Record Profits: FY25 Consolidated PAT at Rs 12,929 cr., up 20%*
Q4 Consolidated PAT at Rs 3,295 cr., up 20%
Dividend of Rs 25.3 per share, up 20%
F25 Key Highlights
- #1 in SUVs, revenue market share at 22.5%, up 210 bps
- #1 in LCV <3.5T: market share at 51.9% ^ , up 290 bps
- #1 in Tractors: highest ever full year market share at 43.3%, up 170 bps
- #1 in electric 3 wheelers: market share at 42.9%, volume growth of 4.5x in 3 years
- MMFSL AUM up 17%; GS3 < 4%; PAT up 33%
- Tech Mahindra EBIT 9.7%, up 360 bps
- MLDL highest ever GDV acquisition of Rs 18K cr., residential presales at Rs 2,804 cr., up 20%
- MHRIL room inventory at 5,847, up 10%, highest addition of 520 keys
- F25 Consolidated Revenue at Rs 1,59,211 cr., up 14%
- F25 Consolidated PAT at Rs 12,929 cr., up 20%*
- F25 ROE at 18.1%, EPS at Rs 115.1 … in line with commitments
* Excluding impact of KG Mobility ^ Bolero Max Pickup 2T variant classified under LCV 2-3.5T
Mumbai, May 5, 2025: The Board of Directors of Mahindra & Mahindra Limited today approved the financial results for the quarter and year ended 31 st March 2025.
Key financials:
| Rs cr. | Q4 F25 | Q4 F24 | Growth% YoY | F25 | F24 | Growth% YoY |
|---|---|---|---|---|---|---|
| Consolidated Results | ||||||
| Revenue | 42,599 | 35,452 | 20% | 159,211 | 139,078 | 14% |
| PAT | 3,295 | 2,754 | 20% | 12,929 | 11,269 | 15%# |
PAT is PAT after Non-Controlling Interest. For summary of standalone financials, refer Annexure 1
# 20% growth excluding impact of KG Mobility
Mahindra & Mahindra delivered solid results across multiple businesses in F25 on the back of strong growth, execution excellence and capital allocation discipline. Auto and Farm maintain market leadership in key segments with 15% revenue growth with profits up 17%. Financial services AUM grew at 17%. TechM achieved good traction in deal wins and saw EBIT improvement of 360 bps. Multiple growth gems saw significant traction in F25.
Auto
- Q4 volumes at 253k (includes sale by LMM & MEAL), up 18%; UV volumes at 149k, up 18%
- Q4 rev market share at 23.5%, up 310 bps
- F25 volumes up 14%; UV volumes up 20%
- eSUV 30,179 bookings on Day 1, 6,300 eSUVs delivered
- Standalone Q4 PBIT Rs 2,306 cr., up 28%; PBIT margin 9.2%
- Standalone Q4 PBIT margin excluding eSUV Contract manufacturing at 10.0%
- Standalone F25 PBIT Rs 8,277 cr., up 30%
- Standalone F25 PBIT margin 9.5%, up 110 bps (excl. PY gain on LMM transfer)
- Consolidated Q4 Revenue Rs 25,902 cr., up 24%, PAT Rs 1,715 cr., up 27%
- Consolidated F25 Revenue Rs 90,825 cr., up 19%, PAT Rs 5,907 cr., up 25%
Farm
- Q4 volumes at 87k, up 23%
- Q4 market share at 41.2%; F25 market share at 43.3%, up 170 bps
- Standalone Q4 PBIT Rs 1,250 cr., up 51% and PBIT margin 19.4%
- Standalone F25 PBIT Rs 5,371 cr., up 30%; PBIT margin 18.4%, up 210 bps
- Consolidated Q4 Revenue Rs 7,933 cr., up 17%, PAT Rs 758 cr., up 29%
- Consolidated F25 Revenue Rs 35,375 cr., up 6%, PAT Rs 3,792 cr., up 6%
- Sharpened focus with strategic pivots in 2 markets, Rs 654 cr. one-time standalone impact
Services
- Consolidated Q4 Revenue Rs 9,914 cr., up 12%, PAT Rs 822 cr. in line YoY
- Consolidated F25 Revenue Rs 37,267 cr., up 12%, PAT Rs 3,231 cr., up 8%
- MMFSL Q4 exit AUM up 17%, GS3 at 3.7%
- Tech Mahindra Q4 EBIT margin improved by 310 bps, PAT up 77%
- Mahindra Lifespaces Q4 residential pre-sales of Rs 1,055 cr., down 3%
- Club Mahindra Q4 resort revenue Rs 107 cr., up 14%, AUR up 82%
- Mahindra Logistics Q4 revenue Rs 1,570 cr., up 8%
Commenting on Q4 FY25 and FY25 performance
Dr. Anish Shah, Group CEO & Managing Director, M&M Ltd. said, “We have delivered strong growth on the back of stellar execution in F25. Auto and Farm continue to gain market share and expand profitability. TechM is making commendable progress towards its dual objectives of strengthening client positioning and margin expansion. MMFSL has maintained GS3 under 4% as committed, remains focused on controls and has delivered 33% growth in profits. Our Growth Gems are scaling up well. We continue to build strong businesses which will deliver significant value to our stakeholders.”
Mr. Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd. said, “We continued our outstanding performance for the year in Q4-F25, with significant gain of 310 bps YoY in SUV revenue share, and 480 bps YoY in LCV (< 3.5T) market share. In Tractors, we reached our highest-ever Q4 market share of 41.2%, gaining 180 bps YoY. In F25, our Auto Standalone PBIT margin improved by 110 bps and core tractor PBIT margins improved by 200 bps”
Mr. Amarjyoti Barua, Group Chief Financial Officer, M&M Ltd. said, “It has been an excellent year with broad-based growth and profitability improvement across our businesses. In line with our commitment to capital allocation, we have sharpened our focus in international Farm geographies. Our results include nearly 10,000 cr. of cash generation in F25 which gives us the ability to continue to drive value for our shareholders through strategic investments. We are happy to declare a 20% growth in dividend for F26 on the back of this strong performance.”
Annexure 1
Summary of standalone financials:
Rs cr.
| Q4 F25 | Q4 F24 | Growth% YoY | Q4 F25 | Q4 F24 | Growth% YoY | |
|---|---|---|---|---|---|---|
| Standalone Results | ||||||
| Revenue | 31,609 | 25,434 | 24% | 1,18,625 | 1,01,336 | 17% |
| EBITDA | 4,219 | 3,428 | 23% | 18,416 | 15,130 | 22% |
| PAT | 2,437 | 2,000 | 22% | 11,855 | 10,642 | 11%# |
| Volumes | ||||||
| Total Vehicles sold | 2,53,028^ | 2,15,280^ | 18% | 9,41,115^ | 8,24,939^ | 14% |
| Total Tractors sold | 87,138 | 71,039 | 23% | 420,636 | 3,74,955 | 12% |
^ Includes 27,990 in Q4 F25, 23,412 in Q4 F24, 1,08,661 in F25 and 60,629 in F24, volumes sold by separate entity “MLMML,” which was demerged from Sep’23 onwards. Includes 8,048 BEV’s sold by MEAL in Q4 F25 and F25
Revenue in standalone results do not include realisation from these volumes.
# 17% growth excluding impact of KG Mobility
Q4 F25 Standalone result includes 654 cr. of one-time impact towards Farm International.
