M&M Q2 Results: Profit Rises 25% to ₹4,588 Crore on SUV Demand
M&M Q2 results: consolidated profit rose 25% to ₹4,588 crore on strong SUV demand, while tractor sales fell 6% because of a festive-season shift.
The M&M Q2 results, announced by Mahindra & Mahindra on Thursday, 5 November, showed consolidated net profit rising 25% to ₹4,588 crore, as strong SUV demand offset a dip in tractor sales.
Profit stood at ₹3,673 crore a year earlier. Consolidated revenue from operations also grew 25%, to ₹57,553 crore from ₹46,106 crore in the September 2025 quarter. M&M shares rose 5.6% on the National Stock Exchange on Thursday after the numbers, Business Standard reported.
The quarter marked a sharp contrast between the group’s two core manufacturing businesses. Utility vehicles grew at a fast clip, while the farm division slowed.
M&M Q2 results: standalone and auto numbers
On a standalone basis, profit after tax rose about 13% to ₹5,102 crore from ₹4,521 crore. Standalone revenue climbed 26% to ₹44,282 crore, while standalone EBITDA grew a more modest 4% to ₹6,718 crore.
The automotive business carried the quarter. Vehicle volumes rose 26% year on year to 3,30,896 units, and consolidated auto revenue increased 39% to ₹37,756 crore. Auto profit after tax jumped 55% to ₹2,388 crore.
M&M held a 24.3% revenue market share in SUVs and 52.3% in light commercial vehicles under 3.5 tonnes. In electric categories, it reported a 30.1% revenue share in electric SUVs and 36.2% in electric three-wheelers.
Margins were under some pressure. The auto segment’s standalone PBIT margin stood at 7.7%; excluding the eSUV CMA, it was 9.1%. That was 120 basis points lower than a year earlier but 80 basis points higher than in the previous quarter.
Tractors slip on festive timing, services grow
The farm equipment business moved the other way. Tractor sales fell 6% to 1,16,027 units, consolidated farm revenue declined 6% to ₹9,572 crore and segment profit after tax fell 9% to ₹1,053 crore.
M&M still held 41.5% of the tractor market. The farm segment’s standalone PBIT margin was 16.8%, down 300 basis points from a year earlier. The company attributed the softer showing to the shift in the festival season and higher commodity costs.
Group CEO and Managing Director Anish Shah said the 25% rise in consolidated profit “reflects the resilience of our group”, adding that the farm business “experienced a marginal decline on account of the festival season shift.” He said the group “remains focused on laying the foundations for consistent profitable growth.”
The outlook for tractors has also dimmed. Rajesh Jejurikar, Executive Director and CEO of the auto and farm sector, cut M&M’s FY27 tractor industry growth forecast to broadly flat from about 5%, citing drought in Karnataka and Maharashtra, and said the company could revise it again in 30 to 40 days.
The group’s services businesses also contributed. Consolidated services revenue rose 18% to ₹11,821 crore, with profit after tax up 18% to ₹1,147 crore.
Mahindra Finance grew assets under management by 15% and reported a 61% rise in profit, with its GS3 ratio at 3.42%. Tech Mahindra posted an EBIT margin of 14.8%, up 260 basis points, and a 33% increase in profit after tax.
Mahindra Lifespaces recorded residential pre-sales of ₹1,100 crore, up 41%, while Mahindra Logistics grew revenue 24% to ₹2,095 crore. Mahindra Holidays reported 5,762 room keys and occupancy of 76%, up 220 basis points.
What it means for investors
The M&M Q2 results suggest demand for utility vehicles remains firm even as tractor sales swing with the festive calendar and the monsoon. For investors, the gap between 26% standalone revenue growth and 4% standalone EBITDA growth is likely to draw scrutiny on the earnings call and in brokerage notes.
M&M’s market value stands at about ₹3.9 lakh crore, Business Today reported. The company also reported an annualised return on equity of 21%.
The Mahindra and Mahindra profit numbers arrived during a strong session for Indian equities. The NSE-listed company’s results came as the Sensex closed 2,008.61 points higher at 79,310.01 on Thursday and the Nifty 50 gained 576 points to 24,536.60, according to Kotak Neo.
The auto sector has been drawing fresh capital commitments this year, including Hyundai’s $15.5 billion India investment pledge. Readers can follow more listed-company earnings in our latest business news section.
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Investors will now watch whether farm volumes recover in the December quarter once festive demand is fully counted and drought effects become clearer, and whether auto margins keep improving sequentially. M&M’s monthly sales figures for November, due early next month, will offer the first signal on SUV sales momentum.
