Mahindra & Mahindra Ltd. · NSE:M&M
Mahindra & Mahindra — Q1 FY27 Earnings Presentation
48 slides from Mahindra & Mahindra's earnings presentation, Jul 30, 2026
Slide 1: Cover letter to stock exchanges
Mahindra & Mahindra Ltd. R,SG Mahindra Towers, mahindra Dr. G. M. Bhosale Marg, Worli, Mumbai 400 018 India Tel: +91 22 2490 1441 Fax: +91 22 2490 0833 www.mahindra.com Ref No.: M&M/SEC/2026-27/081 30th July 2026 National Stock Exchange of India Limited BSE Limited Scrip Symbol: M&M Scrip Code: 5005
Slide 2: Acceleration in Analyst & Press Meet
Acceleration in Analyst & Press Meet Uncertainty Dr Anish Shah | 30 July 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 f
Slide 3: Key Messages
Key Messages • Consolidated PAT 34% … ROE at 23%* • Auto & Farm … resilient performance PAT … Auto 21% & Farm 15% Navigating through 400-500bps of extraordinary 1Q commodity inflation • Finance & Tech … accelerating momentum Mahindra Finance … PAT 78%, GS3 3.45%, disbursements 22% TechM … PAT
Slide 4: Q1 F27 Consolidated M&M Results
Q1 F27 Consolidated M&M Results Rs cr. Revenue PAT 28% 58,188 34% 5,455 45,529 4,083 Q1 F26 Q1 F27 Q1 F26 Q1 F27 3
Slide 5: Performance by business
Performance by business M&M Q1 F27 PAT Growth Growth % Key Drivers Consolidated 34% Growth Gems 3x Real Estate, Accelo, Logistics MMFSL 78% AUM growth 13%, GS3 3.45% TechM 28% Margin expansion … EBIT 14.4% Auto 21% Volume , offset by commodity pressure Farm 15% Volume , partly offset by Turkey act
Slide 6: Capitalize on market leadership | Auto
Capitalize on market leadership | Auto Auto Q1’27 Performance Highlights Consolidated PAT Rs cr. Rs cr. ▪ SUV Volume 15% … No 1 SUV player* 21% 2,129 ▪ eSUV penetration at 12% 1,760 ▪ Commodity inflation 400-500 bps Future Growth Drivers ▪ Launch NU_IQ portfolio ▪ Accelerate EV volume growth Q1 F26
Slide 7: Capitalize on market leadership | Farm
Capitalize on market leadership | Farm Farm Q1’27 Performance Highlights Consolidated PAT Rs cr. Rs cr. ▪ Domestic Volume 18%, Exports 15% 1,520 15% 1,323 ▪ Commodity inflation 300-400 bps ▪ Erkunt Foundry exited Future Growth Drivers ▪ Product launches ▪ Accelerate exports Q1 F26 Q1 F27 ▪ Fix I
Slide 8: Accelerating momentum | MMFSL
Accelerating momentum | MMFSL MMFSL Q1’27 Performance Highlights PAT: M&M Share Rs cr. Rs cr. ▪ AUM 13%, Disbursements 22% 78% 486 ▪ Continued credit discipline … GS3 3.45% ▪ NIM expansion … 7.3%, 55bps 273 Future Growth Drivers ▪ Diversify into Mortgage & SME ▪ Insurance & fee-based income Q1
Slide 9: Accelerating momentum | Tech Mahindra
Accelerating momentum | Tech Mahindra Tech Mahindra Q1’27 Performance Highlights PAT: M&M Share Rs cr. Rs cr. ▪ Large deal wins … TCV $1,078mn., 33% 411 28% ▪ Margin expansion … EBIT 14.4%, 330bps 320 ▪ Free cash flow $167mn., 94% Future Growth Drivers ▪ Large deals momentum ▪ Geographical divers
Slide 10: Growth Gems | Real estate
Growth Gems | Real estate Real estate Q1’27 Performance Highlights PAT: M&M Share Rs cr. Rs cr. ▪ Robust GDV additions Rs 5.6K cr., 60% 41 2X ▪ Solid Resi pre-sales Rs 925 cr., 2x ▪ Strong execution … OCs delivered before plan 18 Future Growth Drivers ▪ GDV up from 8K cr. to 50K cr. in 3 years ▪
