M&M Q1 Results: Auto company Mahindra & Mahindra (M&M) released its results for the April-June quarter of the financial year 2027 on Thursday, 30 July, posting a 33.58% year-on-year (YoY) rise in its consolidated profit after tax (attributable to owners of the company) to ₹5,454.54 crore, versus ₹4,083.32 crore in the same quarter last year.
The automaker’s consolidated revenue from operations in Q1FY27 rose 26.62% to ₹57,533.44 crore, up from ₹45,435.88 crore in the first quarter of FY26.
On a standalone basis, the company reported a 7% YoY increase in net profit to ₹3,685 crore for the quarter under review, compared with ₹3,450 crore in the corresponding period last year.
Revenue from operations rose 23% YoY to ₹41,920 crore during the reporting quarter, reflecting strong business growth.
M&M reported a robust operational performance across its businesses in the first quarter of FY27, driven by strong growth in its automotive, farm equipment, and services segments.
The company, in an exchange filing, said profits from its Auto and Farm businesses increased 18%, while Mahindra Finance expanded its assets under management (AUM) by 13%. Tech Mahindra also posted a significant improvement in profitability, with its EBIT margin expanding by 330 basis points.
Auto business
The automotive business remained the key growth engine during the quarter. Mahindra sold 3.04 lakh vehicles in Q1FY27, up 23% year-on-year, including volumes from LMM and MEAL. Utility vehicle (SUV) sales stood at 1.75 lakh units, while the company retained its leadership in the SUV segment with a 25% revenue market share. SUV volumes rose 15%, and Mahindra also maintained its dominance in the light commercial vehicle (LCV) segment below 3.5 tonnes, commanding a 52% market share.
On a consolidated basis, the auto business reported 32% revenue growth to ₹34,387 crore, while PAT increased 21% to ₹2,129 crore. Standalone auto revenue climbed to ₹31,033 crore from ₹24,949 crore a year earlier.
Standalone PBIT remained largely flat at ₹2,212 crore, with a PBIT margin of 7.1%. Excluding the impact of electric SUV contract manufacturing, the standalone auto PBIT margin stood at 8.3%, down 170 basis points.
Commenting on the performance, Rajesh Jejurikar, Executive Director and CEO, Auto and Farm Sector, said both the automotive and tractor businesses demonstrated resilience during the quarter. He added that Mahindra gained 50 basis points sequentially in SUV revenue market share and 150 basis points in LCV (below 3.5 tonnes) volume market share.
Farm equipment business
The farm segment also delivered a healthy performance, supported by higher tractor sales and gains in market share. Mahindra’s tractor volumes rose 18% year-on-year to 1.58 lakh units, enabling it to retain leadership in the domestic tractor market with a 44.9% market share.
The farm business reported 15% growth in consolidated revenue to ₹12,501 crore, while consolidated PAT increased 15% to ₹1,520 crore. On a standalone basis, revenue rose to ₹10,947 crore from ₹9,186 crore a year ago.
Standalone PBIT increased 11% to ₹2,028 crore, although the PBIT margin moderated to 18.5%, down 130 basis points. Jejurikar noted that the core tractor PBIT margin remained healthy at 19.2%, despite inflationary pressures on commodity costs.
Services business
Mahindra’s services portfolio also posted strong growth during the quarter. Consolidated services revenue increased 31% year-on-year to ₹12,899 crore, while PAT surged 80% to ₹1,805 crore.
Within the segment, Mahindra Finance reported 13% growth in assets under management, with gross Stage 3 assets at 3.45%. M&M’s share of Mahindra Finance’s profit after tax rose 78% during the quarter.
Tech Mahindra improved its operational performance, reporting an EBIT margin of 14.4%, an expansion of 330 basis points, while M&M’s share of Tech Mahindra’s PAT increased 28%.
Meanwhile, Mahindra Lifespaces reported residential pre-sales of ₹925 crore, more than doubling year-on-year, while the gross development value (GDV) of new acquisitions rose 60% to ₹5,600 crore, reflecting continued momentum in its real estate business.
