M&M Revenue Segmentation: What Drove 48% Earnings Growth in Q4?

SYNOPSIS: Mahindra & Mahindra posted strong Q4FY26 results with revenue up 29% YoY and profit up 48.5%. SUVs grew 20% and drove the Auto segment growth, while tractors rose 36%. SUVs remain the key growth driver, though strong farm performance also supported overall results.

The shares of a large-cap company specializing in the manufacture of automotive vehicles and farm equipment, recognised as a global leader in tractors by volume and a premier SUV manufacturer in India, are in focus following its Q4 results. Let’s also examine whether the SUV boom is the real engine behind its growth.

With a market capitalization of Rs. 3,98,675.34 crores in the day’s trade, the shares of Mahindra & Mahindra Ltd rose upto 3.8 percent, making a high of Rs. 3,225.35 per share compared to its previous closing price of Rs. 3,105.75 per share.

What Happened

Mahindra & Mahindra Ltd, engaged in the manufacture of automotive vehicles and farm equipment, recognised as a global leader in tractors by volume and a premier SUV manufacturer in India, is in focus following their Q4 results as follows.

Its Revenue from operations rose by 29 percent YoY from Rs. 42,599 Crores in Q4FY25 to Rs. 54,982 Crores in Q4FY26, and it rose by 5.5 percent QoQ from Rs. 52,100 Crores in Q3FY26 to Rs. 54,982 Crores in Q4FY26.

Its Net Profit YoY rose by 48.5 percent from Rs. 3,542 Crores in Q4FY25 to Rs. 5,260 Crores in Q4FY26, and on a QoQ basis, it increased by 4.7 percent from Rs. 5,021 Crores in Q3FY26 to Rs. 5,260 Crores in Q4FY26. The earnings per share (EPS) for the quarterly period stood at Rs. 37.53, compared to Rs. 26.50 in the previous year’s quarter

It has also recommended a final dividend of Rs. 33 per equity share (660%) with a face value of Rs. 5 for the financial year ended March 31, 2026, compared to Rs. 25.3 per share (506%) declared for FY2025, reflecting a higher payout to shareholders, and the Record Date for Final Dividend shall be Friday, 3rd July 2026.

Is SUV’s Behind their Massive Growth?

In FY26, the Auto segment reported a PAT of Rs. 7,842 crore, up from Rs. 5,907 crore in FY25 up by 33%, driven by strong SUV performance. SUV volumes grew 20%, reinforcing its position as the No. 1 SUV player, while margins improved by 80 basis points due to solid execution, and its EV penetration also continued to rise, reaching 9.6%.

For FY26, the company achieved a revenue market share of 25.3%, expanding by 260 basis points. In the LCV (