Mahindra & Mahindra results
NSE: M&MBSE: 500520AutomobilesLarge Cap
Last close ₹2,861.20down ₹2.90 (0.10%)BSE ₹2,848.00
Share price at the NSE close on 23 Oct 2026. Previous close ₹2,864.10.
52-week range of traded prices to 23 Oct 2026
₹2,744.30Low, 8 Oct 2026₹3,839.90High, 5 Jan 2026
- Next results date: the board meets on 5 Nov 2026 to consider: financial results and other business matters.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹3,55,798 Cr14th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. The filing of 30 Jul 2026
- 19.3
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 5 May 2026
- 3.8
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 1.15%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it. The filing of 30 Jul 2026
- 21.7%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 30 Jul 2026
- 13.3%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 5 May 2026
- 1.18
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 22,94,55956.6% delivered
Q1 results, quarter to Jun 2026
Consolidated: the company and its subsidiaries together. ₹ crore.Mahindra & Mahindra annual results and balance sheet
- RevenueRevenue from operations. Money earned from selling the company's goods and services in the period.
- ₹58,188 Cr+27.8% on a year ago · +5.8% on the quarter beforeChange on a year ago and on the quarter before. The change against the same quarter a year before: (this quarter's figure less that quarter's) divided by that quarter's, times 100. The change on the quarter before is the same sum against the quarter just before, taken as this quarter's results restate it where the company restated it: this quarter's year to date less this quarter. Left out where either figure is a loss, where the restatement covers two or more earlier quarters without saying which, or across a change of basis named under the table, on the lines it affects.
- Operating profitOperating profit before depreciation (EBITDA). Revenue less operating expenses: what the business earns from its operations before depreciation, interest and tax.
- ₹10,565 Cr+28.4% on a year ago · +8.7% on the quarter beforeChange on a year ago and on the quarter before. The change against the same quarter a year before: (this quarter's figure less that quarter's) divided by that quarter's, times 100. The change on the quarter before is the same sum against the quarter just before, taken as this quarter's results restate it where the company restated it: this quarter's year to date less this quarter. Left out where either figure is a loss, where the restatement covers two or more earlier quarters without saying which, or across a change of basis named under the table, on the lines it affects.
- Net profitNet profit. What is left of revenue and other income after every cost, interest and tax.
- ₹5,998 Cr+37.0% on a year ago · +14.0% on the quarter beforeChange on a year ago and on the quarter before. The change against the same quarter a year before: (this quarter's figure less that quarter's) divided by that quarter's, times 100. The change on the quarter before is the same sum against the quarter just before, taken as this quarter's results restate it where the company restated it: this quarter's year to date less this quarter. Left out where either figure is a loss, where the restatement covers two or more earlier quarters without saying which, or across a change of basis named under the table, on the lines it affects.
- Earnings per shareEarnings per share. Profit belonging to shareholders divided by the number of shares, restated for later splits and bonuses so they do not break the line.
- ₹48.80+33.4% on a year ago · +16.8% on the quarter beforeChange on a year ago and on the quarter before. The change against the same quarter a year before: (this quarter's figure less that quarter's) divided by that quarter's, times 100. The change on the quarter before is the same sum against the quarter just before, taken as this quarter's results restate it where the company restated it: this quarter's year to date less this quarter. Left out where either figure is a loss, on the quarter before wherever the profit of that quarter was restated, and across a change of basis named under the table, on the lines it affects.
- Operating marginOperating margin. Operating profit before depreciation as a percentage of revenue: how much of each rupee of sales is left after running costs.
- 18.2%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax.
- 10.3%
From revenue to net profit, ₹ crore
- Revenue58,188
- Materials and goods−36,332
- Employee costs−3,388
- Other expenses−7,902
- Operating profit10,565
- Depreciation−1,760
- Other income+1,016
- Finance costs−2,560
- Profit before tax7,261
- Tax−1,631
- Joint ventures+367
- Net profit5,998
Mahindra & Mahindra results by quarter
Consolidated: the company and its subsidiaries together. Latest quarter to Jun 2026. Results for the quarter to Sep 2026 are due by 14 Nov 2026, 45 days after it ends.Results filings and date
Revenue and net profit by quarter, ₹ crore
- Revenue
- Net profit
Operating and net margin by quarter, per cent
- Operating marginOperating margin. Operating profit before depreciation as a percentage of revenue: how much of each rupee of sales is left after running costs.
