Mahindra & Mahindra Ltd. · NSE:M&M
Mahindra & Mahindra — Q4 2026 Earnings Presentation
75 slides from Mahindra & Mahindra's earnings presentation, May 5, 2026
Slide 1: Analyst & Press Meet
Acceleration in Analyst & Press Meet Uncertainty Dr Anish Shah | 5 May 2026 SAFE HARBOR STATEMENT: “Certain statements with regard to our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially fro
Slide 2: Key Messages
Key Messages • Continued strong performance across the Group Strong PAT growth … Q4 42%, F26 35%* • Volume and margin growth for Auto & Farm Auto … volume 19% & margin 80 bps # Farm … volume 24% & margin 150 bps# • Transformational year for multiple businesses Mahindra Finance … PAT 60%^, GS3
Slide 3: Q4 F26 Consolidated M&M Results
Q4 F26 Consolidated M&M Results Rs cr. Revenue PAT 29% 42% 54,982 4,668 42,599 3,295 Q4 F25 Q4 F26 Q4 F25 Q4 F26 3
Slide 4: F26 Consolidated M&M Results
F26 Consolidated M&M Results Rs cr. Revenue PAT 1,98,639 25 % 35%* 1,59,211 17,099 12,929 304 F25 F26 F25 F26 4 *Excluding F25 gains of 304 cr. on land sale (reported PAT 32%)
Slide 5: Performance by business
Performance by business M&M F26 PAT Growth Growth % Key Drivers Consolidated 35%* Growth gems 50% Real Estate, Logistics, Accelo Auto 33% Market share & margin growth MMFSL 60%^ AUM growth 12%, GS3 3.41% TechM 14% Strong deal wins, margin expansion Farm 13% Volume & Margin (offset by Int’l) Investme
Slide 6: Capitalize on market leadership
Capitalize on market leadership Rs Rs cr. cr. Auto Farm Consolidated PAT Consolidated PAT 13% 7,842 33% 4,298 3,792 5,907 Excl. 36% Impairment F25 F26 F25 F26 ▪ SUV Volume 20% … No 1 SUV player ▪ Domestic Volume 24%, Exports 17% ▪ Margin# 80 bps … strong execution ▪ Margin# 150 bps … operatin
Slide 7: Achieve full potential
Achieve full potential Rs Rs cr. cr. MMFSL Tech Mahindra PAT: M&M Share PAT: M&M Share 28% 1,495 14% 1,342 1,164 1,176 Ex F25 60% Provision F25 F26 F25 F26 ▪ AUM 12%, GS3 3.41% ▪ Key new deal wins across verticals ▪ Tech & Controls in place … pivoting to growth ▪ Margin expansion … 290 bps F26 V
Slide 8: Consistent delivery on commitments
Consistent delivery on commitments RoE (%) EPS (Rs) 2%* c 152 11* 18% 20% 18% 18% 115 15% 101 14% 81 59 4% 49 0% 16 1 F19 F20 F21^ F22 F23 F24 F25 F26 F19 F20 F21^ F22 F23 F24 F25 F26 8 ^ Considering continuing & discontinued operations * F23 includes gains on SEL and Susten net of Trucks impairment
Slide 9: Looking ahead
Looking ahead … • India’s economy is on a sound footing despite short term inflation pressure • We have built resilience to withstand shocks • AI is starting to deliver meaningful impact • Our businesses are well positioned to continue growth trajectory Accelerate in uncertainty 9
Slide 10: Growth Drivers for India
India Growth Drivers for India Consumption Infrastructure Economic Reforms ▪ India’s median age 28.8 yrs ▪ Physical infra investments ▪ Govt. driving reforms for growth o US 39y, China 39y, Japan 49y o 2x+ airports o GST o Will add to its workforce till 2055 o 1.8x port handling capacity o IBC and N
Slide 11: Impact of FTAs
