Mahindra & Mahindra Ltd (M&M) delivered a robust performance in the second quarter of FY26, posting a 28% year-on-year increase in consolidated profit after tax (PAT) to ₹3,673 crore, driven by strong results across its automotive, farm, financial services, and technology businesses. The Auto and Farm segments continued to demonstrate sustained growth and margin improvement, while Mahindra Finance (MMFSL) reported a 45% surge in PAT with stable asset quality.
Tech Mahindra maintained its margin expansion trajectory with a 250 basis-point improvement in EBIT, reinforcing the group’s operational efficiency. Mahindra’s “Growth Gems” businesses also made solid progress, recording significant commercial milestones, including double-digit revenue growth across key verticals, twofold increase in presales at Mahindra Lifespaces, and notable wins in the aerospace segment.
Mahindra & Mahindra’s automotive segment continued its strong momentum during the second quarter, with total sales reaching 2.62 lakh units, reflecting a 13% year-on-year growth. This figure includes sales from Mahindra’s subsidiaries, LMM and MEAL, underscoring the sustained demand across its product portfolio.
In the Utility Vehicle (UV) category, Mahindra achieved sales of 1.46 lakh units, pushing its Q2 revenue market share to 25.7%, a notable gain of 390 basis points compared to the previous year. The strong performance was driven by the continued success of its flagship SUVs, supported by improved production and supply chain efficiencies.
On the profitability front, the company’s Standalone Profit Before Interest and Tax (PBIT) stood at ₹2,281 crore, a 14% increase over the same period last year. Margins were maintained at 9.2%, while excluding the impact of eSUV contract manufacturing, margins expanded to 10.3%, representing an improvement of 80 basis points. Consolidated revenue for the quarter grew 25% to ₹27,171 crore, with consolidated PAT rising 8% to ₹1,536 crore.
The Farm Equipment business delivered its best-ever second-quarter performance, capturing a record 43.0% market share, up 50 basis points year-on-year. Tractor volumes rose 32% to 1.23 lakh units, reflecting robust rural sentiment and improved market conditions. The division’s Standalone PBIT increased 48% to ₹1,684 crore, with operating margins rising to 19.7%, an improvement of 220 basis points. Consolidated revenue climbed 25% to ₹10,225 crore, while PAT surged 45% to ₹1,163 crore, demonstrating strong operational execution.
Commenting on the results, Dr Anish Shah, Group CEO & Managing Director, M&M Ltd, said “Our performance this quarter reflects strong execution across all our businesses. Auto and Farm maintained their leadership through higher market share and profitability. Mahindra Finance delivered quality growth, and Tech Mahindra’s turnaround continues to gain traction. Our Growth Gems are on track toward their ambitious targets, reinforcing our focus on long-term value creation.”
Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd, added “We have continued to strengthen our leadership positions in both Auto and Farm. SUV revenue market share rose by 390 bps, and tractor market share reached 43%, up 50 bps year-on-year. Core tractor margins expanded by 190 bps to 20.6%, while Auto PBIT margins improved by 80 bps to 10.3%, excluding eSUV contract manufacturing.”
Amarjyoti Barua, Group Chief Financial Officer, M&M Ltd, noted “Our second-quarter results underline the strength of Mahindra’s diversified portfolio. With over ₹10,000 crore of operating cash flow generated in the first half, we remain focused on disciplined capital allocation, sustainable growth, and value creation for stakeholders.”
Established in 1945, the Mahindra Group is a globally respected multinational enterprise with a workforce of 260,000 across more than 100 countries. In India, the Group holds leading positions in farm equipment, utility vehicles, IT services, and financial solutions. Globally, it is recognized as the largest manufacturer of tractors by volume.
Beyond its core sectors, Mahindra has a significant presence in renewable energy, agriculture, logistics, hospitality, and real estate. The Group is deeply committed to environmental, social, and governance (ESG) leadership, with a focus on driving rural development and enhancing quality of life in urban centers. Through its mission to create positive impact, Mahindra empowers communities and stakeholders to Rise.
