Mahindra & Mahindra Limited (M&M) reported a consolidated profit after tax (PAT) of ₹12,929 crore for the financial year ending March 31, 2025, reflecting a 20% increase over the previous fiscal year. The company’s Board of Directors has declared a dividend of ₹25.3 per share, representing a 20% year-on-year increase.
In the fourth quarter of FY25, M&M recorded a consolidated PAT of ₹3,295 crore, marking a 20% rise compared to the same period last year. Consolidated revenue for the quarter stood at ₹42,599 crore, also up 20% year-on-year. For the full year, revenue reached ₹159,211 crore, a growth of 14% compared to FY24.
The Automotive segment remained the primary contributor to overall revenue. Revenue from this segment reached ₹25,902 crore in Q4 FY25, a 24% increase from ₹20,908 crore in Q4 FY24. Full-year revenue from Automotive stood at ₹90,825 crore, up 19%. The segment’s profit, including contributions from joint ventures and associates, amounted to ₹2,052 crore for Q4 and ₹7,797 crore for the full year, reflecting growth of 10% and 29%, respectively.
Revenue from the Farm Equipment segment reached ₹7,933 crore in Q4 FY25, reflecting a 17% year-on-year increase. Full-year revenue from this segment rose 6% to ₹35,375 crore. Profits for the quarter rose by 25% to ₹942 crore, and full-year profits increased by 14% to ₹4,947 crore.
Financial Services reported Q4 revenue of ₹4,827 crore, up 14% from the previous year. Full-year revenue reached ₹18,296 crore, showing a growth of 17%. However, segment profit for the quarter declined by 33% to ₹600 crore. Despite the quarterly decline, the full-year profit improved by 17% to ₹3,002 crore. Industrial Businesses and Consumer Services contributed ₹5,087 crore to Q4 revenue, an increase of 10%, with segment profit rising 8% to ₹712 crore.
M&M maintained market leadership in multiple categories. In the SUV segment, the company achieved a revenue market share of 22.5%, up 210 basis points. It led the light commercial vehicle (LCV) segment under 3.5 tonnes with a market share of 51.9%, an increase of 290 basis points. In the tractor market, M&M attained a record market share of 43.3%, up 170 basis points. Additionally, the company led the electric three-wheeler segment with a market share of 42.9%.
The Auto division reported strong operational performance with total volumes of 253,000 units in Q4 FY25, an increase of 18%. Utility vehicle volumes grew at a similar rate, reaching 149,000 units. The standalone profit before interest and tax (PBIT) for the Auto division was ₹2,306 crore for the quarter, a 28% increase, with a margin of 9.2%. For the full year, the division’s PBIT rose by 30% to ₹8,277 crore.
In the Farm segment, Q4 volumes rose 23% to 87,000 units, and the market share increased to 41.2%. The segment’s standalone PBIT for the quarter increased 51% to ₹1,250 crore, with a margin of 19.4%. For the full year, the standalone PBIT for the Farm segment reached ₹5,371 crore, representing a 30% rise over the previous year.
M&M Group CEO and Managing Director Dr Anish Shah stated that the company achieved strong growth in FY25, supported by effective execution across core businesses. The Auto and Farm segments gained market share and improved profitability. Tech Mahindra made progress in strengthening client relationships and improving margins, while Mahindra Finance maintained gross stage 3 assets under 4% and recorded a 33% profit increase. The group’s emerging businesses also demonstrated positive momentum.
Executive Director and CEO of the Auto and Farm Sector, Rajesh Jejurikar, highlighted that M&M recorded significant market share gains across key segments in Q4 FY25. The SUV segment saw a 310 basis point improvement in revenue share, while the LCV segment gained 480 basis points year-on-year. The Tractor business achieved its highest-ever Q4 market share of 41.2%, reflecting a 180 basis point year-on-year gain. The Auto segment improved its PBIT margin by 110 basis points in FY25, while the core Tractor business expanded margins by 200 basis points.
Group Chief Financial Officer Amarjyoti Barua noted that FY25 delivered strong, broad-based growth and enhanced profitability across all business verticals. The group generated approximately ₹10,000 crore in cash during the year, enabling continued investments aligned with its strategic priorities. He confirmed the declaration of a 20% increase in dividend for FY26 based on the robust performance in FY25.
Established in 1945, the Mahindra Group is a leading global federation of companies, employing over 260,000 people across more than 100 countries. In India, it holds strong leadership positions in farm equipment, utility SUVs, information technology, and financial services, and is recognized as the world’s largest tractor manufacturer by volume. The Group also has a significant footprint in sectors such as renewable energy, agriculture, logistics, hospitality, and real estate.
Mahindra is committed to global leadership in environmental, social, and governance (ESG) practices, with a focus on promoting rural prosperity and improving urban living. Its mission is to create lasting, positive impact for communities and stakeholders, empowering them to progress and thrive.
