Mahindra & Mahindra (M&M) has been around for a long time. From making rugged jeeps decades ago to building some of India’s most-loved SUVs and tractors today, it’s not just a brand, it’s part of how India moves.
In a time when EV startups and flashy new players grab headlines, M&M quietly dropped its Q4 FY25 results. But the numbers? Not quiet at all. Let’s break it down in simple terms.
M&M Q4 financial performance
| Metric | Q4 FY24 | Q4 FY25 | YoY Change |
| Revenue from operations | ₹25,434 crore | ₹31,609 crore | ↑ 24% |
| Vehicles sold | 2,15,280 units | 2,53,028 units | ↑ 18% |
| Tractor sales | 70,837 units | 87,138 units | ↑ 23% |
| EBITDA | ₹3,370 crore (est.) | ₹4,683 crore | ↑ 39% |
| EBITDA margin | 13.4% | 14.9% | ↑ 150 bps |
| Net profit (PAT) | ₹2,000 crore | ₹2,437 crore | ↑ 22% |
| Dividend declared (per share) | ₹21.08 (est.) | ₹25.3 | ↑ 20% |
SUVs, tractors and other standout
M&M sold over 2.5 lakh vehicles in Jan–Mar 2025. That’s an 18% jump compared to the same time last year. Of these, 1.49 lakh were utility vehicles, the segment that includes popular names like the Scorpio and XUV.
Tractor sales saw a 23% spike, with 87,138 units sold. This helped M&M clock its highest-ever Q4 market share in tractors at 41.2%, up by 180 basis points. That’s a big deal in an industry where even small percentage shifts matter.
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Segment-level performance
- Automotive revenue for the quarter was ₹24,976 crore, a 25% increase from last year.
- Farm equipment revenue came in at ₹6,428 crore, up 23% YoY.
EBIT margins also expanded:
- Auto EBIT stood at ₹2,306 crore (margin: 9.2%)
- Farm EBIT came in at ₹1,250 crore (margin: 19.4%)
This means not only is M&M selling more, but it’s also making more money on each product.
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Market share gains:
It wasn’t just a good quarter. M&M gained ground in almost every major segment:
- SUV revenue share rose by 310 basis points YoY.
- Light commercial vehicle (under 3.5 tonnes) market share grew by 480 basis points.
- Tractor share hit an all-time high of 41.2% for any Q4.
That’s not luck, that’s execution.
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What the management had to say
Rajesh Jejurikar, the Executive Director & CEO for Auto and Farm at M&M, summed it up:
“We continued our strong performance, with gains in SUV, LCV, and tractor market share.”
Amarjyoti Barua, Group CFO, added that M&M generated nearly ₹10,000 crore in cash during FY25. That gives them enough fuel to invest further and reward shareholders, like they just did with a 20% increase in dividend.
Full-year FY25 performance
Let’s not forget the bigger picture. Across FY25:
| Quarter | Revenue (₹ Cr) | Net Profit (₹ Cr) | Vehicle Sales | Tractor Sales |
| Q1 FY25 | ₹27,133 | ₹2,613 | 2,11,550 | 1,20,492 |
| Q2 FY25 | ₹28,919 | ₹3,841 | 2,31,038 | 92,382 |
| Q3 FY25 | ₹30,964 | ₹2,964 | 2,45,499 | 1,20,624 |
| Q4 FY25 | ₹31,609 | ₹2,437 | 2,53,028 | 87,138 |
What stands out? Steady revenue growth and strong unit sales, even as profit margins fluctuate quarter to quarter, are largely in line with seasonality and cost cycles.
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Final thoughts
Mahindra & Mahindra just reminded the market that experience, scale, and execution still matter. As FY25 wraps up, M&M is sitting on strong numbers, growing market share, and has a decent dividend payout lined up.
Whether you’re holding the stock, planning to, or just curious, the company’s Q4 performance is worth paying attention to.
Sometimes, the most exciting stories don’t come from flashy new entrants, but from veterans quietly upping their game.
