M&M Q2 results: Profit rises 16% on strong auto and farm showing

The company reported consolidated PAT of ₹3,673 crore and 22% revenue growth in Q2 FY26, led by robust SUV sales, record tractor volumes, and higher margins across segments

Mahindra & Mahindra (M&M) posted a 16 per cent rise in consolidated profit after tax (PAT) for the second quarter of FY26 at ₹3,673 crore, driven by strong performance in its auto and farm segments. Consolidated revenue rose 22 per cent year-on-year (Y-o-Y) to ₹46,106 crore. 

PAT growth is 28 per cent, excluding one-time gains from land sales, the SML Isuzu tax impact, and prior-period production-linked incentive (PLI) benefits, the company said. During the quarter, M&M acquired a 58.96 per cent stake in SML Isuzu from Sumitomo Corporation and Isuzu Motors for ₹555 crore. 

M&M shares were up close to one per cent at the end of the day’s trade on the BSE. The results were in line with Bloomberg analyst estimates — while the revenue was in line, profit beat estimates.

 

 

The company retained its leadership positions in multiple categories — ranking first in SUV revenue market share at 25.7 per cent (up 390 basis points or bps) and increasing its tractor market share by 50 bps to 43 per cent. 

In the light commercial vehicle (LCV) segment under 3.5 tonnes, market share rose by 100 bps to 53.2 per cent, while its electric three-wheeler market share reached 42.3 per cent. 

M&M said both auto and farm segments delivered robust growth and margins, while its financial services arm posted 45 per cent PAT growth. 

Tech Mahindra continued margin expansion with a 250-bps improvement in earnings before interest and taxes (Ebit). 

Anish Shah, group chief executive officer (CEO) and managing director, said, “We are pleased with the strong execution and solid performance delivered across the group in Q2FY26. Auto and farm sustained their leadership with consistent gains in market share and profitability. TechM is progressing well on its transformation journey. M&M Financial Services achieved 45 per cent PAT growth and remains committed to quality growth and digital transformation. Our growth gems are steadily advancing towards their ambitious goal, reinforcing our long-term value creation potential.” 

The farm division posted its highest-ever Q2 market share, selling 123,000 units — up 32 per cent Y-o-Y — with consolidated revenue of ₹10,225 crore, up 25 per cent. Consolidated PAT for the farm segment rose 45 per cent to ₹1,163 crore. 

M&M sold 262,000 units during the quarter, including last-mile mobility and Mahindra Electric Automobile Ltd (MEAL) vehicles, marking a 13 per cent increase. Utility vehicle volumes stood at 146,000 units, ranking the company second by volume market share. 

Electric SUV penetration reached 8.7 per cent for M&M, compared to the industry average of 7.4 per cent. 

The company holds a 25 per cent share in the e-SUV market. In revenue terms, M&M captured 33.1 per cent of the Q2 market and 37.9 per cent in the first half of FY26, the highest in the industry.

 

MEAL posted revenue of ₹3,287 crore and Ebitda of ₹173 crore, which improved to ₹202 crore when including PLI benefits from e-SUV contract manufacturing.

 

Auto consolidated revenue stood at ₹27,171 crore, up 25 per cent, and consolidated PAT was ₹1,536 crore, up 8 per cent.

 

Rajesh Jejurikar, executive director and CEO (auto and farm sector), said, “In tractors, we gained 50 bps Y-o-Y to reach a 43 per cent market share. Our auto standalone PBIT margin (excluding e-SUV contract manufacturing) improved by 80 bps to 10.3 per cent, and core tractor PBIT margins improved by 190 bps to 20.6 per cent.”