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Corporate Case Study | June 2026
On October 2, 1945, two brothers named Jagdish Chandra Mahindra and Kailash Chandra Mahindra, together with their associate Malik Ghulam Muhammad, registered a steel trading firm called Mahindra and Mohammed in Ludhiana, Punjab. The firm supplied post-war India with steel. Two years later, partition divided the subcontinent. Ghulam Muhammad crossed the border to become Pakistan’s first Finance Minister. The Mahindra brothers renamed the company Mahindra and Mahindra and pivoted from steel to Willys Jeeps. Eight decades later, that pivot has produced a federated conglomerate with consolidated revenue of Rs 1,98,639 crore in FY26, operations in over 100 countries, a workforce of over 3,24,000 people, and leadership positions in SUVs, tractors, IT services, and financial services. This is the complete story.
Rs 1,98,639 Cr
Mahindra and Mahindra consolidated revenue for FY26 (April 2025 to March 2026), up 25% from FY25. Consolidated PAT: Rs 17,099 crore, up 35% YoY. Announced May 5, 2026.
25.3%
Revenue market share in India’s SUV segment in FY26. No. 1 position retained. Also No. 1 in tractors (43.6% share), LCV under 3.5T (52.3%), and electric three-wheelers (40%).
Rs 56,815 Cr
Tech Mahindra FY26 revenue in rupee terms (USD 6,385 million), up 7.2% YoY. EBIT rose 39.2% to Rs 7,152 crore. EBIT margin expanded for 10 consecutive quarters to 12.6% in FY26.
5 Lakh+
Record tractor sales achieved by M&M in FY26, the highest in the company’s history. Tractor market share: 43.6% in FY26, gaining 30 basis points from FY25. World’s largest tractor company by volume.
Table of Contents
- Part I: The Founding October 2, 1945: Steel trading in Ludhiana, partition, the name change, the Willys Jeep licence, and the pivot to manufacturing
- Part II: The Leadership J.C. and K.C. Mahindra, Keshub Mahindra’s four-decade chairmanship, Anand Mahindra’s rise, and Anish Shah as Group CEO
- Part III: Eight Decades of Key Milestones From the first Willys Jeep in 1947 to the BE 6e and XEV 9e electric SUVs launched in November 2024
- Part IV: Automotive Business SUV dominance with Scorpio, Thar, XUV 3XO, XUV 7XO; LCV leadership with Bolero Max; the Born Electric platform; MEAL and the EV push
- Part V: Farm Equipment The world’s largest tractor company by volume, Swaraj brand, farm machinery, international exits, and the 5 lakh tractor milestone in FY26
- Part VI: The Group Companies Tech Mahindra, Mahindra Finance, Mahindra Lifespaces, Mahindra Logistics, Mahindra Holidays, and the Growth Gems strategy
- Part VII: The Financials Consolidated and standalone results from FY22 to FY26, quarterly breakdown for FY26, EPS, RoE, and dividend history
- Frequently Asked Questions
Part IThe Founding
October 2, 1945: Mahindra and Mohammed
The company that became Mahindra and Mahindra was registered on October 2, 1945, in Ludhiana, Punjab. The founders were three: Jagdish Chandra Mahindra (J.C. Mahindra), who had served as India’s First Steel Controller in the colonial administration; his brother Kailash Chandra Mahindra (K.C. Mahindra), who had chaired the India Supply Mission in Washington DC during the Second World War; and Malik Ghulam Muhammad, a financial and administrative professional who was a close associate of the Mahindra family. The company was named Mahindra and Mohammed as a gesture of inclusion toward Ghulam Muhammad, even though his stake was a minority one.
The initial business was steel trading. Post-war India had enormous demand for steel to rebuild and expand rail networks, construction projects, and manufacturing. J.C. and K.C. Mahindra’s government connections and knowledge of supply chains gave them access to steel sourced from international markets. The company traded steel and supplied it to railways and construction projects across the country.
Partition and the Renaming
The Partition of India in August 1947 changed everything. Malik Ghulam Muhammad chose to move to the newly formed Pakistan. He became Pakistan’s first Finance Minister and later served as its third Governor General from 1951 to 1955. With his departure, the Mahindra brothers faced an awkward situation: all their stationery, letterheads, invoices, and company stamps bore the initials M and M. Replacing all of it was expensive. Since two Mahindra brothers remained, the M and M could stand equally well for Mahindra and Mahindra. The company was renamed accordingly. The abbreviation survived. The name changed. The Mahindras carried forward without their third partner.
