Mahindra Finance Q3 FY26 Earnings Results: Consolidated Income Up 14%, PAT Down 10%

Mahindra and Mahindra Financial Services Limited reported its consolidated financial performance for the quarter ended December 31, 2025, reflecting growth in income and disbursements alongside moderated profitability. 

Mahindra Finance Q3 FY26 Financial Performance 

For Q3 FY26, total income stood at ₹5,464 crore, registering an increase of 14% YoY compared to ₹4,799 crore in Q3 FY25. Profit after tax declined by 10% YoY to ₹826 crore from ₹918 crore in the same quarter last year. For the 9 months ended December 31, 2025, total income rose 14% YoY to ₹15,527 crore, while PAT increased 6% YoY to ₹1,921 crore. 

Disbursements and Loan Book Growth 

Quarterly disbursements rose 10% YoY to ₹18,918 crore in Q3 FY26 from ₹17,168 crore in Q3 FY25. Cumulative disbursements for 9M FY26 grew 6% YoY to ₹47,032 crore. The loan book expanded 12% YoY, supported by growth in tractors, utility vehicles and MSME focused secured lending. 

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Operational and Asset Quality Metrics 

Net interest margin expanded on a YoY basis, aided by higher fee income and lower cost of funds. Asset quality remained within the guided range, with GS3 at 3.80% and GS2 plus GS3 at 9.20% as of December 31, 2025. Credit cost for the quarter stood at 1.3%. Collection efficiency remained stable at 95% compared to Q3 FY25. 

Business Segment Performance 

The wheels business continued its presence across tractors, passenger vehicles and light commercial vehicles. Tractor disbursements increased 65% YoY during the quarter. The non vehicle finance portfolio grew 33% YoY.  

MSME assets expanded 35% YoY to ₹7,378 crore, with Stage 3 assets at 1.29%. Leasing, insurance and mortgage businesses reported stable operations with controlled asset quality. 

Mahindra & Mahindra Financial Services Share Price Performance 

As of January 29, 2026, at 9:18 AM, Mahindra & Mahindra Financial Services share price on NSE was trading at ₹361.50 down by 2.44% from the previous closing price. 

Conclusion 

Mahindra Finance Q3 FY26 results reflect steady income growth, stable asset quality and moderated profitability amid operational and regulatory impacts during the quarter ended December 31, 2025. 

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