M&M Q2 preview: Here's what to expect from SUV maker in September quarter

M&M Q2 results preview: Sports Utility Vehicle (SUV) maker Mahindra & Mahindra (M&M) shares were buzzing in trade a day ahead of its September quarter of financial year 2026 (Q2FY26) results. M&M is likely to release its September quarter results tomorrow i.e. Tuesday, November 4, 2025. 

 

On the bourses, M&M shares climbed as much as 2.95 per cent to hit an intraday high of ₹3,589.35. Around 2:00 PM, the stock remained firm as the top gainer on the 30-share BSE Sensex, trading 1.74 per cent higher at ₹3,546.85. Contrastingly, the benchmark Sensex was flat with a slight negative bias at 83,910.96.

 

 

Analysts expect the automaker to post strong year-on-year (Y-o-Y) revenue growth, supported by higher auto and farm equipment volumes, improved product mix, and better realisations, especially in the electric vehicle (EV) segment. 

 

However, margins may remain mixed due to the rising EV share and commodity cost pressures. 

 

Most brokerages anticipate healthy operating performance, with revenues rising between 17 per cent and 25 per cent Y-o-Y and profits improving modestly.

 

Here’s what top brokerages expect from M&M in Q2FY26 results:

 

Nuvama

 

Nuvama expects robust revenue growth led by higher Auto and Farm segment volumes and improved auto realisations, driven by a larger share of EVs. However, it anticipates a slight contraction in Ebitda margin due to lower profitability in the auto segment. Analysts will watch for updates on demand outlook, product pipeline, and plans to meet CAFE3 norms.

 

Estimates: Revenue up 25 per cent Y-o-Y to ₹34,343.9 crore; Ebitda up 20 per cent Y-o-Y to ₹4,745.3 crore; Adjusted PAT up 1 per cent Y-o-Y to ₹3,895.4 crore.

 

Kotak Institutional Equities

 

Kotak expects a 16 per cent Y-o-Y increase in overall revenue, driven by strong growth in both automotive and tractor segments. The automotive business is seen benefiting from higher SUV and export volumes, while the tractor segment gains from a richer product mix. Ebitda margin is expected to improve slightly, aided by operating leverage and better tractor profitability, though partially offset by lower auto margins and commodity headwinds.

 

Forecasts: Revenue up 23.1 per cent Y-o-Y to ₹33,919.5 crore; Ebitda up 23.1 per cent Y-o-Y to ₹4,890.7 crore; Adjusted net profit up 4 per cent Y-o-Y to ₹3,996.3 crore.

 

Motilal Oswal

 

Motilal Oswal projects a strong performance for M&M in Q2FY26, led by double-digit growth in both revenue and profitability. Margin expansion is expected on the back of operating leverage and improved mix.

 

Expectations: Revenue up 19.5 per cent Y-o-Y to ₹32,921.1 crore; Ebitda up 16.9 per cent Y-o-Y to ₹4,615.4 crore; Net profit up 11.8 per cent Y-o-Y to ₹4,615.4 crore.

 

InCred Equities

 

InCred anticipates healthy growth in M&M’s domestic volumes, aided by the GST rate cut and festive pre-buying in the passenger vehicle (PV) segment. While not among the top margin outperformers, M&M is expected to deliver a solid Y-o-Y improvement, supported by strong demand and an improved product mix. The brokerage also lists M&M as one of its preferred picks in the PV category.

 

Predictions: Revenue up 17.3 per cent Y-o-Y to ₹32,329 crore; Ebitda up 20.3 per cent Y-o-Y to ₹4,752.4 crore; Profit up 9.7 per cent Y-o-Y to ₹4,148.3 crore.