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax.
| ₹ crore | Sep 2021Q2Filed 9 Nov | Dec 2021Q3Filed 10 Feb | Mar 2022Q4Filed 30 May | Jun 2022Q1Filed 8 Aug | Sep 2022Q2Filed 11 Nov | Dec 2022Q3Filed 10 Feb | Mar 2023Q4Filed 26 May | Jun 2023Q1Filed 4 Aug | Sep 2023Q2Filed 13 Nov | Dec 2023Q3Filed 15 Feb | Mar 2024Q4Filed 17 May | Jun 2024Q1Filed 1 Aug | Sep 2024Q2Filed 7 Nov | Dec 2024Q3Filed 7 Feb | Mar 2025Q4Filed 10 Jun | Jun 2025Q1Filed 30 Jul | Sep 2025Q2Filed 4 Nov | Dec 2025Q3Filed 11 Feb | Mar 2026Q4Filed 5 May | Jun 2026Q1Filed 30 Jul |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 21,470 | 23,594 | 25,934 | 28,412 | 29,870 | 30,620 | 32,366 | 33,892 | 34,436 | 35,299 | 35,452 | 37,218 | 37,924 | 41,470 | 42,599 | 45,529 | 46,106 | 52,100 | 54,982 | 58,188 |
| Operating expenses. What the business spent to run itself in the period, materials, staff and other costs, before depreciation, interest and tax. | 16,578 | 19,068 | 21,657 | 24,016 | 24,802 | 25,368 | 26,798 | 27,646 | 28,706 | 29,075 | 28,848 | 29,975 | 30,790 | 33,239 | 34,688 | 37,301 | 37,177 | 41,993 | 45,265 | 47,623 |
| Materials and goods boughtCost of materials and goods. Raw materials used and goods bought for resale in the period, adjusted for the change in stock held. | 11,953 | 13,776 | 15,664 | 17,491 | 18,424 | 18,431 | 19,642 | 20,476 | 20,933 | 21,522 | 20,684 | 22,162 | 22,682 | 25,129 | 25,770 | 28,335 | 28,109 | 32,147 | 34,331 | 36,332 |
| Employee costsEmployee costs. Salaries, wages, bonuses and other benefits paid to staff in the period. | 2,029 | 2,161 | 2,087 | 2,248 | 2,382 | 2,461 | 2,587 | 2,583 | 2,716 | 2,686 | 2,639 | 2,679 | 2,655 | 2,883 | 2,910 | 3,045 | 3,112 | 3,336 | 3,238 | 3,388 |
| Other expensesOther expenses. Every operating cost besides materials and staff: power, rent, freight, repairs, marketing and the like. | 2,596 | 3,132 | 3,906 | 4,277 | 3,996 | 4,476 | 4,569 | 4,587 | 5,057 | 4,867 | 5,524 | 5,134 | 5,453 | 5,227 | 6,009 | 5,922 | 5,955 | 6,511 | 7,696 | 7,902 |
| Operating profit before depreciationOperating profit before depreciation (EBITDA). Revenue less operating expenses: what the business earns from its operations before depreciation, interest and tax. | 4,892 | 4,526 | 4,278 | 4,397 | 5,068 | 5,253 | 5,568 | 6,246 | 5,730 | 6,224 | 6,604 | 7,243 | 7,133 | 8,231 | 7,911 | 8,228 | 8,929 | 10,107 | 9,716 | 10,565 |
| Operating marginOperating margin. Operating profit before depreciation as a percentage of revenue: how much of each rupee of sales is left after running costs. | 22.8% | 19.2% | 16.5% | 15.5% | 17.0% | 17.2% | 17.2% | 18.4% | 16.6% | 17.6% | 18.6% | 19.5% | 18.8% | 19.8% | 18.6% | 18.1% | 19.4% | 19.4% | 17.7% | 18.2% |
| Depreciation and amortisationDepreciation and amortisation. The part of the cost of plant, buildings and other long-lived assets charged against each year they are used. | 852 | 919 | 935 | 960 | 1,092 | 1,110 | 1,194 | 1,128 | 1,139 | 1,123 | 1,335 | 1,248 | 1,302 | 1,495 | 2,029 | 1,548 | 1,669 | 2,163 | 1,943 | 1,760 |
