Mahindra & Mahindra (M&M) Q2 25/26 earnings summary

Executive summary

• Consolidated profit after tax rose 28% year-over-year, with annualized ROE at 19.4% and strong performance across all business segments, notably in farm (PAT up 154% excluding one-offs), auto (PAT up 14% excluding one-offs), Mahindra Finance (PAT up 145%), and Tech Mahindra (PAT up 135%), excluding prior period gains.

• Revenue increased 22% year-over-year, with all business units contributing meaningfully and notable market share gains in auto and farm segments.

• Unaudited consolidated and standalone financial results for Q2 and H1 ended 30th September 2025 were approved by the Board on 4th November 2025.

• Limited review reports were issued by statutory auditors, confirming no material misstatements.

• Growth Gems segment accelerated with PAT up 22% (excluding one-time tax impact).

Financial highlights

• Consolidated revenue for Q2 FY26 was ₹45,885.40 crore, up from ₹37,689.04 crore in Q2 FY25; consolidated PAT for Q2 FY26 was ₹3,673.32 crore, up from ₹3,170.72 crore in Q2 FY25.

• Farm business delivered 54% PAT growth and 32% volume growth, with margins above 20%; farm segment revenue grew 25% to ₹10,225 crore, PBIT up 44% to ₹1,608 crore.

• Auto business revenue grew 25% to ₹27,171 crore, with 13% volume growth and 14% PBIT growth; PBIT up 30% to ₹2,538 crore.

• Mahindra Finance achieved 45% PAT growth, 13% AUM growth, and improved asset quality (GNPA below 4%).

• Tech Mahindra posted 35% PAT growth (excluding one-off land sale gain), with margin progression on track and TCV at $816 million, up 35% YoY.

Outlook and guidance

• SUV segment guidance maintained at mid to high teens growth for the full year.

• LCV segment expected to achieve low double-digit growth for the year.

• Tractor industry outlook revised upward from 5%-7% to 10%-12% growth.

• Margin progression remains on track in Tech Mahindra and MMFSL.

• The company is monitoring the impact of new Environment Protection (End-of-Life Vehicles) Rules, 2025, but cannot yet estimate the financial impact.