For the nine months ended FY26, disbursements are seen at approximately Rs 43,900 crore, reflecting a 4% YoY increase, excluding finance leases.

The company’s business assets are estimated at about Rs 1.29 lakh crore as of December 2025, marking a 12% growth on a year-on-year basis, supported by steady performance across lending segments.

Asset quality remained stable, with collection efficiency estimated at 95% in Q3 FY26, unchanged from the same period last year.

As of 31 December 2025, Stage-3 assets are estimated to be in the range of 3.9–4.0%, largely flat compared with 3.9% a year ago. Stage-2 assets are estimated at 5.4–5.5%, improving from 6.3% in the year-ago period, indicating better early-stage delinquencies.

The company continued to maintain a strong liquidity position, with a liquidity buffer of over Rs 8,850 crore on its balance sheet.

Mahindra Finance, part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 11 million customers. The company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits. The company has 1,352 offices and reaches out to customers spread over 5,16,000 villages and 8,000 towns across the country, transforming more than 1.1 crore lives.

The NBFC’s standalone net profit jumped 54.08% to Rs 569.31 crore in Q2 FY26 as against Rs 369.47 crore reported in Q2 FY25. Total income increased by 14.37% year on year to Rs 4,489.24 crore in the quarter ended 30 September 2025.

Shares of Mahindra & Mahindra Financial Services shed 0.30% to close at Rs 402.75 on the BSE on 2 January 2026.