Mahindra & Mahindra Ltd. · NSE:M&M
Mahindra & Mahindra — Q1 2026 Earnings Presentation
33 slides from Mahindra & Mahindra's earnings presentation, Jul 30, 2025
Slide 1: Exchange cover letter: Presentation at the Press/Analyst Meet
Mahindra & Mahindra Ltd. Mahindra Towers, Dr. G. M. Bhosale Marg, Worli, Mumbai 400 018 India Tel: +91 22 2490 1441 Fax: +91 22 2490 0833 www.mahindra.com 30th July, 2025 National Stock Exchange of India Limited BSE Limited "Exchange Plaza", 5th Floor, Phiroze Jeejeebhoy Towers, Plot No.C/1, G Block
Slide 2: Bold by Design - Analyst & Press Meet
Bold by Design Analyst & Press Meet Dr Anish Shah | 30 July 2025
Slide 3: Key Messages
Key Messages • Strong execution across group … Consolidated PAT 24%, ROE 20.6%* • Auto & Farm … Market share expansion, stable margins SUV volume 22% … Revenue market share 27.3%, 570 bps Tractor volume 10% … Market share 45.2%, 50 bps Auto excl eSUV PBIT margin 10.0%; Farm PBIT margin 19.8% •
Slide 4: Consolidated M&M results: Q1 F26
Consolidated M&M results: Q1 F26 Rs cr. Revenue PAT 45,529 22 % 4,083 24% 37,218 3,283 Q1 F25 Q1 F26 Q1 F25 Q1 F26 3
Slide 5: Capitalize on market leadership
Capitalize on market leadership Auto Farm ▪ SUV Volume 22%; CV 4% ▪ Market share gains ▪ Good momentum; eSUV Revenue MS #1 ▪ Margin expansion … PBIT 130 bps^ ▪ Maintaining 10% PBIT in Auto* ▪ International subs … multiple actions underway Q1 F26 VPY Q1 F26 VPY SUV rev. market share 27.3% 570 b
Slide 6: Consolidated PAT: Key Drivers
Consolidated PAT: Key Drivers Rs cr. Rs cr. Auto and Farm TechM and MMFSL Growth Gems Capitalize on market leadership Achieve full potential 5X challenge 116% 20% TechM MMFSL 49 3,083 +/- 6% 2,568 23 320 273 239 257 Q1 F25 Q1 F26 Q1 F25 Q1 F26 Q1 F25 Q1 F26 Q1 F25 Q1 F26 ▪ Market share gains, volume
Slide 7: Achieve full potential
Achieve full potential MMFSL Tech Mahindra ▪ AUM growth 15% ▪ Deal win momentum, led by Telecom & BFSI ▪ GS3 <4% in line with commitments ▪ NPS reflects improved customer positioning ▪ Initiated comprehensive project on controls ▪ Margin recovery plan working well Q1 F26 VPY Q1 F26 VPY GS3% 3.8%
Slide 8: Scalable Growth Gems
Scalable Growth Gems Logistics Hospitality Real estate ▪ Multiple deal closures … ▪ 85% occupancy … lower vs PY on ▪ Launch of 1st re-development Manufacturing, Auto, Others expanded inventory base project in Mumbai ▪ Key 3PL partnerships ▪ Average unit realization … 69% ▪ GDV acquisition, launches
Slide 9: Consistent delivery on commitments
Consistent delivery on commitments RoE (%) EPS (Rs) 2.2* c 20.6# 17.7 18.4 18.1 36.4 13.8 14.8 31.4 29.3 19.7 15.6 0.3 4.4 8.2 3.8 F19 F20 F21^ F22 F23 F24 F25 Q1 F26 (0.9) Q1 F19 Q1 F20 Q1 F21^ Q1 F22 Q1 F23 Q1 F24 Q1 F25 Q1 F26 # Annualised basis the quarter ROE 8 ^ Considering continuing & discon
Slide 10: Q1 F26 Analyst and Investor Conference: Automotive & Farm Sectors
