M&M Q4 Results 2025 Preview: Net profit may rise up to 21% YoY, double-digit revenue growth likely; dividend eyed

Mahindra & Mahindra (M&M) share price rose over a percent in early trade on Monday as the auto major will announce its Q4 results today. M&M shares gained as much as 1.53% to ₹2,975.25 apiece on the BSE.

The board of directors of M&M is scheduled to meet today, May 5, to consider and approve the financial results for the fourth quarter of FY25.

Along with M&M Q4 results 2025, the company’s board will also consider and recommend dividend on equity shares of the company for the Financial Year ended 31 March 2025.

Mahindra & Mahindra is expected to witness a decent growth in net profit and a strong revenue growth, driven by robust volumes during the quarter ended March 2025. Here’s what to expect from M&M Q4 results:

M&M Q4 Results Preview

M&M’ net profit in the January-March 2025 quarter is estimated to rise 13-21% year-on-year (YoY), according to estimates from four brokerages. M&M is expected to report a net profit in the range of ₹2,312 crore and ₹2,446 crore.

The company’s revenue in Q4FY25 is expected to grow 15–22% YoY supported by an increase in auto and tractor volumes and better realisation. Topline of the auto major is projected between ₹29,540 crore and ₹31,321 crore.

M&M’s total volumes in the March 2025 quarter increased 15.3% to 3,19,451 units from 2,77,044 units, YoY.

“We estimate a 20% YoY increase in revenues in 4QFY25 led by 18% YoY growth in tractor segment revenues mainly due to 23% YoY increase in volumes and 20% YoY increase in automotive segment revenues driven by 17% YoY increase in volumes driven by SUV and export segments,” Kotak Institutional Equities said.

At the operational level, earnings before interest, tax, depreciation and amortization (EBITDA) in the March 2025 quarter is expected to increase 34% to ₹4,259 crore from ₹3,177 crore in the year-ago period.

The EBITDA margin is estimated to expand marginally to 14.1% on better margins in the tractor segment.

“We estimate overall EBITDA margin to improve by 120 bps YoY led by richer segmental mix (higher mix of tractor segment), operating leverage benefit and cost control measures. We are building an automotive EBIT margin of 9.2% in Q4FY25 versus 9.7% in Q3FY25. Also, we are building tractor segment EBIT margin to improve by 160 bps YoY to 17.4% due to operating leverage benefits.

Brokerage firm Motilal Oswal Financial Services (MOFSL) expects auto segment margins to slip 20 bps quarter-on-quarter (QoQ) to 9.5%, while tractor segment margins to remain healthy and improve by 150 bps YoY to 17.3%.

“M&M seems to be the best placed among OEMs as both its core underlying segments, SUVs and tractors, outpaced peers. It has reported volume growth of 15% YoY, led by 23% and 18% YoY growth in tractors and automotive,” MOFSL said.

Going ahead, analysts believe key things to watch out for are demand outlook for tractors and passenger vehicles, product mix shifts, contributions from electric vehicles (EV), and updates on recent acquisition of SML Isuzu.

At 9:20 AM, M&M share price was trading 1.19% higher at ₹2,965.35 apiece on the BSE.

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