Indian automobile manufacturer, Mahindra & Mahindra (M&M), has scheduled its board meeting for Tuesday, May 5. The company will announce its quarterly and annual financial performance, along with those of its subsidiaries, on the aforementioned date.
For FY26, the company’s board may also recommend a dividend. Brokerages expect the auto manufacturer’s revenue and net profit to showcase double-digit growth, while they weigh in a sequential decline in the company’s financials, mainly due to the factor of seasonality.
Here are the earnings expectations of M&M:
M&M: Q4 Estimated net profit
According to JM Financial, M&M’s adjusted net profit will rise by more than 37% year-on-year to nearly Rs 3,351 crore. However, the brokerage expects the net profit to decline by nearly 17% on a sequential basis.
Meanwhile, Kotak Institutional Equities pegs the company’s adjusted net profit at nearly Rs 3,609 crore, rising 48% year-on-year but falling nearly 10% sequentially.
Brokerages note that the sequential decline in profit is largely due to the factor of seasonality, causing lower demand within the tractor segment.
M&M: Q4 Estimated revenue
Kotak forecasts the auto manufacturer’s Q4 revenue at nearly Rs 38,094 crore, rising around 22% year-on-year but declining 1% quarter-on-quarter. The brokerage states that the YoY topline growth would be led by a major increase in revenue from the automotive segment, adding that an increase in tractor volume will also aid this.
However, it adds, “We are building in a 1% YoY decline in tractor segment ASPs (average selling prices) and a 2% YoY decline in automotive segment ASPs.”
On the other hand, JM Financial estimates the revenue slightly lower at over Rs 37,118 crore, rising more than 18% year-on-year, but falling nearly 4% quarter-on-quarter.
“We expect revenue to decline 3.6% QoQ (+18.4% YoY), led by a 20% QoQ decline in tractor volume due to seasonality. We expect auto realisation to go up 0.8% QoQ, led by price hikes taken across the ICE-PV portfolio,” it adds.
M&M: Q4 EBIT estimate
Kotak pegs M&M’s EBITDA at Rs 5,536 crore, rising 18% year-on-year but falling by over 2% quarter-on-quarter. The brokerage estimates overall EBITDA margin to decline by 40 bps YoY, led by commodity headwinds and a higher mix of EVs.
JM Financial forecasts the EBITDA slightly lower at nearly Rs 5,218 crore, rising more than 11% year-on-year but declining 8% quarter-on-quarter. “Owing to an unfavourable mix (higher EV contribution), higher RM (raw material) prices, including PMG (platinum group metals), and negative operating leverage from the tractor segment, we expect consolidated EBITDA margin to contract by 70 bps QoQ,” the brokerage adds.
M&M: Dividend news
For FY26, M&M may recommend a dividend, the company said in its exchange filing. In FY25, the firm paid a final dividend of Rs 25.3 per equity share. Over the past few years, M&M has only paid out final dividends at the end of each financial year.
M&M: Q3FY26 performance
In Q3FY26, the company’s net profit stood at Rs 4,675 crore, rising 47% year-on-year, while it also recorded its best-ever quarterly performance, with revenue at Rs 52,100 crore, up 26% YoY.