Mahindra & Mahindra CEO Anish Shah on Q4 Earnings & FY27 Outlook | Business News | ET Now
Anish Shah, CEO of Mahindra & Mahindra, speaks exclusively to ET NOW on the company’s strong Q4 performance.
Key takeaways from the interview:
Profit surged 42% YoY with strong contribution across businesses
Margins improved across auto and farm segments
EV penetration rising तेजी — targeting 30% mix in 3–5 years
₹36,000 crore CapEx plan on track
Supply chain resilience improved post-COVID
Confident on India growth despite global uncertainties
The management also shares insights on AI adoption, demand...
What Anish Shah said
Written from the verified transcript and checked against it. Every figure links to the moment it was said.
Anish Shah, Group CEO of Mahindra & Mahindra, said his company's Q4 FY26 profits rose 42% year over year, with Mahindra Finance up 60%, auto up 33%, farm up 36%, and Tech M up 14% for the fiscal year. He argued margins improved, with auto up 80 basis points and farm up 150 basis points for the full year. Shah said the company mitigated supply chain risks by screening 106,000 crore of annual purchases across 100,000 parts and 40 commodities, identifying 82 high-risk part families and nine high-risk commodities. For FY27, he expects mid-to-high teen SUV growth, mid single-digit tractor industry growth, and high single-digit LCV industry growth. He said EV penetration hit 9.6% in the quarter, about 11% recently, and targets 30% of portfolio as EVs in three to five years. Shah confirmed a 36,000 crore three-year capex plan through FY27, with the Nagpur plant adding capacity in FY28. He discussed AI adoption across deploy, transform, and invent areas, citing document processing times cut from 40 to seven minutes.
Key takeaways
Q4 FY26 profits up 42% year over year, with Mahindra Finance up 60% and auto up 33% for FY26.
Auto margins up 80 basis points and farm up 150 basis points for the full year.
EV penetration at 9.6% in the quarter, about 11% recently, targeting 30% of portfolio in three to five years.
Three-year capex plan of 36,000 crore through FY27 is on track, with Nagpur plant adding capacity in FY28.
AI document processing in Mahindra Finance cut from 40 minutes to seven minutes, aiming for one minute.
1:22... given the fact that you still have a West Asia crisis, you have supply chains which are disrupted and then you have the crude impact which so far hasn't affected many companies, but there could be a second order impact that will come in?
We'll give you some time to finish that point, but it's M&M's presser. Let's in fact cut across straight to it and let's hear out the conversation that he's had with my colleague Sajith.
Let the numbers speak for themselves. Profits up 42% year over year on the quarter, coming off a very strong quarter last year as well. And all our businesses contributed this time. We had Mahindra Finance leading the pack for the year up 60% for FY26 overall. For the year as well, we had auto up 33%, our growth gems collectively were up 50% on a profit after tax standpoint. Our farm business up 36% and if we take the international subsidiaries impairment then up 13% and Tech M up 14% on a strong path as well. So we've seen all our businesses contribute at a very high level and on a very strong footing at this point despite the challenges we've seen in the quarter.
The margins actually have increased. Auto is up 80 basis points for the full year. Farm is up 150 basis points for the full year. And even as we see in the fourth quarter, we managed to keep a very high level of margins overall. So that is really driven performance. It's been volume growth, margin growth and market share growth.
If you look at FY27 because that's what everyone is looking at, how do you see that? Is that a challenging year for you given the fact that you still have a West Asia crisis, you have supply chains which are disrupted and then you have the crude impact which so far hasn't affected many companies, but there could be a second order impact that will come in?
The world around us is challenging, but the lessons from COVID have helped us a lot because we built a tremendous amount of resilience across our businesses. At this point in time, if the ceasefire continues and the war doesn't come back, I think we're in good shape overall. There will be some issues, but on balance we'll be in a very good shape. And we feel India will continue its strong trajectory as it goes forward. If the war continues much longer, then there will potentially be a greater set of challenges depending on how long it continues for and what are the other global disruptions we see. But at this point we're fairly hopeful that things will settle down to at least some semblance of normalcy. We'll obviously expect some level of shocks to continue and on the tailwinds of India's growth, we see ourselves as well as many other Indian companies positioned well in this current year.
In COVID, the biggest challenge that you had was with respect to supply chain, and it took some time for you to get over that. How are you managing it now?
Learning from COVID, there were a lot of work that has been done by our teams. We've actually gone through every single aspect of our purchases. We purchase about 106,000 crore every year. We've got 100,000 parts and 40 commodities that we buy and we put them through a screen of multiple risks including geopolitical, single supplier, technology, logistics, regulatory and identified 82 part families at a high risk, nine commodities at a high risk and taken a number of actions to mitigate the risk on them. And that's helped us through this crisis as well because we have seen supply chain disruptions over the past few months. And our teams have been able to work through those disruptions and ensure that production doesn't really get impacted as a result of that.
And what about the cost and escalation which is there for many of the raw materials which has come in? Are you able to pass it on to the customers and consumers as well?
We see some aspect of that right now. We feel that some aspect is temporary, some aspect will continue as inflation for a little longer. But we're not worried about it a whole lot. We have taken some price increase and that will pass on not all of it, but some of it to the customer. And some of it may come back. So on balance, we don't really see much of an impact on the customer or on demand.
So what we've talked about is for SUVs, we see mid to high teen growth once again for us. We had said the same thing last year, we delivered 20% growth. And we again see a mid to high teen growth for us. For tractor at the industry level, we see a mid single digit growth. We are hoping we grow faster if we can gain share as we have done before. For LCVs, we see the industry at a high single digit growth and both of those are at the industry level. For us, it'll hopefully again be a market share gain and stronger growth.
How do you look at the EV cycle here? Do you think the adoption will be much faster after this crisis because of the demand that may come in for alternate fuel cars?
13 more exchanges in this transcript
Sign in free to read the rest of this interview. No card required.
Shah, A. (2026, May 5). Mahindra & Mahindra CEO Anish Shah on Q4 Earnings & FY27 Outlook | Business News | ET Now [Interview transcript]. ET Now. CEOInterviews.AI. https://ceointerviews.ai/interview/1156326/
MLA
Anish Shah. "Mahindra & Mahindra CEO Anish Shah on Q4 Earnings & FY27 Outlook | Business News | ET Now." ET Now, 5 May. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/1156326/.
BibTeX
@misc{shah2026_1156326,
author = {Anish Shah},
title = {Mahindra \& Mahindra CEO Anish Shah on Q4 Earnings \& FY27 Outlook | Business News | ET Now},
howpublished = {Interview transcript, ET Now. CEOInterviews.AI},
year = {2026},
month = {may},
url = {https://ceointerviews.ai/interview/1156326/},
note = {Speaker-attributed transcript with timestamps}
}
