Mahindra & Mahindra Ltd. · NSE:M&M
Mahindra & Mahindra — Q4 FY2025 Earnings Presentation
55 slides from Mahindra & Mahindra's earnings presentation, May 5, 2025
Slide 1: Presentation for Analyst / Institutional Investor Meeting
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 5th May, 2025 National Stock Exchange of India Limited BSE Limited "Exchange Plaza", 5th Floor, Phiroze Jeejeebhoy Towers, Plot No.C/1, G Block D
Slide 2: Bold by Design
Bold by Design Analyst Meet Dr Anish Shah | 5 May 2025
Slide 3: Key Messages
Key Messages • Auto & Farm … Continued strong execution SUV volume 20% … Revenue market share 22.5%, 210 bps Tractor volume 12% … Market share 43.3%, 170 bps Auto PBIT margin 9.5%, 110 bps# … Farm PBIT margin 18.4%, 210 bps Write-offs to pivot “Category B” international subsidiaries • TechM &
Slide 4: F25 Consolidated M&M Results
F25 Consolidated M&M Results Rs cr. Revenue PAT 14% 1,59,211 1,39,078 20%* 330 13,167 10,939 -238 F24 F25 F24 F25 3 * Excluding impact of KG Mobility
Slide 5: F25 Standalone M&M Results
F25 Standalone M&M Results Rs cr. Revenue PAT 17% 1,18,625 17%* 1,01,336 330 12,093 10,312 -238 F24 F25 F24 F25 4 * Excluding impact of KG Mobility
Slide 6: Current Position of Businesses
Current Position of Businesses Scalable Growth Gems (Target Valuation: $2-3bn each) Logistics Last Mile Mobility Farm Auto Hospitality Susten Real Estate Trucks & Buses Competitive Position Emerging Growth Gems (Target Valuation: $1bn each) Accelo Aerostructure Classic Legends Car&Bike Scale 5
Slide 7: Capitalize on market leadership
Capitalize on market leadership Auto Farm ▪ No 1 SUV player … Volume 20% ▪ New products, geography focus ▪ Strong BEV order pipeline, deliveries begun ▪ Margin 210 bps* … operating excellence ▪ Disciplined execution … Highest ever margins ▪ Sharpened International focus F25 VPY F25 VPY SUV rev. ma
Slide 8: Achieve full potential
Achieve full potential MMFSL Tech Mahindra ▪ AUM 17%, strong loan book expansion ▪ Deal wins, pipeline strong in Consumer, BFSI ▪ GS3 <4% threshold, asset quality maintained ▪ Momentum in Europe, APJ ▪ Slowdown in disbursements to prioritise controls ▪ Focus on margin expansion F25 VPY F25 VPY GS3%
Slide 9: Scalable Growth Gems (1/2)
Scalable Growth Gems … (1/2) Hospitality Logistics Real estate Room Inventory (#) Revenue (cr.) Resi Pre-Sales (cr.) 2-3x 3x 10k 5.8k 6.1k 2.8k 3.7k 3.5k 0.7k F20 F25 F30 F20 F25 F30 F20 F25 F30 8
Slide 10: Scalable Growth Gems (2/2)
Scalable Growth Gems … (2/2) Susten Last Mile Mobility Trucks & Buses Asset Portfolio (GWp) Electric Vehicle Volumes Market Share (%) 2-3x 7.0 10-12% 78k 1.5 3% 14k F25 F30 F20 F25 F30 F25 F31 9
Slide 11: Consistent delivery on commitments
Consistent delivery on commitments RoE (%) EPS (Rs) 115.1 2%* 100.7 c 11.2* 18% 18% 18% 13.8% 15% 80.7 58.8 48.7 0.3% 4% 16.2 1.0 F19 F20 F21^ F22 F23 F24 F25 F19 F20 F21^ F22 F23 F24 F25 10 ^ Considering continuing & discontinued operations * F23 includes gains on SEL and Susten net of Trucks impai
Slide 12: Q4 F25 Analyst and Investor Conference
Q4 F25 ANALYST AND INVESTOR CONFERENCE AUTOMOTIVE & FARM SECTORS RAJESH JEJURIKAR EXECUTIVE DIRECTOR & CEO, AUTO & FARM SECTORS 5th May 2025
Slide 13: Farm Equipment
FARM EQUIPMENT TRANSFORM FARMING, ENRICH LIVES
