Mahindra & Mahindra (M&M) delivered an impressive performance in the September quarter (Q2 FY26), showcasing robust year-on-year growth across key financial metrics.
The company’s consolidated revenue surged 21.3% to ₹33,421.60 crore compared to ₹27,553.26 crore in the same quarter last year.
Net profit also recorded healthy growth, rising 18% year-on-year to ₹4,520.52 crore against ₹3,840.88 crore in Q2 FY25. M&M’s operational performance remained strong, with EBITDA up 23% to ₹4,809.22 crore from ₹3,904.17 crore.
The company maintained healthy profitability, with EBITDA margin at 14.4%, slightly higher than 14.2% a year ago.
In the Auto business, quarterly volumes rose 13% to 2.62 lakh units, with UV volumes at 1.46 lakh. SUV revenue market share climbed to 25.7%, up 390 basis points YoY. Standalone PBIT increased 14% to ₹2,281 crore, with margins improving to 9.2%. The segment’s consolidated revenue surged 25% to ₹27,171 crore, and PAT rose 8% to ₹1,536 crore.
The Farm segment achieved its highest-ever Q2 market share at 43%, supported by 32% growth in volumes to 1.23 lakh tractors. Standalone PBIT jumped 48% to ₹1,684 crore, with margins expanding 220 bps to 19.7%. Revenue for the segment rose 25% to ₹10,225 crore, while PAT increased 45% to ₹1,163 crore.
In Services, Mahindra Finance posted a 45% PAT growth with healthy asset quality, Tech Mahindra improved EBIT margin to 12.1% (up 250 bps), and Mahindra Lifespaces recorded ₹752 crore in residential pre-sales with a 2.6x increase in GDV acquisition to ₹1,700 crore. Club Mahindra maintained strong occupancy at 73%, and Mahindra Logistics saw revenue rise 11% to ₹1,685 crore.
