Mahindra Q2 Results: Profit Rises 25% to ₹4,588 Crore; Auto PAT Up 55%

Mahindra Q2 results showed consolidated net profit rising 25% to ₹4,588 crore for the September quarter, as its automobile business offset a weaker farm segment, the company said on November 5.

Consolidated revenue rose 25% to ₹57,553 crore from ₹46,106 crore a year earlier. Profit after tax, after non-controlling interest, stood at ₹3,673 crore in the same quarter of FY26.

For the first half of FY27, the group’s consolidated PAT reached ₹10,042 crore on revenue of ₹1,15,741 crore. Return on equity was 21% on an annualised, year-to-date basis.

On a standalone basis, M&M net profit rose 13% to ₹5,102 crore, while revenue grew 26% to ₹44,282 crore. Standalone EBITDA increased 4% to ₹6,718 crore.

Auto business drives Mahindra Q2 results

The automotive segment was the main growth engine. Its consolidated revenue rose 39% to ₹37,756 crore, and consolidated PAT jumped 55% to ₹2,388 crore.

Vehicle volumes, including Mahindra Last Mile Mobility (LMM) and Mahindra Electric Automobile (MEAL), grew 26% to 3.31 lakh units. Utility vehicles accounted for 1.83 lakh units.

The company held on to its lead in key categories. Mahindra SUV market share stood at 24.3% by revenue, while its share of electric SUVs was 30.1%, of light commercial vehicles under 3.5 tonnes 52.3%, and of electric three-wheelers 36.2%.

Margins came under some pressure. Standalone auto PBIT rose 15% to ₹2,614 crore at a margin of 7.7%. Excluding the eSUV contract manufacturing arrangement, the margin was 9.1%, down 120 basis points from a year earlier but up 80 basis points from the June quarter.

Rajesh Jejurikar, Executive Director and CEO (Auto and Farm Sector), said SUV volume “grew 26% YoY and retained market leadership in revenue market share.”

Farm slips, services keep growing

The farm equipment business had a softer quarter. Consolidated farm revenue fell 6% to ₹9,572 crore, and PAT declined 9% to ₹1,053 crore.

Tractor sales fell 6% to 1,16,027 units from 1,22,936 units a year earlier, though tractor market share stood at 41.5%. Standalone farm PBIT was ₹1,441 crore, with the margin down 300 basis points at 16.8%.

The company attributed the marginal decline in the farm business to a shift in the festive season, while it said the auto business grew on the back of strong consumer demand.

The services portfolio grew steadily. Consolidated services revenue rose 18% to ₹11,821 crore, and M&M’s share of services PAT also rose 18% to ₹1,147 crore.

Within the portfolio, Mahindra Finance reported a 61% rise in PAT and 15% growth in assets under management, with a gross Stage 3 ratio of 3.42%. Tech Mahindra’s PAT rose 33%, and its EBIT margin improved 260 basis points to 14.8%.

Mahindra Lifespaces recorded residential pre-sales of ₹1,100 crore, up 41%, while Mahindra Logistics posted revenue of ₹2,095 crore, up 24%.

Why it matters and what comes next

Group CEO and Managing Director Anish Shah said the 25% growth in consolidated PAT “reflects the resilience of our group”. He added that the group remains focused on building a base for consistent profitable growth despite an uneven economic environment.

For business leaders, the Mahindra Q2 results show that demand for SUVs remained firm through the September quarter. The trend matches the wider passenger vehicle market, where Maruti Suzuki’s October sales hit a record during the festive period.

Group Chief Financial Officer Amarjyoti Barua said the balance sheet and cash generation give M&M “the flexibility to invest in future opportunities”.

Investors will watch two things in the December quarter. The first is whether tractor demand recovers once the festive shift plays out, and the second is whether auto margins, excluding the eSUV arrangement, keep improving from the June quarter.

Financing costs are another factor. The results follow the RBI’s 25 basis point repo rate hike to 5.5%, which could make vehicle loans costlier for buyers in the coming months.

The detailed segment numbers are available in the company’s Q2 F27 results press release.