Mahindra & Mahindra Limited — PPTs, 05-05-2025: Investor Presentation

1. Financial Highlights:

Mahindra & Mahindra reported consolidated revenue of Rs 1,59,211 cr and PAT of Rs 13,167 cr, up 20% YoY (excluding KG Mobility). Standalone revenue rose 17% to Rs 1,18,625 cr with PAT at Rs 12,093 cr. SUV volumes grew 20% with a 22.5% revenue market share and 9.5% PBIT margin, improving 110 bps. Farm segment volumes climbed 12%, holding 43.3% market share and an 18.4% PBIT margin, up 210 bps. Tech Mahindra’s EBIT margin improved to 9.7%, with PAT up 80%. MMFSL maintained asset quality (GS3 under 4%), with a 33% PAT increase. Cash flow remained robust, with closing cash at Rs 27,389 cr after capex, investments, and dividends.

2. Strategic Initiatives & Growth Drivers:

Capacity expansion is underway with a new platform at Chakan and plans for a greenfield plant aiming to double SUV and BEV production by FY27. The EV business posted positive EBITDA in its first quarter, supported by strong BEV order inflows. The tractor segment is focusing on exports, new markets, and AI-based precision farming. Growth Gems businesses like logistics, hospitality, and real estate exhibit strong momentum targeting multi-fold revenue growth by FY30.

3. Business Developments:

Launched six new auto products in FY25 including SUVs and LCV CNG/diesel variants. BEV launches set booking records with over 30,000 on day one. Farm tractors OJA, Target, and Naya Swaraj gained >3% market share over three years. Overseas subsidiaries are restructuring to boost profitability. Tech Mahindra continues securing deals in Europe, APJ, and BFSI sectors.

4. Market Position & Competitive Advantage:

M&M holds #1 ranking in SUV revenue share (22.5%) and LCV (<3.5T) with over 50% share. It leads domestic EV markets with 37.2% E-SUV and 33.1% E-PV revenue share. Farm equipment market share is highest ever at 43.3%, with growing exports. Margin gains reflect disciplined cost control and strong product mix. Scale, premium offerings, and technology investments underpin competitive strength.

5. Investor Implications:

Robust top-line growth and margin expansion across auto and farm segments signal positive growth potential. Early EBITDA positivity in EV business accelerates new segment profitability. Capacity and product pipeline support sustained volume gains and market share expansion. Execution risks remain around farm international restructuring and global economic factors. Overall, M&M’s diversified leadership and strategic focus position it well for medium-term value creation.