Auto Sector Q4 Results FY26 Review: Record Revenues Across the Board as Volumes and Price Hikes Beat; M&M and TVS Motor Emerge as Top Picks
- June 3, 2026
- Posted by: Ankit Jaiswal
- Category: News
Auto sector Q4 results FY26: M&M PAT +41.65% to Rs 4,668 Cr, TVS Motor PBT +60%, Bajaj Auto PAT +103%. Maruti record revenue but PAT -6.45%. M&M and TVS Motor top picks. EV acceleration key theme.
The auto sector Q4 results for FY26 confirmed that India’s automobile industry finished the fiscal year on a strong note, with volumes combined with price hikes and a richer product mix driving record revenue across almost every major listed automaker. Two-wheeler manufacturers Bajaj Auto and TVS Motor stole the show in the auto sector Q4 results season, with Bajaj Auto’s consolidated PAT surging 103.23% year-on-year and TVS Motor’s operating PBT growing 60%, while M&M delivered the highest-ever quarterly revenue in Indian automotive history at Rs 54,981.91 crore with PAT up 41.65% year-on-year. Maruti Suzuki was the outlier in the auto sector Q4 results, delivering record revenue of Rs 52,462.50 crore but facing a 6.45% year-on-year PAT decline from margin compression.
The auto sector Q4 results season has a clear message: the EV theme is no longer a future bet but a current earnings contributor. TVS Motor’s EV two-wheeler volumes grew 33% to 3.7 lakh units in FY26, and M&M’s EV penetration reached 8.7% of total volumes versus an industry average of 7.4%, with a 25% share of the e-SUV market. Brokerages have identified M&M and TVS Motor as the top picks post the auto sector Q4 results, citing valuation attractiveness (M&M at 23.06x PE) and capital efficiency (TVS ROE at 25.02%).
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Auto Sector Q4 Results FY26: Key Numbers at a Glance
| Company | Q4 FY26 Revenue | YoY Change | Q4 FY26 PAT/PBT | YoY Change | Rating |
|---|---|---|---|---|---|
| M&M | Rs 54,981.91 Cr | +29.07% (highest-ever) | Rs 4,667.57 Cr (PAT) | +41.65% | Top Pick |
| TVS Motor | Rs 12,808 Cr | +36% (highest-ever) | Rs 1,358 Cr (Op. PBT) | +60% | Top Pick |
| Bajaj Auto | Rs 17,832.46 Cr | +41.01% (highest-ever) | Rs 3,661.92 Cr (PAT) | +103.23% | Strong Beat |
| Maruti Suzuki | Rs 52,462.50 Cr | +28.21% (highest-ever) | Rs 3,659 Cr (PAT) | -6.45% | Mixed |
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M&M Auto Sector Q4 Results: Highest-Ever Revenue and Strong PAT Beat
Mahindra and Mahindra delivered the standout auto sector Q4 results performance among passenger vehicle and tractor manufacturers. Revenue reached Rs 54,981.91 crore, the highest-ever quarterly revenue for M&M and up 29.07% year-on-year. Consolidated PAT was Rs 4,667.57 crore, up 41.65% year-on-year, confirming that M&M is growing profits faster than revenue, a sign of operating leverage. The auto sector Q4 results for M&M showed SUV revenue share growing 60 basis points year-on-year to retain the No.1 position in Indian SUVs, and tractor market share reaching 43.6% for the full year FY26, up 30 basis points, with FY26 achieving the highest-ever tractor billing of 5 lakh-plus units.
Group CFO Amarjyoti Barua’s commentary on the auto sector Q4 results was emphatic: “Despite a challenging macro environment, the Group delivered strong performance in FY26, with PAT growth of over 30%, reflecting the underlying strength of our portfolio.” The board announced a 30% increase in dividend, signalling confidence in FY27 earnings. M&M’s EV credentials are also strengthening: EV penetration at 8.7% versus industry average of 7.4% and a 25% share in the e-SUV market position M&M as India’s leading EV SUV manufacturer. At a PE of 23.06x, M&M is the cheapest among premium auto peers, making the auto sector Q4 results a strong reaffirmation of its top pick status.
TVS Motor Auto Sector Q4 Results: Record Revenue and 60% PBT Growth
TVS Motor Company delivered the strongest auto sector Q4 results performance in the two-wheeler segment, with Q4 FY26 revenue reaching a record Rs 12,808 crore, up 36% year-on-year. Operating PBT for Q4 jumped 60% year-on-year to Rs 1,358 crore, the company’s strongest quarterly earnings growth in recent history. Full-year FY26 revenue was Rs 47,270 crore, up 30%, with EBITDA reaching Rs 6,079 crore, up 37%, and FY26 operating PBT growing 40% to Rs 4,975 crore. Total sales volumes for FY26 were 5.9 million units, up 24% year-on-year, with domestic ICE two-wheeler sales growing 22% and EV two-wheeler sales growing 33% to 3.7 lakh units.