India Impact of FTAs 9 Major FTAs covering 38 Implications on countries since 2021 Indian businesses India-EU FTA ($135B trade vol.) FTAs open home markets to 1 Sectors Impacted: Automobiles, Machinery, Pharmaceuticals, Aerospace, Chemicals competition India-UK FTA ($56B trade vol.) Improved export
Slide 12: India's strong trajectory will continue
India India’s strong trajectory will continue GDP of India (In $ Tn) GDP grew consistently at 6.5% over last 30 years… 1 Consumption on track to add $2.5-2.9 Tn by 2030 Impeded by ▪ Inflation +$2.5-2.9 Tn $7.1T 8% GDP Growth 2 Infrastructure Accelerated by $4.2T ▪ Urgency for more reforms $6.6T 6.4%
Slide 13: M&M Supply Chain Resilience
M&M Supply Chain Resilience Risk Exposure Risk Mitigation Actions INR 100,000 Cr+ purchase # 100,000+ parts; 40+ commodities ` ▪ Increase inventory 74 • Planned buffers Geo-political Risks ▪ Localize Raw Material 32 • Develop local suppliers Single supplier ▪ Alternate suppliers 16 • Multi-supplier
Slide 14: Resilience
Resilience Business Status Actions to Fortify Actions to Grow ▪ No.1 SUV Player ▪ Capacity Debottlenecking ▪ Launch NU_IQ portfolio 1 Automotive ICE & EV ▪ >50% LCV Volume MS ▪ De risk supply chain ▪ Grow International / exports ▪ Strong dealer network ▪ Commodity hedging program ▪ Accelerate EV vol
Slide 15: Resilience
Resilience Business Status Actions to Fortify Actions to Grow ▪ 99% Secured loan ▪ Secured buffer funding ▪ Diversify into Mortgage & SME 3 Financial Svcs ▪ GS3 3.41% ▪ Tighter risk screen ▪ Ramp up digital channel ▪ <5% exposure to CV & SME ▪ Strengthened tech & controls ▪ Insurance & fee-based inc
Slide 16: Resilience
Resilience Business Status Actions to Fortify Actions to Grow ▪ Diversified Portfolio ▪ Reduced Whitespaces ▪ Penetrate E Com, Qcom & Express 6 Logistics ▪ Strong 2nd half Performance ▪ MESPL turnaround ▪ Grow into ‘specialised logistics’ ▪ Minimal Int’l Freight business ▪ Strengthen Pharma & Mfg. p
Slide 17: AI Acceleration
AI Acceleration Ambition Be a Tech leader in every industry Foundation Data and systems Approach Invent Deploy Transform AI native ways for new processes Innovate with AI Re-engineer existing processes Accelerators Governance Partnerships M.AI academy SWAT Pods Impact Areas Quality.ai Experience.ai
Slide 18: AI interventions
AI Deploy Innovate with AI Save time & effort Improve Quality Scope Automate repetitive tasks and free up capacity Enhance accuracy, consistency, and decision-making • Vehicle GPT for all PV brands • Maintenance agent for shopfloor employees • Email agents for customer queries & complaints • Decal s
Slide 19: Illustrations
AI Transform Re-engineer existing processes Quality.ai Experience.ai Reach.ai Efficiency.ai Improve quality of Enhance customer and Rapidly expand reach to Scope Do more, with less product or service employee experiences new users globally • AI assisted service Auto • Paint.ai • Agentic AI in market
Slide 20: AI @ Auto – Transform projects
