Mahindra & Mahindra Limited announced its unaudited financial results for the 2nd quarter and half year ended September 30, 2025, on November 4, 2025, showcasing robust performance across its automotive, farm equipment, and services segments.
The Board of Directors approved the results at a meeting held on November 4, 2025, which commenced at 11.33 AM and concluded at 1.14 PM.
The company reported consolidated profit after tax of ₹3,673 crore for Q2 FY26, representing a 28% year-on-year increase when excluding 1-time gains from land sale in Q2 FY25, SML Isuzu tax impact, and prior period PLI benefits in Q2 FY26.
Consolidated revenue from operations grew 22% to ₹46,106 crore compared to ₹37,924 crore in the corresponding quarter last year. The company maintained a healthy return on equity at 19.4% on an annualised basis, reflecting strong capital efficiency.
Mahindra strengthened its position as the number 1 player in SUVs with revenue market share reaching 25.7%, up 390 basis points year on year. In the light commercial vehicles segment under 3.5 tonnes, the company held 53.2% market share, gaining 100 basis points.
The farm equipment division achieved its highest ever Q2 market share at 43%, up 50 basis points, with volumes reaching 1,22,936 units, up 32% year on year. The company also secured the number 1 position in electric 3-wheelers with 42.3% market share.
Read More: Mahindra & Mahindra, Samsung Team Up for Digital Key Innovation in eSUVs!
The automotive segment recorded quarterly volumes of 2,61,703 units, including sales by LMM and MEAL, representing 13% growth year on year. Utility vehicle volumes stood at 1,46,000 units during the quarter.
Standalone profit before interest and tax reached ₹2,281 crore, up 14%, with PBIT margin at 9.2%. Excluding electric SUV contract manufacturing, the margin improved to 10.3%, up 80 basis points year on year. Consolidated automotive revenue grew 25% to ₹27,171 crore, whilst consolidated PAT increased 8% to ₹1,536 crore.
The farm equipment segment delivered its highest-ever Q2 performance with a standalone PBIT of ₹1,684 crore, up 48%, and a PBIT margin of 19.7%, up 220 basis points. Consolidated farm revenue increased 25% to ₹10,225 crore, whilst consolidated PAT grew 45% to ₹1,163 crore. Core tractor PBIT margins improved by 190 basis points to 20.6%, demonstrating strong operational efficiency.
Mahindra & Mahindra Financial Services posted PAT growth of 45% whilst maintaining gross stage 3 assets below 4%, indicating strong asset quality. Tech Mahindra achieved an EBIT margin of 12.1%, up 250 basis points, continuing its transformation journey.
Mahindra Lifespaces reported residential pre-sales of ₹752 crore with gross development value acquired at ₹1,700 crore, up 2.6 times. Club Mahindra maintained occupancy at 73% with room keys up 5%, whilst Mahindra Logistics revenue grew 11% to ₹1,685 crore. Consolidated services revenue grew 12% to ₹10,048 crore.
On a standalone basis, Mahindra & Mahindra reported revenue of ₹35,080 crore, up 21% year on year, with EBITDA at ₹6,467 crore, up 23%. Standalone PAT stood at ₹4,521 crore, representing an 18% increase compared to ₹3,841 crore in Q2 FY25. Total vehicles sold reached 2,61,703 units, whilst total tractors sold stood at 1,22,936 units.
On November 4, 2025, Mahindra & Mahindra share price opened at ₹3,548.60 on NSE, below the previous close of ₹3,548.90. During the day, it surged to ₹3,632.80 and dipped to ₹3,537.20. The stock is trading at ₹3,578.60 as of 1:59 PM. The stock registered a moderate gain of 0.84%.
Over the past week, it has moved up by 1.24%, over the past month, it has moved up by 3.07%, and over the past 3 months, it has moved up by 11.82%.
Conclusion
Mahindra & Mahindra's Q2 FY26 results demonstrate strong execution with consolidated PAT of ₹3,673 crore, up 28%, driven by market leadership in SUVs and tractors, margin expansion across segments, and robust growth in financial services. The company delivered over ₹10,000 crore of operating cash flow in the 1st half, reinforcing its commitment to sustainable growth and value creation for stakeholders.
Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Nov 4, 2025, 3:23 PM IST
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