Mahindra & Mahindra (M&M) has reported an impressive performance for the second quarter of FY26, with profits and revenues rising sharply across all key divisions — Auto, Farm, and Services.
🔹 Strong Overall Performance
- Consolidated Profit After Tax (PAT): ₹3,673 crore — up 28% from last year
- Revenue: ₹46,106 crore — up 22%
- Return on Equity (RoE): 19.4% (annualized)
The company continues to dominate in multiple segments:
- #1 in SUVs with a 25.7% market share (up 390 bps)
- #1 in Light Commercial Vehicles (<3.5T) with a 53.2% share
- #1 in Tractors with 43% market share (up 50 bps)
- #1 in Electric 3-Wheelers with 42.3% market share
🚗 Auto Segment
The auto division remained a key growth driver for M&M.
- Sales: 2.62 lakh vehicles, up 13%
- SUV sales: 1.46 lakh units
- Revenue: ₹27,171 crore — up 25%
- Profit (PBIT): ₹2,281 crore — up 14%
- PBIT margin: 9.2% (10.3% excluding eSUV contract manufacturing)
🌾 Farm Equipment Segment
M&M’s tractor business delivered its best-ever Q2 market share performance.
- Tractor market share: 43% — up 50 bps
- Sales: 1.23 lakh units — up 32%
- Revenue: ₹10,225 crore — up 25%
- Profit (PBIT): ₹1,684 crore — up 48%
- Margin: 19.7%
🏢 Services & Subsidiaries
The services business, which includes finance, IT, real estate, and logistics, also performed strongly.
- Mahindra Finance (MMFSL): Profit up 45%, asset quality stable (GS3 <4%)
- Tech Mahindra: EBIT margin improved to 12.1%, up 250 bps
- Mahindra Lifespaces: Residential pre-sales at ₹752 crore; strong new project additions
- Club Mahindra: Occupancy at 73%, up 5% in room keys
- Mahindra Logistics: Revenue up 11% to ₹1,685 crore
💬 Summary
M&M’s Q2 FY26 results show solid growth across all divisions, backed by strong demand for SUVs and tractors, higher margins, and consistent performance in financial and tech services.
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