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Can M&M Keep Its Pace in FY26?
Mint Hyderabad
|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.
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