Q1 F26 ANALYST AND INVESTOR CONFERENCE AUTOMOTIVE & FARM SECTORS RAJESH JEJURIKAR EXECUTIVE DIRECTOR & CEO, AUTO & FARM SECTORS 30th July 2025
Slide 11: Farm Equipment: Transform Farming, Enrich Lives
FARM EQUIPMENT TRANSFORM FARMING, ENRICH LIVES
Slide 12: Q1: Farm
Q1: FARM VOLUMES 133K 10% YoY MARKET LEADERSHIP 45.2% 50 bps YoY Highest ever MS 11 Market Share includes Gromax
Slide 13: Building Domestic Fortress
BUILDING DOMESTIC FORTRESS Market Share 45.2% 43.3% 41.2% 41.6% 40.0% F22 F23 F24 F25 Q1 F26 Consistent increase in MS: ▪ Q1 F26 MS at 45.2%; up by 50 bps vs PY ▪ Highest ever quarterly Market Share 12 Market Share includes Gromax
Slide 14: Farm Machinery
FARM MACHINERY Revenue (Rs cr.)* 309 265 17% 34% 197 Q1 F24 Q1 F25 Q1 F26 ▪ Highest ever quarterly revenue ▪ Rotavator Market Share: 25.2% in Q1 F26 13 * Including MITRA
Slide 15: Farm Margins
FARM MARGINS Farm Standalone PBIT% Core Tractor* PBIT% 2.1% 2.3% 20.7% 19.8% 19.7% 18.5% 18.6% 17.5% Q1 F24 Q1 F25 Q1 F26 Q1 F24 Q1 F25 Q1 F26 Farm Standalone segment includes Powerol Business 14 *Core Tractor comprises of Tractor business (incl exports) and excludes Powerol & Farm Machinery busines
Slide 16: Stability in Volatility
STABILITY IN VOLATILITY Industry Growth % Core Tractor PBIT % 23.4% 20.8% 20.7% 19.8% 19.7% 26.9% 19.7% 19.5% 19.0% 18.6% 18.7% 17.6% 17.4% 17.5% 16.9%* 17.3% 9.2% 8.0% 13.5% 12.2% 0.5% 0.7% -4.9% -1.9% -6.4% -5.6% -9.9% -18.9% F19 F20 F21 F22 F23 Q1F24 Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 Q4 F25 Q1
Slide 17: Farm Conso Financials Q1 F26
FARM CONSO FINANCIALS Q1 F26 Rs cr. Revenue PBIT 12% 6% 10,892 1,631 9,711 1,540 Q1 F25 Q1 F26 Q1 F25 Q1 F26 Nos are after hyper inflation accounting for Turkey companies 16 PBIT is net of intercompany eliminations, stock reserve and after share of profit from JV/ Associates PBIT growth excluding im
Slide 18: Automotive Business: Explore the Impossible
AUTOMOTIVE BUSINESS EXPLORE THE IMPOSSIBLE
Slide 19: Q1: Auto
Q1: AUTO SUV LCV <3.5T2 152K 61K Volumes 1 22% YoY 4% YoY Revenue MS 27.3% Volume MS 54.2% MS 570 bps YoY 340 bps YoY #1 in SUV Revenue MS 18 1. Numbers include sales made by MLMML & MEAL 2. Bolero Max Pickup 2T variant has been classified under LCV 2-3.5T. In SIAM it is classified under LCV 3.5 to
Slide 20: Market Leadership in SUV
MARKET LEADERSHIP IN SUV VOLUMES (‘000s) REVENUE MARKET SHARE 27.3% 149.1 152.1 136.0 142.2 23.0% 23.5% 126.1 21.6% 21.9% 118.9 124.2 20.2% 20.0% 21.0% 20.4% 114.7 100.2 Q1F24 Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 Q1F24 Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 #2 in Volume MS #1 in
Slide 21: E-SUV Penetration
E-SUV PENETRATION E-SUV Penetration E-SUV Volume Market Share 31.8% 7.8% 28.0% 6.0% 5.6% 3.5% 14.5% 1.8% 1.8% 4.2% 1.0% 6.3% 5.8% 0.6% 1.4% Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 M&M Industry Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 20 All numbers including XUV 400 *Monthly Average Volumes
