Integrated Filing — IndAS



General information about company

Scrip Code 500520
NSE Symbol M&M
MSEI Symbol NOTLISTED
ISIN INE101A01026
Name of company Mahindra and Mahindra Limited
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 05-05-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 24-03-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Fourth quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 05-05-2026   10:08:00
End date and time of board meeting 05-05-2026   12:15:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 54,98,191.00 1,98,63,855.00
Other income 99,484.00 3,44,579.00
Total income 55,97,675.00 2,02,08,434.00
2 Expenses
(a) Cost of materials consumed 31,13,966.00 1,13,55,314.00
(b) Purchases of stock-in-trade 2,33,642.00 8,67,045.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 85,532.00 69,879.00
(d) Employee benefit expense 3,23,823.00 12,73,062.00
(e) Finance costs 2,40,733.00 9,59,085.00
(f) Depreciation, depletion and amortisation expense 1,94,268.00 7,32,202.00
(f) Other Expenses
1 Loss from investments related to subsidiaries, associates and joint ventures 41,019.00 58,154.00
2 Other expenses 7,28,565.00 25,42,414.00
Total other expenses 7,69,584.00 26,00,568.00
Total expenses 49,61,548.00 1,78,57,155.00
3 Total profit before exceptional items and tax 6,36,127.00 23,51,279.00
4 Exceptional items 0.00 (29,294.00)
5 Total profit before tax 6,36,127.00 23,21,985.00
6 Tax expense
7 Current tax 1,80,411.00 6,76,935.00
8 Deferred tax (14,992.00) (20,630.00)
9 Total tax expenses 1,65,419.00 6,56,305.00
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 4,70,708.00 16,65,680.00
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 55,283.00 1,96,491.00
16 Total profit (loss) for period 5,25,991.00 18,62,171.00
17 Other comprehensive income net of taxes 42,573.00 80,305.00
18 Total Comprehensive Income for the period 5,68,564.00 19,42,476.00
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 4,66,757.00 17,09,885.00
Total profit or loss, attributable to non-controlling interests 59,234.00 1,52,286.00
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 5,03,831.00 17,81,788.00
Total comprehensive income for the period attributable to owners of parent non-controlling interests 64,733.00 1,60,688.00
21 Details of equity share capital
Paid-up equity share capital 55,878.00 55,878.00
Face value of equity share capital 5 5
27 Details of debt securities
22 Reserves excluding revaluation reserve 92,53,757.00
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 41.77 153.1
Diluted earnings (loss) per share from continuing operations 41.48 152.18
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 41.77 153.1
Diluted earnings (loss) per share from continuing and discontinued operations 41.48 152.18
24 Debt equity ratio 4.00 4.00
25 Debt service coverage ratio 591.00 1500
26 Interest service coverage ratio 3445.00 3491.00
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1. Notes to the financial results: Please refer pdf file. 2.'Revenue from Operations' disclosed above inlcudes 'Revenue from Operations' and 'Income from investments related to subsidiaries, associates and joint ventures'. Quarter ended (01.01.2026 to 31.03.2026) : Rs.54,981.91 crores Revenue from Operations : Rs.54,891.55 crores Income from investments related to subsidiaries, associates and joint ventures : Rs.90.36 crores Year ended (01.04.2025 to 31.03.2026): Rs.1,98,638.55 crores Revenue from Operations : Rs.1,97,792.78 crores Income from investments related to subsidiaries, associates and joint ventures : Rs.845.77 crores



Remarks

Debt equity ratio In the Consolidated results published, the Debt-Equity ratio is expressed as a multiple (times), and not as a percentage. Debt equity ratio (times) is as below- Quarter ended (01.01.2026 to 31.03.2026): 0.04 Year ended (01.04.2025 to 31.03.2026): 0.04
Debt service coverage ratio In the Consolidated results published, the debt service coverage ratio is expressed as a multiple (times), and not as a percentage. Debt debt service coverage ratio (times) is as below- Quarter ended (01.01.2026 to 31.03.2026): 5.91 Year ended (01.04.2025 to 31.03.2026): 15.00
Interest service coverage ratio In the Consolidated results published, the interest service coverage ratio is expressed as a multiple (times), and not as a percentage. Interest service coverage ratio (times) is as below- Quarter ended (01.01.2026 to 31.03.2026): 34.45 Year ended (01.04.2025 to 31.03.2026): 34.91