AI @ Auto – Transform projects Transform Quality.ai Experience.ai Reach.ai Efficiency.ai AI in Manufacturing AI assisted service Agentic AI in marketing Simulations.AI Concept 30% Architecture Assessment 4100 Cr+ Revenue share in FY27 2-3 pp. Reduction in Time to Outcomes by increased adoption of AI
Slide 21: AI @ MMFSL – Transform projects
AI @ MMFSL – Transform projects Translating AI-driven operational efficiencies directly into defensible market moats Acquisition and X- Sell Onboarding Servicing & Collection BHARAT CUSTOMER- CENTRIC SAFEST & PROMPT EFFICIENT & FAIR The MOAT Hyper-personalized Lending, Protection & Industry leading
Slide 22: AI Invent
AI Invent AI native ways for new processes INSURANCE AUTO FARM AI native processes New Age Factory Farm Advanced Tech 22
Slide 23: AI Governance
AI Governance Using AI with care Mahindra Ways of AI . ETHICAL RESPONSIBLE SECURE Aligns with brand values and ethical fabric Ensures fairness, transparency and accountability Complies with regulations and privacy laws AI Governance Council Business Governance Council . . • Group level, cross functi
Slide 24: M.AI academy
M.AI academy Up and re-skilling talent PURPOSE OBJECTIVES Re-skilling: Equip with future-ready skills to succeed in an AI-world Empower every employee in the group with AI - AI Fluency : Build practical AI skills across all functions encouraging them to EXPLORE EXPERIMENT Innovation Culture : Foster
Slide 25: Auto & Farm
Auto & Farm Auto Farm Revenue (‘000 cr.) Revenue (‘000 cr.) 2-3x 1.5-2x 43k 118k 21k 29k* F20 F26 F31 F20 F26 F31 F26 VPY F26 VPY PAT (Rs cr.) 7,842 33% PAT (Rs cr.) 4,298 13% 25 *Excludes Ssangyong due to discontinued operations
Slide 26: TechM & MMFSL
TechM & MMFSL TechM MMFSL Revenue ($ Bn) AUM (‘000 cr.) 2-2.5x^ ++ 6 5 134k^ 65k F20 F26 F31 F21 F26 F31 F26 VPY F26 VPY EBIT (%) 12.6% 290 bps PAT# (Rs cr.) 2,855 26% 26 ^includes mortgage business #^MMFSL Consolidated
Slide 27: Growth Gems
Growth Gems Hospitality Logistics Real estate Room Inventory (#) Revenue (cr.) Resi Pre-Sales (cr.) 2-3x 2x 10k+ 6.9k 6.2k 3.5k 3k 3.7k 0.7k F20 F26 F31 F20 F26 F31 F20 F26 F31 Rs cr. F26 VPY Rs cr. F26 VPY Rs Rscr. cr. F25 F26VPY V VPY Bud Business PAT 70 (46)% Business PAT 2 ++ Business Revenue**
Slide 28: Growth Gems
Growth Gems Susten Last Mile Mobility Trucks & Buses Asset Portfolio (GWp) Electric Vehicle Volumes Market Share (%) 2-3x 7.0 10-12% 107k 6% 2.1 3%^ 1.5 14k F25 F26 F31 F20 F26 F31 F25 F26 F31 Rs cr. F26 VPY Rs cr. F26 VPY Rs Rscr. cr. F25 F26VPY V VPY Bud Revenue* NA NA Revenue 4,798 27% Revenue Re
Slide 29: Q4 F26 Analyst and Investor Conference: Automotive & Farm Sectors
Q4 F26 ANALYST AND INVESTOR CONFERENCE AUTOMOTIVE & FARM SECTORS RAJESH JEJURIKAR EXECUTIVE DIRECTOR & CEO, AUTO & FARM SECTORS 5th May 2026
Slide 30: Farm Equipment
FARM EQUIPMENT TRANSFORM FARMING, ENRICH LIVES
Slide 31: Q4: Farm Highlights
Q4: FARM HIGHLIGHTS Q4 F26 120k 526k VOLUMES 36% YoY 24% YoY 42.1% 43.6% MARKET SHARE 90 bps YoY 30 bps YoY 31 Volume and Market Share includes Gromax
Slide 32: Domestic Fortress
DOMESTIC FORTRESS Market Share 43.3% 43.6% 41.2% 41.6% 40.0% F22 F23 F24 F25 F26 ▪ Highest ever F26 MS at 43.6% ▪ Q4 F26 MS at 42.1% 32 Market Share includes Gromax
