Mahindra & Mahindra Announces Strong Financial Results for Q4 and FY2026
Mahindra & Mahindra Limited reported strong financial results for the fourth quarter and the full financial year ended March 31, 2026. The Board of Directors approved the results, showcasing solid growth and execution across multiple group businesses.The Group's performance highlights include maintaining market leadership and strong revenue growth in key sectors, such as SUVs, LCVs, and Tractors. The company also noted significant momentum from its Growth Gems portfolio, including Real Estate, Logistics, and Accelo.
Consolidated Financial Performance
For the fiscal year 2026, Mahindra & Mahindra recorded a consolidated revenue of Rs 198,639 crore, marking a 25% increase from the previous year. The consolidated Profit After Tax (PAT) reached Rs 17,099 crore, representing a 35% rise.The company's performance across the quarters and years is detailed in the following summary:
| Metric (Rs cr.) | Q4 F26 | Q4 F25 | Growth% YoY | F26 | F25 | Growth% YoY |
|---|---|---|---|---|---|---|
| Revenue | 54,982 | 42,599 | 29% | 198,639 | 159,211 | 25% |
| PAT | 4,668 | 3,295 | 42% | 17,099 | 12,929 | 32% |
Segment-Wise Growth Highlights
Automotive:The Auto segment saw strong growth, with the Q4 revenue reaching Rs 34,294 crore, up 32%. For the full year 2026, consolidated revenue stood at Rs 117,834 crore, representing a 30% increase. In the fourth quarter, the SUV revenue market share was at 24.5%, marking an increase of 60 basis points (bps).
Farm:
The Farm segment delivered a consolidated revenue of Rs 42,568 crore for FY26, a 20% jump. The segment reported a Q4 market share of 42.1%, which was up 90 bps. The full year highlighted strong market performance, with the company securing a full-year market share of 43.6% in Tractors.
Services:
The Services segment contributed a consolidated revenue of Rs 43,698 crore in FY26, achieving a 17% growth. The Q4 revenue was Rs 12,147 crore, up 23%. Key operational updates included MMFSL reporting an AUM increase of 12% and Tech Mahindra improving its Q4 EBIT margin.
Strategic Overview
Group CEO & Managing Director, Dr. Anish Shah, noted that the financial year 2026 was marked by strong execution and breakthrough performance across several Group companies despite geopolitical headwinds. He stated that Auto and Farm further strengthened their leadership, supported by operational discipline.Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), emphasized the sector’s market gains. He mentioned that the SUV Revenue share increased by 60 bps year over year in Q4 FY26, reinforcing the No 1 position. The sector’s strong margin performance was noted as key to achieving these market gains.
The Group CFO, Amarjyoti Barua, highlighted the underlying strength of the portfolio, which led to PAT growth of over 30% in FY26. He also announced a dividend increase of 30%.
In addition to the financial results, the company reported that Mahindra Life Estates (MMFSL) saw its AUM up 12% in Q4, and Mahindra Logistics recorded a revenue of Rs 1,791 crore in Q4, marking a 14% increase and delivering profitability for the full year.
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