Slide 14: Farm Highlights
FARM HIGHLIGHTS Q4 F25 87K 23% YoY 421K 12% YoY TOTAL VOLUMES EXPORTS 5.3k 23% YoY EXPORTS 17.5k 27% YoY MARKET 41.2% 180 bps YoY 43.3% 170 bps YoY LEADERSHIP HIGHEST EVER Q4 MS HIGHEST EVER MS 13 Market Share includes Gromax
Slide 15: Building Domestic Fortress
BUILDING DOMESTIC FORTRESS Market Share 43.3% 41.2% 41.2% 41.6% 40.2% 40.0% 38.2% F19 F20 F21 F22 F23 F24 F25 Consistent increase in MS: ▪ F25 MS at 43.3%; up by 170 bps vs PY ▪ Highest ever full year Market Share 14 Market Share includes Gromax
Slide 16: Farm Machinery
FARM MACHINERY Revenue (Rs cr.)* 1,024 18% 866 32% 654 F23 F24 F25 15 * Including MITRA
Slide 17: Farm Margins
FARM MARGINS Farm Standalone PBIT % Core Tractors* PBIT % 19.7% 2.3% 18.4% # 2.2% 17.4% 17.7% # 16.2% 16.2% F23 F24 F25 F23 F24 F25 F25 margins: tailwinds due to ▪ Flat commodity inflation in past 2 years ▪ Operating Leverage: Domestic and exports volume ▪ Favorable model mix as Southern states perf
Slide 18: Stability in Volatility
STABILITY IN VOLATILITY Industry Growth % Core Tractor PBIT % 23.4% Highest since Q1 F22 20.8% 19.8% 19.7% 26.9% 19.7% 19.5% 19.0% 18.6% 18.7% 17.5% 17.6% 17.4% 16.9%* 17.3% 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
Slide 19: Farm Conso Financials
FARM CONSO FINANCIALS Rs cr. Revenue PBIT 17% 25% Q4 6,790 7,933 942 757 Q4 F24 Q4 F25 Q4 F24 Q4 F25 6% 14% F25 33,474* 35,375 4,327 4,947 F24 F25 F24 F25 Numbers are after hyper inflation accounting for Turkey companies 18 PBIT is net of intercompany eliminations, stock reserve, and after share of
Slide 20: Farm Global Subsidiaries
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Slide 21: Farm Global Subsidiaries
FARM GLOBAL SUBSIDIARIES Turkey MS%(Erkunt) Brazil MS% MAgNA MS% (<120Hp segment) (<110Hp segment) 8.5% 5.9% 7.5% 5.1% 6.0% 8.5% 5.0% 7.2% 6.9% 6.5% 6.0% 5.2% 5.9% 5.1% 5.3% 5.5% H1 F24 H2 F24 H1 F25 H2 F25 H1 F24 H2 F24 H1 F25 H2 F25 Q1F24 Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 Q4F25 ▪ Industry: 26% -
Slide 22: Farm International: Strategy
FARM INTERNATIONAL: STRATEGY MAM, Japan Sampo Strategic value: Strategic value: ▪ Light weight tractors and Rice transplanter CoE ▪ Combine harvesters CoE … for India and Global ▪ Joint Design of Oja platforms – India and Japan ▪ FM product development … mid mount mower etc ▪ MAgNA tractors supplies
Slide 23: Farm 2025 Commitments: Updates
FARM 2025 COMMITMENTS1: UPDATES Revenue Growth Achieved 3-year CAGR of 9.3% in F25 Successful launch of OJA, Target & Naya Swaraj; Grow Market share in Tractors 3.3% MS gain in last 3 years Quantum growth in FM Achieved 3-year CAGR of 29%; F25 Revenue: Rs 1,024 cr. Macro challenges impacting growth,
Slide 24: Automotive Business
AUTOMOTIVE BUSINESS EXPLORE THE IMPOSSIBLE
Slide 25: SUV Highlights
SUV HIGHLIGHTS Q4 F25 149K 551K Volumes 18% YoY 20% YoY MS Revenue MS 23.5% Revenue MS 22.5% 310 bps YoY 210 bps YoY 24 Numbers include sales made by MEAL
Slide 26: Market Leadership in SUV
MARKET LEADERSHIP IN SUV VOLUMES (‘000s) REVENUE MARKET SHARE 551.5 459.9 22.5% 20.4% 357.0 19.1% 17.6% 15.4% 223.7 13.6% 179.4 155.5 F20 F21 F22 F23 F24 F25 F20 F21 F22 F23 F24 F25 #2 in Volume MS for F24 & F25 #1 in Revenue MS for F23, F24 & F25 Highest ever volumes in F25 25 Numbers include sales