Slide 11: Growth Gems | Logistics
Growth Gems | Logistics Logistics Q1’27 Performance Highlights PAT: M&M Share Rs cr. Rs cr. ▪ Strong Revenue growth … 23% 3x ▪ Margin expansion … EBITDA 51% 14 ▪ Highest quarterly PAT performance Future Growth Drivers Q1 F26 Q1 F27 ▪ Growing E-comm/ Q-comm penetration -7 ▪ Express business turna
Slide 12: Growth Gems | Trucks & Buses
Growth Gems | Trucks & Buses SML + MTBD Q1’27 Performance Highlights Volume (No.’s) ▪ Market Share 7.8% 9,389 11% ▪ Volume 11%; Revenue 13.2% 8,449 MTBD ▪ No. 2 in ILCV Buses; Market share 26.6% MTBD 3,951 3,523 SML Future Growth Drivers SML 5,438 4,926* ▪ Product portfolio expansion ▪ Distribut
Slide 13: Growth Gems | Aerostructures
Growth Gems | Aerostructures Aerostructures Q1’27 Performance Highlights Deal wins*: Total contract value Rs cr. $ Mn ▪ Continued deal wins 3X ▪ Growing presence in Shell & Skins Panel 621 .1 ▪ Accelerating industrialization of key projects Future Growth Drivers 200 ▪ Move up the Aero value chain ▪
Slide 14: AI Acceleration
mai AI Acceleration May’26 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 Exp
Slide 15: AI Transform illustrations
AI Transform May’26 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
Slide 16: AI Transform
AI Transform Re-engineer existing processes Quality.ai Experience.ai Reach.ai Efficiency.ai Improve quality of Enhance customer and Rapidly expand reach to new Scope Do more, with less product or service employee experiences users globally Paint.ai Service.AI Marketing.AI Simulation.ai Auto • 90.6%
Slide 17: Consistent delivery on commitments
Consistent delivery on commitments RoE (%) EPS (Rs) 2.2* c 23.0# 20.1 48.6 17.7 18.4 18.1 14.8 36.4 13.8 31.4 29.3 15.6 19.7 0.3 4.4 8.2 3.8 F19 F20 F21^ F22 F23 F24 F25 F26 Q1 F27 (0.9) Q1 F19 Q1 F20 Q1 F21^ Q1 F22 Q1 F23 Q1 F24 Q1 F25 Q1 F26 Q1 F27 # Annualised basis the quarter ROE 16 ^ Consideri
Slide 18: Q1 F27 Analyst and Investor Conference Automotive & Farm Sectors
Q1 F27 ANALYST AND INVESTOR CONFERENCE AUTOMOTIVE & FARM SECTORS RAJESH JEJURIKAR EXECUTIVE DIRECTOR & CEO, AUTO & FARM SECTORS 30th Jul 2026
Slide 19: Farm Equipment: Transform Farming, Enrich Lives
mahindra FARM EQUIPMENT TRANSFORM FARMING, ENRICH LIVES
Slide 20: Q1: Farm Highlights
Q1: FARM HIGHLIGHTS VOLUMES 158K 18% YoY MARKET LEADERSHIP 44.9% 280 bps QoQ 30 bps YoY 19 Volume and Market Share includes Gromax
Slide 21: Domestic Fortress
DOMESTIC FORTRESS Market Share 45.2% 44.7% 44.9% 42.9% 42.7% Q1 F23 Q1 F24 Q1 F25 Q1 F26 Q1 F27 20 Market Share includes Gromax
Slide 22: Farm Machinery: Highest Ever Quarterly Revenue
FARM MACHINERY: HIGHEST EVER QUARTERLY REVENUE Revenue (Rs cr.)* 362 309 17% 17% 265 Q1 F25 Q1 F26 Q1 F27 ▪ Rotavator continue to retain No. 2 position in industry 21 * Including MITRA
Slide 23: Farm Margin
FARM MARGIN Rs cr. Core Tractor1 + International Subsidiaries2 + Others3 = Farm Conso Q1 F27 Q1 F26 Q1 F27 Q1 F26 Q1 F27 Q1 F26 Q1 F27 Q1 F26 Revenue 9,964 8,274 1,735 2,094 1,927 1,711 12,501# 10,892# PBIT 1,917 1,717 -341 -241 205 155 1,781 1,631 PBIT% 19.2% 20.7% -19.7% -11.5% 10.7% 9.1% 14.2% 15
Slide 24: Q1 F27: Core Tractor Margins
