Mahindra & Mahindra (M&M) Q2 25/26 earnings summary

Executive summary

• Consolidated profit after tax rose 28% year-over-year, with annualized ROE at 19.4% and strong performance in farm (up 54% PAT, 32% volume) and auto (up 14% PBIT, 13% volume) segments.

• Revenue increased 22% year-over-year, with Q2 FY26 consolidated revenue at ₹45,885.40 crore and H1 FY26 at ₹91,321.28 crore.

• All business segments contributed meaningfully, including finance, real estate, logistics, and hospitality.

• Unaudited consolidated and standalone financial results for Q2 and H1 ended 30th September 2025 were approved by the Board.

• Limited review reports confirmed no material misstatements.

Financial highlights

• Farm segment delivered 54% PAT growth, 32% volume growth, and revenue of ₹10,225 crore; core tractor PBIT margin at 20.6%.

• Auto segment revenue up 25% to ₹27,171 crore, PBIT up 14%, with 13% volume growth and market share at 53.2%.

• Mahindra Finance achieved 45% PAT growth, AUM up 13%, and NIM improved by 47bps.

• Tech Mahindra operational PAT up 35%, TCV at $816 million, EBIT margin at 12.1%.

• Real estate pre-sales up 89%, GDV acquired up 3x, and logistics revenue up 11%.

Outlook and guidance

• SUV segment expected to grow mid to high teens for the full year; LCV segment outlook upgraded to low double-digit growth.

• Tractor industry outlook raised to 10%-12% growth for the year.

• Margin progression on track in Tech Mahindra and MMFSL; Growth Gems segment maintains a healthy launch pipeline.

• The company is monitoring the impact of new Environment Protection (End-of-Life Vehicles) Rules, 2025.

• PLI incentives expected to continue until fiscal 2028.