Slide 33: Farm Machinery
FARM MACHINERY Revenue (Rs cr.)* 1,354 1,024 866 32% 18% F24 F25 F26 33 * Including MITRA
Slide 34: Q4 F26: Farm Margins
Q4 F26: FARM MARGINS Farm Standalone PBIT% Core Tractor# PBIT% 3.6% 2.8% 19.4% 19.4% 20.8% 20.4% 15.8% 17.6% Q4 F24 Q4 F25 Q4 F26 Q4 F24 Q4 F25 Q4 F26 Farm standalone segment includes Powerol business 34 # Core Tractor comprises of Tractor business (incl exports) and excludes Powerol & Farm Machiner
Slide 35: F26: Farm Margins
F26: FARM MARGINS Farm Standalone PBIT% Core Tractor# PBIT% 3.1% 3.6% 19.8% 19.7% 20.8% 18.4% 17.7% 16.2% F24 F25 F26 F24 F25 F26 F26 PBIT% is after labour code impact 35 Farm standalone segment includes Powerol business # Core Tractor comprises of Tractor business (incl exports) and excludes Powero
Slide 36: Stability in Volatility
STABILITY IN VOLATILITY Industry Growth % Core Tractor PBIT % 34.8% 26.9% 30.7% 23.2% 20.8% 20.7% 20.6% 21.2% 20.4% 19.8% 19.7% 23.4% 19.7% 19.5% 18.6% 18.7% 17.4% 17.5% 16.9%* 17.6% 17.3% 19.0% 13.5% 12.2% 8.0% 9.2% 0.5% 0.7% -1.9% -6.4% -5.6% -4.9% -9.9% -18.9% F19 F20 F21 F22 F23 Q1F24 Q2F24 Q3F2
Slide 37: Technology that delivers higher productivity & unmatched comfort
TECHNOLOGY THAT DELIVERS HIGHER PRODUCTIVITY & GIVES UNMATCHED COMFORT DURA –TUFF PLANETARY DRIVE SHUTTLE TRANSMISSION Best-in-class Load Carrying Capacity 12 Forward and 12 Reverse Speeds 12+3 FULLY CONSTANT MESH VERSA PTO Gear Shifting Comfort 12 PTO Speeds POWER-SENSE LIFT COMFI FLAT DECK Better
Slide 38: Mahindra's New Tractor Range
MAHINDRA’s NEW TRACTOR RANGE Phase-wise introduction to upgrade ~50% of portfolio in 31-50 HP range 41-50 HP range launched in 7 states*; Pan-India coverage in CY26 Best-in-class backup torque in industry Upgraded engine with higher torque Tough muscular design Heavy-duty build with enhanced ergonom
Slide 39: Farm International: Significant Actions
FARM INTERNATIONAL: 3 SIGNIFICANT ACTIONS Sampo Rosenlew Sale of Sampo concluded ▪ Liquidation announced as per Japan laws MAM Japan ▪ Stakeholder engagement ongoing ▪ Wind down planned over F27 Erkunt Foundry Sale announced, with closing expected in 1H F27 Capital allocation decisions to support Pa
Slide 40: Farm Global Subsidiaries
FARM GLOBAL SUBSIDIARIES MAgNA MS%* Brazil MS%* Turkey MS%(Erkunt)* (<110Hp segment) (<120Hp segment) 7.8% 6.3% 6.0% 5.8% 6.6% 6.0% 5.9% 5.5% 5.5% F24 F25 F26 F24 F25 F26 F24 F25 F26 ▪ Industry: 195K 6.6%, Market stress ▪ Industry: 36K 2.2% ▪ Industry: 34K 40%; price increase continues due to price
Slide 41: Q4: Farm Conso Financials
Q4: FARM CONSO FINANCIALS Rs cr. Revenue PBIT 26% 8% 26%* 10,022 7,933 942 1,019 Q4 Q4 F25 Q4 F26 Q4 F25 Q4 F26 PAT 758 768 1% 28%* Numbers are after hyper inflation accounting for Turkey companies 41 PBIT is net of intercompany eliminations, stock reserve, and after share of profit from JV/ Associa
Slide 42: F26: Farm Conso Financials
F26: FARM CONSO FINANCIALS Rs cr. Revenue PBIT 20% 12% 31%* 42,568 35,375 F26 * 4,947 5,517 F25 F26 F25 F26 PAT 3,792 4,298 13% 36%* Numbers are after hyper inflation accounting for Turkey companies 42 PBIT is net of intercompany eliminations, stock reserve, and after share of profit from JV/ Associ