The first 75 Jeeps: Even before the company was renamed, the Mahindras had secured a pivotal commercial relationship. In 1947, M&M partnered with the Willys-Overland Export Corporation of the United States to import Willys MB Jeeps in completely knocked-down (CKD) condition. The first consignment of 75 Jeeps was assembled at the company’s workshop in Mazagon, Bombay. These vehicles were ideally suited to post-independence India’s terrain and infrastructure challenges. The partnership with Willys launched the automotive chapter that would define the Mahindra Group’s identity for the next eight decades.
Jagdish Chandra Mahindra (J.C. Mahindra)
Role at foundingCo-founder and first Chairman
Prior roleFirst Steel Controller of India (colonial government)
ContributionBrought government-level knowledge of steel procurement and industrial supply chains to the founding firm
Kailash Chandra Mahindra (K.C. Mahindra)
Role at foundingCo-founder
Prior roleChairman, India Supply Mission, Washington DC (World War II)
Key actionSecured the Willys Jeep assembly licence, launching the automotive business. K.C. Mahindra became Chairman after J.C. Mahindra’s passing.
Part IIThe Leadership
Three Generations, One Group
Mahindra and Mahindra has been led across its 80-year history by three generations of the Mahindra family, supplemented in recent years by professional management at the Group CEO level. Each generation marked a distinct phase in the company’s evolution.
J.C. Mahindra served as the founding Chairman. After his passing, K.C. Mahindra led the company through its formative automotive years. K.C.’s son Keshub Mahindra became Chairman in 1963 and held the position until 2012, a tenure of nearly five decades. He presided over the company’s diversification into tractors, financial services, software, and hospitality. He oversaw the listing of multiple subsidiaries and the transformation of a single-product automotive company into a conglomerate.
Anand Mahindra, the grandson of J.C. Mahindra, joined M&M in 1981 and rose through the ranks. He became Deputy Managing Director in 1989, Managing Director in 1997, and Vice Chairman and Managing Director in 2003. In 2012, upon Keshub Mahindra stepping down as Chairman, Anand Mahindra became Chairman. He was appointed Executive Chairman in 2013. Under his leadership, M&M entered the electric vehicle segment, acquired the Pininfarina design house in Italy, and accelerated the Group’s global footprint. He stepped back from day-to-day management when the Group CEO role was created and professionalised.
Dr. Anish Shah was appointed as the Group CEO and Managing Director of M&M in April 2021. A graduate of IIT Mumbai and the Wharton School of Business at the University of Pennsylvania, Shah had earlier led M&M’s financial services businesses and served as the Group’s President (Strategy). Under his leadership, the Group has pursued a disciplined capital allocation framework, exited non-core international businesses, and focused on the “Growth Gems” strategy for emerging businesses. FY26 was described by Shah as a “defining year marked by strong execution and breakthrough performance across several Group companies.”
Current Chairman
Anand Mahindra
Executive Chairman, M&M Ltd. Grandson of J.C. Mahindra. Joined M&M in 1981.
Group CEO and MD
Dr. Anish Shah
Appointed Group CEO and MD of M&M in April 2021. IIT Mumbai and Wharton alumnus.
Chairman Emeritus
Keshub Mahindra
Chairman from 1963 to 2012. Nearly five decades at the helm. Holds the title of Chairman Emeritus.
Auto and Farm Sector CEO
Rajesh Jejurikar
Executive Director and CEO, Auto and Farm Sector. Leads M&M’s core automotive and tractor businesses.
Group CFO
Amarjyoti Barua
Group Chief Financial Officer. Oversees capital allocation, treasury, and financial reporting for the Group.
Group HQ
Worli, Mumbai
Mahindra and Mahindra Limited is headquartered in Worli, Mumbai, Maharashtra, India. BSE: 500520, NSE: M&M.
Part IIIEight Decades of Key Milestones
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1945October 2, 1945Mahindra and Mohammed Founded in Ludhiana
J.C. Mahindra, K.C. Mahindra, and Malik Ghulam Muhammad register a steel trading firm in Ludhiana, Punjab. The firm supplies steel to railways and construction projects in post-war India.
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19471947 to 1948Partition, Renaming, and the Willys Jeep Licence
Partition takes Ghulam Muhammad to Pakistan. The company is renamed Mahindra and Mahindra. M&M obtains the licence to assemble Willys Jeeps in India. The first 75 Jeeps in CKD form are assembled at Mazagon, Bombay.
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19561955 to 1956Public Listing on Bombay Stock Exchange
M&M announces its decision to go public on June 15, 1955. Shares are listed on the Bombay Stock Exchange in 1956. The listing gives M&M access to public capital for its manufacturing expansion.
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19631963Keshub Mahindra Becomes Chairman
Keshub Mahindra assumes the role of Chairman following the passing of K.C. Mahindra. His 49-year chairmanship oversees the company’s transformation from a Jeep assembler to a diversified conglomerate.
