Mahindra & Mahindra Limited (M&M) Q4FY25 Result Analysis

Mahindra & Mahindra Limited (M&M) is the flagship company of the Mahindra Group. The Company produces SUVs, Multi utility vehicles, pickups, lightweight commercial vehicles, heavyweight commercial vehicles and tractors. Its manufacturing facilities are located at Kandivali, Nashik, Igatpuri, Nagpur, Chakan, Zaheerabad, Jaipur, Rudrapur, Haridwar, Mohali and Pithampur.

Result Analysis:   Mahindra & Mahindra Limited (M&M)  (CMP: Rs. 3,066 )

Result Update: Q4FY25

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Financial Performance:

Shareholding Pattern:

Particulars (In %)	Q4FY25	Q4FY24
Promoter	18.14	18.15
FIIs	39.92	43.72
DIIs	29.29	25.50
Public and Other	12.59	12.58
Government	0.07	0.07

Management Commentary:

• To support future growth, capacity for XUV3XO and Thar Roxx will be increased by 3,000 units in FY26; a new platform capacity of 1.2 lakh units per annum is being set up at Chakan, and plans are underway for a new Greenfield plant targeting FY28 and beyond.
• The company has announced Dividend of Rs 25.3 per share.
• The company aims to scale its IO revenue 2.5 times by FY26, focusing on high-growth businesses and strategic initiatives to accelerate value creation and strengthen its future-ready portfolio.

Outlook:

Mahindra & Mahindra is poised for robust growth, backed by strong performance in both Auto and Farm segments, sustained market leadership, and solid financials. With a 20% YoY revenue increase and strategic capacity expansions underway, the company is well-positioned to meet rising demand. Aggressive targets like scaling IO revenue 2.5x by FY26 and launching a greenfield plant by FY28 reflect a future-focused approach. The record EV bookings signal strong consumer interest, supporting M&M’s electrification push. Coupled with steady growth in financial services and a generous dividend, M&M is aligning operational excellence with long-term value creation and global expansion ambitions.. It has posted an EPS of ₹115.06 in FY25, and the stock is currently trading at a P/E of 26.64x and P/B of 4.94x.

Results:

Particulars (In Rs. Cr.)	Q4FY25	Q4FY24	Q3FY25	YoY%	QoQ%	FY25	FY24	YoY%
Sales	42585.67	35373.34	41464.98	20.4	2.7	158749.75	138279.3	14.8
Other Operating Income	13.64	78.39	5.07	-82.6	169.0	461.07	798.97	-42.3
Other Income	1141.1	750.44	718.59	52.1	58.8	3718.47	3297.85	12.8
Total Income	43740.41	36202.17	42188.64	20.8	3.7	162929.3	142376.13	14.4
Total Expenditure	34688.37	28847.82	33239.32	20.2	4.4	128692.63	114186.34	12.7
EBIDT	9052.04	7354.35	8949.32	23.1	1.1	34236.66	28189.78	21.5
Interest	2396.52	1989.3	2362.16	20.5	1.5	9083.39	7488.21	21.3
EBDT	6655.52	5365.05	6587.16	24.1	1.0	25153.27	20701.57	21.5
Depreciation	2028.72	1335.05	1495.17	52	35.7	6073.65	4723.78	28.6
EBT	4626.8	4030	5091.99	14.8	-9.1	19079.62	15977.79	19.4
Tax	1205.47	905.91	1350.06	33.1	-10.7	4851.93	3597.39	34.9
Deferred Tax	-120.52	-0.85	117.45	-14078.8	-202.6	154.52	110.58	39.7
PAT	3541.85	3124.94	3624.48	13.3	-2.3	14073.17	12269.82	14.7

Segmental Revenue:

Particulars (In Rs. Cr.)	Q4FY25	Q4FY24	Q3FY25	YoY%	QoQ%	FY25	FY24	YoY%
Automotive	25902.39	20907.66	23390.69	23.9	10.7	90824.58	76155.98	19.3
Farm Equipment	7933.25	6790.4	9536.94	16.8	-16.8	35375.3	33474.15	5.7
Financial Services	4827.12	4235.25	4759.65	14.0	1.4	18295.83	15652.02	16.9
Industrial Businesses and Consumer Services	5087.2	4619.72	4847.23	10.1	5.0	18971.43	17719.1	7.1

Outlook:

Netweb Technologies is well-positioned to benefit from India’s growing focus on AI and digital infrastructure, supported by strong government initiatives. With a 55.9% YoY revenue growth and 112% growth in AI systems income in FY25, the company is demonstrating robust momentum. Its strategic focus on HPC, Private Cloud, and AI Systems, along with the launch of Skylus.ai, enhances its role in shaping India’s AI future. The successful SAP deployment and PLI Scheme 2.0 benefits further strengthen operational and financial performance. A strong order book of ₹325.2 crore and a ₹2.5 per share dividend reflect confidence in sustained growth and shareholder value creation. It has posted an EPS of ₹20.24x in FY25. The stock currently trading at a P/E of 79.2x and P/B of 19.92x.

Results:

Particulars (In Rs. Cr.)	Q4FY25	Q4FY24	Q3FY25	YoY%	QoQ%	FY25	FY24	YoY%
Sales	414.65	265.89	333.99	55.9	24.2	1149.02	724.08	58.7
Other Income	2.5	3.94	1.56	-36.5	60.3	9.39	11.89	-21
Total Income	417.15	269.83	335.55	54.6	24.3	1158.41	735.96	57.4
Total Expenditure	354.89	225.47	290.05	57.4	22.4	989.01	621.55	59.1
EBIDT	62.26	44.36	45.5	40.4	36.8	169.4	114.42	48.1
Interest	1.19	2.83	1.47	-58	-19.0	4.09	6.21	-34.1
EBDT	61.08	41.53	44.02	47.1	38.8	165.31	108.21	52.8
Depreciation	3.18	1.73	3.1	83.8	2.6	11.34	6.25	81.4
EBT	57.9	39.8	40.92	45.5	41.5	153.97	101.96	51
Tax	15.08	9.54	10.87	58.1	38.7	40.21	25.72	56.3
Deferred Tax	-0.17	0.61	-0.27	-127.9	-37.0	-0.71	0.34	-308.8
PAT	42.99	29.66	30.32	44.9	41.8	114.48	75.9	50.8

Source: Company website, EWL Research

 

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