Mahindra & Mahindra Ltd on Wednesday reported its standalone Q3 FY26 results. Revenue rose 26 per cent to Rs 38,942 crore from Rs 30,964 crore a year ago. EBITDA increased 19 per cent to Rs 5,717 crore, while profit after tax grew 33 per cent to Rs 3,931 crore.
On a consolidated basis, the company posted a 54 per cent rise in PAT to Rs 4,675 crore, excluding the impact of the change in labour code regulation in Q3 FY26. Consolidated revenue in the auto segment stood at Rs 30,370 crore, up 30 per cent, while farm segment revenue rose 21 per cent to Rs 11,501 crore.
M&M Segment-wise Profit and Margins
Total vehicle sales during the quarter were 3,02,238 units, up 23 per cent from 2,45,499 units a year ago, including sales by LMM and MEAL. Utility vehicle volumes stood at 1.79 lakh units. Q3 SUV revenue market share was 24.1 per cent, up 90 basis points.
Standalone PBIT for the auto business was Rs 2,684 crore, up 27 per cent, with a PBIT margin of 9.7 per cent. Excluding eSUV contract manufacturing, the margin was 10.6 per cent, up 90 basis points. Consolidated PAT for the auto segment was Rs 1,993 crore, up 42 per cent.
In the farm segment, Q3 market share stood at 44 per cent, down 20 basis points, with volumes of 1.50 lakh units, up 23 per cent. Standalone PBIT rose 41 per cent to Rs 2,061 crore, with PBIT margin at 20.5 per cent, up 240 basis points.
Consolidated revenue was Rs 11,501 crore, up 21 per cent, while consolidated PAT increased 7 per cent to Rs 1,044 crore.
Services and Other Businesses
Mahindra Finance (MMFSL) reported assets under management growth of 12 per cent and PAT growth of 97 per cent, maintaining gross stage 3 assets below 4 per cent. Tech Mahindra reported an EBIT margin of 13.1 per cent, up 290 basis points.
Mahindra Lifespaces reported five-fold PAT growth and residential pre-sales of Rs 572 crore, up 71 per cent. Club Mahindra room keys rose 6 per cent. Mahindra Logistics reported revenue of Rs 1,898 crore, up 19 per cent, and turned profitable after 11 quarters.
Mahindra & Mahindra Q3 Key Highlights
Return on equity stood at 20.1 per cent annualised. The company maintained its leadership in SUVs with a 24.1 per cent revenue market share, up 90 basis points, in LCVs under 3.5T with 51.9 per cent share, up 10 basis points, in tractors at 44 per cent, and in electric three-wheelers at 38.6 per cent.
MMFSL PAT rose 97 per cent with gross stage 3 assets below 4 per cent. Tech Mahindra reported an EBIT margin of 13.1 per cent, up 290 basis points. Mahindra Logistics turned profitable after 11 quarters, and Mahindra Lifespaces posted five-fold PAT growth.
What M&M Management Commented on Q3?
Commenting on the performance, Group CEO and MD Dr Anish Shah said, “We are delighted to report solid operating performance across the group in Q3’F26, reflecting our strong focus on growth coupled with disciplined execution.”
Executive Director and CEO (Auto and Farm Sector) Rajesh Jejurikar said, “Auto and Farm businesses delivered strong performance in Q3’FY26. We have achieved a 90 bps YoY increase in SUV revenue share.” Group CFO Amarjyoti Barua said, “Our Q3 consolidated results reflect the strength and depth of our diversified portfolio.”
Shares of Mahindra & Mahindra (M&M) rose 1.54 per cent to trade at Rs 3,731.90 after Q3 FY26 results.
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