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19791979Tractor Division Launched
M&M launches its tractor division, building on the earlier International Tractor Company of India (ITCI) joint venture with International Harvester and Voltas (formed in 1963). M&M will go on to become the world’s largest tractor manufacturer by volume.
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19831983India’s Largest-Selling Tractor Brand
Mahindra becomes India’s largest-selling tractor brand by volume. It holds this position for over three decades. In later years, it extends this leadership globally to become the world’s No. 1 tractor company by volume.
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19861986Entry into IT Services via British Telecom JV
Mahindra enters the IT and telecom services sector through a joint venture with British Telecom UK. This JV eventually evolves into what is today Tech Mahindra, one of India’s largest IT services companies.
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19911991Mahindra Finance Founded
Mahindra and Mahindra Financial Services Limited (MMFSL) is established as Maxi Motors Financial Services Limited before being renamed. It focuses on vehicle and tractor financing in rural and semi-urban India.
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20022002Scorpio Launched
The Scorpio is launched and becomes a landmark product for M&M. Developed entirely in India, it is among the first mass-market SUVs to be designed and engineered domestically. It establishes M&M as a serious player in the passenger vehicle space.
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20072007Renault-Mahindra JV: Logan Launched
M&M enters a joint venture with Renault to manufacture and sell the Logan sedan in India. The venture is eventually dissolved, but it provides M&M with exposure to global automotive manufacturing processes and quality standards.
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20102010 to 2015Acquisitions: Ssangyong, Pininfarina, Satyam to TechM
M&M acquires a controlling stake in South Korea’s SsangYong Motor (2011). The Mahindra Group acquires a majority stake in Italy’s Pininfarina design house (2015). Tech Mahindra acquires Satyam Computer Services (later renamed Tech Mahindra) in 2009, becoming the fourth-largest IT services company in India.
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20202020 to 2021Anish Shah Becomes Group CEO; SsangYong Exits
Dr. Anish Shah is appointed Group CEO and MD of M&M in April 2021. The new management reviews international investments and eventually exits SsangYong as part of a capital allocation discipline exercise. SsangYong files for bankruptcy protection in 2021.
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2024November 26, 2024BE 6e and XEV 9e Launched: Born Electric Platform
M&M launches the BE 6e and XEV 9e electric SUVs built on the ground-up INGLO electric platform at a global premiere in Chennai. Starting prices: BE 6e at Rs 18.90 lakh, XEV 9e at Rs 21.90 lakh. Deliveries commence from March 2025.
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2026May 5, 2026Record FY26 Results: Revenue Rs 1,98,639 Crore, PAT Up 35%
M&M announces FY26 consolidated revenue of Rs 1,98,639 crore (up 25% YoY) and consolidated PAT of Rs 17,099 crore (up 35% YoY). Record tractor sales of 5 lakh units. Dividend of Rs 33 per share declared, up 30% from FY25.
Part IVAutomotive Business
India’s No. 1 SUV Maker by Revenue Market Share
The automotive segment is the largest contributor to M&M’s revenue and the clearest expression of its brand identity. M&M’s automotive business, referred to as the Auto and Farm Sector under Executive Director and CEO Rajesh Jejurikar, covers SUVs, pick-up trucks, light commercial vehicles (LCVs), electric three-wheelers, and last-mile mobility vehicles. As of FY26, M&M held a 25.3 percent revenue market share in India’s SUV segment, retaining the No. 1 position and expanding the share by 260 basis points over FY25.
The auto business delivered outstanding performance in FY26. Auto and Farm combined revenue grew 27 percent, and auto segment volumes grew 19 percent for the full year. In Q4 FY26, volumes reached 307,000 units, up 21 percent year-on-year. Full-year auto volumes grew 19 percent. Auto standalone revenue for FY26 was Rs 1,17,834 crore, up 30 percent. Auto standalone PAT was Rs 7,842 crore, up 33 percent.
The Core SUV Portfolio
The original Scorpio was launched in 2002 and is one of the most significant automotive milestones in Indian industrial history. It was the first mass-market SUV designed and engineered almost entirely in India, with minimal dependence on a foreign technology partner for the core product architecture. The project, led by a small but determined internal team, demonstrated that Indian automotive engineering could produce a globally competitive product. The Scorpio remained a bestseller across its production life and was significantly redesigned for the Scorpio-N and Scorpio-Classic lines launched in 2022. The Scorpio-N won the Compact SUV of the Year award from multiple publications in 2022. Both variants continue to be strong volume contributors for M&M, particularly in rural and semi-urban markets where the nameplate commands deep brand loyalty.
