Mahindra & Mahindra Limited
Mahindra & Mahindra Ltd (M&M) ranks among India’s most diversified automakers, spanning 2-wheelers, 3-wheelers, PVs, CVs, tractors, and earthmovers. Its subsidiaries extend into financial services, auto components, hospitality, infrastructure, retail, logistics, steel trading/processing, IT, agri, aerospace, consulting, defence, energy, and industrial equipment. Founded in 1945 by Ghulam Mohammad and KC/JC Mahindra brothers, it was renamed in 1948.
Shareholding Pattern (Dec 2025)
Financial Summary
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 |
| Sales – | 121,269 | 139,078 | 159,211 |
| Sales Growth | 34.49% | 14.69% | 14.48% |
| Expenses + | 100,983 | 114,186 | 128,693 |
| Operating Profit | 20,285 | 24,892 | 30,518 |
| OPM % | 17% | 18% | 19% |
| Tax % | 19% | 23% | 26% |
| Net Profit + | 11,374 | 12,270 | 14,073 |
| EPS in Rs | 82.68 | 90.62 | 103.97 |
Final Outlook
Mahindra & Mahindra (M&M) maintains a positive long-term outlook, bolstered by Q3 FY26 results showing consolidated PAT up 54% YoY to ₹4,675 crore (ex-one-offs) and revenue at ₹52,100 crore (up 26%), with strong auto and farm performance amid SUV market share at 24.1% and tractor share at 44.0%.
Investment Thesis
M&M leverages its SUV and tractor leadership for India’s consumption and rural recovery, targeting 15-40% organic revenue CAGR through FY30 via new launches, EV scaling, and exports. Capital discipline emphasizes returns over volumes, unlocking value in growth gems.
Growth Drivers
Auto volumes hit 302k units (up 23% YoY) with SUV revenue share rising 90 bps to 24.1%; consolidated auto revenue reached ₹30,370 crore (up 30%). Farm volumes grew 23% to 150k units, with PBIT margins expanding 240 bps to 20.5%. EV pipeline and global expansion, including Brazil/North America tractors, fuel mid-teens SUV growth and 9% tractor CAGR.
Strategy and Capex
₹27,000 crore capex over FY25-27 prioritizes EVs (₹12,000 crore), new platforms, and a massive integrated facility, aiming for 20-30% BEV SUV share by FY27. Standalone EBITDA rose 19% to ₹5,717 crore in Q3 FY26.