TVS Motor’s auto sector Q4 results highlight a company executing across multiple growth vectors simultaneously: premium two-wheelers (Apache, Ronin), scooters (Jupiter, NTorq), EVs (iQube), and international markets. The company’s partnership with Hyundai for electric vehicle development and its Norton premium motorcycle brand add further upside options. TVS Credit, the financing subsidiary, grew its book to Rs 30,631 crore, up 15% year-on-year. With the highest ROE in the auto sector at 25.02% and FY26 EV volumes growing 33%, the auto sector Q4 results confirm TVS Motor as a high-conviction long-term pick.
Bajaj Auto and Maruti: Auto Sector Q4 Results Divergence
Bajaj Auto produced the most dramatic auto sector Q4 results beat, with consolidated PAT surging 103.23% year-on-year to Rs 3,661.92 crore on record revenue of Rs 17,832.46 crore. Record quarterly volumes of 13.71 lakh units, a favourable USD/INR realisation from export premiums, and a richer product mix combining premium motorcycles (Pulsar, Dominar, KTM) with Chetak EVs and Bajaj Auto Credit’s lending momentum drove the exceptional auto sector Q4 results. The Rs 150 per share dividend and FY26 PAT of Rs 9,825 crore, up 21%, reflect Bajaj’s position as India’s most profitable two-wheeler exporter.
Maruti Suzuki’s auto sector Q4 results present a more cautious picture. Revenue reached a record Rs 52,462.50 crore, up 28.21%, reflecting robust volume growth and price hikes. However, PAT fell 6.45% year-on-year to Rs 3,659 crore from margin compression driven by rising input costs, a shift toward lower-margin volume segments, and competitive pressure from Hyundai, Tata Motors, and M&M in the SUV space. Maruti’s historical 50%+ market share has declined to the low-40s, and its ROE of 13.31% significantly trails TVS Motor (25.02%) and Bajaj Auto (23.08%). The auto sector Q4 results reflect a company defending market share through volume growth at the cost of near-term profitability.
Conclusion
The auto sector Q4 results for FY26 confirm that India’s automobile sector is in a structural growth phase driven by volume expansion, price hikes, a richer product mix, and accelerating EV adoption. Among the top picks from the auto sector Q4 results, M&M offers the best risk-reward: cheapest valuation among premium peers (23.06x PE), strongest revenue beat (Rs 54,982 Cr, +29%), robust PAT growth (+41.65%), and EV leadership. TVS Motor offers the highest ROE (25.02%), record FY26 PBT growth (+40%), and EV volume acceleration (+33%). Investors should watch crude oil trends and the RBI MPC meeting June 5 decision as the near-term risk variables for the auto sector post Q4 results. This does not constitute investment advice.
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Frequently Asked Questions on Auto Sector Q4 Results FY26
What were the overall highlights of auto sector Q4 results for FY26?
Ans. The auto sector Q4 results for FY26 showed that volume growth combined with price hikes and a richer product mix drove record revenue across most automakers, while profitability was mixed: two-wheeler companies including Bajaj Auto and TVS Motor delivered strong profit beats, while four-wheeler players like Maruti Suzuki faced margin compression despite record revenue. In the auto sector Q4 results overall, two-wheelers outperformed passenger vehicles on profitability, electric vehicle adoption accelerated (TVS EV +33%, M&M EV penetration at 8.7%), and exports remained strong for Bajaj Auto in particular. M&M and TVS Motor emerged as the top picks from the auto sector Q4 results season for brokerages.
How did Mahindra and Mahindra perform in auto sector Q4 results FY26?
Ans. Mahindra and Mahindra delivered standout auto sector Q4 results for FY26 with the highest-ever quarterly revenue of Rs 54,981.91 crore, up 29.07% year-on-year, and consolidated PAT of Rs 4,667.57 crore, up 41.65% year-on-year. The company retained the No.1 position in Indian SUVs with revenue share growing 60 basis points, and tractor market share reached 43.6% (+30 bps). FY26 full-year tractors achieved their highest-ever billing of 5 lakh-plus units. Group CFO Amarjyoti Barua noted that despite a challenging macro environment, the group delivered PAT growth of over 30% for FY26, with a strong balance sheet and a 30% increase in dividend announced. M&M trades at a PE of 23.06x, the lowest among premium auto peers, making it a compelling auto sector Q4 results top pick.