The Thar traces its lineage directly to the original Willys Jeep that the Mahindra brothers assembled in 1947. It has gone through multiple generations, with the third-generation Thar launched in October 2020 being a transformational product. The 2020 Thar was redesigned to meet BS-VI emission norms, offered a modernised interior and feature set while retaining the iconic silhouette, and was priced aggressively to attract a younger, urban customer base that was discovering off-road lifestyle vehicles for the first time. The response was extraordinary: waiting periods extended to over a year at launch. M&M subsequently added a five-door variant (Thar Roxx) in 2024 to address the demand for more practicality while retaining the Thar’s character. The Thar and Thar Roxx together are among M&M’s highest-margin products in the automotive portfolio.
The XUV 3XO (launched April 2024) is the successor to the XUV300 and targets the highly competitive compact SUV segment below Rs 15 lakh. The XUV 7XO (launched April 2024) slots between the XUV700 and the top-of-range models, offering a seven-seat configuration with a premium feature set in the Rs 21 to 26 lakh range. Both models contributed significantly to M&M’s volume and market share gains in FY26. In Q3 FY26 specifically, XEV 9S and XUV 7XO launches boosted consolidated auto revenue to Rs 30,370 crore, up 30 percent year-on-year. The XUV700 continues as the flagship of the mainstream portfolio, offering ADAS features and a large feature set at competitive pricing that has made it one of the best-selling models above Rs 14 lakh in India.
The Bolero has been one of the most durable automotive products in Indian history. Launched in 2000, it has remained in continuous production for over two decades with incremental updates. Its formula is simple: spacious, rugged, low cost of ownership, and adaptable to a wide range of rural use cases including passenger transport, agricultural goods movement, and last-mile logistics. The Bolero’s volumes may not make headlines the way Scorpio or Thar do, but it generates consistent, reliable cash flows from a market segment that requires reliability above technology features. In the LCV segment below 3.5 tonnes, M&M holds a 52.3 percent market share in FY26, driven by the Bolero Max pickup range and the Jeeto platform. This is the highest LCV market share held by any single manufacturer in this category in India.
The Electric Vehicle Strategy: Born Electric and MEAL
Mahindra’s electric vehicle strategy is organised under a subsidiary called Mahindra Electric Automobile Limited (MEAL). The core of the Born Electric portfolio is the INGLO platform, a ground-up electric architecture designed specifically for battery electric vehicles. INGLO is not an adaptation of an internal combustion engine platform. It is a dedicated EV-native architecture that allows for flat battery pack packaging, optimised weight distribution, and structural integration of the battery into the vehicle body.
The first two vehicles on INGLO were the BE 6e and XEV 9e, globally premiered at Chennai on November 26, 2024. The BE 6e is a coupe-style electric SUV starting at Rs 18.90 lakh. The XEV 9e is a coupé-SUV with a more premium positioning, starting at Rs 21.90 lakh. Both vehicles are powered by MAIA (Mahindra AI for Automobiles), M&M’s proprietary AI computing platform for in-vehicle intelligence and driver assistance. Bookings for all nine variants across the two models opened on February 14, 2025. Pack Three deliveries began in mid-March 2025. Pack Two deliveries commenced from end-July 2025.
The 18 to 20 percent EV sales mix target for FY27: M&M management stated at the FY26 results announcement on May 5, 2026, that the company is targeting an 18 to 20 percent share of EV sales in its overall SUV volumes by FY27. This compares with a still-nascent EV contribution in FY26. The target is supported by the planned addition of three more electric SUV models on the INGLO platform through FY27, including the XEV 7e and the BE 9e. M&M has committed approximately Rs 27,000 crore in capex over the three-year cycle ending FY27, with EV product development and production capacity expansion as the primary areas of deployment.
Part VFarm Equipment
The World’s Largest Tractor Company by Volume
M&M’s farm equipment segment is distinct from its automotive business in character and cadence. It operates on longer agricultural cycles, is sensitive to rural income trends, monsoon performance, and government agricultural policies, and has a different competitive landscape than the automotive sector. But in scale and market dominance, it matches the automotive business.
