M&M Q3FY26 Earnings Results: Net Profit Rises 47% YoY; Auto Volumes Jump 23% on Strong Demand

Mahindra & Mahindra (M&M) reported a 47% year-on-year increase in consolidated profit to ₹4,674.64 crore in Q3FY26, compared with ₹3,180.58 crore a year earlier.
Excluding the effect of new labour code rules, profit growth was even higher at 54% YoY.

The company’s revenue from operations rose 24.4% YoY to ₹51,579.95 crore, showing solid business momentum during the quarter.

Auto Segment Performance

The auto business delivered strong growth:

• Quarterly volumes increased 23% to about 3.02 lakh units.
• SUV volumes reached 1.79 lakh units.
• SUV revenue market share improved by 90 basis points to 24.1%.

Segment revenue jumped 30% to ₹30,370 crore, while profit after tax grew 42% (excluding labour code impact). Standalone PBIT rose 27% to ₹2,684 crore, with a margin of 9.7%.

Farm Segment Highlights

The farm business also showed steady growth:

• Volumes increased 23% to 1.5 lakh units.
• Market share stood at 44%, slightly lower by 20 basis points.
• Revenue rose 21% to ₹11,501 crore.
• PBIT increased 41%, and margin improved to 20.5% (excluding labour code impact).
• PAT grew modestly by 7% to ₹1,044 crore.

Services Segment Contribution

M&M’s services businesses continued to strengthen overall performance:

• Mahindra Finance AUM grew 12%.
• Tech Mahindra EBIT margin improved to 13.1% (up 290 bps).
• Mahindra Lifespaces PAT increased fivefold, with residential pre-sales up 71%.
• Mahindra Logistics revenue rose 19% to ₹1,898 crore and turned profitable after 11 quarters.
• Total services revenue reached ₹11,636 crore, up 21%.

Read More: Best Gold ETFs Based on 6-Month Returns in Feb 2026!

Management Commentary 

Management highlighted strong customer demand, successful product launches, and operational efficiency across auto and farm segments, along with improved contribution from services.

M&M Share Price Movement

Mahindra and Mahindra share price (NSE: M&M) closed at ₹3,675.00 on February 11 at 3:30 pm IST, slipping slightly by ₹0.80 (0.02%) for the day. The stock opened at ₹3,704.70, touched an intraday high of ₹3,787.00, and fell to a low of ₹3,666.10.

Conclusion

Mahindra & Mahindra delivered broad-based growth in Q3FY26, driven by strong performance in auto, farm, and services segments. Continued demand, improving margins, and diversified businesses position the company well for sustained growth ahead.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/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.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.