Mahindra & Mahindra vs Tata Motors: Revenue, Profit and Business Model
Mahindra & Mahindra reported ~$23B of revenue in FY2026 and ~$2B of net income. Tata Motors reported ~$9.7B of revenue in FY2026 and ~$351.5M of net income.
Latest financial snapshot
Mahindra & Mahindra
- Latest revenue
- ~$23B (FY2026)
- Net income
- ~$2B
- Net margin
- 8.6%
- Revenue growth
- +21.6% a year, FY2022–FY2026
Tata Motors
- Latest revenue
- ~$9.7B (FY2026)
- Net income
- ~$351.5M
- Net margin
- 3.6%
- Revenue growth
- +44.0% a year, FY2025–FY2026
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).
Tata Motors
The post-demerger Tata Motors Limited reported FY2026 (year to March 31, 2026) revenue from operations of ~$9.73B (INR83,855 Cr), up 44% from ~$6.75B (INR58,217 Cr), as wholesales rose 14% to about 428,000 units. The jump partly reflects the changed perimeter after the demerger, so it is not a clean like-for-like growth rate. Profit for the year fell 5.2% to ~$351M (INR3,030 Cr), weighed by one-time demerger costs (about $111M (INR960 Cr) in Q3) and new labour-code charges. Momentum carried into Q1 FY2027: revenue rose about 20% to ~$2.39B (INR20,576 Cr) and attributable profit rose 83% to ~$297M (INR2,560 Cr), helped by a one-time gain linked to Tata Capital, while commodity costs squeezed margins.
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 |
Tata Motors
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$9.7B | ~$351.5M | 3.6% | +44.0% | Source |
| FY2025 | ~$6.8B | ~$370.6M | 5.5% | — | Source |
Where the revenue comes from
Mahindra & Mahindra
No segment breakdown is published.
Tata Motors
- Trucks and small commercial vehicles
Primary revenue source
Revenue from trucks, pickups, small commercial vehicles and heavy vehicles.
- Buses and vans
Major segment
Bus and van sales to public transport, schools, fleets and private operators.
- Spares and services
Recurring support stream
Parts, maintenance, service contracts, uptime products and dealer service revenue.
- Connected and non-vehicular businesses
Strategic growth stream
Fleet Edge, Tata OK, aggregates and other mobility services.
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.
Tata Motors
How it makes money
Tata Motors -- following an October 2025 demerger that split the historic company in two -- now refers specifically to the commercial-vehicle business: trucks, buses, and other heavy vehicles sold mostly to the Indian domestic market, plus a proposed international expansion through the pending Iveco Group acquisition.
Growth strategy
Tata Motors is growing through next-generation trucks, buses, electric and alternative-fuel commercial vehicles, Fleet Edge, service parts, exports, operational discipline and the planned Iveco expansion.
Competitive advantage
Tata Motors' advantage is its scale in Indian commercial vehicles, deep dealer and service reach, Tata brand trust, engineering base and ability to bundle vehicles, spares, fleet tools and service.
Questions about Mahindra & Mahindra vs Tata Motors
Which company has higher revenue — Mahindra & Mahindra or Tata Motors Limited?
Mahindra & Mahindra reported ~$23B (FY2026), while Tata Motors Limited reported ~$9.7B (FY2026). By last reported revenue, Mahindra & Mahindra is the larger business, with Tata Motors Limited reporting a smaller revenue base.
What is the market cap of Mahindra & Mahindra vs Tata Motors Limited?
Mahindra & Mahindra's market capitalisation stands at $40.0B, while Tata Motors Limited's is $17.5B. Mahindra & Mahindra carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Tata Motors Limited.
Which is more financially efficient — Mahindra & Mahindra or Tata Motors Limited?
Mahindra & Mahindra generates $861k / employee in revenue per employee, while Tata Motors Limited generates $240k / employee. Mahindra & Mahindra shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Mahindra & Mahindra and Tata Motors Limited make money?
Mahindra & Mahindra and Tata Motors Limited generate revenue in fundamentally different ways. Mahindra & Mahindra: M&M makes money in three buckets. Tata Motors Limited: Tata Motors -- following an October 2025 demerger that split the historic company in two -- now refers specifically to the commercial-vehicle business: trucks, buses, and other heavy vehicles sold mostly to the Indian domestic market, plus a proposed international expansion through the pending Iveco Group acquisition.
Which company is valued higher relative to revenue — Mahindra & Mahindra or Tata Motors Limited?
On a price-to-sales (P/S) basis, Mahindra & Mahindra trades at 1.7x P/S and Tata Motors Limited at 1.8x P/S. Tata Motors Limited commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Mahindra & Mahindra. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Mahindra & Mahindra bigger than Tata Motors Limited?
By last reported revenue, Mahindra & Mahindra (~$23B (FY2026)) is the larger company compared to Tata Motors Limited (~$9.7B (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 Tata Motors overview