| Other incomeOther income. Income from outside the main business, such as interest on deposits, dividends received and gains on investments. | 266 | 191 | 281 | 216 | 207 | 300 | 484 | 807 | 592 | 511 | 356 | 409 | 659 | 411 | 702 | 917 | 676 | 859 | 995 | 1,016 |
| Finance costsFinance costs. Interest and the other costs of borrowing in the period. | 1,285 | 1,211 | 1,222 | 1,219 | 1,382 | 1,596 | 1,634 | 1,719 | 1,835 | 1,945 | 1,989 | 2,108 | 2,217 | 2,362 | 2,397 | 2,431 | 2,347 | 2,405 | 2,407 | 2,560 |
| Profit before one-off items and taxProfit before one-off items and tax. Profit before tax as it would be without the one-off items below it, as the company states it. | 3,021 | 2,587 | 2,402 | 2,433 | 2,801 | 2,847 | 3,224 | 4,207 | 3,347 | 3,667 | 3,635 | 4,296 | 4,274 | 4,785 | 4,187 | 5,166 | 5,589 | 6,397 | 6,361 | 7,261 |
| One-off itemsExceptional items. Gains or losses the company reports separately because they are not expected to recur, such as selling a business or writing down an asset. | −36 | 205 | 294 | 18 | 706 | 494 | 32 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | −293 | 0 | 0 |
| Profit before tax | 2,985 | 2,792 | 2,695 | 2,451 | 3,508 | 3,341 | 3,255 | 4,207 | 3,347 | 3,667 | 3,635 | 4,296 | 4,274 | 4,785 | 4,187 | 5,166 | 5,589 | 6,104 | 6,361 | 7,261 |
| 954 | 725 | 648 | 533 | 922 | 738 | 493 | 784 | 1,084 | 935 | 905 | 1,075 | 1,379 | 1,468 | 1,085 | 1,268 | 2,094 | 1,547 | 1,654 | 1,631 | |
| Tax rateEffective tax rate. Tax charged as a percentage of profit before tax. | 31.9% | 26.0% | 24.0% | 21.8% | 26.3% | 22.1% | 15.1% | 18.6% | 32.4% | 25.5% | 24.9% | 25.0% | 32.3% | 30.7% | 25.9% | 24.5% | 37.5% | 25.3% | 26.0% | 22.5% |
| Share of profit of joint ventures and associatesShare of profit of joint ventures and associates. The group's share of the profit of companies it part-owns and does not consolidate, as stated. It is part of net profit but not of revenue or operating profit: their sales and costs are not in the group's lines. | 460 | 419 | 560 | 443 | 436 | 391 | 236 | 261 | 220 | 245 | 395 | 324 | 466 | 307 | 439 | 478 | 469 | 465 | 553 | 367 |
| 2,491 | 2,485 | 2,608 | 2,361 | 3,021 | 2,994 | 2,998 | 3,684 | 2,484 | 2,977 | 3,125 | 3,546 | 3,361 | 3,624 | 3,542 | 4,377 | 3,964 | 5,021 | 5,260 | 5,998 | |
| Other comprehensive incomeOther comprehensive income. Gains and losses booked straight to net worth rather than through profit, such as changes in the value of some investments, pension plans and currency translation. | 33 | −194 | −11 | −170 | −121 | 275 | −171 | −124 | 44 | 176 | 88 | 35 | 152 | −118 | 111 | 255 | −9 | 131 | 426 | 63 |
| Total comprehensive incomeTotal comprehensive income. Net profit plus other comprehensive income. | 2,524 | 2,291 | 2,597 | 2,191 | 2,900 | 3,269 | 2,827 | 3,560 | 2,528 | 3,153 | 3,213 | 3,581 | 3,513 | 3,507 | 3,652 | 4,631 | 3,955 | 5,153 | 5,686 | 6,061 |
| Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. | 11.6% | 10.5% | 10.1% | 8.3% | 10.1% | 9.8% | 9.3% | 10.9% | 7.2% | 8.4% | 8.8% | 9.5% | 8.9% | 8.7% | 8.3% | 9.6% | 8.6% | 9.6% | 9.6% | 10.3% |