Mahindra is the world’s largest tractor manufacturer by volume. This is not a recent achievement. M&M has held the No. 1 position in the Indian tractor market since 1983 and extended that leadership globally. In FY26, M&M’s tractor market share in India stood at 43.6 percent for the full year, gaining 30 basis points over FY25. Full-year tractor sales crossed 5 lakh (500,000) units in FY26 for the first time in the company’s history. This was a record high. Farm volumes grew 24 percent year-on-year in Q4 FY26, and farm standalone PBIT margin was 19.4 percent in Q4 FY26.
| Metric | FY26 | FY25 | Change |
|---|---|---|---|
| Full year tractor sales (India) | 5 lakh+ (record high) | ~4.5 lakh | +11% approx. |
| Domestic tractor market share | 43.6% | 43.3% | +30 bps |
| Q4 FY26 farm volumes | +24% YoY | Base period | Strong growth |
| Farm standalone PBIT margin (Q4) | 19.4% | 19.4% | Stable |
| Farm standalone PBIT margin (Full year) | Highest ever quarterly in Q4 | N/A | Record |
| Farm machinery revenue | Rs 1,354 crore | N/A | +32% YoY |
| Farm consolidated revenue (FY26) | Rs 42,568 crore | Rs 35,473 crore approx. | +20% YoY |
| Farm consolidated PAT (FY26) | Rs 4,298 crore | Rs 3,803 crore approx. | +13% YoY |
Swaraj: The Farmer’s Brand
Swaraj is M&M’s tractor brand targeting the mass-market farmer. The Swaraj brand was acquired when M&M merged with Punjab Tractors Limited (PTL) in 2007. PTL had been a pioneer in tractor manufacturing in India, and the Swaraj brand had a particularly strong following in Punjab, Haryana, and other wheat-belt states. The acquisition added a complementary brand that serves the volume end of the market while M&M’s own-brand tractors serve the premium and mid-tier segments. Swaraj tractors in the 20 to 50 horsepower range are sold extensively across India’s agricultural heartland.
International farm exits in FY26: As part of the Group’s disciplined capital allocation strategy under Dr. Anish Shah, M&M exited three international farm equipment businesses in FY26. The exits were described in the results as being “in line with capital allocation discipline.” This reflects the Group’s broader approach of retaining investments where M&M has competitive advantage and exiting markets where returns have not met the Group’s return-on-capital requirements. The freed capital is redirected to domestic SUV, EV, and farm machinery growth opportunities.
Part VIThe Group Companies
A Federated Conglomerate: Six Listed Group Companies
The Mahindra Group operates as a federated conglomerate, a model in which subsidiary companies maintain their own listed status, independent boards, and professional management, rather than being wholly absorbed into the parent. This structure allows each subsidiary to access capital markets independently, build its own brand equity, and attract talent through its own equity compensation programmes. The Group currently has six major listed subsidiaries alongside M&M itself.
Tech Mahindra Ltd
NSE: TECHM | IT Services
FY26 revenue: Rs 56,815 crore (USD 6,385 million), up 7.2% YoY. EBIT: Rs 7,152 crore, up 39.2%. EBIT margin: 12.6% for FY26, expanding for 10 consecutive quarters. Q4 FY26 EBIT margin: 13.8%. FY26 deal wins: USD 3,794 million, highest in five years. PAT: Rs 4,811 crore, up 13.2%. Employees: 1,47,000+. Countries: 90+. CEO: Mohit Joshi (since December 2023).
Mahindra and Mahindra Financial Services Ltd (MMFSL)
NSE: M&MFIN | Rural NBFC
India’s leading rural NBFC. FY26 exit AUM up 12% YoY. GS3 (Stage 3) assets improved to 3.41% by Q4 FY26 exit. FY26 consolidated revenue: Rs 43,698 crore, up 17%. FY26 consolidated PAT: Rs 4,960 crore, up 54%. Over 12 million customers. 1,348 offices across India serving 5.18 lakh villages and 8,000 towns. MD and CEO: Raul Rebello.
Mahindra Lifespace Developers Ltd
NSE: MAHLIFE | Real Estate
M&M’s listed real estate subsidiary. Q4 FY26 residential pre-sales: Rs 1,633 crore, up 55% YoY. Q3 FY26 saw 5x PAT growth year-on-year, marking a breakout quarter. Full FY26 PAT growth was substantial. Focus on integrated townships, affordable housing, and industrial districts. Part of M&M’s “Growth Gems” portfolio.
Mahindra Logistics Ltd
NSE: MAHLOG | Logistics
Third-party logistics provider. Q4 FY26 revenue: Rs 1,791 crore, up 14% YoY. Delivered first full-year profitability in FY26, a significant turnaround. In Q3 FY26, turned profitable after 11 consecutive loss-making quarters. Revenue trajectory in full year positive. Part of M&M’s “Growth Gems” portfolio alongside Lifespaces.
Club Mahindra (Mahindra Holidays and Resorts India Ltd)
NSE: MHRIL | Hospitality
India’s largest vacation ownership company. Q4 FY26 resort revenue: Rs 120 crore, up 11% YoY. Average unit rate (AUR) up 83% YoY in Q4. Room inventory: 6,228 keys (up 213 rooms in Q4). Q1 FY26 occupancy was approximately 85%. Has resorts across Munnar, Coorg, Goa, Manali, and other leisure destinations.
