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Can M&M Keep Its Pace in FY26?
Mint Chennai
|May 07, 2025
Harvesting gains M&M's Q4FY25 farm equipment segment Ebit margin rose sharply year-on-year without any significant price hike.
Mahindra & Mahindra Ltd's (M&M) standalone performance for the March quarter (Q4FY25) was commendable. A striking feature in Q4 results was the farm equipment segment's Ebit margin, which rose 366 basis points (bps) on-year to 19.4%, the highest in at least eight quarters.
Given that the segment's average selling price was flat on-year at ₹7.3 lakh, the margin improvement can be attributed to operating leverage from higher volumes, lower input costs and favourable model mix in different geographies, especially in the southern and western India.
A caveat here is that this margin should not be extrapolated into future projections. M&M's management has indicated Q4 margin was high as the industry's competitive intensity was lower than usual. If competition increases, the margin may revert to normalized levels.
Cette histoire est tirée de l'édition May 07, 2025 de Mint Chennai.
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