M&M · Automobile and Auto Components
Mahindra & Mahindra Ltd. reported revenue of ₹42,599 cr for January to March 2025, +20.2% on the year and +2.7% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹1.59 lakh cr, +14.5% on the four before.
Operating profit (EBITDA) was ₹7,942 cr, a margin of 18.6%, +2 bps on the year and −120 bps on the quarter. Over the last 8 quarters the margin has ranged from 16.6% to 19.8%, averaging 18.5%. Operating costs grew +20.1%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹3,542 cr, +13.3% on the year and −2.3% on the quarter, with earnings per share of ₹26.50. Profit before other income, one-offs and tax grew 7.2%, so 6 points of the headline growth came from outside the core business. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹14,073 cr, +14.7% 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 ₹103.98 over the last four quarters, the stock at ₹2,915.00 trades at 28.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹42,599 cr (+20.2% on the year) and net profit of ₹3,542 cr (+13.3% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +7.2% on the year, against +13.3% for reported profit.
None of the 7 checks that could run raised a question.
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