M&M Q4 numbers pass the test, but rising aluminium and steel costs cast a shadow on quarters ahead: Subhash Gate

Mahindra & Mahindra's Q4 FY26 results met top-line expectations with strong volume growth. However, rising aluminium and steel prices pose a near-term risk to margins, with the full impact expected in Q1 FY27. Investors will be watching EV plans, farm equipment outlook amid El Niño, and raw material inflation management.