Slide 43: Farm Product Portfolio (FY27): Tractors
FARM PRODUCT PORTFOLIO (FY27) Tractors NEW LAUNCHES/ ENHANCEMENTS in FY27 19 NEW LAUNCHES 7 * NEW FEATURES 12 43 * Includes Swaraj Protek and Mahindra’s New Tractor range to be launched pan-India
Slide 44: Automotive Business
AUTOMOTIVE BUSINESS EXPLORE THE IMPOSSIBLE
Slide 45: Q4: Auto
Q4: AUTO Q4 F26 1 307k 1,118k VOLUMES 19% YoY 21% YoY 24.5% 25.3% SUV REVENUE MS 60 bps YoY 260 bps YoY #1 in SUV Revenue MS #1 in SUV Revenue MS LCV <3.5T MS2 50.5% 52.3% 170 bps YoY 60 bps YoY Maintained Vahan Market share 45 1. Numbers include sales made by MLMML & MEAL 2. Bolero Max Pickup 2T va
Slide 46: Market Leadership in SUV
MARKET LEADERSHIP IN SUV VOLUMES (‘000s) REVENUE MARKET SHARE 660.6 25.3% 551.5 22.7% 459.9 20.4% 19.1% 357.0 17.6% 15.4% 223.7 13.6% 179.4 155.5 F20 F21 F22 F23 F24 F25 F26 F20 F21 F22 F23 F24 F25 F26 #2 in Volume MS #1 in SUV Revenue MS #2 in PV Revenue MS 46 Volumes & RMS include ICE SUVs & E-SUV
Slide 47: XUV 7XO: 9.5K Average Billing per Month in Q4
XUV 7XO | 9.5K AVERAGE BILLING PER MONTH IN Q4 47
Slide 48: Mahindra Electric Automobile Ltd: 1st full year of operations
MAHINDRA ELECTRIC AUTOMOBILE LTD | 1st full year of operations ▪ 55,000 eSUVs sold since launch* achieving #1 RMS rank in eSUV ▪ XEV 9E won Green Car Award 2026 by ICOTY (25+ awards across XEV 9E and BE6) ▪ XEV 9S demonstrating strong customer traction: 7.4k vehicles billed in Q4 48 *From start of d
Slide 49: E-SUV Penetration
E-SUV PENETRATION E-SUV Penetration E-SUV Volume MS 9.6% 31.4% 8.7% 31.4% 7.8% 27.2% 6.9% 25.0% 25.7% 6.0% 6.3% 7.4% 3.7% 5.7% 5.6% 2.1% 12.7% 4.4% 5.5% 1.4% 1.0% Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4 F26 M&M Industry Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4 F26 E-SUV Penetration growing steadily #2
Slide 50: Market Leadership in EV
MARKET LEADERSHIP IN EV M&M is #1 in EV Revenue Market Share in F26 E-SUV Revenue MS E-PV Revenue MS OEM Q4 F26 F26 Q4 F26 F26 MAHINDRA 40.0% 37.4% 37.7% 34.8% OEM 1 33.1% 32.0% 35.4% 34.6% OEM 2 17.2% 23.0% 17.7% 23.5% OEM 3 2.6% 3.5% 2.5% 3.2% OEM 4 2.2% 2.6% 2.1% 2.4% OEM 5 4.9% 1.5% 4.6% 1.4% So
Slide 51: #1 in LCV <3.5T
#1 IN LCV <3.5T F26 MS 52.3%, gain of 60 bps YoY LCV <3.5T Volumes (‘000s) LCV <3.5T MS 51.7% 52.3% 289.6 49.0% 249.7 256.1 238.5 45.7% 45.5% 187.9 170.7 41.5% 151.9 40.3% F20 F21 F22 F23 F24 F25 F26 F20 F21 F22 F23 F24 F25 F26 51 Numbers include Jeeto sold by MLMML Bolero Max Pickup 2T variant has
Slide 52: M&M is now 5th biggest auto exporter
M&M IS NOW 5TH BIGGEST AUTO EXPORTER (PV+CV) Rank 1 2 3 4 5 6 4,47,774 1,90,125 82,408 40,143 40,106 33,702 OEM 1 OEM 2 OEM 3 OEM 4 M&M M&M FY26 FY25 Only 37 units short of becoming the #4 exporter 52 Source: SIAM
Slide 53: Q4: Auto Margins
Q4: AUTO MARGINS Auto Business excl eSUV Contract Mfg PBIT% 1.9% 10.9% 10.0% 9.0% Q4 F24 Q4 F25 Q4 F26 Auto business segment includes Spares business & manufacturing of Two wheelers
Slide 54: Q4 F26 Auto Standalone (excl BEV) Margin