Mahindra Electric Automobile Ltd (MEAL)
Unlisted subsidiary | EV
Wholly-owned subsidiary managing M&M’s Born Electric EV business. Houses the BE and XEV product lines on the INGLO platform. Veejay Nakra serves as Joint Managing Director of MEAL alongside his role as President of the Automotive Sector. MEAL houses the CHARGE.IN charging network and the MAIA in-vehicle AI computing platform.
The Growth Gems Strategy
Dr. Anish Shah introduced the “Growth Gems” framework to identify M&M Group businesses that have the potential for significant scale and value creation but are still in an early or loss-making phase that requires patient capital and execution. The primary Growth Gems as of FY26 include Mahindra Lifespaces (real estate), Mahindra Logistics, Club Mahindra’s international business, and Accelo (a defence and aerospace platform).
In Q3 FY26, two Growth Gems delivered landmark results. Mahindra Logistics turned profitable for the first time in 11 quarters. Mahindra Lifespaces delivered a fivefold increase in PAT alongside 71 percent growth in residential pre-sales. The FY26 result release stated that the Growth Gems portfolio collectively achieved 50 percent PAT growth in the year, demonstrating that the portfolio of emerging businesses is progressing toward self-sustaining profitability.
Part VIIThe Financials
Consolidated Annual Performance: FY22 to FY26
| Year | Consolidated Revenue (Rs Cr) | Consolidated PAT (Rs Cr) | PAT Growth | Dividend Per Share (Rs) | Key Development |
|---|---|---|---|---|---|
| FY22 | 90,344 | 7,033 | N/A (recovery year) | 13.45 | Post-COVID recovery; SsangYong exits Korea; new product pipeline building |
| FY23 | 1,21,268 | 9,803 | 39.4% | 16.25 | Scorpio-N and Scorpio-Classic launched; strong rural recovery; tractor growth resumes |
| FY24 | 1,46,326 | 11,324 | 15.5% | 21.10 | XUV 3XO, XUV 7XO, Thar Roxx pipeline; INGLO platform development; Growth Gems strategy formalised |
| FY25 | 1,58,962 | 12,929 (standalone: 12,929) | 14.2% | 25.35 | BE 6e and XEV 9e launched (November 2024); Farm achieves strong margins; TechM begins margin expansion |
| FY26 | 1,98,639 | 17,099 | 35% | 33.00 | Record revenue and PAT; record 5 lakh+ tractor sales; Born Electric deliveries begin; TechM EBIT up 39.2% |
M&M Consolidated Revenue: FY22 to FY26 (Rs Crore)
Source: M&M BSE regulatory filings; M&M official press release dated May 5, 2026. PAT is after non-controlling interest.
Quarterly Performance: FY26
| Quarter | Consolidated Revenue (Rs Cr) | Consolidated PAT (Rs Cr) | PAT Growth (YoY) | Key Highlight |
|---|---|---|---|---|
| Q1 FY26 (Apr-Jun 2025) | ~45,529 | 4,083 (standalone: 3,450) | 24% | Record 45.2% tractor market share in any quarter; vehicle sales up 17%; EBITDA up 17% YoY |
| Q2 FY26 (Jul-Sep 2025) | 46,106 | 3,673 | 28% (excl. one-time items) | Revenue up 22% YoY; strong SUV and farm performance; TechM 8th consecutive margin expansion quarter |
| Q3 FY26 (Oct-Dec 2025) | 52,022 | 4,675 | 54% | SUV revenue share 24.1%; farm volumes +23% YoY; Mahindra Logistics first profitable quarter; Lifespaces PAT 5x |
| Q4 FY26 (Jan-Mar 2026) | 54,982 | 4,668 | 42% | Auto volumes 307,000 units (+21% YoY); tractor record 43.6% share; record tractor billing; M&M 5th largest PV+CV exporter |
FY26 Key Metrics Summary
Consolidated Revenue FY26
Rs 1,98,639 Cr
Up 25% from Rs 1,58,962 crore in FY25. Driven by auto, farm, financial services, and Tech Mahindra.
Consolidated PAT FY26
Rs 17,099 Cr
Up 35% YoY (excl. FY25 one-time gains of Rs 304 crore from land sale). Q4 FY26: Rs 4,668 crore, up 42%.
Return on Equity (RoE)
20.1%
Annualised RoE for FY26. Among the highest in the diversified conglomerate sector in India.
Earnings Per Share
Rs 152.2
FY26 consolidated EPS. The board declared a dividend of Rs 33 per share for FY26, up 30% from Rs 25.35 in FY25.
Auto Volumes FY26
19% Growth
Full year auto volumes up 19% YoY. Q4 FY26: 307,000 units, up 21%. M&M is 5th largest PV+CV exporter in India in FY26.
