M&M Q4 Results: Revenue, Profit Surge By More Than A Fifth On Roaring SUV Sales

Mahindra & Mahindra Ltd. has had a year like never before, on roaring SUV sales and retrained focus on its tractor business.

Standalone net profit of India's largest SUV maker by revenue rose 22% year-on-year to Rs 2,437.14 crore in the three months ended March 31, 2025, on the back of revenue that increased 24.3% to Rs 31,608.67 crore, according to an exchange filing on Monday.

Analysts polled by Bloomberg had pegged the topline at Rs 30,024 crore and the bottomline at Rs 2,490 crore.

M&M Q4 Results: Key Highlights (Standalone, YoY)

• Revenue up 24.3% at Rs 31,608.67 crore (Estimate: Rs 30,024 crore).

• Ebitda up 23% at Rs 4,219.25 crore (Estimate: Rs 4,205 crore).

• Margin down 20 basis points at 13.3% (Estimate: 14%).

• Net profit up 22% at Rs 2,437.14 crore (Estimate: Rs 2,490 crore).

One basis point is one-hundredth of a percentage point.

On a consolidated basis, both revenue and net profit grew 20% each to Rs 42,599 crore and Rs 3,295 crore, respectively.

That outperformance comes on the back of SUV sales that increased 18.26% year-on-year to 23,027 units in January-March. That compares with India's wider SUV space that grew 6.7% and car sales which shrunk 4.5%.

Other Highlights

• SUV revenue market share at 22.5%, up 210 bps.

• ⁠LCV < 3.5T market share at 51.9%, up 290 bps.

• ⁠Tractor market share at 43.3%, up 170 bps.

• E3W market share at 42.9%, volume growth of 4.5 times in three years.

Mahindra-SML Deal

After SUVs, Mahindra now aims to make it large in the truck and bus space.

The Mumbai-based automaker recently signed a deal to acquire SML Isuzu Ltd. in a deal valued at Rs 555 crore to bolster its presence in the large commercial-vehicle segment.

The Scorpio maker by revenue will pick up a 43.96% stake—or 63,62,306 shares—held by promoter Sumitomo Corp. and 15% stake—or 21,70,747 shares—from Isuzu Motors Ltd. at Rs 650 per share, according to an exchange filing on Saturday. That pegs the valuation of the 58.96% stake purchases at Rs 554.63 crore.

Separately, M&M will trigger an open offer to acquire 26% stake, equivalent to 37,62,628 shares, at Rs 1,554.60 apiece. This is in accordance with India's market regulations.

Following the transaction, SML will become a listed subsidiary of M&M. The brand name ‘Isuzu' will be dropped from the name. The Mahindra Group, overall, has a market capitalisation of more than $50 billion.