Mahindra Q3 result: PAT up 47% at ₹4,675 cr on highest quarterly revenue
Mahindra & Mahindra reports 47 per cent rise in Q3FY26 net profit to Rs 4,675 crore on record revenue; gains market share in SUVs and LCVs, tractor share steady
 "Mahindra Q3 result: PAT up 47% at ₹4,675 cr on highest quarterly revenue")
Mahindra & Mahindra (M&M) posted a 47 per cent year-on-year (Y-o-Y) rise in net profit for Q3FY26 to ₹4,675 crore while riding on the best ever quarterly revenues of ₹52,100 crore, up 26 per cent.
Excluding the impact of the New Labour Codes (of around ₹565 crore), net profit was up 54 per cent, the company said.
M&M ranked no. 1 in revenue market share in SUVs with 24.1 per cent; no. 1 in light-commercial-vehicles (LCV) under 3.5 tonne with a market share of 51.9 per cent; and also topped in tractors with a 44 per cent share.
Apart from the tractors segment (where market share was down 20 basis points or bps), M&M managed to gain market share in SUVs (up 90 bps) and LCVs (up 10 bps). In e-three wheelers, too, M&M was at the top with a 38.6 per cent share of market.
M&M Financial Services profit after tax (PAT) was up 97 per cent, while Tech Mahindra earnings before interest and taxes (Ebit) came in at 13.1 per cent. Q3FY26 was the first profitable quarter at Mahindra Logistics after 11 quarters and there was a 5x PAT growth at Mahindra Lifespaces.
Mahindra Holidays launched Signature luxury resorts during the quarter.
Anish Shah, Group chief executive officer (CEO) & managing director (MD), said, “We are delighted to report solid operating performance across the group in Q3F26, reflecting our strong focus on growth coupled with disciplined execution.”
He added that auto & farm has maintained its leadership position on the back of steady customer demand, strong product acceptance and unwavering focus on operational excellence.
For calendar 2026, the company will launch two new internal combustion engine SUVs and two LCVs.
Quarterly automotive segment volumes were 302,000 units, including sales by Last Mile Mobility and Mahindra Electric Automobile (MEAL), up 23 per cent. Of this, utility vehicle volumes were 179,000 units. Auto segment revenue was up 30 per cent to ₹30,370 crore while PAT was up 42 per cent to ₹1,993 crore. Battery EV (MEAL and e-SUV contract manufacturing) business posted 6 per cent earnings before interest, taxes, depreciation and amortisation (Ebitda) for the quarter with ₹102 crore loss before taxes for the quarter.
As for farm sector, the volumes were up 23 per cent to 150,000 units with revenues of ₹11,501 units, up 21 per cent, and PAT of ₹1,044 crore, up 7 per cent.
Rajesh Jejurikar, executive director & CEO (Auto and Farm sector) said, “We have achieved a 90 bps Y-o-Y increase in SUV revenue share and 10 bps increase in LCV (less than 3.5 tonne) market share in Q3. Our tractor business gained 20 bps to reach an impressive 44.1 per cent share for YTD FY26. Our new launches XEV 9S, and the XUV 7XO have received very positive response in the market.”
Mahindra has sold more than 41000 e-SUVs since their launch in March 2025 till January.
Mahindra’s capacity boost plan:
Mahindra is gearing up to expand capacity as it hits 97 per cent utilisation of the UV capacity and 86 per cent of its EV capacity. As for tractors, the company is utilising more than 83 per cent of installed capacity. Last week, it announced an integrated manufacturing facility for automobiles and tractors in Nagpur with an investment of ₹15,000 crore over a period of 10 years. The unit would have an annual capacity of 500,000 vehicles and 100,000 tractors once fully operational.
Jejurikar said tractor capacity at the Nagpur greenfield plant will be scaled up in phases to around 100,000 units annually, alongside a new SUV portfolio with eventual capacity of 500,000 units a year. “The plant will be designed in a phased and modular way, as it does not make sense to put all the capacity that is expected over a long period on day one,” he said.
The first products based on the NU_IQ platform —Vision S, Vision T and Vision X — will debut from Chakan in 2027. Vision X will be manufactured at the Nagpur facility, while incremental capacity for Vision S and Vision T could also be sourced from the new plant.
Jejurikar added that the company will finalise how capacity is split across new and existing products over the next two to three months.
At the same time, Mahindra has undertaken de-bottlenecking of capacity at its existing plants like Nashik (which make the Scorpio N and 7XO), and the full capacity of 9,000-10,000 units per month is expected to be achieved soon.
The company believes they can unlock an additional 3000-5000 units per month capacity for existing ICE products and also add 3000-4000 units per month of EV capacity this year, specifically for XEV 9S, Jejurikar told reporters.
“By August–September of FY27, we expect ICE capacity between Chakan and Nashik to rise by 3,000–5,000 units per month, and EV capacity by 3,000–4,000 units, taking total incremental capacity to 6,000–7,000 units per month.We were not fully utilising XUV700 capacity earlier, and as demand improves, there is potential upside of another 3,000 units,” he said.
M&M sees US tractor sales growth post trade talks:
Moreover, as India-US trade talks progress, Mahindra is hopeful of returning to a growth path in the US for their farm business.
Jejurikar said the US tractor market had been challenging over the past eight to nine months due to steep tariffs, prompting the company to limit sales when duties were as high as 50 percent. With the trade issue now resolved and tariffs reduced to 18 percent, Mahindra has become competitive again with other exporting countries and will begin releasing inventory currently held in bonded warehouses once the executive order is notified, he added.
He added that despite an industry downturn in North America, Mahindra gained a share point in the sub-20 horsepower segment, supported by strong response to its OJA platform, where it now holds about 9–10 percent market share. Mahindra has also remained the number three player in the sub-100 horsepower segment, and Jejurikar said the stabilisation of trade conditions should help the company return to a growth phase in the US.