Tractor Sales FY26
5 lakh+ units
Highest-ever annual tractor billing for M&M. Domestic market share: 43.6% (up 30 bps). World’s largest tractor company by volume.
Eighty Years, One Name, an Entirely Different Company
The Mahindra Group that posted Rs 1,98,639 crore in consolidated revenue in FY26 is nearly unrecognisable from the steel trading firm that two brothers registered in Ludhiana on October 2, 1945. The connecting thread is not the product. Steel gave way to Jeeps, Jeeps gave way to a full-stack automotive portfolio, and now electric SUVs on a ground-up EV platform are defining the next chapter. The connecting thread is the philosophy that Anand Mahindra has most clearly articulated: Rise. The belief that ambition, perseverance, and the willingness to take on difficult challenges can produce outcomes that exceed expectation.
The automotive business is the clearest expression of this philosophy. M&M spent decades building rugged utility vehicles for rural India. It was not considered a premium or aspirational brand. Then it built the Scorpio. Then the Thar. Then the XUV700. Each product moved M&M further up the value chain, deepened the brand’s emotional connection with its buyers, and built the engineering capability for the next leap. The BE 6e and XEV 9e, built on INGLO and powered by MAIA, are the latest expression of this compounding capability. They are M&M’s first statement that Indian automotive engineering can compete in the premium electric vehicle space globally, not just domestically.
The farm equipment business has been perhaps the most consistent performer in the Group’s history. Market leadership since 1983, a world-leading position since the late 2000s, and now a record 5 lakh units in FY26. The tractor business is less glamorous than electric SUVs. It is also less prone to competitive disruption. The barriers to replicating M&M’s dealer network, brand recognition, and service infrastructure in rural India are formidable. It is the bedrock of the Group’s financial stability.
The Services portfolio, led by Tech Mahindra, Mahindra Finance, and the Growth Gems, adds diversity and counter-cyclicality to what would otherwise be a deeply cyclical industrial business. Tech Mahindra’s 10 consecutive quarters of margin expansion in FY26 demonstrate that the turnaround initiated by Mohit Joshi in 2023 is real and structural. Mahindra Finance’s 54 percent PAT growth in FY26 reflects a business that has navigated rural credit stress and emerged with a stronger franchise. The Growth Gems are beginning to contribute profits rather than losses.
At Rs 33 per share for FY26, the dividend declared is the highest in the company’s history, up 30 percent from the prior year. For a company that began trading steel on India’s behalf in the final year of British rule, that dividend is a small but tangible measure of how far 80 years of compounded effort can take a business.
Frequently Asked Questions
Mahindra and Mahindra was founded on October 2, 1945, initially under the name Mahindra and Mohammed. The three founders were Jagdish Chandra Mahindra (J.C. Mahindra), who had served as India’s First Steel Controller under the colonial government; his brother Kailash Chandra Mahindra (K.C. Mahindra), who had chaired the India Supply Mission in Washington DC during the Second World War; and Malik Ghulam Muhammad, a financial professional who was a close associate of the Mahindra family. The company was initially registered in Ludhiana, Punjab, and focused on steel trading. Following the Partition of India in 1947, Ghulam Muhammad emigrated to Pakistan, where he became the country’s first Finance Minister and later its third Governor General. The company was renamed Mahindra and Mahindra, keeping the M and M abbreviation since both remaining founders shared the Mahindra name. The registered office was moved to Mumbai.
Mahindra and Mahindra announced its FY26 (April 2025 to March 2026) results on May 5, 2026. On a consolidated basis, revenue from operations was Rs 1,98,639 crore, up 25 percent year-on-year from Rs 1,58,962 crore in FY25. Consolidated profit after tax (PAT) was Rs 17,099 crore, up 35 percent year-on-year (excluding one-time gains of Rs 304 crore from land sales in FY25). For Q4 FY26, consolidated PAT was Rs 4,668 crore, up 42 percent, on revenue of Rs 54,982 crore, up 29 percent. Return on equity for FY26 was 20.1 percent. Earnings per share were Rs 152.2. The board declared a final dividend of Rs 33 per share for FY26, a 30 percent increase from Rs 25.35 in FY25. M&M maintained No. 1 positions in SUVs by revenue market share (25.3%), LCV under 3.5T (52.3%), tractors (43.6%), and electric three-wheelers (40%). Tractor sales crossed 5 lakh units for the first time in FY26.