How did TVS Motor Company perform in auto sector Q4 results FY26?
Ans. TVS Motor delivered record auto sector Q4 results for FY26 with Q4 revenue of Rs 12,808 crore, up 36% year-on-year, and Q4 operating PBT of Rs 1,358 crore, up 60% year-on-year. Full-year FY26 revenue reached Rs 47,270 crore, up 30%, with EBITDA of Rs 6,079 crore, up 37%, and operating PBT of Rs 4,975 crore, up 40%. Total FY26 sales volumes reached 5.9 million units, up 24% year-on-year, with EV two-wheeler sales growing 33% to 3.7 lakh units for the full year. TVS Credit book size grew 15% year-on-year to Rs 30,631 crore. ROE is the highest in the peer group at 25.02%, reflecting exceptional capital efficiency in the auto sector Q4 results season.
How did Bajaj Auto perform in auto sector Q4 results FY26?
Ans. Bajaj Auto reported a blockbuster Q4 FY26 in the auto sector Q4 results season, with consolidated net profit surging 103.23% year-on-year to Rs 3,661.92 crore on net sales of Rs 17,832.46 crore, the highest quarterly revenue in the company’s history and up 41.01% year-on-year. Standalone Q4 revenue was Rs 16,006 crore, up 32%, driven by record quarterly volumes of 13.71 lakh units. Full-year FY26 standalone revenue was Rs 58,732 crore, up 17%, with PAT of Rs 9,825 crore, up 21%. EBITDA margin for FY26 was 20.5%, with Q4 margin at 20.8%. The board declared a Rs 150 per share dividend, reflecting management’s confidence. Bajaj Auto Credit AUM nearly doubled to Rs 18,835 crore.
How did Maruti Suzuki perform in auto sector Q4 results FY26?
Ans. Maruti Suzuki delivered mixed auto sector Q4 results for FY26. Revenue reached its highest-ever quarterly level of Rs 52,462.50 crore, up 28.21% year-on-year, reflecting robust volume growth and price hikes. However, consolidated net profit declined 6.45% year-on-year to Rs 3,659 crore, and fell 5.67% sequentially from Q3 FY26, reflecting margin compression from rising input costs and competitive pressure. The stock fell 2.53% following the Q4 FY26 results, reflecting market disappointment. The company’s historical market share above 50% has declined to the low-40s as peers gain ground in the SUV segment. At a PE of 27.15x, Maruti trades reasonably but faces the challenge of converting volume gains into sustainable pricing power and margin recovery, making it a neutral auto sector Q4 results play relative to M&M and TVS.
Why are M&M and TVS Motor the top picks after auto sector Q4 results?
Ans. M&M and TVS Motor are the top picks from the auto sector Q4 results season for several compounding reasons. M&M’s valuation at a PE of 23.06x is the cheapest among premium auto peers despite delivering 41.65% YoY PAT growth, the highest-ever quarterly revenue, and dominant market positions in SUVs (No.1 revenue share) and tractors (43.6% market share). The company’s EV strategy, with 8.7% EV penetration versus industry average of 7.4% and 25% share of the e-SUV market, provides a structural growth catalyst. TVS Motor offers the highest ROE in the peer group at 25.02%, record FY26 revenue of Rs 47,270 crore, 60% operating PBT growth in Q4, and leadership in EV two-wheelers. Both companies have demonstrated that they can simultaneously grow volumes, improve product mix, and sustain earnings growth, making them the preferred auto sector Q4 results investment stories.
What is the outlook for the auto sector after Q4 results?
Ans. The auto sector outlook after Q4 results is positive for FY27 with three structural drivers intact: volume growth from rural recovery, price hike benefits from a richer product mix, and accelerating EV adoption across two-wheelers and SUVs. The risk to the auto sector post-Q4 results is crude oil near $96 per barrel from Iran tensions, which raises fuel inflation and input costs for automakers while also potentially dampening consumer sentiment for fuel vehicles. For EV-heavy companies like M&M and TVS, higher crude oil actually accelerates the EV adoption thesis, making them structural beneficiaries. The RBI MPC meeting on June 5 is another key catalyst: a rate hold at 5.25% would support auto loan demand, while a rate hike would increase EMIs and moderate volume growth. Two-wheelers with strong rural exposure (TVS, Bajaj) will benefit from a normal monsoon, which is expected for the 2026 season.