| Net margin without joint ventures and associatesNet margin without joint ventures and associates. Net profit less the share of profit of joint ventures and associates, as a percentage of revenue: the margin on the businesses whose revenue the statement carries. Shown where the company states such a share. | 9.5% | 8.8% | 7.9% | 6.8% | 8.7% | 8.5% | 8.5% | 10.1% | 6.6% | 7.7% | 7.7% | 8.7% | 7.6% | 8.0% | 7.3% | 8.6% | 7.6% | 8.7% | 8.6% | 9.7% |
| Earnings per shareEarnings per share. Profit belonging to shareholders divided by the number of shares, restated for later splits and bonuses so they do not break the line. | ₹17.35 | ₹17.89 | ₹20.13 | ₹19.74 | ₹24.93 | ₹24.05 | ₹23.68 | ₹31.50 | ₹21.07 | ₹23.86 | ₹24.71 | ₹29.44 | ₹28.43 | ₹28.51 | ₹29.52 | ₹36.58 | ₹32.90 | ₹41.85 | ₹41.77 | ₹48.80 |
| Diluted earnings per shareDiluted earnings per share. Earnings per share counting the shares that options, warrants and convertible bonds already granted would add, on today's share count after splits and bonuses. | ₹17.26 | ₹17.79 | ₹20.00 | ₹19.65 | ₹24.80 | ₹23.94 | ₹23.58 | ₹31.37 | ₹20.99 | ₹23.76 | ₹24.61 | ₹29.32 | ₹28.31 | ₹28.40 | ₹29.04 | ₹36.43 | ₹32.51 | ₹41.69 | ₹41.48 | ₹48.59 |
Earnings per share in rupees, restated for later splits and bonuses.
Filed results, as an XML file each
- Results for the quarter to Jun 2026 (opens in a new tab)Filed 30 Jul 2026, unaudited
- Results for the quarter to Mar 2026 (opens in a new tab)Filed 5 May 2026, audited
- Results for the quarter to Dec 2025 (opens in a new tab)Filed 11 Feb 2026, unaudited
- Results for the quarter to Sep 2025 (opens in a new tab)Filed 4 Nov 2025, unaudited
16 earlier filings
- Results for the quarter to Jun 2025 (opens in a new tab)Filed 30 Jul 2025, unaudited
- Results for the quarter to Mar 2025 (opens in a new tab)Filed 10 Jun 2025, audited
- Results for the quarter to Dec 2024 (opens in a new tab)Filed 7 Feb 2025
- Results for the quarter to Sep 2024 (opens in a new tab)Filed 7 Nov 2024
- Results for the quarter to Jun 2024 (opens in a new tab)Filed 1 Aug 2024
- Results for the quarter to Mar 2024 (opens in a new tab)Filed 17 May 2024
- Results for the quarter to Dec 2023 (opens in a new tab)Filed 15 Feb 2024
- Results for the quarter to Sep 2023 (opens in a new tab)Filed 13 Nov 2023
- Results for the quarter to Jun 2023 (opens in a new tab)Filed 4 Aug 2023
- Results for the quarter to Mar 2023 (opens in a new tab)Filed 26 May 2023
- Results for the quarter to Dec 2022 (opens in a new tab)Filed 10 Feb 2023
- Results for the quarter to Sep 2022 (opens in a new tab)Filed 11 Nov 2022
- Results for the quarter to Jun 2022 (opens in a new tab)Filed 8 Aug 2022
- Results for the quarter to Mar 2022 (opens in a new tab)Filed 30 May 2022
- Results for the quarter to Dec 2021 (opens in a new tab)Filed 10 Feb 2022
- Results for the quarter to Sep 2021 (opens in a new tab)Filed 9 Nov 2021
Segment results by quarter
Consolidated, ₹ crore, quarters to Jun 2026.Mahindra & Mahindra segment results by year
Automotive
Revenue, ₹ croreProfit, ₹ croreFarm Equipment