Mahindra and Mahindra is the world’s largest tractor manufacturer by volume and has held the No. 1 position in India’s domestic tractor market since 1983, over four decades of unbroken leadership. In FY26, M&M’s domestic tractor market share was 43.6 percent for the full year, gaining 30 basis points over FY25. In Q1 FY26 specifically, M&M achieved a record 45.2 percent quarterly market share, the highest in its history. Full-year tractor sales exceeded 5 lakh (500,000) units in FY26, also the highest annual tractor sales in M&M’s history. The farm equipment business operates under the M&M brand and the Swaraj brand, the latter acquired when M&M merged with Punjab Tractors Limited in 2007. Farm standalone PBIT margin was 19.4 percent in Q4 FY26. Farm consolidated revenue for FY26 was Rs 42,568 crore, up 20 percent year-on-year, with consolidated PAT of Rs 4,298 crore, up 13 percent.
Tech Mahindra is M&M’s IT services subsidiary and one of India’s largest IT companies. It provides technology consulting, digital solutions, business process services, engineering services, AI and analytics, and cloud infrastructure services to enterprises across industries globally. Tech Mahindra traces its origins to a 1986 joint venture between the Mahindra Group and British Telecom UK, which later evolved as the IT services business expanded. The company’s modern form emerged when it acquired Satyam Computer Services in 2009 and rebranded it. For FY26 (April 2025 to March 2026), Tech Mahindra reported revenue of Rs 56,815 crore (USD 6,385 million), up 7.2 percent year-on-year. EBIT rose 39.2 percent to Rs 7,152 crore. EBIT margin expanded to 12.6 percent for the full year and 13.8 percent in Q4 FY26, marking the 10th consecutive quarter of margin expansion. PAT for FY26 was Rs 4,811 crore, up 13.2 percent. Deal wins were the highest in five years at USD 3,794 million. Tech Mahindra declared a total dividend of Rs 51 per share for FY26, its highest ever. The company employs over 147,000 professionals across 90 countries and serves 1,100 clients. CEO and MD is Mohit Joshi, appointed in December 2023.
The BE 6e and XEV 9e are Mahindra’s first electric SUVs built on the INGLO platform, a ground-up electric vehicle architecture designed specifically for battery electric vehicles. They were globally premiered at Chennai on November 26, 2024. The BE 6e is a coupe-style electric SUV priced from Rs 18.90 lakh (introductory, ex-showroom). The XEV 9e is a coupé-SUV with a more premium profile, priced from Rs 21.90 lakh. Both are powered by MAIA (Mahindra AI for Automobiles), M&M’s proprietary AI computing platform. They come with 59 kWh and 79 kWh battery options, with the 79 kWh variant offering over 500 km of real-world range. Bookings for all nine variants across the two models opened on February 14, 2025. Pack Three (79 kWh) deliveries began from mid-March 2025. Pack Two deliveries commenced from end-July 2025. The EV business is managed through Mahindra Electric Automobile Limited (MEAL), a wholly-owned subsidiary. M&M has committed approximately Rs 27,000 crore in capex over the three-year cycle ending FY27 for EV product development and production capacity. The company is targeting an 18 to 20 percent share of EV sales in its overall SUV volumes by FY27, supported by additional INGLO-based models in the pipeline including the XEV 7e and BE 9e.
Anand Mahindra is the Executive Chairman of Mahindra and Mahindra Limited. He is the grandson of J.C. Mahindra, the company’s co-founder. He joined M&M in 1981 and became Executive Chairman in 2013. Keshub Mahindra, who was Chairman from 1963 to 2012, holds the title of Chairman Emeritus. Dr. Anish Shah is the Group CEO and Managing Director of M&M, appointed in April 2021. He holds degrees from IIT Mumbai and the Wharton School of Business and previously led M&M’s financial services businesses and Group Strategy. Rajesh Jejurikar is the Executive Director and CEO of the Auto and Farm Sector, overseeing M&M’s automotive and tractor businesses. Amarjyoti Barua serves as Group Chief Financial Officer. Mohit Joshi is the CEO and Managing Director of Tech Mahindra, appointed in December 2023. Raul Rebello is the Managing Director and CEO of Mahindra Finance (MMFSL). Veejay Nakra is the President of the Automotive Sector and Joint Managing Director of Mahindra Electric Automobile Limited (MEAL).
Disclaimer: This article is for informational and educational purposes only and is current as of June 13, 2026. All financial figures are sourced from Mahindra and Mahindra Limited’s official press release dated May 5, 2026 (BSE filing), Tech Mahindra’s official results announcement dated April 22, 2026, Mahindra Finance’s official results dated April 24, 2026, and M&M’s quarterly investor presentations. Historical data is sourced from M&M’s official company history. This article does not constitute investment advice or a recommendation to buy or sell any security. Readers should consult a SEBI-registered investment adviser before making investment decisions. fiscalzenith.com accepts no liability for decisions made in reliance on information in this article.
