Sequentially, net profit declined 15.9% from Rs 5,454.54 crore in Q1 FY27, while income from operations fell 1.1% from Rs 58,187.57 crore in Q1 FY27.

Profit before tax, including the share of profit of associates and joint ventures, rose 21.6% YoY to Rs 7,364.70 crore from Rs 6,057.93 crore. It declined 3.5% sequentially from Rs 7,628.09 crore.

Total expenses increased 25.9% YoY to Rs 51,845.48 crore. Cost of materials consumed increased 32.4% to Rs 36,908.96 crore, employee benefits expense increased 6.1% to Rs 3,303.26 crore. Finance costs rose 14.3% to Rs 2,681.93 crore, depreciation and amortisation increased 9.8% to Rs 1,831.88 crore, and other expenses grew 14.0% to Rs 6,774.60 crore.

On a standalone basis, EBITDA rose 4% YoY to Rs 6,718 crore from Rs 6,467 crore, while revenue increased 26% to Rs 44,282 crore. The EBITDA margin contracted to 15.2% from 18.4% a year ago. Standalone net profit rose 13% YoY to Rs 5,102 crore from Rs 4,521 crore.

In the Auto business, consolidated revenue increased 39.0% YoY to Rs 37,756 crore, while profit before interest and tax (PBIT) rose 30.8% to Rs 3,319 crore. The PBIT margin stood at 8.8%, compared with 9.3% a year ago and 7.7% in Q1 FY27. Consolidated PAT increased 55% YoY to Rs 2,388 crore. Standalone Auto PBIT rose 14.6% YoY to Rs 2,614 crore, while the margin stood at 7.7% against 9.2% a year ago.

Total vehicle volumes increased 26.4% YoY and 8.7% QoQ to 3,30,896 units. This included 53,103 units sold by Last Mile Mobility and 22,864 battery electric vehicles sold by Mahindra Electric Automobile, compared with 12,404 units a year ago. Utility vehicle volumes stood at 1,83,000 units. The company retained its number one position in SUVs with a 24.3% revenue market share.

In the Farm business, consolidated revenue declined 6.4% YoY to Rs 9,572 crore, while PBIT fell 14.4% to Rs 1,376 crore. The PBIT margin stood at 14.4%, compared with 15.7% a year ago and 14.2% in Q1 FY27. Consolidated PAT declined 9% YoY to Rs 1,053 crore, which the company attributed to a shift in the festive season.

Tractor volumes fell 5.6% YoY and 26.6% QoQ to 1,16,027 units, while market share stood at 41.5%. Standalone Farm PBIT declined 14.4% YoY to Rs 1,441 crore. Its margin contracted to 16.8% from 19.7% a year ago.

In the Services business, revenue increased 17.6% YoY to Rs 11,821 crore, while PBIT rose 27.2% to Rs 1,998 crore. The PBIT margin improved to 16.9% from 15.6% a year ago. The group's share of Services PAT increased 18% YoY to Rs 1,147 crore.

Mahindra Finance's assets under management grew 15% YoY, while Stage 3 assets stood at 3.42% of loans. Its PAT increased 61% YoY. Tech Mahindra's PAT rose 33% YoY, while its EBIT margin improved 260 basis points to 14.8%. Mahindra Lifespaces' residential pre-sales increased 41% YoY to Rs 1,100 crore. Mahindra Holidays reported an occupancy rate of 76%, up 220 basis points, while Mahindra Logistics' revenue rose 24% YoY to Rs 2,095 crore.

Group CEO and managing director Anish Shah said the group's growth reflected resilience and disciplined execution across businesses. He added that the Farm business was affected by the shift in the festive season.

Mahindra & Mahindra is a Mumbai-headquartered conglomerate with interests in automotive, farm equipment, financial services, IT services, real estate, hospitality and logistics. It is a market leader in India's SUV, light commercial vehicle (below 3.5 tonnes) and tractor segments, based on the company's market share measures.