Q4 F26 AUTO STANDALONE (EXCL BEV) MARGIN Rs cr. Auto business excl eSUV Contract Mfg. for MEAL + eSUV Contract Mfg. for MEAL = Auto Standalone as reported Revenue 27,036 4,080 31,116 PBIT 2,937 19 2,955 PBIT% 10.9% 0.5% 9.5% ▪ Auto PBIT% is diluted to the extent of eSUV contract manufacturing for ME
Slide 55: BEV E2E Q4 F26: 563 Cr EBITDA; PBIT Positive
BEV E2E Q4 F26: 563 CR EBITDA; PBIT POSITIVE Rs cr. Rs Cr MEAL Ltd as a Company eSUV Contract Mfg. in Auto Standalone Particulars Q4 F26 Particulars Q4 F26 Revenue 4,820 Revenue 4,080 EBITDA 523 EBITDA 40 EBITDA % 10.9% EBITDA % 1.0% PBIT 227 PBIT 19 PBIT % 4.7% PBIT % 0.5% Part of Auto Standalone B
Slide 56: F26: Auto Margins
F26: AUTO MARGINS Auto Business excl eSUV Contract Mfg PBIT% 2.1% 10.4% 9.7% 8.3% F24 F25 F26 F26 PBIT is after labour code impact 56 Auto business segment includes Spares business & manufacturing of Two wheelers
Slide 57: F26 Auto Standalone (excl BEV) Margin
F26 AUTO STANDALONE (EXCL BEV) MARGIN Rs cr. Auto business excl eSUV Contract Mfg. for MEAL + eSUV Contract Mfg. for MEAL = Auto Standalone as reported Revenue 96,967 12,388 1,09,355 PBIT 10,097 45 10,141 PBIT% 10.4% 0.4% 9.3% ▪ Auto PBIT% is diluted to the extent of eSUV contract manufacturing for
Slide 58: BEV E2E F26: 1,314 Cr EBITDA; PBIT Positive
BEV E2E F26: 1,314 CR EBITDA; PBIT POSITIVE Rs cr. MEAL Ltd as a Company eSUV Contract Mfg. in Auto Standalone Particulars F26 Particulars F26 Revenue 14,389 Revenue 12,388 EBITDA 1,198 EBITDA 116 EBITDA % 8.3% EBITDA % 0.9% PBIT 242 PBIT 45 PBIT % 1.7% PBIT % 0.4% Part of Auto Standalone BEV = MEAL
Slide 59: MTB+SML: Volumes
MTB+SML : VOLUMES 15% YoY 31,464 27,308 27,049 16,632 13,797 14,221 13,252 13,087 14,832 F24 F25 F26 MTB SML F26: ▪ MTB+SML business grew by 15% vs PY (Industry growth of 13%) ▪ SML has outgrown the CV industry with 17% YoY growth 59 Volumes include exports
Slide 60: MTB+SML: Market Share
MTB+SML : MARKET SHARE F26 MTB+SML MS 5.9% 5.9% 6.0% F24 F25 F26 ILCV Buses 3rd biggest player with 22.9% MS; Narrowed gap with #2 (13% of CV industry) ILCV Trucks 38% YoY growth (7% MS), well ahead of industry (28% of CV industry) 60
Slide 61: Last Mile Mobility
LAST MILE MOBILITY F26 Market Leader in E-3W with 40.0%1 MS Q4-F26 Market Leader in E-3W with 39.7%1 MS Sales Volume2 1,36,425 1,08,507 29,681 1,00,846 ▪ L53 Electrification is at 29.6% in F26, up from 21.9% in F25 83,645 29,983 34,821 40,058 ▪ E-3W: YoY growth of 34.9% 1,06,744 78,524 66,025 43,587
Slide 62: Mahindra UDO: 7.5K+ billed within 2 months of launch
MAHINDRA UDO | 7.5K+ BILLED WITHIN 2 MONTHS OF LAUNCH LAUNCHED ON * Real-world range 12TH FEB’26 Unmatched Comfort with Monocoque Construction | 200+ km Range* | Industry-first Reverse Throttle and Creep Modes
Slide 63: Q4: Auto Conso Financials
Q4: AUTO CONSO FINANCIALS Rs cr. Revenue PBIT 32% 55% 34,294 Q4 F26 25,902 3,176 2,052 Q4 F25 Q4 F26 Q4 F25 Q4 F26 PAT 1,715 2,553 49% 63 PBIT is net of intercompany eliminations, stock reserve and after share of profit from JV/ Associates Q4 F25 includes PMTC impairment of Rs (63) cr
