Mahindra & Mahindra Limited (M&M) has reported a strong financial performance for the third quarter of FY26, with consolidated profit after tax (PAT) rising sharply. The Board of Directors approved the unaudited standalone and consolidated financial results for the quarter and nine months ended 31st December 2025 at its meeting held on 11th February 2026.

The Board meeting commenced at 9:50 a.m. and concluded at 11:34 a.m.

The company delivered Consolidated PAT of Rs 4,675 crore, registering a growth of 54% (excluding the impact of change in labour code regulation in Q3 FY26). On a reported basis, PAT grew 47% year-on-year compared to Rs 3,181 crore in Q3 FY25.

Consolidated revenue stood at Rs 52,100 crore, up 26% YoY, reflecting strong performance across its diversified portfolio.

Key Financial Highlights

For Q3 FY26:

• Consolidated Revenue: Rs 52,100 crore (up 26%)

• Consolidated PAT: Rs 4,675 crore (up 54%*)

• PAT Margin: 9.0%

• Return on Equity (RoE): 20.1% (annualised)

For the nine months ended December 2025 (YTD Q3 FY26):

• Revenue: Rs 1,43,664 crore

• PAT: Rs 12,431 crore

These results reflect strong operational discipline and balanced growth across automotive, farm equipment, financial services and technology businesses.

Auto Business: Strong SUV Leadership

The Automotive segment continues to be a key growth driver for M&M.

Volume Growth

• Total vehicle sales: 3,02,238 units, up 23%

• Utility Vehicle (UV) volumes: 1,79,000 units

Market Leadership

• #1 in SUVs with revenue market share of 24.1%, up 90 basis points YoY

• #1 in LCVs <3.5T with market share of 51.9%, up 10 basis points

The company maintained leadership in both the SUV and light commercial vehicle categories.

Financial Performance – Auto Segment

• Consolidated Revenue: Rs 30,370 crore (up 30%)

• Consolidated PAT: Rs 1,993 crore (up 42%*)

• Standalone PBIT: Rs 2,684 crore (up 27%*)

• PBIT Margin: 9.7%* (10.6% excluding eSUV contract manufacturing)

The performance reflects strong customer demand, new product launches and operational efficiency.

New launches such as XEV 9S and XUV 7XO have received strong market response.

Farm Equipment Segment: Stable Leadership

Mahindra continues to dominate the tractor segment in India.

Key Metrics

• Market Share: 44.0% (down 20 bps in Q3)

• Volumes: 1,49,567 tractors sold (up 23%)

For YTD FY26, the tractor market share improved to 44.1%, up 20 bps.

Financial Performance – Farm Segment

• Consolidated Revenue: Rs 11,501 crore (up 21%)

• Consolidated PAT: Rs 1,044 crore (up 7%*)

• Standalone PBIT: Rs 2,061 crore (up 41%*)

• PBIT Margin: 20.5%* (up 240 bps)

The farm equipment segment continues to deliver strong margins and steady demand.

Services Segment: Breakout Performance

The Services segment delivered robust growth, contributing significantly to overall profitability.

Consolidated Services Performance

• Revenue: Rs 11,636 crore (up 21%)

• PAT: Rs 1,637 crore (up 2x*)

Mahindra Finance (MMFSL)

• AUM Growth: 12%

• PAT Growth: 97%

• GS3: Below 4%, indicating strong asset quality

The financial services business maintained healthy asset quality while delivering strong profitability.

Tech Mahindra: Margin Expansion

Tech Mahindra showed meaningful improvement in operational metrics.

• EBIT Margin: 13.1% (up 290 basis points)

• Highest ever TCV (Total Contract Value) deal wins

The margin expansion reflects better cost management and improved deal mix.

Growth Gems Deliver Strong Results

Two key growth businesses reported breakout performance:

Mahindra Logistics

• Revenue: Rs 1,898 crore (up 19%)

• Turned profitable after 11 quarters

This marks a significant turnaround for the logistics business.

Mahindra Lifespaces

• PAT up 5x

• Residential pre-sales: Rs 572 crore (up 71%)

The real estate business benefited from strong residential demand.

Mahindra Holidays and Electric Segment

• Club Mahindra room keys increased by 6%

• Continued focus on electric mobility

• BEV volumes included 11,751 units in Q3 FY26

Mahindra remains a key player in electric SUVs and electric three-wheelers, where it holds:

• #1 position in electric 3-wheelers with 38.6% market share

Standalone Financial Performance

For Q3 FY26 (Standalone):

• Revenue: Rs 38,942 crore (up 26%)

• EBITDA: Rs 5,717 crore (up 19%)

• PAT: Rs 3,931 crore (up 33%)

Volumes:

• Total Vehicles Sold: 3,02,238 units

• Total Tractors Sold: 1,49,567 units

The standalone performance reflects strength in core automotive and farm operations.

Segment-wise Consolidated Performance Snapshot

Automotive

• Revenue: Rs 30,370 crore

• PBIT Margin: 8.6%

Farm Equipment

• Revenue: Rs 11,501 crore

• PBIT Margin: 10.9%

Services

• Revenue: Rs 11,636 crore

• PBIT Margin: 19.7%

The services segment continues to deliver higher margins compared to auto and farm.

Management Commentary

Dr. Anish Shah, Group CEO & Managing Director, highlighted strong execution and disciplined growth across businesses.

He emphasised:

• Leadership in Auto and Farm

• Strong asset quality in financial services

• Progress at Tech Mahindra

• Breakout performance from Growth Gems

Mr. Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), noted improvement in SUV revenue share and LCV market share, along with positive response to new launches.

Mr. Amarjyoti Barua, Group CFO, stated that the diversified portfolio is contributing to a strong balance sheet.

Balance Sheet Strength

The strong PAT growth and operating performance are translating into:

• Improved cash flows

• Stronger balance sheet

• Higher Return on Equity (20.1%)

• Better capital allocation flexibility

This provides M&M with the ability to invest in:

• Electric vehicles

• Technology transformation

• Real estate expansion

• Logistics scaling

Industry Context

The Indian automotive industry continues to benefit from:

• Strong SUV demand

• Rural recovery supporting tractor sales

• Increased EV adoption

• Government infrastructure spending

M&M’s diversified presence across auto, farm and services helps reduce cyclicality risks.

Outlook

Going forward, key focus areas for M&M include:

• Expanding SUV portfolio

• Strengthening EV ecosystem

• Improving services contribution

• Driving operational efficiencies

The company’s consistent leadership positions in SUVs, LCVs, tractors and electric 3-wheelers provide a solid foundation for future growth.

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