Income from operations is projected between Rs 29,742 crore and Rs 30,744 crore, reflecting an 18–22% year-on-year (YoY) improve.
These estimates are supplied by HSBC, Motilal Oswal Monetary Companies (MOFSL), Sure Securities, and Nuvama Institutional Equities.
Amongst them, Nuvama has probably the most conservative web revenue estimate for the January–March quarter, whereas Sure Securities is probably the most optimistic. For income, MOFSL initiatives the bottom and Nuvama the very best.
Each revenue and income are anticipated to say no sequentially, owing to a drop in gross sales volumes.
Key monitorables embody reserving and gross sales of electrical autos (EVs), moderation in ready intervals, reductions within the auto phase, and tractor stock.
HSBC
HSBC expects M&M to report a PAT of Rs 2,408 crore, marking an 18% YoY improve however a 19% sequential decline, citing some margin stress. Income is estimated at Rs 30,139 crore, up 20% YoY, however down 1.3% quarter-on-quarter (QoQ).
EBITDA is projected at Rs 4,129 crore, up 27% YoY and down 8% QoQ. EBITDA margin is seen bettering 80 bps YoY to 13.7%, however falling 90 bps QoQ.
Gross sales volumes for Q4FY25 stood at 2,53,000 models, up 17.5% YoY and three.1% QoQ. Tractor volumes are anticipated to say no 28% QoQ, however develop 23% YoY.
Key focus areas embody EV gross sales, ready interval moderation, low cost tendencies, tractor stock, and the Rabi crop harvest.
Motilal Oswal (MOFSL)
MOFSL initiatives web revenue at Rs 2,372 crore, a 19% YoY improve, although down 20% QoQ. Income is predicted at Rs 29,742 crore, up 18% YoY, and down 3% QoQ.
EBITDA is pegged at Rs 4,186 crore, rising 27% YoY however slipping 6.3% QoQ. EBITDA margin could enhance to 14%, from 13.1% in Q4FY24, however decrease than 14.6% in Q3FY25.
“M&M appears to be the perfect positioned amongst OEMs as each its core segments—SUVs and tractors—outpaced friends,” MOFSL mentioned. “It reported quantity development of 15% YoY, led by 23%/18% YoY development in tractors/automotives.”
Nonetheless, in autos, the advantages of working leverage and worth hikes could also be offset by EV ramp-up prices and worth cuts within the XUV700 in March. Auto phase margins are anticipated to fall 20 bps QoQ to 9.5%, whereas tractor margins could rise 150 bps YoY to 17.3%.
Sure Securities
Sure Securities pegs M&M’s PAT at Rs 2,411 crore, indicating a 21% YoY development, and a 19% QoQ decline. Income is estimated at Rs 30,328 crore, up 20% YoY, and down 1% QoQ.
EBITDA is predicted round Rs 4,285 crore, with margins bettering 103 bps YoY, however falling 50 bps QoQ because of short-term operational inefficiencies or enter value fluctuations.
Sure mentioned general volumes declined 7% QoQ, whereas rising 21% YoY. Tractor volumes declined 27.7% QoQ, however elevated 23% YoY. Tractor contribution to general volumes dropped to 25.8% in Q4FY25 from 33.2% in Q3FY25, whereas UV contribution rose to 66.7% from 59.6%.
“Income development was pushed by a greater product combine, with battery EVs (7–7.5k models) contributing in This fall, which diluted margins by 40–50 bps. We anticipate web different revenue to be decrease because of decreased revenue from worldwide farm subsidiaries,” the brokerage added.
Nuvama
Nuvama expects adjusted PAT to develop 16% YoY to Rs 2,312 crore, whereas declining 22% sequentially. Income is estimated at Rs 30,744 crore, a 22% YoY improve and a modest 1% QoQ rise.
EBITDA is predicted at Rs 4,260 crore, up 34% YoY, however down 5% QoQ.
“Sturdy income development will likely be supported by increased auto and farm volumes and improved realisations. The EBITDA margin is predicted to develop, pushed by higher margins within the tractor phase. Key watchpoints embody the demand outlook for tractors and passenger autos,” Nuvama acknowledged.
(Disclaimer: Suggestions, solutions, views and opinions given by the consultants are their very own. These don’t symbolize the views of Financial Instances)
