Audi vs Mahindra & Mahindra: Revenue, Profit and Business Model
Audi had ~$74B of annual revenue in FY2025 and ~$5.2B of net income. Mahindra & Mahindra had ~$23B of annual revenue in FY2026 and ~$2B of net income.
Latest financial snapshot
Audi
- Latest annual revenue
- ~$74B (FY2025)
- Net income
- ~$5.2B
- Net margin
- 7.0%
- Revenue growth
- +1.4% a year, FY2018–FY2025
Mahindra & Mahindra
- Latest annual revenue
- ~$23B (FY2026)
- Net income
- ~$2B
- Net margin
- 8.6%
- Revenue growth
- +21.6% a year, FY2022–FY2026
Financial summary
Audi
Audi Group revenue was ~$74 billion (65,503 million euros) in 2025, up from 64,532 million in 2024, helped by a higher share of fully electric models and intragroup sales of Cupra vehicles built at the Audi plant in Gyor. Profitability moved the other way: operating profit fell to ~$3.81 billion (3,371 million euros) and the operating margin to 5.1 percent from 6.0 percent, against a 14 percent long-term target for the Brand Group Progressive. United States tariffs cost ~$1.36 billion (1.2 billion euros), with further charges for CO2 compliance provisions, the German agreement for the future, and the rescheduling of a shared group electric platform. Below the operating line the picture is stronger: the financial result rose to ~$2.49 billion (2,203 million euros), including 504 million from the China business, and profit after tax increased to ~$5.22 billion (4,617 million euros) from 4,189 million. Net cash flow rose 11.4 percent to ~$3.87 billion (3,422 million euros). Lamborghini remains the most profitable brand in the group, with ~$3.61 billion (3,197 million euros) of revenue and a 24.0 percent operating margin. As a premium subsidiary of the Volkswagen Group, Audi's standalone valuation is not traded publicly, but it serves as a primary profit driver for its parent company.
Mahindra & Mahindra
FY26 was a record year. Consolidated revenue rose 25% to ~$23 billion (₹1,98,639 crore) and profit after minority interest rose 32% to ~$1.98 billion (₹17,099 crore) (35% excluding a FY25 land-sale gain), with EPS of ₹152.2 and RoE of 20.1%. The board recommended a dividend of ₹33 per share. Momentum continued into Q1 FY27 (April-June 2026): revenue grew 28% to ~$6.75 billion (₹58,188 crore) and profit rose 34% to ~$633 million (₹5,455 crore). Mahindra & Mahindra Limited is a colossal Indian multinational automotive manufacturing corporation, commanding a market valuation typically exceeding $35 billion.
Revenue and profit by year
Audi
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$74B | ~$5.2B | 7.0% | +1.5% | Source |
| FY2024 | ~$72.9B | ~$4.7B | 6.5% | -7.6% | Source |
| FY2023 | ~$78.9B | ~$7.1B | 9.0% | +13.1% | Source |
| FY2022 | ~$69.8B | ~$8B | 11.5% | +16.4% | Source |
| FY2021 | ~$60B | — | — | +6.2% | Source |
| FY2020 | ~$56.5B | — | — | -10.2% | Source |
| FY2019 | ~$62.9B | — | — | -6.0% | Source |
| FY2018 | ~$67B | — | — | — | Source |
Mahindra & Mahindra
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$23B | ~$2B | 8.6% | +23.5% | Source |
| FY2025 | ~$18.7B | ~$1.5B | 8.0% | +14.1% | Source |
| FY2024 | ~$16.3B | ~$1.3B | 8.0% | +15.3% | Source |
| FY2023 | ~$14.2B | ~$1.2B | 8.4% | +34.5% | Source |
| FY2022 | ~$10.5B | ~$763M | 7.2% | — | Source |
Where the revenue comes from
Audi
- Audi brand vehicles and aftersales~90%
Audi-badged cars and the parts, service and accessories that follow them account for about $66.4 billion (58.8 billion euros) of the group's ~$74 billion (65,503 million euros) of 2025 revenue, once the separately reported Lamborghini, Bentley and Ducati figures are deducted. Volume fell 2.9 percent to 1,623,551 cars, but mix improved: fully electric models reached a record 223,032 units, up 36 percent, and the group also books intragroup sales of Cupra vehicles built under contract at the Audi plant in Gyor. Audi does not publish a model-level revenue split; the disclosed volume drivers for 2025 were the Q6 e-tron at roughly 84,000 units and the A6 e-tron at roughly 37,000.
- Automobili Lamborghini~5%
Lamborghini contributed ~$3.61 billion (3,197 million euros) of revenue in 2025, up from 3,095 million in 2024, on 10,747 deliveries. It is the most profitable brand in the group, with ~$868 million (768 million euros) of operating profit and a 24.0 percent operating margin, down from 27.0 percent the year before. Its earnings flow directly into Audi Group results and offset the thinner margin on volume cars.
