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Mahindra & Mahindra Financial Services
Mahindra & Mahindra Financial Services (M&MFIN) investor relations material
Mahindra & Mahindra Financial Services Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary28 Jan, 2026
Executive summary
Business transformation project 'Udaan' completed, driving strong outcomes in customer, dealer, and operational efficiencies, with 95% onboarding and 100% collections.
Q3 and nine-month periods saw a visible step up in profitability and asset quality, with GS3 below 4% for eight consecutive quarters.
PAT up 76% year-over-year for nine months (adjusted for provision release and labor code impact).
Unaudited standalone and consolidated financial results for Q3 and nine months ended December 31, 2025, were approved by the Board with a clean review report.
The group includes subsidiaries in insurance broking, rural housing finance, and joint ventures in asset management and trusteeship.
Financial highlights
Q3FY26 standalone PAT at ₹907 crore, up 1% YoY (excluding labor code impact), and 59% QoQ; nine-month PAT up 76% YoY (adjusted).
Q3FY26 NIM expanded by ~50 bps QoQ to 7.5%; nine-month NIM at 7.1% vs 6.6% in prior year.
Standalone revenue from operations for Q3 FY26 was ₹4,753.69 crore, up from ₹4,143.00 crore in Q3 FY25; nine-month revenue was ₹13,645.63 crore.
Disbursements for Q3FY26 at ₹17,612 crore, up 7% YoY; nine-month disbursements at ₹43,934 crore, up 4% YoY.
Fee and other income expanded to 1.4% for nine months, up from 1.1% last year.
Outlook and guidance
Management targets a 2% ROA milestone, with ambitions to reach a 15% ROE and mid- to high-teens CAGR loan book growth, diversifying into mortgages and SME lending.
Focus on defending and growing leadership in vehicle finance, expanding SME, leasing, and fee income, and sustaining risk levels.
The company continues to monitor regulatory changes, including new Labour Codes, and will assess accounting implications as further guidance emerges.
New Labour Codes: Recurring cost impact?
ECL model calibration: Key changes & impact?
Subsidiary's large stressed loan transfer rationale?
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Next Mahindra & Mahindra Financial Services earnings date
Q4 25/2621 Apr, 2026
Mahindra & Mahindra Financial Services
Next Mahindra & Mahindra Financial Services earnings date
Q4 25/2621 Apr, 2026
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Frequently asked questions
Mahindra & Mahindra Financial Services Limited is an India-based non-banking financial company (NBFC) that provides financial products and services primarily in rural and semi-urban areas. The company offers loans for utility vehicles, tractors, commercial vehicles, and two-wheelers, along with personal loans, SME financing, insurance broking, and mutual fund distribution. It serves individual and enterprise customers through an extensive network across India. The company is part of the Mahindra Group. Mahindra & Mahindra Financial Services Limited is headquartered in Mumbai, India, and its shares are listed on the NSE.
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