Mahindra & Mahindra Ltd. on Monday reported its highest revenue growth in 18 quarters, driven by a 19% on-year increase in total volumes for the March quarter. However, net profit for the quarter came in slightly below market expectations.

Consolidated revenue for the quarter rose over 24% on year to more than ₹316 billion. Net profit rose nearly 22% to over ₹24 billion, just under the expected ₹25 billion.

Growth was fuelled by higher sales of vehicles and tractors. Automotive sales rose 18% on year to 253,028 units and tractor sales were up 23% at 87,138 units. Total volume for the quarter stood at 340,166 units.

The company gained 310 basis points in overall revenue market share to nearly 24%. In the SUV segment, market share increased 210 basis points to around 23%, and in the light commercial vehicle segment under 3.5 tonnes, it rose 290 basis points to nearly 52%. The company said its electric SUV logged 30,179 bookings on the first day of launch, with 6,300 units delivered by March-end.

“We have delivered strong growth on the back of stellar execution in 2024-25. Auto and farm continue to gain market share and expand profitability,” Group CEO and MD Anish Shah said in a release.

Rajesh Jejurikar, ED and CEO of the auto and farm segment, said the company recorded its highest-ever March quarter market share in tractors at over 41%, gaining 180 basis points on year. For 2024-25, standalone auto segment PBIT margins improved by 110 bps, and core tractor PBIT margins by 200 bps.

Segment-wise, revenue from the automotive business rose nearly 25% to about ₹250 billion, and from the farm equipment division by 23% to just over ₹64 billion. EBIT for the auto business increased 28% on year to over ₹23 billion, with margin rising to 9.2% from 9%. Farm EBIT jumped 51% to nearly ₹13 billion, with the margin expanding to 19.4% from 15.8%.

EBITDA for the quarter rose to over ₹42 billion from over ₹34 billion a year ago, though operating margin declined slightly to 13.4%.

“In FY25, we generated nearly ₹100 billion in cash, enabling us to continue driving value through strategic investments,” said Group CFO Amarjyoti Barua. “We are pleased to announce a 20% dividend increase for FY26 on the back of this performance.”