Revenue, ₹ croreProfit, ₹ croreIndustrial Businesses and Consumer Services
Revenue, ₹ croreProfit, ₹ croreFinancial Services
Revenue, ₹ croreProfit, ₹ crore
| ₹ crore | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue of all businesses | 35,298 | 36,396 | 36,553 | 38,223 | 38,959 | 42,535 | 43,750 | 46,764 | 47,444 | 53,507 | 56,464 | 59,787 |
| Company revenue, as in its resultsCompany revenue. The company's revenue from operations for the period in its results, on the same accounts as its segments. It is below the businesses' sum where they sell to one another, or where the segments include a business the results report as discontinued. | 34,436 | 35,299 | 35,452 | 37,218 | 37,924 | 41,470 | 42,599 | 45,529 | 46,106 | 52,100 | 54,982 | 58,188 |
| Revenue | 18,869 | 19,380 | 20,908 | 19,776 | 21,755 | 23,391 | 25,902 | 25,999 | 27,171 | 30,370 | 34,294 | 34,387 |
| Revenue growthSegment revenue growth, year on year. The change in the segment's revenue from the same period a year before, as a percentage of that earlier revenue: a year against the year before, a quarter against the same quarter. | 23.9% | 28.3% | 24.9% | 16.3% | 15.3% | 20.7% | 23.9% | 31.5% | 24.9% | 29.8% | 32.4% | 32.3% |
| ProfitSegment profit. What the business earned before tax and finance costs, as the company measures each of its businesses. | 1,431 | 1,530 | 1,862 | 1,787 | 1,952 | 2,006 | 2,052 | 2,062 | 2,538 | 2,607 | 3,176 | 2,645 |
| Profit growthSegment profit growth, year on year. The change in the segment's profit from the same period a year before, as a percentage of that earlier profit, left empty where either is a loss, since growth from or into a loss is not a percentage. | 59.0% | 62,106.9% | 67.2% | 9.0% | 36.4% | 31.1% | 10.2% | 15.4% | 30.0% | 29.9% | 54.8% | 28.3% |
| MarginSegment margin. Segment profit as a percentage of the segment's revenue. | 7.6% | 7.9% | 8.9% | 9.0% | 9.0% | 8.6% | 7.9% | 7.9% | 9.3% | 8.6% | 9.3% | 7.7% |
| AssetsSegment assets. What the company holds for this business at the period end: plant, stock, receivables and the like. | 35,894 | 38,348 | 39,487 | 41,769 | 43,395 | 44,922 | 47,136 | 49,892 | 53,190 | 53,832 | 54,612 | 57,322 |
| LiabilitiesSegment liabilities. What this business owes at the period end, such as payments due to suppliers. | 22,338 | 22,555 | 22,886 | 22,668 | 25,432 | 25,072 | 29,223 | 29,711 | 32,451 | 31,353 | 37,271 | 42,311 |
| Capital employedCapital employed in the segment. Segment assets less segment liabilities at the period end: the money tied up in this business. | 13,557 | 15,793 | 16,601 | 19,101 | 17,963 | 19,850 | 17,913 | 20,182 | 20,739 | 22,479 | 17,342 | 15,011 |
| Revenue | 8,373 | 8,600 | 6,790 | 9,711 | 8,194 | 9,537 | 7,933 | 10,892 | 10,225 | 11,501 | 10,022 | 12,501 |
| Revenue | 4,256 | 4,347 | 4,620 | 4,456 | 4,581 | 4,847 | 5,087 | 4,901 | 5,033 | 6,201 | 6,622 | 7,201 |
| Revenue | 3,799 | 4,070 | 4,235 | 4,280 | 4,429 | 4,760 | 4,827 | 4,973 | 5,016 | 5,435 | 5,525 | 5,698 |
Profit is before tax and finance costs, the way companies report their segments.