Adani Ports PAT Soars 29% to ₹3,120 Cr in Q2 FY26
04 Nov 2025
Mahindra & Mahindra Q2 FY26 financial results analysis with strong performance across Auto, Farm and Services segments
₹ 3,582
+0.93% increased today
04 Nov - 3:30 p.m.
Financial Performance Overview
Mumbai, India, November 4, 2025: Mahindra & Mahindra Limited, one of India's leading automotive and farm equipment manufacturers, announced its financial results for the quarter ended 30th September 2025, delivering strong performance across all business segments.
Key Financial Highlights (Q2 FY26 - Consolidated)
Revenue
₹46,106 Cr
+22% YoY
PAT
₹3,673 Cr
+28% YoY*
RoE (annualized)
19.4%
Strong
SUV Revenue Share
25.7%
+390 bps YoY
Tractor Market Share
43.0%
+50 bps YoY
LCV Market Share
53.2%
+100 bps YoY
*Excluding one time gain on land sale in Q2 FY25, SML Isuzu tax impact and prior period PLI benefits in Q2 FY26
Quarterly Performance Comparison (Consolidated)
| Financial Metric | Q2 FY26 | Q2 FY25 | YoY Change | Performance |
|---|---|---|---|---|
| Revenue (₹ Cr) | 46,106 | 37,924 | +22% | Excellent |
| PAT (₹ Cr) | 3,673 | 3,171 | +16% | Strong |
| PAT (Adj. ₹ Cr) | 3,673 | 2,868* | +28% | Outstanding |
| RoE (annualized) | 19.4% | 18.5% | +0.9 pp | Improving |
*Excluding one-time items for comparable YoY growth
Management Commentary
CEO Statement - Dr. Anish Shah
Executive Director & CEO Statement - Mr. Rajesh Jejurikar
"Strong performance of our Auto and Farm businesses continues in Q2'F26 reinforcing our leadership position, with a gain of 390 bps YoY in SUV revenue share, and 100 bps YoY in LCV (< 3.5T) market share. In Tractors, we gained 50 bps YoY to reach 43.0% market share."
"Our Auto Standalone PBIT margin (excl. e-SUV Contract Mfg.) improved by 80 bps to 10.3% and core Tractor PBIT margins improved by 190 bps to 20.6%."
CFO Statement - Mr. Amarjyoti Barua
"Our solid Q2 consolidated results reflects the strength of our diversified portfolio. We continue to deliver on our strategic priorities. We had strong cash generation in the first half, delivering over 10k crores of operating cash flow. We remain committed to sustainable growth and value creation."
Business Segment Performance
Auto Business Performance
Quarterly Volumes
262k units
+13% YoY
UV Volumes
146k units
Strong Growth
Consolidated Revenue
₹27,171 Cr
+25% YoY
Consolidated PAT
₹1,536 Cr
+8% YoY
Standalone PBIT
₹2,281 Cr
+14% YoY
PBIT Margin
9.2%
10.3% excl. e-SUV
Farm Business Performance
Tractor Volumes
123k units
+32% YoY
Market Share
43.0%
+50 bps YoY
Consolidated Revenue
₹10,225 Cr
+25% YoY
Consolidated PAT
₹1,163 Cr
+45% YoY
Standalone PBIT
₹1,684 Cr
+48% YoY
PBIT Margin
19.7%
+220 bps YoY
Services Business Performance
MMFSL PAT
45% Growth
Strong
TechM EBIT Margin
12.1%
+250 bps
Consolidated Revenue
₹10,048 Cr
+12% YoY
Consolidated PAT
₹975 Cr
+3% YoY
Mahindra Logistics Revenue
₹1,685 Cr
+11% YoY
Club Mahindra Occupancy
73%
+5% Room Keys
Market Leadership Positions
Industry Leadership Metrics
Standalone Financial Performance
Standalone Results Summary
| Financial Metric | Q2 FY26 | Q2 FY25 | YoY Change |
|---|---|---|---|
| Revenue (₹ Cr) | 35,080 | 28,919 | +21% |
| EBITDA (₹ Cr) | 6,467 | 5,270 | +23% |
| PAT (₹ Cr) | 4,521 | 3,841 | +18% |
| Total Vehicles Sold | 2,61,703 | 2,31,038 | +13% |
| Total Tractors Sold | 1,22,936 | 93,382 | +32% |
Stock Performance & Key Metrics
Mahindra & Mahindra Stock Analysis
Market Cap
₹4,45,420 Cr
Current Price
₹3,582
52W High / Low
₹3,724 / ₹2,360
Stock P/E
31.3
Book Value
₹666
Dividend Yield
0.71%
ROCE
13.9%
ROE
18.0%
Face Value
₹5.00
EPS
₹114
Debt to Equity
1.53
Total Debt
₹1,26,709 Cr
About Mahindra & Mahindra Limited
Company Overview
Mahindra & Mahindra Limited (M&M) is part of the Mahindra Group, a US$20.7 billion federation of companies. Founded in 1945, Mahindra is one of India's leading automotive companies with a presence in farm equipment, services, rural and financial services.
🎯 Business Highlights
Overall Performance Assessment: Mahindra & Mahindra delivered an exceptional Q2 FY26 performance with 22% revenue growth and 28% PAT growth (adjusted), demonstrating strong execution across its diversified business portfolio. The company achieved significant market share gains across all key segments - SUVs, Tractors, and LCVs - while maintaining leadership positions. The strong performance in Auto and Farm segments, coupled with improvement in Services businesses including Tech Mahindra's margin expansion, positions M&M well for continued growth. The stock trades at a P/E of 31.3, reflecting premium valuation given the company's market leadership, diversified portfolio, and strong growth trajectory in the automotive and farm equipment sectors.
"We are pleased with the strong execution and solid performance delivered across the group in Q2'F26. Auto and Farm sustained their leadership with consistent gains in market share and profitability."
"TechM is progressing well on its transformation journey. MMFSL achieved a 45% PAT growth and remains committed to quality growth and digital transformation. Our Growth Gems are steadily advancing towards their ambitious goals, reinforcing our long-term value creation potential."