- Bentley Motors~4%
Bentley added ~$2.95 billion (2,615 million euros) of revenue in 2025 on 10,131 deliveries, slightly below 2024 on both counts. Operating profit fell to ~$244 million (216 million euros), an 8.3 percent margin against 14.1 percent in 2024, which Audi attributed to challenging market conditions in the luxury segment.
- Ducati~1%
Ducati contributed ~$1.05 billion (925 million euros) of revenue in 2025 on 50,895 motorcycles, down from ~$1.13 billion (1,003 million euros) and 54,495 units in 2024. Operating profit fell to ~$58.8 million (52 million euros), a 5.6 percent margin against 9.1 percent a year earlier.
Mahindra & Mahindra
- Auto
~$13.7 billion (FY26)
SUVs, pickups, light commercial vehicles, electric SUVs and electric three-wheelers. Consolidated revenue of ₹1,17,834 crore.
- Farm
~$4.94 billion (FY26)
Mahindra and Swaraj tractors and implements. Consolidated revenue of ₹42,568 crore, with a standalone PBIT margin of 19.9%.
- Services
~$5.07 billion (FY26)
Mahindra Finance, Tech Mahindra, Mahindra Lifespaces, Club Mahindra and Mahindra Logistics. ₹43,698 crore.
Business model and strategy
Audi
How it makes money
Audi designs, builds and sells premium cars, and heads the Volkswagen Group's Brand Group Progressive, which also contains Bentley, Lamborghini and Ducati. Its economics rest on shared group architectures: MLB Evo for longitudinal-engine models, MEB for entry electric cars, and the 800-volt Premium Platform Electric co-developed with Porsche.
Growth strategy
Audi's growth plan has three legs. First, a compressed model offensive: more than 20 new models arrived across 2024 and 2025, and the 2026 additions are led by the Q9, the A2 e-tron, the third-generation Q7, the reworked Q4 e-tron and the RS 5. Second, electrification on the 800-volt Premium Platform Electric built with Porsche, which underpins the Q6 e-tron and A6 e-tron;
Competitive advantage
Audi's main structural advantage is that it does not carry premium-car development costs alone. It shares platforms, electronics and powertrains with Porsche and Volkswagen, which is how a brand selling about 1.6 million cars a year can fund an 800-volt electric architecture.
Mahindra & Mahindra
How it makes money
M&M makes money in three buckets. 1. Auto: SUVs (Thar, Thar Roxx, Scorpio-N, XUV 7XO, XUV 3XO, Bolero), pickups and light commercial vehicles, electric SUVs (BE 6, XEV 9e) and Last Mile Mobility electric three-wheelers. Consolidated Auto revenue was ~$13.7 billion (₹1,17,834 crore) in FY26 with ~$910 million (₹7,842 crore) profit. 2.
Growth strategy
Growth rests on more SUV launches across combustion and electric platforms, holding tractor share while adding farm machinery, and lifting returns in Mahindra Finance, Tech Mahindra and the 'Growth Gems' (Lifespaces, Logistics, Club Mahindra and others). Loss-making or low-return units are restructured or exited under the group's capital allocation discipline.
Competitive advantage
Mahindra's edge rests on two leadership positions that feed each other: a 43.6% share of India's tractor market built over four decades of rural dealer reach, and an SUV range of body-on-frame and monocoque models that gave it a 25.3% revenue share of Indian SUVs in FY26.
Questions about Audi vs Mahindra & Mahindra
Which company has higher revenue — Audi AG or Mahindra & Mahindra?
Audi AG had ~$74B (FY2025), while Mahindra & Mahindra had ~$23B (FY2026). By latest annual revenue, Audi AG is the larger business, with Mahindra & Mahindra showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Audi AG vs Mahindra & Mahindra?
Mahindra & Mahindra has a market capitalisation of $40.0B. A public market cap figure for Audi AG was not available (it may be privately held).
How does revenue per employee compare for Audi AG and Mahindra & Mahindra?
Audi AG has $841k / employee in revenue per employee, while Mahindra & Mahindra has $861k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Audi AG and Mahindra & Mahindra make money?
Audi AG and Mahindra & Mahindra generate revenue in fundamentally different ways. Audi AG: Audi designs, builds and sells premium cars, and heads the Volkswagen Group's Brand Group Progressive, which also contains Bentley, Lamborghini and Ducati. Mahindra & Mahindra: M&M makes money in three buckets.
Is Audi AG bigger than Mahindra & Mahindra?
By last reported revenue, Audi AG (~$74B (FY2025)) is the larger company compared to Mahindra & Mahindra (~$23B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Audi vs Mahindra & Mahindra overview