Mahindra & Mahindra Limited (M&M) has reported a strong financial performance for the third quarter of FY26, driven by robust demand in its automotive and farm equipment businesses, along with solid growth in its services portfolio. The company posted a consolidated profit after tax (PAT) of ₹4,675 crore, marking a 54 percent year-on-year increase, excluding the impact of labour code regulation changes.
Consolidated revenue for the quarter stood at ₹52,100 crore, registering a 26 percent growth compared to the same period last year. The company’s annualised return on equity (RoE) reached 20.1 percent, reflecting improved profitability and operational efficiency.
Mahindra retained its leadership position across key segments, including SUVs, light commercial vehicles (LCVs), tractors, and electric three-wheelers. The company’s SUV revenue market share rose to 24.1 percent, while its LCV market share (below 3.5 tonnes) stood at 51.9 percent. Mahindra also remained the market leader in tractors with a 44 percent share and electric three-wheelers with a 38.6 percent share.
Auto and Farm Businesses Drive Growth
The automotive segment reported consolidated revenue of ₹30,370 crore, up 30 percent year-on-year, with consolidated PAT rising 42 percent to ₹1,993 crore. Vehicle volumes increased 23 percent to 302,000 units, supported by strong demand for SUVs and new product launches.
The farm equipment business delivered consolidated revenue of ₹11,501 crore, up 21 percent, with PAT at ₹1,044 crore. Tractor volumes grew 23 percent, reflecting healthy rural demand.
Services and Growth Businesses Show Breakout Performance
Mahindra’s services segment posted consolidated revenue of ₹11,636 crore, up 21 percent, while PAT doubled compared to the previous year. Mahindra Finance recorded a 97 percent jump in PAT, while Tech Mahindra improved its EBIT margin to 13.1 percent. Mahindra Logistics turned profitable after 11 quarters, and Mahindra Lifespaces reported a five-fold increase in PAT, supported by strong residential pre-sales.
Management Commentary
Commenting on the results, Group CEO and Managing Director Dr. Anish Shah said the strong performance reflects Mahindra’s focus on growth with disciplined execution across its diversified portfolio. He highlighted steady customer demand and strong product acceptance in the Auto and Farm businesses, along with improving performance in services.
Rajesh Jejurikar, Executive Director and CEO of the Auto and Farm Sector, noted that the company achieved market share gains in SUVs and LCVs, supported by positive market response to new launches such as the XEV 9S and XUV 7XO.
Group CFO Amarjyoti Barua said the results demonstrate the strength of Mahindra’s diversified business model and a robust balance sheet.
Mahindra said its diversified portfolio across automotive, farm equipment, financial services, technology, real estate, hospitality, and logistics continues to strengthen its growth trajectory. However, the company cautioned that forward-looking statements are subject to risks and uncertainties that could impact actual performance.