Q1 F27: CORE TRACTOR MARGINS Core Tractor* PBIT% 20.7% 19.7% 19.2% Q1 F25 Q1 F26 Q1 F27 Sustained a robust 19.2% margin in the core tractor business amid commodity price hikes * Core (Tractors) comprises of Tractor business (incl exports) and excludes Powerol & Farm Machinery business 23
Slide 25: Stability in Volatility
STABILITY IN VOLATILITY Industry Growth % Core Tractor PBIT % 34.8% 30.7% 26.9% 23.4% 23.2% 19.8% 19.7% 19.7% 20.8% 20.7% 20.6% 20.4% 19.0% 18.7% 19.5% 17.4% 17.7% 21.2% 19.2% 17.3% 13.5% 18.6% 12.2% 9.2% 8.0% 0.5% 0.7% -6.4% -7.4% -9.9% F19 F20 F21 F22 F23 F24 Q1F25 Q2F25 Q3F25 Q4 F25 Q1 F26 Q2 F26
Slide 26: Q1: Farm Conso Financials
Q1: FARM CONSO FINANCIALS Rs cr. Revenue PBIT 15% 9% 12%* 12,501 1,781 1,631 10,892 Q1 F26 Q1 F27 Q1 F26 Q1 F27 PAT 1,323 1,520 15% 16%* Numbers are net of intercompany elimination and after hyper inflation accounting for Turkey companies PBIT is after stock reserve, share of profit from JV/ Associa
Slide 27: Update on Rural
UPDATE ON RURAL Rural labour shortages & higher industrial wages led to structural shift toward mechanization Healthy Rabi cash flows; procurement of wheat in the Rabi season up by 19% YoY Rainfall deficit improved sharply to -15%2 indicating a strong monsoon recovery Reservoir levels recovered3 dri
Slide 28: Automotive Business: Explore the Impossible
AUTOMOTIVE BUSINESS EXPLORE THE IMPOSSIBLE
Slide 29: Q1: Auto
Q1: AUTO SUV LCV <3.5T2 1 175K 74K Volumes 15% YoY 20% YoY Revenue MS 25.0% Volume MS 52.0% MS1 #1 in SUV Revenue MS 50 bps QoQ 150 bps QoQ 230 bps YoY 210 bps YoY 28 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 cla
Slide 30: Market Leadership in SUV
MARKET LEADERSHIP IN SUV VOLUMES (‘000s) REVENUE MARKET SHARE 178.9 183.8 174.7 149.1 152.1 145.5 136.0 142.2 124.2 27.3% 25.7% 23.2% 23.5% 24.1% 24.5% 25.0% 21.6% 21.9% Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4 F26 Q1 F27 Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4 F26 Q1 F27 #2 in Volume MS #1
Slide 31: E-SUV Penetration
E-SUV PENETRATION Improvement is primarily led by XEV 9S Performance E-SUV Penetration E-SUV Revenue MS 12.0% 44.3% 9.6% 40.0% 40.6% 8.7% 9.0% 37.2% 7.8% 33.1% 33.3% 6.9% 6.3% 6.0% 3.7% 7.4% 2.1% 5.7% 5.6% 13.2% 4.4% 7.7% 1.4% 1.0% Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4 F26 Q1 F27 M&M Industry Q2F25
Slide 32: Electric SUVs sold since launch
Electric SUVs sold since launch 31
Slide 33: India's Highest Selling Electric Vehicle
INDIA'S HIGHEST SELLING* ELECTRIC VEHICLE 32 *AS PER QI FY27 W H O L E S A L E V O L U M E IN EV 4W PV C A T E G O R Y IN I N D I A
Slide 34: #1 in LCV <3.5T
#1 IN LCV <3.5T Q1 F27 MS 52.0%, gain of 150 bps QoQ LCV <3.5T Volumes (‘000s) LCV <3.5T MS 81.4 77.2 73.6 69.6 54.1% 67.5 67.7 53.1% 59.1 61.7 61.4 52.2% 51.8% 52.2% 51.9% 52.0% 50.8% 50.5% Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q4 F26 Q1 F27 Q1F25 Q2F25 Q3 F25 Q4 F25 Q1 F26 Q2 F26 Q3F26 Q4 F26
Slide 35: Auto Margin
AUTO MARGIN Rs cr. Auto (SUV &LCV)1 + BEV (eSUV)2 + Others3 = Auto Conso Q1 F27 Q1 F26 Q1 F27 Q1 F26 Q1 F27 Q1 F26 Q1 F27 Q1 F26 Revenue 25,167 20,931 5,430 3,068 4,913 3,180 34,387# 25,999# PBIT 2,243 2,256 288 -101 114 -93 2,645 2,062 PBIT% 8.9% 10.8% 5.3% -3.3% 2.3% -2.9% 7.7% 7.9% 1. Auto (SUV &
