Total vehicle volumes during the quarter were 307,000 units, up 21% YoY, including 184,000 utility vehicles. Credit: Soumitra Giri / Shutterstock.com

Mahindra & Mahindra reported a 42% year-on-year rise in consolidated net profit for the fourth quarter of FY26, driven by automotive and farm equipment performance, even as the group flagged geopolitical disruptions and a challenging macro environment.

The Mumbai-based automaker said Q4, which ended 31 March, consolidated profit after tax (PAT) rose to Rs46.68bn ($490.4m) from Rs32.95bn a year earlier, while revenue increased 29% to Rs549.82bn.

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For the full year, consolidated PAT rose to Rs170.99bn, up 35% excluding one-off land-sale gains in FY25, on revenue of Rs1.98tn, up 25%.

The board also approved a dividend of Rs33 per share, up 30%.

Mahindra group CEO and managing director Anish Shah said: “FY26 has been a defining year marked by strong execution and breakthrough performance across several Group companies, despite geopolitical headwinds & several disruptions through the year. Auto & Farm further strengthened their leadership, supported by sustained customer demand for our differentiated products & operational discipline.”

For the automotive business, a key focus area for industry watchers, Mahindra said Q4 vehicle volumes rose 21% to 306,508 units, including sales by group entities, while utility vehicle volumes reached 184,000 units.

Auto segment consolidated revenue for Q4 climbed 32% to Rs342.94bn, while PAT surged 49% to Rs25.53bn.

For FY26, auto revenue rose 30% to Rs1.18tn, with PAT up 33% to Rs78.42bn.

Standalone auto profit before interest and tax margin came in at 9.5% in Q4.

Commenting on the balance sheet, CFO Amarjyoti Barua added: “

Strong cash generation during the year has reinforced our balance sheet, providing flexibility to fund future growth initiatives in line with our strategic priorities.”

Mahindra’s farm business posted strong Q4 growth, with volumes up 36% to 120,000 and market share rising 90 bps to 42.1%.

Q4 consolidated revenue grew 26% to Rs100.22bn, while FY26 revenue rose 20% to Rs425.68bn