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 29,01,233.00
Capital work-in-progress 2,36,802.00
Investment property 0.00
Goodwill 2,53,477.00
Other intangible assets 6,91,232.00
Intangible assets under development 5,37,151.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 15,11,202.00
Non-current financial assets
Non-current investments 4,40,695.00
Trade receivables, non-current 20,776.00
Loans, non-current 89,18,041.00
Other non-current financial assets
1 Other financial assets 8,54,432.00
Total of other non-current financial assets 8,54,432.00
Total non-current financial assets 1,02,33,944.00
Deferred tax assets (net) 1,58,096.00
Other non-current assets
1 Income tax assets (net) 2,08,881.00
2 Other non-current assets 3,17,484.00
Total of other non-current assets 5,26,365.00
Total non-current assets 1,70,49,502.00
2 Current assets
Inventories 22,04,411.00
Current financial asset
Current investments 20,80,487.00
Trade receivables, current 9,06,427.00
Cash and cash equivalents 4,29,224.00
Bank balance other than cash and cash equivalents 27,68,634.00
Loans, current 51,13,704.00
Other current financial assets
Total of other current financial assets 4,59,742.00
Total current financial assets 1,17,58,218.00
Current tax assets (net) 0.00
Other current assets
1 Other current assets 7,35,020.00
Total of other current assets 7,35,020.00
Total current assets 1,46,97,649.00
3 Non-current assets classified as held for sale 16,313.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 3,17,63,464.00
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 55,878.00
Other equity 92,53,757.00
Total equity attributable to owners of parent 93,09,635.00
Non controlling interest 16,39,465.00
Total equity 1,09,49,100.00
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 73,46,993.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities
1 Compulsorily convertible preference shares 2,97,276.00
2 Lease liabilities 3,65,183.00
3 Other financial liabilities 1,03,476.00
Total of other non-current financial liabilities 7,65,935.00
Total non-current financial liabilities 81,12,928.00
Provisions, non-current 2,58,276.00
Deferred tax liabilities (net) 1,77,434.00
Deferred government grants, Non-current 0.00
Other non-current liabilities
1 Other non-current liabilities 6,55,870.00
Total of other non-current liabilities 6,55,870.00
Total non-current liabilities 92,04,508.00
Current liabilities
Current financial liabilities
Borrowings, current 56,14,457.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 99,118.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 36,89,749.00
Total Trade payable 37,88,867.00
Other current financial liabilities
1 Lease liabilities 69,682.00
2 Other financial liabilities 6,29,008.00
Total of other current financial liabilities 6,98,690.00
Total current financial liabilities 1,01,02,014.00
Other current liabilities 12,28,705.00
1 Other current liabilities 12,28,705.00
Total of other current liabilities 12,28,705.00
Provisions, current 1,80,957.00
Current tax liabilities (Net) 98,180.00
Deferred government grants, Current 0.00
Total current liabilities 1,16,09,856.00
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 2,08,14,364.00
Total equity and liabilites 3,17,63,464.00
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Automotive 34,29,418.00 1,17,83,413.00
2 Farm Equipment 10,02,210.00 42,56,839.00
3 Financial Services 5,52,529.00 20,94,932.00
4 Industrial Businesses and Consumer Services 6,62,218.00 22,74,893.00
Total Segment Revenue 56,46,375.00 2,04,10,077.00
Less: Inter segment revenue 1,48,184.00 5,46,222.00
Revenue from operations 54,98,191.00 1,98,63,855.00
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Automotive 3,17,616.00 10,38,347.00
2 Farm Equipment 1,01,934.00 5,51,690.00
3 Financial Services 1,24,934.00 3,77,853.00
4 Industrial Businesses and Consumer Services 1,00,166.00 3,70,464.00
Total Profit before tax 6,44,650.00 23,38,354.00
i. Finance cost 19,105.00 67,159.00
ii. Other Unallocable Expenditure net off Unallocable income (65,865.00) (2,47,281.00)
Profit before tax 6,91,410.00 25,18,476.00
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Automotive 54,61,225.00 54,61,225.00
2 Farm Equipment 18,75,550.00 18,75,550.00
3 Financial Services 1,55,75,675.00 1,55,75,675.00
4 Industrial Businesses and Consumer Services 41,76,313.00 41,76,313.00
Total Segment Asset 2,70,88,763.00 2,70,88,763.00
Un-allocable Assets 46,74,701.00 46,74,701.00
Net Segment Asset 3,17,63,464.00 3,17,63,464.00
4 Segment Liabilities
Segment Liabilities
1 Automotive 37,27,073.00 37,27,073.00
2 Farm Equipment 11,05,777.00 11,05,777.00
3 Financial Services 1,31,59,134.00 1,31,59,134.00
4 Industrial Businesses and Consumer Services 17,93,166.00 17,93,166.00
Total Segment Liabilities 1,97,85,150.00 1,97,85,150.00
Un-allocable Liabilities 10,29,214.00 10,29,214.00
Net Segment Liabilities 2,08,14,364.00 2,08,14,364.00
Disclosure of notes on segments Textual Information(2)