Slide 27: Mahindra Electric Origin SUVs Created History
Mahindra Electric Origin SUVs created History with New EV record of 30,179 bookings on day 1 26
Slide 28: eSUVs Delivered
eSUVs DELIVERED THANK YOU FOR THE UNLIMIT LOVE
Slide 29: Market Leadership in EV
MARKET LEADERSHIP IN EV M&M is #1 in EV Revenue Market Share in Jan-Mar quarter of operations in both E-SUV & E-PV Q4 F25 OEM E-SUV Revenue MS E-PV Revenue MS MAHINDRA 37.2% 33.1% OEM 1 24.5% 22.9% OEM 2 19.1% 26.9% OEM 3 13.3% 11.9% OEM 4 5.3% 4.7% 28 Source: JATO
Slide 30: Bharat NCAP Safety Rating
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Slide 31: LCV < 3.5T Highlights
LCV < 3.5T HIGHLIGHTS Q4 F25 Volumes 68K 256K 7% YoY 3% YoY Vol MS 52.3% Vol MS 51.9% MS 480 bps YoY 290 bps YoY HIGHEST EVER MS 30 1. Numbers include sales made by MLMML 2. Bolero Max Pickup 2T variant has been classified under LCV 2-3.5T. In SIAM it is classified under LCV 3.5 to 7.5T, since its G
Slide 32: #1 in LCV <3.5T
#1 IN LCV <3.5T F25 MS 51.9%, gain of 2.9% YoY LCV <3.5T Volumes (‘000s) LCV <3.5T MS 51.9% 249.7 256.1 238.5 49.0% 187.9 45.7% 45.5% 170.7 151.9 41.5% 40.3% F20 F21 F22 F23 F24 F25 F20 F21 F22 F23 F24 F25 31 1. Numbers include sales made by MLMML 2. Bolero Max Pickup 2T variant has been classified
Slide 33: MS Improvement Over 5% Pt in 2 Years
#1 IN LCV <3.5T: MS IMPROVEMENT OF OVER 5% PT IN 2 YEARS Industry (‘000s) Smart varianting of Maxx City portfolio CAGR: -3% ▪ CNG variant ▪ Enhanced loading capability & performance 525 494 ▪ Category expansion with Maxx HD 2T variant F23 F25 Wider product range with Veero Launch: M&M (‘000s) ▪ Intr
Slide 34: Auto Margin Improvement Continues
AUTO MARGIN IMPROVEMENT CONTINUES Auto Standalone PBIT% 1.1% 2.0% 9.5% 8.3% 6.3% F23 F24 F25 F23 PBIT% is before MHEL & MTWL merger and before MTBD impairment loss 33 F24 PBIT excludes Rs 210 cr. on account of sale of business / assets to MLMML Auto Standalone Segment includes Spares business and ma
Slide 35: Q4 F25 Auto Standalone (Excl BEV) Margin at 10%
Q4 F25 AUTO STANDALONE (EXCL BEV) MARGIN AT 10% Rs cr. Auto Standalone* + eSUV Contract Mfg.# = Auto Standalone as reported Revenue 22,930 2,046 24,976 PBIT 2,300 6 2,306 PBIT% 10.0% 0.3% 9.2% *Auto business excl eSUV eSUV Contract Mfg. Auto Standalone Results will Contract Mfg. for MEAL for MEAL by
Slide 36: BEV: EBITDA Positive in 1st Quarter of Operations
BEV: EBITDA POSITIVE IN 1ST QUARTER OF OPERATIONS Rs cr. MEAL Ltd as a Company eSUV Contract Mfg.# in Auto Standalone Particulars Q4 F25 Particulars Q4 F25 Revenue 2,196 Revenue 2,046 EBITDA 10 EBITDA 11 EBITDA % 0.5% EBITDA % 0.6% PBIT -171 PBIT 6 PBIT % -7.8% PBIT % 0.3% Auto Subsidiary; part of A
Slide 37: Last Mile Mobility
LAST MILE MOBILITY ~5X growth in E-3W in 3 years Market leadership in E-3W with 42.9%3 MS for F25 Sales Volume1 ▪ E-3W volumes - Q4: 31% vs PY; F25: 17% vs PY 1,08,507 1,00,846 ▪ L52 electrification - Q4: 23.3%; F25: 22% 83,645 31,275 34,821 ▪ 4 new products launched – Treo Metal, Zeo, eAlfa Plus &
Slide 38: Auto Conso Financials
AUTO CONSO FINANCIALS Rs cr. Revenue PBIT 24% 10% Q4 F25 25,902 2,052 20,908 1,862 Q4 F24 Q4 F25 Q4 F24 Q4 F25 19% 29% F25 90,825 7,797 76,156 6,057 F24 F25 F24 F25 37 PBIT is net of intercompany eliminations, stock reserve and after share of profit from JV/ Associates