Slide 64: F26: Auto Conso Financials
F26: AUTO CONSO FINANCIALS Rs cr. Revenue PBIT 30% 33% 1,17,834 10,383 F26 90,825 7,797 F25 F26 F25 F26 PAT 5,907 7,842 33% 64 PBIT is net of intercompany eliminations, stock reserve and after share of profit from JV/ Associates F25 includes PMTC impairment of Rs (63) cr
Slide 65: Auto Capacity Planning
AUTO CAPACITY PLANNING Per month capacity F25 exit capacity F26 exit capacity F27 H1 exit capacity F27 H2 exit capacity 60k SUV ICE Capacity 54k 56.5k 60k +10K for new Launches in F28 8k Operational BEV Capacity 5k Operational 8k Operational 8k Operational +4k for new launches in F28 68k Operational
Slide 66: LCV (<3.5T) Product Portfolio - Update
LCV (<3.5T) PRODUCT PORTFOLIO - UPDATE LCVs 7 * ASPIRATION 2030 (defined in May’24) LAUNCHES TILL F26 (31-Mar’26) 4 (VEERO, VEERO CNG, BOLERO CAMPER & BOLERO PIKUP REFRESH) REMAINING LAUNCHES 3 ADDITIONAL LAUNCHES (to come by 2031) 7 10 # NEW ASPIRATION 2031 (from 1st April 2026) 66 * 5 ICE & 2 EVs
Slide 67: SUV Product Portfolio - Update
SUV PRODUCT PORTFOLIO - UPDATE ICE SUVs BEVs 9 7 * ASPIRATION 2030 (defined in May’24) LAUNCHES TILL F26 (31-Mar’26) 5 4 (XUV3XO, THAR ROXX, XUV7XO, BOLERO & (BE6, XEV9E, XEV9S, BE6 Special Edition) BOLERO NEO REFRESH) REMAINING LAUNCHES 4 3 ADDITIONAL LAUNCHES (to come by 2031) 6 3 10 6 # NEW ASPIR
Slide 68: FY27 Outlook
FY27 Outlook Tractors Industry growth in Mid Single Digits expected for FY27 Mid to high teen growth aspiration for M&M in FY27 SUVs Manufacturing capacity ramp up on-track to meet volume growth aspiration LCV (<3.5T) Industry growth expected in High Single Digit for FY27 Subject to geopolitical unc
Slide 69: Financials
Financials Board Meeting Amarjyoti Barua | 5 May 2026
Slide 70: F26 Financial Results: Consolidated M&M
F26 Financial Results CONSOLIDATED M&M Rs cr. Revenue PAT 1,98,639 25 % 35%* 1,59,211 17,099 12,929 304 F25 F26 F25 F26 70 *Excluding F25 gains of 304 cr. on land sale (reported PAT 32%)
Slide 71: F26 PAT
F26 PAT CONSOLIDATED M&M Rs cr. F25 F26 F25 to F26 Auto 5,907 7,842 1,729 17,099 506 1,935 CIE gain 630 Farm 3,792 4,298 12,929 International losses (1,202) MMFSL 331 Services 3,231 4,960 TechM 1,176 1,342 MMFSL 1,164 1,495 Growth Gems & Invt. 890 2,123 Total 12,929 17,099 PAT F25 Auto Farm Servic
Slide 72: F26 Financial Results: Standalone M&M
F26 Financial Results STANDALONE M&M Rs cr. Revenue PAT 1,47,765 25 % 34%* 1,18,625 15,639 11,855 201 F25 F26 F25 F26 72 *Excluding F25 gains of 201 cr. on land sale (reported PAT 32%)
Slide 73: F26 Cash Flow
F26 Cash Flow Rs Cr. STANDALONE M&M + MEAL + LMM Co Auto Farm Services Total Rscr. cr. Rs Opening Balance@ 27,389 + Inflow (incl. monetization, dividend) 17,112 7,806 2,354 27,271 - Capex -5,369 -856 0 -6,225 - EV: MEAL + LMM Co -229 0 0 -229 - Investments -517 -116 -3,280 -3,913 - SML Investment -5
Slide 74: Q4 F26 Financial Results: Standalone M&M
Q4 F26 Financial Results STANDALONE M&M Rs cr. Revenue PAT 39,601 25 % 53%* 3,737 31,609 2,437 Q4 F25 Q4 F26 Q4 F25 Q4 F26 74 *PAT growth at 22% excluding net impairments of 617 cr.
Slide 75: Thank You
. Ri: mahindra~