Mahindra & Mahindra Limited reported a strong financial performance for FY26, with consolidated profit after tax (PAT) rising to ₹17,099 crore, marking a growth of 35% year-on-year (excluding one-time gains in FY25). For the fourth quarter, the company posted a PAT of ₹4,668 crore, up 42% compared to the same period last year. Reflecting this robust performance, the Board announced a dividend of ₹33 per share, an increase of 30%.
The company achieved significant growth across key financial metrics, with consolidated revenue for FY26 reaching ₹1,98,639 crore, up 25% year-on-year. Return on equity stood at 20.1%, while earnings per share (EPS) came in at ₹152.2. This performance was driven by strong execution, disciplined capital allocation, and sustained demand across its core businesses.
Mahindra & Mahindra maintained leadership positions across multiple segments. It ranked No. 1 in SUVs with a revenue market share of 25.3%, No. 1 in light commercial vehicles under 3.5 tonnes with a 52.3% market share, and No. 1 in tractors with a 43.6% share. The company also led the electric three-wheeler segment with a 40% market share. Its financial services arm recorded a 12% growth in assets under management, while maintaining stable asset quality.
The auto business delivered strong momentum, with Q4 volumes reaching 307,000 units, up 21% year-on-year, and full-year volumes growing 19%. Utility vehicle volumes rose 20% during the year, supported by sustained customer demand. The segment reported improved profitability, with standalone Q4 profit before interest and tax (PBIT) rising 28% to ₹2,955 crore, and margins improving to 9.5%.
The farm equipment segment also delivered a solid performance, with Q4 volumes growing 36% to 120,000 units and market share increasing to 42.1%. For FY26, the segment achieved a PBIT of ₹7,206 crore, up 35%, with margins improving to 19.9%. Tractor sales crossed the milestone of over 5 lakh units billed during the year, reflecting strong rural demand.
The services businesses showed impressive growth, with consolidated Q4 revenue rising 23% and PAT increasing 64%. For the full year, services delivered a 17% increase in revenue and a 54% jump in profit. Key contributors included improved performance in IT services, financial services, real estate, hospitality, and logistics businesses.
Commenting on the performance, Anish Shah, Group CEO and Managing Director, said FY26 was a defining year marked by strong execution and resilience despite global uncertainties. He highlighted that the auto and farm businesses strengthened their leadership positions, while other group companies delivered breakthrough growth.
Rajesh Jejurikar, Executive Director and CEO of the Auto and Farm Sector, noted that the company retained its No. 1 position in SUVs and achieved significant gains in tractors, supported by strong margins and operational efficiency.
Amarjyoti Barua, Group Chief Financial Officer, emphasized that strong cash generation and a resilient portfolio enabled the company to deliver over 30% PAT growth, while also strengthening its balance sheet to support future growth initiatives.
Overall, Mahindra & Mahindra’s FY26 results underline a year of broad-based growth across automotive, farm, and services businesses, positioning the group strongly for sustained expansion despite a challenging macroeconomic environment.
