Mahindra & Mahindra vs Renault: Revenue, Profit and Business Model
Mahindra & Mahindra had ~$23B of annual revenue in FY2026 and ~$2B of net income. Renault had ~$65.5B of annual revenue in FY2025 and a net loss of ~$12.4B.
Latest financial snapshot
Mahindra & Mahindra
- Latest annual revenue
- ~$23B (FY2026)
- Net income
- ~$2B
- Net margin
- 8.6%
- Revenue growth
- +21.6% a year, FY2022–FY2026
Renault
- Latest annual revenue
- ~$65.5B (FY2025)
- Net income
- ~-$12.4B
- Net margin
- -18.9%
- Revenue growth
- +1.4% a year, FY2016–FY2025
Financial summary
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.
Renault
Renault's revenue grew from ~$47.1 billion (EUR41.66 billion) in 2021 to ~$65.4 billion (EUR57.92 billion) in 2025 under the Renaulution value-over-volume plan. Group operating margin peaked at 7.9% in 2023, eased to 7.6% in 2024, and fell to 6.3% (~$4.1 billion (EUR3.63 billion)) in 2025 because of price pressure. The FY2025 net loss of ~$12.4 billion (EUR10.93 billion) came mainly from accounting changes and impairments on the Nissan stake, not from operations. In H1 2026, revenue rose 9.5% to ~$34.2 billion (EUR30.25 billion), operating margin was ~$1.81 billion (EUR1.6 billion) (5.2%), net income was ~$791 million (EUR0.7 billion) and automotive free cash flow was ~$738 million (EUR653 million). Renault confirmed 2026 guidance of about a 5.5% operating margin and about $1.13 billion (EUR1 billion) of automotive free cash flow. Renault Group is a historic French multinational automobile manufacturer, maintaining a market valuation generally exceeding $15 billion and operating as a core pillar of the Renault-Nissan-Mitsubishi Alliance.
Revenue and profit by year
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 |
Renault
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$65.5B | ~-$12.4B | -18.9% | +3.0% | Source |
| FY2024 | ~$63.5B | ~$849.8M | 1.3% | +7.4% | Source |
| FY2023 | ~$59.2B | ~$2.5B | 4.2% | +13.1% | Source |
| FY2022 | ~$52.4B | ~-$400M | -0.8% | +11.2% | Source |
| FY2021 | ~$47.1B | ~$1B | 2.1% | -4.2% | Source |
| FY2020 | ~$49.1B | — | — | -21.7% | Source |
| FY2019 | ~$62.8B | — | — | -3.3% | Source |
| FY2018 | ~$64.9B | — | — | -2.3% | Source |
| FY2017 | ~$66.4B | — | — | +14.7% | Source |
| FY2016 | ~$57.9B | — | — | — | Source |
Where the revenue comes from
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.
Renault
- Vehicle salesMajority
Sales of Renault, Dacia, Alpine, EV, hybrid, and light commercial vehicles.
- Financing and services
Meaningful
Sales financing, leasing, mobility, service contracts, and related customer finance.
- Parts and aftersales
Meaningful
Replacement parts, accessories, maintenance, and dealer-network aftersales.
- Partnerships and technologySmaller
Powertrain, platform, and alliance-linked strategic activities.
Business model and strategy
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.
Renault
How it makes money
Renault makes most of its money by designing, building and selling passenger cars and light commercial vehicles under the Renault, Dacia and Alpine brands, mostly in Europe. Mobilize Financial Services (formerly RCI Bank and Services) adds loans, leases, insurance and dealer financing.
Growth strategy
Renault's current strategy is futuREady, presented by CEO Francois Provost on March 10, 2026. It rests on four priorities (growth, tech, resilience and trust) and plans 36 new models by 2030, faster technology roadmaps, wider use of AI in operations, and a new relationship with suppliers. Product launches shown with the plan included the Dacia Striker and the Renault Bridger concept.
Competitive advantage
Renault's main edge is cost-disciplined value. Dacia reuses proven group platforms and builds in lower-cost plants in Romania and Morocco, and the Sandero was the best-selling passenger car in Europe across all channels in H1 2026.
Questions about Mahindra & Mahindra vs Renault
Which company has higher revenue — Mahindra & Mahindra or Renault S.A.?
Mahindra & Mahindra had ~$23B (FY2026), while Renault S.A. had ~$65.5B (FY2025). By latest annual revenue, Renault S.A. 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 Mahindra & Mahindra vs Renault S.A.?
Mahindra & Mahindra's market capitalisation stands at $40.0B, while Renault S.A.'s is $8.6B. Mahindra & Mahindra carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Renault S.A..
How does revenue per employee compare for Mahindra & Mahindra and Renault S.A.?
Mahindra & Mahindra has $861k / employee in revenue per employee, while Renault S.A. has $668k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Mahindra & Mahindra and Renault S.A. make money?
Mahindra & Mahindra and Renault S.A. generate revenue in fundamentally different ways. Mahindra & Mahindra: M&M makes money in three buckets. Renault S.A.: Renault makes most of its money by designing, building and selling passenger cars and light commercial vehicles under the Renault, Dacia and Alpine brands, mostly in Europe.
Which company is valued higher relative to revenue — Mahindra & Mahindra or Renault S.A.?
On a price-to-sales (P/S) basis, Mahindra & Mahindra trades at 1.7x P/S and Renault S.A. at 0.1x P/S. Mahindra & Mahindra commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Renault S.A.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Mahindra & Mahindra bigger than Renault S.A.?
By last reported revenue, Renault S.A. (~$65.5B (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 Mahindra & Mahindra vs Renault overview