Slide 22: Market Leadership in EV
MARKET LEADERSHIP IN EV M&M is #1 in EV Revenue Market Share in Q1 F26 in both E-SUV & E-PV Q1 F26 OEM E-SUV Revenue MS E-PV Revenue MS MAHINDRA 44.3% 40.9% OEM 1 27.9% 25.9% OEM 2 21.9% 27.6% OEM 3 5.6% 5.1% 21 Source: JATO
Slide 23: #1 in LCV <3.5T
#1 IN LCV <3.5T Q1 F26 MS 54.2%, gain of 3.4% YoY LCV <3.5T Volumes (‘000s) LCV <3.5T MS 54.2% 65.4 67.5 67.7 52.3% 51.9% 52.3% 62.9 63.4 61.7 50.8% 57.9 59.1 61.4 49.3% 49.7% 49.6% 47.5% Q1F24 Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 Q1F24 Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3 F25 Q4 F25 Q1 F26 B
Slide 24: Auto Margins
AUTO MARGINS Auto Standalone PBIT% 2.3% 9.5% 10.0% 7.7% Q1 F24 Q1 F25 Q1 F26 # 23 Auto Standalone Segment includes Spares business and manufacturing of Two-Wheelers #Q1 F26 Auto Standalone PBIT % is excluding e-SUV contract mfg
Slide 25: Q1 F26 Auto Standalone (Excl BEV) Margin
Q1 F26 AUTO STANDALONE (EXCL BEV) MARGIN Rs cr. Auto Standalone* + eSUV Contract Mfg. = Auto Standalone as reported Revenue 22,136 2,813 24,949 PBIT 2,214 7 2,221 PBIT% 10.0% 0.2% 8.9% *Auto business excl eSUV eSUV Contract Mfg. Auto Standalone Results will Contract Mfg. for MEAL for MEAL by Auto re
Slide 26: BEV: 111 Cr. EBITDA
BEV: 111 CR. EBITDA Rs cr. MEAL Ltd as a Company eSUV Contract Mfg. in Auto Standalone Particulars Q1 F26 Particulars Q1 F26 Revenue 3,068 Revenue 2,813 EBITDA 90 EBITDA 21 EBITDA % 2.9% EBITDA % 0.7% PBIT -108 PBIT 7 PBIT % -3.5% PBIT % 0.2% Auto Subsidiary; part of Auto Conso Part of Auto Standalo
Slide 27: Last Mile Mobility
LAST MILE MOBILITY Market Leadership in E-3W with 38.7%3 MS in Q1 F26 Sales Volume1 29,394 28,209 27,922 25,111 22,982 7,061 7,463 8,060 5,857 ▪ Highest ever Q1 volumes 7,399 ▪ L52 Electrification for Q1 stands at 28% (SIAM) 21,148 21,931 19,862 19,254 15,583 ▪ E-3W: YoY growth of 20.3% Q1 F25 Q2 F2
Slide 28: Auto Conso Financials
AUTO CONSO FINANCIALS Rs cr. Revenue PBIT 31% 15% 2,062 25,999 1,787 19,776 Q1 F25 Q1 F26 Q1 F25 Q1 F26 27 PBIT is net of intercompany eliminations, stock reserve and after share of profit from JV/ Associates
Slide 29: Financials - Analyst & Press Meet
Financials Analyst & Press Meet Amarjyoti Barua | 30 July 2025
Slide 30: Financial Results: Q1 F26 (Consolidated)
Financial Results: Q1 F26 CONSOLIDATED M&M Rs cr. Revenue PAT 45,529 22 % 24% 4,083 37,218 3,283 Q1 F25 Q1 F26 Q1 F25 Q1 F26 29
Slide 31: PAT: Q1 F26
PAT: Q1 F26 CONSOLIDATED M&M Rs cr. Q1 F25 Q1 F26 Q1 F25 to Q1 F26 24% Auto 1,330 1,760 285 4,083 430 85 3,283 Farm 1,238 1,323 Services 715 1,000 TechM 239 320 MMFSL 257 273 Growth Gems & Invt. 218 407 Total 3,283 4,083 PAT Q1 F25 Auto Farm Services PAT Q1 F26 30
Slide 32: Financial Results: Q1 F26 (Standalone)
Financial Results: Q1 F26 STANDALONE M&M Rs cr. Revenue PAT 34,143 26 % 27,133 3,450 32% 2,613 Q1 F25 Q1 F26 Q1 F25 Q1 F26 31
Slide 33: Thank You
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