India’s economy is on a sound footing despite short term inflation pressure, it said.
Manufacturing capacity ramp up on-track to meet volume growth aspiration, the company said in a media presentation along with fourth quarter earnings.
The company expects tractor industry growth in mid-single digits and light commercial vehicle (less than 3.5 tons) industry growth in high single digit in FY 2027.
M&M said its projections are subject to geopolitical uncertainty subsiding.
In the fourth quarter of FY 2026, the company’s net profit grew 42 per cent to Rs 4,668 crore from Rs 3,295 crore in the same period last year.
Revenues increased 29 per cent to Rs 54,982 crore in the fourth quarter of FY2026 from Rs 42,599 crore last year.
In fourth quarter, M&M’s SUV revenue market share stood at 24.5 per cent, up 60 basis points, while farm segment market share stood at 42.1 per cent up 90 basis points.
The company’s FY2026 consolidated net profit increased 32 per cent to Rs 17,099 crore from Rs 12,929 crore last year, while revenues grew 25 per cent to Rs 1,98,639 crore.
Auto and Farm maintain market leadership in key segments with 27 per cent revenue growth and profits up 25 per cent in FY2026, M&M said.
The company’s SUV revenue market share increased 260 basis points to 25.3 per cent, while tractor segment market share improved 30 basis point to 43.6 per cent in FY2026.
“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,” Anish Shah, Group CEO & Managing Director M&M, said.
“Our Growth Gems have demonstrated significant momentum. The Group is well poised to accelerate in these uncertain times,” he said.
“In Q4 FY26, the SUV Revenue share increased by 60 bps YoY, retaining the No 1 position. M&M is now the 5th largest exporter for PV + CV in F26. Tractors gained 90 bps in Q4 YoY, with a full year market share of 43.6 per cent gaining 30 bps. Tractors achieved highest ever billing of over 5 lakh in FY26. The market gains have been achieved by delivering strong margin performance,” Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector) M&M, said.
“Despite a challenging macro environment, the Group delivered strong performance in FY26, with profit after tax growth of over 30 per cent, reflecting the underlying strength of our portfolio. Strong cash generation during the year has reinforced our balance sheet, providing flexibility to fund future growth initiatives in line with our strategic priorities,” Amarjyoti Barua, Group Chief Financial Officer, M&M, said.
The company has declared a dividend of Rs 33 a share.
