strong Profit Growth: PAT rises 24.39% YoY to ₹4,083.32 crore.
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Revenue Expansion: 22.33% YoY growth led by SUVs and tractors.
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Robust Long-Term Returns: Over 24,583% maximum returns since listing.
Conclusion
Mahindra & Mahindra’s Q1 FY26 results underscore strong operational and financial performance with revenue growth of 22% and PAT growth of 24% YoY. The company continues to capitalize on strong rural demand and the SUV boom while maintaining healthy profit margins.
The share price movement remains steady, and long-term investors continue to benefit from exceptional returns. However, short-term market fluctuations and automobile sector cyclicality must be considered before fresh investments.
ALSO READ: Reliance Infra Q1 FY26: PAT Jumps 126%, Revenue Dips
