Mahindra Q4 FY26 Results: M&M Profit Jumps 42% YoY, Revenue Rises; Q3 Comparison Shows Margin Pressure

Mahindra & Mahindra Ltd reported a strong year-on-year performance for the March quarter, with consolidated income from operations rising to ₹54,981.91 crore in Q4 FY26 from ₹42,599.31 crore in Q4 FY25, helped by growth across its automotive, financial services and industrial businesses. Consolidated profit attributable to owners of the company stood at Rs 4,667.57 crore, up  from₹3,295.17 crore a year earlier.

On a standalone basis, M&M’s profit after tax came in at ₹3,737.27 crore for the quarter ended March 31, 2026, compared with ₹2,437.14 crore in the corresponding quarter last year. Standalone income from operations rose to ₹39,600.92 crore from ₹31,608.67 crore. The board also recommended a final dividend of ₹33 per share.

The highs in the Mahindra Q4 FY26 results were led by the automotive business, where consolidated segment revenue increased to ₹34,294.18 crore from ₹25,902.39 crore a year ago. Financial services revenue rose to ₹5,525.29 crore, while industrial businesses and consumer services reported revenue of ₹6,622.18 crore. Automotive segment results, after share of profit or loss of associates and joint ventures, improved to ₹3,176.16 crore from ₹2,052.01 crore.

However, the numbers also showed some pressure points when compared with Q3 FY26. Consolidated income from operations rose sequentially from ₹52,099.75 crore to ₹54,981.91 crore, but profit attributable to owners was broadly flat, easing marginally from ₹4,674.64 crore to ₹4,667.57 crore. Operating margin also slipped to 13.64% in Q4 from 15.11% in Q3.

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The farm equipment business was a key low on a sequential basis. Its consolidated revenue fell to ₹10,022.10 crore in Q4 from ₹11,500.69 crore in Q3, while segment results declined to ₹1,019.34 crore from ₹1,258.74 crore. On the standalone side too, PAT fell from ₹3,931.30 crore in Q3 FY26 to ₹3,737.27 crore in Q4 FY26.

For the full year FY26, consolidated income from operations stood at ₹1,98,638.55 crore, while profit attributable to owners was ₹17,098.85 crore, underscoring a strong annual performance despite sequential softness in some businesses during the March quarter.