Mahindra’s Record-Breaking Year: Consolidated Profit Soars 20% in FY 2024–25

Mahindra & Mahindra Ltd. (M&M), one of India’s most diversified and respected conglomerates, closed FY 2024–25 with its strongest-ever financial performance, marked by record revenue, double-digit profit growth, and solid market leadership across key sectors including SUVs, tractors, and commercial vehicles. The group’s consolidated revenue surged to ₹1,59,211 crore, representing a 14% year-on-year growth, while consolidated profit after tax (PAT) rose to ₹12,929 crore, reflecting a robust 15–20% YoY jump, depending on one-time impacts like the KG Mobility transaction. This performance came despite macroeconomic headwinds like inflation, fluctuating rural sentiment, and rising EV input costs, showcasing Mahindra’s operational strength and strategic agility.

Financial Breakdown – FY 2024–25 Highlights

At the standalone company level, which includes the automotive and farm equipment businesses:

• Revenue from operations increased to ₹1,18,625 crore, showing a 17% growth from ₹1,01,416 crore in FY 2023–24.

• Profit after tax (PAT) stood at ₹11,855 crore, growing 11% YoY when excluding exceptional items.

• EBITDA margin held steady at 15.4%, reflecting strong cost discipline amid elevated R&D and capex spending, particularly in electric vehicle development.

• Dividend declared was a record ₹25.30 per share (506% on face value), demonstrating Mahindra’s strong cash position and its commitment to shareholder value.

Core Business Segments Performance

Automotive Segment

Mahindra consolidated its leadership in the SUV market, retaining a 22.5% market share by revenue. It sold over 900,000 passenger vehicles, with strong momentum from models like the Scorpio-N, XUV700, Thar, and the newly launched XUV3XO. The company is also gearing up for its next-generation EVs, including the BE.05 and BE.09, set for commercial launch in FY 2025–26. Meanwhile, export volumes also picked up as Mahindra expanded its footprint in Africa, Latin America, and ASEAN regions.

Farm Equipment Sector (FES)

Mahindra retained its #1 position in the Indian tractor market, growing its market share to 43.3%, with over 407,094 domestic tractors sold, and an additional 17,547 units exported (up 27% YoY). Strategic innovations like Krish-e (precision agriculture platform) and strong rural servicing networks played a key role in sustaining demand even in patchy monsoon conditions.

Commercial Vehicles

Mahindra’s LCV segment (<3.5T) continued to dominate with 51.9% market share, as demand for pickups and small cargo vehicles grew in logistics and MSME sectors. The company also made a strategic move by acquiring 58.96% stake in SML Isuzu for ₹555 crore, enhancing its presence in the medium and heavy commercial vehicle space—aiming to more than double its market share by 2031.

Focus on EVs and Future Growth Engines

FY 2024–25 marked the company's transition from strategy to execution in electric mobility. Mahindra officially unveiled production-ready versions of the XUV.e8, BE.05, and BE.09, with a clear roadmap for launch over FY26–FY27. With global EV partnerships (e.g., Volkswagen MEB platform for battery tech) and the establishment of its new Pune EV plant, M&M is investing ₹10,000+ crore over the next five years in its EV push.

Mahindra also made headlines by exploring local rare-earth magnet production in collaboration with Uno Minda, targeting de-risking its EV supply chain amid rising geopolitical tensions and China's export restrictions.

Group-Wide Synergies and Strategic Investments

• Mahindra Finance showed improving asset quality and maintained strong disbursement growth in rural and semi-urban areas.

• Tech Mahindra underwent leadership transitions and operational restructuring to regain momentum in the IT sector.

• Mahindra Lifespaces and Mahindra Logistics posted solid performances, with the latter expanding its warehousing footprint by nearly 300,000 sq ft in Pune.

These diversified verticals contributed to the group’s resilience, helping M&M post consistent earnings even when one segment faced cyclical softness.

term roadmap appears solid, with leadership in core segments, a maturing EV pipeline, and disciplined financial management.

Sources:Mint & FinancialExpress