M&M Q4 Results LIVE: Shares of Mahindra & Mahindra are likely to remain in focus on May 5 as the auto major is set to announce its March quarter (Q4 FY26) results later in the day. Street expectations point to a strong operational performance, led by robust SUV demand and healthy volume growth, which is likely to drive both revenue and profitability sharply higher on a year-on-year basis. However, rising input costs and a growing electric vehicle (EV) mix could weigh on margins, making management commentary critical for future outlook.

Brokerages expect M&M’s revenue to grow in the range of 18% to 24% year-on-year, potentially crossing ₹38,000 crore, supported by strong traction in its automotive segment. Net profit (PAT) is also seen rising sharply, with estimates suggesting growth between 21% and 48% year-on-year, reflecting operating leverage from higher volumes.

Margins, EV mix and demand outlook in focus

Despite the strong topline and earnings growth, EBITDA margins are expected to remain under pressure due to elevated input costs and an increasing contribution from EVs, which typically carry lower margins in the near term. Sequentially, revenue may see a mild decline of around 1% to 4%, reflecting normal seasonality.

SUV sales are expected to remain the key growth driver for the quarter, while trends in the tractor segment and movement in average selling prices (ASPs) will also be closely tracked by investors.

More importantly, the Street will watch management commentary on demand outlook for FY27, timelines for upcoming product launches, and the pace of EV scale-up. Any updates on capital allocation, including potential dividend announcements, will also be key triggers for the stock post results.