M&M · Automobile and Auto Components
Mahindra & Mahindra Ltd. reported revenue of ₹58,188 cr for April to June 2026, +27.8% on the year and +5.8% on the quarter. That is faster than this quarter has grown in recent years (+16.1% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹2.11 lakh cr, +26.2% on the four before.
Operating profit (EBITDA) was ₹10,827 cr, a margin of 18.6%, +13 bps on the year and +19 bps on the quarter. Over the last 8 quarters the margin has ranged from 18.4% to 19.8%, averaging 19.0%. Operating costs grew +27.6%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹5,998 cr, +37.0% on the year and +14.0% on the quarter, with earnings per share of ₹43.86. Profit before other income, one-offs and tax grew faster, at +46.8%; other income, one-offs or tax held the headline back. The tax rate was 21% against an average of 26% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹20,243 cr, +35.8% on the four before.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models. The quarterly statements do not carry volumes, realisation per vehicle and the export share; those come with the filing read.
On earnings per share of ₹148.52 over the last four quarters, the stock at ₹2,915.00 trades at 19.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹34,436 cr | ₹35,299 cr | ₹35,452 cr | ₹37,218 cr | ₹37,924 cr | ₹41,470 cr | ₹42,599 cr | ₹45,529 cr | ₹46,106 cr | ₹52,100 cr | ₹54,982 cr | ₹58,188 cr |
| YoY | — | — | — | +10% | +10% | +17% | +20% | +22% | +22% | +26% | +29% | +28% |
| EBITDA margin | 16.6% | 17.6% | 18.6% | 19.5% | 18.8% | 19.8% | 18.6% | 18.5% | 19.4% | 19.5% | 18.4% | 18.6% |
| Other income, % of PBT | 23% | 19% | 19% | 16% | 24% | 14% | 24% | 21% | 19% | 15% | 16% | 15% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 30% | 24% | 22% | 23% | 29% | 29% | 23% | 22% | 35% | 24% | 24% | 21% |
| Net profit | ₹2,484 cr | ₹2,977 cr | ₹3,125 cr | ₹3,546 cr | ₹3,361 cr | ₹3,624 cr | ₹3,542 cr | ₹4,377 cr | ₹3,964 cr | ₹5,021 cr | ₹5,260 cr | ₹5,998 cr |
| YoY | — | — | — | −4% | +35% | +22% | +13% | +23% | +18% | +39% | +49% | +37% |
| Core profit YoY | — | — | — | +14% | +31% | +39% | +7% | +14% | +36% | +28% | +64% | +47% |
| EPS | ₹18.88 | ₹21.38 | ₹22.15 | ₹26.40 | ₹25.50 | ₹25.58 | ₹26.50 | ₹32.84 | ₹29.54 | ₹37.59 | ₹37.53 | ₹43.86 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Mahindra & Mahindra Ltd. reported revenue of ₹58,188 cr (+27.8% on the year) and net profit of ₹5,998 cr (+37.0% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +46.8% on the year, against +37.0% for reported profit.
None of the 7 checks that could run raised a question.
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