Slide 39: Auto 2025 Commitments: Updates
AUTO 2025 COMMITMENTS1: UPDATES Revenue Growth Achieved 3-year CAGR of 35% in F25 Leadership in SUV segment #1 in SUV Revenue MS in F23, F24 and F25 Leadership in LCV<3.5T 51.9% MS in LCV<3.5T (11.6% gain vs F22) Pioneering E-SUVs 30k+ bookings on Day 1 of BEV launch XUV3XO launched in South Africa:
Slide 40: Auto Product Portfolio
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Slide 41: Auto Product Portfolio - Recap
AUTO PRODUCT PORTFOLIO - RECAP 9 7 7 * # ICE SUVs BEVs LCVs COMING YOUR WAY BY 2030! *3 Mid cycle enhancements including recently launched XUV3XO & 6 new SUVs 40 # 5 ICE & 2 EVs in LCV < 3.5T
Slide 42: Auto: Product Launches in F25 (1/2)
AUTO: 6 PRODUCT LAUNCHES IN F25 (1/2) 41
Slide 43: Auto: Product Launches in F25 (2/2)
AUTO: 6 PRODUCT LAUNCHES IN F25 (2/2) 42
Slide 44: Auto Product Portfolio - Update
AUTO PRODUCT PORTFOLIO - UPDATE 7 5 5 * # ICE SUVs BEVs LCVs …AND MORE COMING YOUR WAY BY 2030! *2 Mid cycle enhancements & 5 new SUVs 43 # 3 ICE & 2 EVs in LCV < 3.5T
Slide 45: Auto Product Portfolio - CY 2026
AUTO PRODUCT PORTFOLIO - CY 2026 3 2 2 * # ICE SUVs BEVs LCVs IN CY 2026 *2 Mid cycle enhancements 44 # 1 ICE & 1 EVs in LCV < 3.5T
Slide 46: New Platform Vision
NEW PLATFORM VISION… MORE ON 15TH AUG 45
Slide 47: Auto: Capacity Planning
AUTO: CAPACITY PLANNING Per Month F20 Exit F23 Exit F24 Exit F25 Exit F26 Exit F27 Exit Capacity Capacity Capacity Capacity Capacity Capacity Capacity SUVs Capacity 19K 39k 49k 54k 57k 67k BEV Capacity 7.5k 12k 18k (5K Operationalised) (8K Operationalised) Total Capacity 61.5k 69k 85k ▪ Capacity inc
Slide 48: Financials
Financials Analyst Meet Amarjyoti Barua | 5 May 2025
Slide 49: F25 Financial Results
F25 Financial Results CONSOLIDATED M&M Rs cr. Revenue PAT 14% 1,59,211 1,39,078 20%* 330 13,167 10,939 -238 F24 F25 F24 F25 48 * Excluding impact of KG Mobility
Slide 50: F25 PAT
F25 PAT CONSOLIDATED M&M Rs cr. F24 F25 F24 to F25 15% Auto 4,714 5,907 249 12,929 219 1,193 11,269 Sharpened Intl. focus (156) Farm 3,573 3,792 Services 2,982 3,231 TechM 647 1,176 MMFSL 1,004 1,164 Growth Gems & Invt. 1,331 890 Total 11,269 12,929 PAT F24 Auto Farm Services PAT F25 49
Slide 51: F25 Financial Results
F25 Financial Results STANDALONE M&M Rs cr. Revenue PAT 17% 1,18,625 17%* 1,01,336 330 12,093 10,312 -238 F24 F25 F24 F25 50 * Excluding impact of KG Mobility
Slide 52: Q4 F25 Financial Results
Q4 F25 Financial Results CONSOLIDATED M&M Rs cr. Revenue PAT 42,599 20% 3,295 20% 35,452 2,754 Q4 F24 Q4 F25 Q4 F24 Q4 F25 51
Slide 53: Q4 F25 Financial Results
Q4 F25 Financial Results STANDALONE M&M Rs cr. Revenue PAT 55%* 31,609 24% 2,437 22% 25,434 2,000 Q4 F24 Q4 F25 Q4 F24 Q4 F25 52 * Excluding write-offs to pivot “Category B” international subsidiaries
Slide 54: F25 Cash Flow
F25 Cash Flow STANDALONE M&M + MEAL + LMM Co Rs cr. Auto Farm Services Total Rs Rscr. cr. Opening Balance@ 17,818 + Inflow (incl. monetization, dividend) 12,721 5,697 2,294 20,712 - Capex (4,241) (792) (5,033) - EV: MEAL + LMM Co net# (2,697) (2,697) : PE funds raised 2,050 2,050 - Investments (129)
Slide 55: Thank You
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Mahindra & Mahindra — Q4 FY2025 Earnings Presentation on 6ix