Throughline

Guidance ledger · Q4 FY26

Mahindra & Mahindra M&M

4 revisions on record · 2 lowered · 1 raised — the strikethrough is what management used to say

mixed guidance posture · held across quarters

Holding view → · latest concall · The pulse

↓ lowered Tractor industry growth - FY27 Q3 FY26 → Q4 FY26
24% (FY26 close) → mid-single digit, around 5%
“F27 Outlook, we are expecting tractor to be mid -single digit, around 5%”
↓ lowered LCV (<3.5 ton) growth - FY27 Q2 FY26 → Q4 FY26
low double digit growth for the year (FY26) → high single digits
“And on the LCV, less than 3.5 ton, it's high single digits”
→ narrowed SUV growth - FY27 (M&M) Q1 FY26 → Q4 FY26
mid-to-high teens (FY26 guide) → mid-to-high teens
“On the SUV side, we are expecting mid-to-high teens”
↑ raised Farm revenue - F20 to F31 multiple Q3 FY26 → Q4 FY26
implicit (Investor Day prior) → farm revenue up 3 times
“farm revenue up 3 times, which I think is slightly higher than what we had at Investor Day”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.