M&M Q4 preview: Analysts eye double digit growth in PAT, revenue; details

Mahindra & Mahindra (M&M) Q4 results preview: Anand Mahindra-led automobile giant Mahindra & Mahindra (M&M) is set to announce its financial results for the fourth quarter of the financial year 2024-25 (FY25) on Monday, May 5, 2025.

M&M Q4FY25: Profit expectations

Analysts, on average, expect M&M to report robust results in Q4FY25. They expect the company's revenue to grow 19.51 per cent Year-on-Year (Y-o-Y) to ₹30,097.3 crore from ₹25,182.8 crore reported in the corresponding quarter of the previous fiscal year (Q4FY24), and profit after tax (PAT) to climb by 15.54 per cent Y-o-Y to ₹2,310.86 crore from ₹2,000 crore reported in Q4FY24.

 

Meanwhile, an average of three brokerages show earnings before interest, taxes, depreciation, and amortisation (Ebitda) may rise by 31.14 per cent Y-o-Y to ₹4,166.63 crore from ₹3,177 crore reported in Q4FY24.

 

M&M Q4FY25: Key things to watch

The key focus during M&M's Q4FY25 results, analysts believe, will be the demand outlook and new product timeline.  ALSO READ | SBI Q4 results 2025: Check date, earnings expectations, fundraising update

 

Here’s what brokerages are expecting in Q4FY25 from M&M:

Motilal Oswal Financial Services (MOFSL):

Analysts at MOFSL believe that 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 per cent Y-o-Y, led by 23 per cent/18 per cent Y-o-Y growth in tractors/automotive.

 

In autos, they said, "benefits from operating leverage and price hikes are likely to be more than offset by the ramp-up of its EVs and some price cuts in XUV700 in March 2025. Overall, we expect auto segment margins to slip 20bp Q-o-Q to 9.5 per cent. Tractor segment margins are likely to remain healthy (+150bp Y-o-Y to 17.3 per cent)."

 

They forecast revenue at ₹29,742.3 crore in Q4FY25, an 18.1 per cent increase Y-o-Y, with Ebitda at ₹4,186.4 crore (up 14.1 per cent Y-o-Y) and PAT at ₹2,371.7 crore (up 18.6 per cent Y-o-Y).

Nuvama:

Analysts at Nuvama believe that M&M’s robust revenue growth shall be supported by an increase in auto/farm volumes and better realisation. The Ebitda margin, they said, shall expand on better margins in the tractor segment.

 

They expect the company's revenue to grow 22 per cent Y-o-Y to ₹30,744 crore in Q4FY25. They expect the company’s Ebitda to rise to ₹4,259.9 crore (up 34 per cent Y-o-Y) and PAT at ₹2,312.4 crore (up 16 per cent Y-o-Y).

 

The key focus, analysts believe, will be the demand outlook for tractors and passenger vehicles.

Elara Capital:

Analysts at Elara Capital expect M&M’s PAT to rise 12.4 per cent Y-o-Y to ₹2,248.9 crore, and its revenue to rise by 18.4 per cent Y-o-Y to ₹29,805.7 crore in Q4FY25. They forecast a 22.9 per cent Y-o-Y growth in M&M’s Ebitda to ₹4,053.6 crore in Q4FY25.