Text Block

Textual Information(2) The reportable segments are as follows: a)Automotive: This segment comprises of sale of automobiles, two wheelers, spares, construction equipments and related services; b)Farm Equipment: This segment comprises of sale of tractors, implements, spares, powerol and related services; c)Financial Services: This segment comprises of offering financial products ranging from retail and other loans, SME finance, housing finance, mutual funds and life and non-life insurance broking services; d)'Industrial Businesses and Consumer Services' segment in consolidated results comprises of all other segments like IT services, Real Estate, Hospitality, Logistics, Steel trading and processing, Renewables, After-market, Defence, Agri, etc. that individually do not meet the reporting thresholds. In the consolidated results, the reportable segments also include investments in associates and joint ventures in respective businesses.



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Items that will not be reclassified to profit or loss (2,469.00) (1,274.00)
Total Amount of items that will not be reclassified to profit and loss (2,469.00) (1,274.00)
2 Income tax relating to items that will not be reclassified to profit or loss (1,486.00) (2,225.00)
3 Amount of items that will be reclassified to profit and loss
1 Items that will be reclassified to profit or loss 47,563.00 82,325.00
Total Amount of items that will be reclassified to profit and loss 47,563.00 82,325.00
4 Income tax relating to items that will be reclassified to profit or loss 4,007.00 2,971.00
5 Total Other comprehensive income 42,573.00 80,305.00



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 23,21,985.00
Adjustments for reconcile profit (loss)
Adjustments for finance costs 67,159.00
Adjustments for decrease (increase) in inventories (59,290.00)
Adjustments for decrease (increase) in trade receivables, current (3,51,576.00)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets 0.00
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current (15,67,022.00)
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 8,76,319.00
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 0.00
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 7,32,202.00
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 0.00
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 0.00
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 58,498.00
Adjustments for dividend income 0.00
Adjustments for interest income 1,77,144.00
Adjustments for share-based payments 34,288.00
Adjustments for fair value losses (gains) (1,38,846.00)
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow (33,589.00)
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 29,294.00
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (5,29,707.00)
Net cash flows from (used in) operations 17,92,278.00
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 6,26,542.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 11,65,736.00
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 53,758.00
Cash flows used in obtaining control of subsidiaries or other businesses 88,543.00
Other cash receipts from sales of equity or debt instruments of other entities 1,44,88,723.00
Other cash payments to acquire equity or debt instruments of other entities 1,41,51,766.00
Other cash receipts from sales of interests in joint ventures 1,65,847.00
Other cash payments to acquire interests in joint ventures 78,472.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 49,343.00
Purchase of property, plant and equipment 9,60,545.00
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 16,16,623.00
Purchase of other long-term assets 31,59,079.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 1,28,747.00
Interest received 1,55,915.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) investing activities (17,79,449.00)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 2,44,476.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 62.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 79,92,110.00
Repayments of borrowings 72,28,811.00
Payments of lease liabilities 96,706.00
Dividends paid 3,37,631.00
Interest paid 34,396.00
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities 5,39,104.00
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (74,609.00)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 11,444.00
Net increase (decrease) in cash and cash equivalents (63,165.00)
Cash and cash equivalents cash flow statement at beginning of period 4,92,389.00
Cash and cash equivalents cash flow statement at end of period 4,29,224.00





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 BSR & Co LLP. Yes 31-07-2028