Slide 36: Q1: Auto (SUV & LCV) Margins
Q1: AUTO (SUV & LCV) MARGINS Auto (SUV & LCV)# PBIT% 10.2% 10.8% 8.9% Q1 F25 Q1 F26 Q1 F27 Margin of 8.9% despite steep commodity inflation 35 #Auto (SUV & LCV) includes Exports
Slide 37: BEV (eSUV) E2E Q1: 288 Cr. PBIT
BEV(eSUV) E2E Q1: 288 CR. PBIT Rs cr. Rs Cr MEAL Ltd as a Company eSUV Contract Mfg.# in Auto Standalone Particulars Q1 F27 Q1 F26 Particulars Q1 F27 Q1 F26 Revenue 5,430 3,068 Revenue 4,670 2,813 EBITDA 573 90 EBITDA 40 21 EBITDA % 10.6% 2.9% EBITDA % 0.9% 0.7% PBIT 271 -108 PBIT 17 7 PBIT % 5.0% -
Slide 38: Auto Capacity Planning
AUTO CAPACITY PLANNING Per month capacity F25 exit capacity F26 exit capacity F27 H1 exit capacity F27 H2 exit capacity 70k 60k SUV ICE Capacity 54k 56.5k (10K for new Launches in F28) Confirmed On track 12K Operational 8k Operational 5k Operational 8k Operational (4k for new launches in F28) BEV Ca
Slide 39: MTB+SML: Volumes
MTB+SML : VOLUMES 11% YoY 9,389 8,449 7,788 5,438 4,926 4,379 3,409 3,523 3,951 Q1 F25 Q1 F26 Q1 F27 MTB SML 38 Volumes include exports
Slide 40: Truck & Bus: Market Share
TRUCK & BUS: MARKET SHARE MS Trend 7.9% 7.8% 7.3% Q1 F25 Q1 F26 Q1 F27 First time ever No. 2 in ILCV Buses Segment with 26.6% MS 39 Mahindra’s Trucks & Buses business comprises of Mahindra Trucks & Buses division (MTBD) and SML Mahindra Limited (SML).
Slide 41: Last Mile Mobility
LAST MILE MOBILITY Market Leadership in E-3W with 39.5%1 MS in Q1 F27 Sales Volume2 42,276 38,684 36,845 6,735 35,785 6,660 8,439 8,725 25,111 ▪ L53 Electrification is at 40.2% in Q1 F27 5,857 35,541 32,024 27,346 28,120 ▪ E-3W: YoY growth of 85% 19,254 Q1 F26 Q2 F26 Q3F26 Q4F26 Q1F27 EV (3W + 4W) I
Slide 42: Q1: Auto Conso Financials
Q1: AUTO CONSO FINANCIALS Rs cr. Revenue PBIT 32% 28% 34,387 25,999 2,645 2,062 Q1 F26 Q1 F27 Q1 F26 Q1 F27 PAT 1,760 2,129 21% 41 Numbers are net of intercompany eliminations, stock reserve and after share of profit from JV/ Associates
Slide 43: Financials
Financials Analyst & Press Meet Amarjyoti Barua | 30 July 2026
Slide 44: Q1 F27 Financial Results
Q1 F27 Financial Results CONSOLIDATED M&M Rs cr. Revenue PAT 28% 58,188 34% 5,455 45,529 4,083 Q1 F26 Q1 F27 Q1 F26 Q1 F27 43
Slide 45: Q1 F27 PAT
Q1 F27 PAT CONSOLIDATED M&M Rs cr. Q1 F26 Q1 F27 Q1 F26 to Q1 F27 o o @o o o Auto 1,760 2,129 413 5,455 213 87 Farm 1,323 1,520 197 91 CIE gain 369 4,083 TechM 320 411 MMFSL 273 486 Growth Gems 48 136 Investments 359 772 PAT Auto Farm TechM MMFSL Growth Investment PAT Q1 F26 Gems Q1 F27 Total 4,083
Slide 46: Key Messages
Key Messages • Consolidated PAT 34% … ROE at 23% • Auto & Farm … resilient performance PAT … Auto 21% & Farm 15% Navigating through 400-500bps of extraordinary 1Q commodity inflation • Finance & Tech … accelerating momentum Mahindra Finance … PAT 78%, GS3 3.45%, disbursements 22% TechM … PAT
Slide 47: Drivers of performance
Drivers of performance Trust Values that enable us to Behaviors that drive Lead with Purpose Meaningful Outcomes Integrity. Quality. Care. Collaborative. Agile. Bold. Talent Technology Synergies for Growth and Resilience 46
Slide 48: Thank You
. Ri: mahindra~