Mahindra & Mahindra Ltd. Q1 FY2026 results: revenue ₹45,529 crore, up 22.3% on the year
Mahindra & Mahindra Ltd. (M&M) reported consolidated revenue from operations of ₹45,529 crore for Q1 FY2026, the quarter ended 30 June 2025, up 22.3% on the same quarter a year earlier. Profit after tax was ₹4,377 crore, up 23.4% on the year, and earnings per share ₹36.58. The figures are the company's own, from the un-audited results it filed with NSE on 30 July 2025.
The quarter, against the one before and a year earlier
| Line | Q1 FY2026 | Q4 FY2025 | Q1 FY2025 | Change on the year |
|---|---|---|---|---|
| Revenue from operations | 45,529 | 42,599 | 37,218 | +22.3% |
| Other income | 917 | 702 | 409 | +124.3% |
| Total income | 46,446 | 43,301 | 37,626 | +23.4% |
| Cost of materials consumed | 26,711 | 25,172 | 19,807 | +34.9% |
| Purchases of stock-in-trade | 2,067 | 1,856 | 1,823 | +13.4% |
| Changes in inventories | -443 | -1,259 | 532 | n/a |
| Employee benefit expense | 3,045 | 2,910 | 2,679 | +13.7% |
| Finance costs | 2,431 | 2,397 | 2,108 | +15.3% |
| Depreciation, depletion and amortisation | 1,548 | 2,029 | 1,248 | +24.0% |
| Other expenses | 5,737 | 5,978 | 5,134 | +11.7% |
| Total expenses | 41,280 | 39,114 | 33,330 | +23.9% |
| Profit before exceptional items and tax | 5,166 | 4,187 | 4,296 | +20.2% |
| Exceptional items | 0 | 0 | 0 | n/a |
| Profit before tax | 5,166 | 4,187 | 4,296 | +20.2% |
| Current tax | 1,272 | 1,205 | 967 | +31.5% |
| Deferred tax | -4 | -121 | 108 | n/a |
| Total tax | 1,268 | 1,085 | 1,075 | +17.9% |
| Profit after tax | 4,377 | 3,542 | 3,546 | +23.4% |
| Attributable to owners of the parent | 4,083 | 3,295 | 3,283 | +24.4% |
| Other comprehensive income | 255 | 111 | 35 | +631.4% |
| Total comprehensive income | 4,631 | 3,652 | 3,581 | +29.3% |
| EPS, basic | ₹36.58 | ₹29.52 | ₹29.44 | +24.3% |
| EPS, diluted | ₹36.43 | ₹29.04 | ₹29.32 | +24.2% |
₹ crore except per share.
Leverage, as the company states it
| Line | Q1 FY2026 | Q4 FY2025 | Q1 FY2025 | Change on the year |
|---|---|---|---|---|
| Debt to equity | 0.05 | 0.07 | 0.00 | |
| Debt service coverage | 0.00 | 0.00 | 0.05 | |
| Interest service coverage | 0.00 | 0.00 | 0.00 |
Debt to equity, debt service coverage and interest service coverage are the figures the company prints in its result statement under the listing regulations.
Segments, Q1 FY2026
| Segment | Revenue ₹ crore | Share of segment revenue | Result ₹ crore | Result over revenue |
|---|---|---|---|---|
| Automotive | 25,999 | 55.6% | 2,062 | 7.9% |
| Farm Equipment | 10,892 | 23.3% | 1,631 | 15.0% |
| Financial Services | 4,973 | 10.6% | 684 | 13.7% |
| Industrial Businesses and Consumer Services | 4,901 | 10.5% | 688 | 14.0% |
Segment revenue and segment result as the company filed them, before inter-segment eliminations; share and result over revenue are arithmetic on those.
Quarterly results, the last 12 quarters
| Q2 FY2024 | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 34,436 | 35,299 | 35,452 | 37,218 | 37,924 | 41,470 | 42,599 | 45,529 | 46,106 | 52,100 | 54,982 | 58,188 |
| Expenses | 31,680 | 32,143 | 32,172 | 33,330 | 34,309 | 37,097 | 39,114 | 41,280 | 41,192 | 46,561 | 49,615 | 51,943 |
| Operating profit | 5,730 | 6,224 | 6,604 | 7,243 | 7,133 | 8,231 | 7,911 | 8,228 | 8,929 | 10,107 | 9,716 | 10,565 |
| OPM % | 17% | 18% | 19% | 19% | 19% | 20% | 19% | 18% | 19% | 19% | 18% | 18% |
| Other income | 592 | 511 | 356 | 409 | 659 | 411 | 702 | 917 | 676 | 859 | 995 | 1,016 |
| Interest | 1,835 | 1,945 | 1,989 | 2,108 | 2,217 | 2,362 | 2,397 | 2,431 | 2,347 | 2,405 | 2,407 | 2,560 |
| Depreciation | 1,139 | 1,123 | 1,335 | 1,248 | 1,302 | 1,495 | 2,029 | 1,548 | 1,669 | 2,163 | 1,943 | 1,760 |
| Exceptional items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -293 | 0 | 0 |
| Profit before tax | 3,347 | 3,667 | 3,635 | 4,296 | 4,274 | 4,785 | 4,187 | 5,166 | 5,589 | 6,104 | 6,361 | 7,261 |
| Tax % | 32% | 26% | 25% | 25% | 32% | 31% | 26% | 25% | 37% | 25% | 26% | 22% |
| Net profit | 2,484 | 2,977 | 3,125 | 3,546 | 3,361 | 3,624 | 3,542 | 4,377 | 3,964 | 5,021 | 5,260 | 5,998 |
| EPS in ₹ | ₹21.07 | ₹23.86 | ₹24.71 | ₹29.44 | ₹28.43 | ₹28.51 | ₹29.52 | ₹36.58 | ₹32.90 | ₹41.85 | ₹41.77 | ₹48.80 |
| Filing | NSE | NSE | NSE | NSE | NSE | NSE | Filing | Filing | Filing | Filing | Filing | Filing |
₹ crore except per share, consolidated, as filed with the exchange. Operating profit is sales less the expenses other than interest and depreciation, OPM is that over sales, and tax % is tax over profit before tax: arithmetic on the filed lines; everything else is as filed. Quarters before December 2024 are from the exchange's earlier results feed, which carries the filed lines without the filing itself; the column links to the exchange's page for the company.
Source
Un-audited consolidated results for the quarter ended 30 June 2025, filed with NSE on 30 July 2025: the result statement. All of Mahindra & Mahindra Ltd.'s results: NSE company page.
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