Mahindra & Mahindra Q2 FY26 Results: Mahindra & Mahindra Ltd. (M&M) reported a consolidated net profit of Rs 3,673 crore for the second quarter ended September 30, 2025, marking a 28 per cent year-on-year (YoY) increase.
The company’s consolidated revenue from operations stood at Rs 46,106 crore, up 22 per cent from Rs 37,924 crore reported in the same period last year.
The Board of Directors of M&M approved the financial results in a meeting held on November 4, 2025. The company said its return on equity stood at 19.4 per cent (annualised) for the quarter.
According to the company’s financial statement, revenue from operations rose to Rs 45,885.40 crore from Rs 37,689.04 crore a year earlier, while total income increased to Rs 46,781.18 crore from Rs 38,582.96 crore. Total expenses grew to Rs 41,192.50 crore from Rs 34,309.35 crore.
The company said the consolidated profit after tax (PAT) of Rs 3,673 crore excludes the impact of one-time items such as a land sale gain in Q2 FY25, tax impact from SML Isuzu, and prior period PLI benefits in Q2 FY26.
Auto Segment Performance
In the auto segment, M&M recorded quarterly volumes of 2.62 lakh units, including sales from Mahindra Electric Automobile Ltd (MEAL) and Last Mile Mobility (LMM), representing a 13 per cent rise YoY. Utility Vehicle (SUV) volumes stood at 1.46 lakh units.
The company reported a Q2 SUV revenue market share of 25.7 per cent, an increase of 390 basis points (bps) YoY. The Light Commercial Vehicles (LCV) segment under 3.5 tonnes maintained leadership with a 53.2 per cent market share, up 100 bps.
The standalone PBIT (profit before interest and tax) for the auto business stood at Rs 2,281 crore, up 14 per cent, while PBIT margin improved to 9.2 per cent. Excluding electric SUV contract manufacturing, the PBIT margin stood at 10.3 per cent, up 80 bps.
Farm Equipment Segment
The farm equipment division achieved its highest-ever Q2 market share of 43 per cent, up 50 bps, with total volumes of 1.23 lakh units, up 32 per cent YoY.
The segment’s standalone PBIT increased by 48 per cent to Rs 1,684 crore, while the PBIT margin improved to 19.7 per cent, a gain of 220 bps. Consolidated revenue for the farm business rose 25 per cent to Rs 10,225 crore, and PAT grew 45 per cent to Rs 1,163 crore.
Services and Subsidiaries
In the services portfolio, Mahindra Finance (MMFSL) reported a 45 per cent rise in PAT, maintaining gross stage 3 assets below 4 per cent. Tech Mahindra achieved an EBIT margin of 12.1 per cent, up 250 bps sequentially.
Mahindra Lifespaces reported residential pre-sales worth Rs 752 crore, with gross development value (GDV) of Rs 1,700 crore, marking a 2.6 times increase.
Club Mahindra achieved a 73 per cent occupancy rate, with room keys increasing by 5 per cent. Mahindra Logistics posted revenue of Rs 1,685 crore, up 11 per cent YoY.
Overall, the services segment recorded consolidated revenue of Rs 10,048 crore, up 12 per cent, and PAT of Rs 975 crore, up 3 per cent.
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