Mahindra & Mahindra (M&M) reported an impressive performance in the second quarter of FY26 on November 4, 2025, posting a 28% year-on-year (YoY) rise in consolidated profit after tax (PAT) to ₹3,673 crore, compared to ₹2,867 crore in the same quarter last year. The company’s revenue from operations rose 22% YoY to reach ₹46,106 crore, supported by robust sales across the auto, farm, and services divisions.
According to the company’s statement, this growth excludes one-time gains from land sales, the SML Isuzu tax impact, and prior-period Production Linked Incentive (PLI) benefits, making the performance largely operationally driven.
Leadership Across Core Segments
Mahindra & Mahindra continued to dominate multiple categories in the Indian automotive sector, strengthening its leadership position across SUVs, tractors, and electric three-wheelers.
- SUV Segment: M&M maintained its number-one position with a revenue market share of 25.7%, a sharp increase of 390 basis points (bps) year-on-year.
- Light Commercial Vehicles (<3.5T): The company led the segment with a 53.2% market share, up 100 bps.
- Tractors: M&M recorded its highest-ever Q2 market share at 43%, rising 50 bps year-on-year.
- Electric 3-Wheelers: The automaker continued to lead with a 42.3% market share.
This leadership was supported by strong operational execution and growing demand across both rural and urban markets.
Auto Segment: Sustained Volume and Margin Growth
M&M’s auto segment remained a major growth driver in Q2FY26, reporting total quarterly volumes of 2,62,000 units, which includes sales from Last Mile Mobility (LMM) and Mahindra Electric Automobile Ltd (MEAL). This represents a 13% year-on-year growth, with utility vehicle (UV) volumes at 1,46,000 units.
- Consolidated Revenue: ₹27,171 crore, up 25% YoY
- Consolidated PAT: ₹1,536 crore, up 8% YoY
- Standalone PBIT: ₹2,281 crore, a 14% increase, with a 9.2% margin
- Excluding eSUV contract manufacturing, PBIT margin improved to 10.3%, up 80 bps
M&M’s electric SUV penetration reached 8.7%, higher than the industry average of 7.4%, while its revenue market share in the e-SUV space stood at 25%. In overall revenue terms, the company captured 33.1% of the Q2 SUV market and 37.9% in the first half of FY26, the highest in the industry.
Farm Segment: Record Volumes and Profitability
The farm segment delivered another strong quarter, achieving its highest-ever Q2 market share at 43%, up 50 bps from the previous year. Tractor volumes rose 32% YoY to 1,23,000 units, reflecting healthy demand and strong distribution momentum.
- Consolidated Revenue: ₹10,225 crore, up 25% YoY
- Consolidated PAT: ₹1,163 crore, up 45% YoY
- Standalone PBIT: ₹1,684 crore, up 48%, with a margin of 19.7%, an improvement of 220 bps
Services and Subsidiary Performance
The services segment of Mahindra & Mahindra, which includes Mahindra Finance, Tech Mahindra, Mahindra Lifespace Developers, Club Mahindra, and Mahindra Logistics, also reported steady growth during the quarter.
- Mahindra Finance (MMFSL): Reported a 45% YoY rise in PAT, with Gross Stage 3 assets remaining below 4%.
- Tech Mahindra: Recorded an EBIT margin of 12.1%, an improvement of 250 bps, marking progress in its transformation journey.
- Mahindra Lifespaces: Achieved residential pre-sales of ₹752 crore and acquired GDV worth ₹1,700 crore, a 2.6x increase year-on-year.
- Club Mahindra: Maintained a 73% occupancy rate with strong room key utilisation.
- Mahindra Logistics: Reported ₹1,685 crore in revenue, up 11% YoY.
The overall consolidated services revenue stood at ₹10,048 crore, reflecting a 12% YoY rise, while PAT increased 3% to ₹975 crore.
Strategic Moves and Investments
During the quarter, Mahindra & Mahindra acquired a 58.96% stake in SML Isuzu from Sumitomo Corporation and Isuzu Motors for ₹555 crore, further strengthening its presence in the commercial vehicle segment. The company also maintained a Return on Equity (RoE) of 19.4%, underlining strong capital efficiency.
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Conclusion
Mahindra & Mahindra’s strong Q2FY26 results reflect its resilience, innovation, and diversified growth strategy across auto, farm, and services segments. With leadership positions in SUVs, tractors, and electric mobility, the group continues to build on its strengths while maintaining operational efficiency and profitability.
The consistent improvement in margins, record market shares, and broad-based performance across subsidiaries underlines M&M’s robust execution and its steady march towards long-term value creation for stakeholders.
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