Mahindra & Mahindra Ltd. (M&M) has reported a robust financial performance in FY25, marking a year of exceptional growth across its Auto, Farm, and Services businesses.
Driven by a combination of volume gains, margin expansion, and capital discipline, the company posted a 19% rise in automotive consolidated revenue to INR 90,825 crore, while profit after tax grew 25% to INR 5,907 crore. This performance was underpinned by double-digit growth in key verticals and a strategic sharpening of focus in international operations.
Auto: Market Share Gains & Margin Strength
The Auto segment continued its upward momentum, riding on strong demand across segments. Mahindra delivered 253,000 vehicles in Q4, an 18% year-on-year jump, with utility vehicles (UVs) contributing 149,000 units. For FY25, volumes rose 14%, with UVs surging 20%. The company’s market share in UVs climbed 310 basis points to 23.5%, a reflection of rising consumer preference for its expanding portfolio.
The financial performance was equally impressive. Standalone PBIT for the quarter stood at INR 2,306 crore, up 28%, with a margin of 9.2%. Excluding the impact of eSUV contract manufacturing, margins rose to 10%, indicating operational efficiency and pricing strength. For the full year, Auto PBIT grew 30% to INR 8,277 crore, supported by the successful launch of the eSUV, which secured over 30,000 bookings on Day 1 and saw 6,300 deliveries by year-end.
Farm Equipment: Record Share, Profitability
In the Farm segment, the company maintained its market leadership with a Q4 tractor volume of 87,000 units—up 23%—and the highest-ever Q4 market share of 41.2%. For FY25, market share stood at 43.3%, a gain of 170 bps over the previous year.
Standalone PBIT rose sharply by 51% in Q4 to INR 1,250 crore with a margin of 19.4%. For the full year, PBIT increased 30% to INR 5,371 crore with margins expanding to 18.4%, reflecting improved product mix and cost controls. The Farm business also saw a strategic reset in two international markets, resulting in a one-time impact of INR 654 crore, underscoring Mahindra’s commitment to disciplined capital allocation.
Services: Steady Growth, TechM Rebounds
The Services sector, encompassing Tech Mahindra, financial services, logistics, and real estate, reported a 12% rise in consolidated Q4 revenue to INR 9,914 crore. Full-year revenue touched INR 37,267 crore, up 12%, with profit after tax up 8% at INR 3,231 crore.
Tech Mahindra posted a notable turnaround, with a 310 bps improvement in EBIT margin and 77% jump in Q4 PAT, driven by better execution and deal momentum. Mahindra Finance closed the year with 17% growth in assets under management (AUM), while maintaining GS3 levels at 3.7%, and delivering 33% growth in profit.
Mahindra Lifespaces reported residential pre-sales of INR 1,055 crore in Q4, while Club Mahindra and Mahindra Logistics registered growth of 14% and 8%, respectively, in quarterly revenues—highlighting broad-based traction in the consumer and mobility verticals.
Strategic Focus, Capital Strength
Dr Anish Shah, Group CEO & MD, attributed the stellar FY25 performance to sharp execution and strategic clarity across business lines. “Our Growth Gems are scaling well, and the group generated nearly INR 10,000 crore in cash, giving us the headroom for further strategic investments,” he noted. The company has announced a 20% hike in dividend for FY26, reflecting confidence in sustained momentum.
Rajesh Jejurikar, CEO of Auto and Farm Sectors, highlighted strong share gains in both SUVs and LCVs, as well as significant improvement in core tractor profitability. Meanwhile, CFO Amarjyoti Barua emphasised the group’s focus on value creation through disciplined capital deployment and operational resilience.
Outlook
Mahindra’s performance in FY25 cements its position as a diversified powerhouse with deep domain strengths across automotive, agriculture, tech, and services. With consistent market share gains, rising profitability, and a focus on electric mobility and digital transformation, M&M appears well-positioned to navigate future challenges and capitalise on emerging opportunities in India and beyond.
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