On consolidated basis
Quarter ended December 2025 compared with Quarter ended December 2024.
Net sales (including other operating income) of Mahindra & Mahindra has increased 25.63% to Rs 52099.75 crore. Sales of Automotive segment has gone up 29.84% to Rs 30,370.37 crore (accounting for 56.76% of total sales). Sales of Farm Equipment segment has gone up 20.59% to Rs 11,500.69 crore (accounting for 21.49% of total sales). Sales of Financial Services segment rose 14.19% to Rs 5,435.15 crore (accounting for 10.16% of total sales). Sales of Industrial Businesses & Consumer Services segment has gone up 27.92% to Rs 6,200.62 crore (accounting for 11.59% of total sales). Inter-segment sales rose Rs 1,064.46 crore to Rs 1,407.08 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 20.28% to Rs 6,154.73 crore. PBIT of Automotive segment rose 29.95% to Rs 2,607.31 crore (accounting for 42.36% of total PBIT). PBIT of Farm Equipment segment fell 6.79% to Rs 1,258.74 crore (accounting for 20.45% of total PBIT). PBIT of Financial Services segment fell 10.97% to Rs 1,093.79 crore (accounting for 17.77% of total PBIT). PBIT of Industrial Businesses & Consumer Services segment rose 124.75% to Rs 1,194.89 crore (accounting for 19.41% of total PBIT). PBIT margin of Automotive segment rose from 8.58% to 8.59%. PBIT margin of Farm Equipment segment fell from 14.16% to 10.94%. PBIT margin of Financial Services segment fell from 25.81% to 20.12%. PBIT margin of Industrial Businesses & Consumer Services segment rose from 10.97% to 19.27%. Overall PBIT margin fell from 12.03% to 11.50%. Operating profit margin has declined from 19.85% to 19.40%, leading to 22.79% rise in operating profit to Rs 10,106.54 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 54.17% to 55.64%. Purchase of finished goods cost fell from 5.04% to 4.45%. Employee cost decreased from 7.20% to 6.67%. Other expenses fell from 13.05% to 13.02%. Other income rose 108.72% to Rs 858.52 crore. PBIDT rose 26.88% to Rs 10965.06 crore. Provision for interest rose 1.83% to Rs 2405.3 crore. PBDT rose 36.30% to Rs 8559.76 crore. Provision for depreciation rose 44.66% to Rs 2162.89 crore. Profit before tax grew 33.69% to Rs 6,396.87 crore. Share of profit/loss was 51.24% higher at Rs 464.69 crore. Provision for tax was expense of Rs 1547.15 crore, compared to Rs 1467.51 crore. Effective tax rate was 23.55% compared to 28.82%. Minority interest decreased 21.87% to Rs 346.83 crore. Net profit attributable to owners of the company increased 46.97% to Rs 4,674.64 crore. Promoters’ stake was 18.14% as of 31 December 2025 ,compared to 18.14% as of 31 December 2024 . Promoters pledged stake was 0.02% as of 31 December 2025 ,compared to 0.02% as of 31 December 2024 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Mahindra & Mahindra has increased 23.20% to Rs 143663.64 crore. Sales of Automotive segment has gone up 28.68% to Rs 83,539.95 crore (accounting for 56.58% of total sales). Sales of Farm Equipment segment has gone up 18.60% to Rs 32,546.29 crore (accounting for 22.04% of total sales). Sales of Financial Services segment rose 14.52% to Rs 15,424.03 crore (accounting for 10.45% of total sales). Sales of Industrial Businesses & Consumer Services segment has gone up 16.20% to Rs 16,133.75 crore (accounting for 10.93% of total sales). Inter-segment sales rose Rs 3,105.67 crore to Rs 3,980.38 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 19.63% to Rs 16,937.04 crore. PBIT of Automotive segment rose 25.45% to Rs 7,207.31 crore (accounting for 42.55% of total PBIT). PBIT of Farm Equipment segment rose 12.31% to Rs 4,497.56 crore (accounting for 26.55% of total PBIT). PBIT of Financial Services segment rose 5.28% to Rs 2,529.19 crore (accounting for 14.93% of total PBIT). PBIT of Industrial Businesses & Consumer Services segment rose 34.80% to Rs 2,702.98 crore (accounting for 15.96% of total PBIT). PBIT margin of Automotive segment fell from 8.85% to 8.63%. PBIT margin of Farm Equipment segment fell from 14.59% to 13.82%. PBIT margin of Financial Services segment fell from 17.84% to 16.40%. PBIT margin of Industrial Businesses & Consumer Services segment rose from 14.44% to 16.75%. Overall PBIT margin fell from 11.83% to 11.47%. Operating profit margin has declined from 19.39% to 18.98%, leading to 20.60% rise in operating profit to Rs 27,263.43 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 54.56% to 57.30%. Purchase of finished goods cost fell from 5.02% to 4.40%. Employee cost decreased from 7.12% to 6.60%. Other expenses fell from 13.71% to 12.74%. Other income rose 65.68% to Rs 2450.95 crore. PBIDT rose 23.36% to Rs 29714.38 crore. Provision for interest rose 7.43% to Rs 7183.52 crore. PBDT rose 29.49% to Rs 22530.86 crore. Provision for depreciation rose 32.99% to Rs 5379.34 crore. Profit before tax grew 28.43% to Rs 17,151.52 crore. Share of profit/loss was 28.60% higher at Rs 1412.08 crore. Provision for tax was expense of Rs 4908.86 crore, compared to Rs 3921.5 crore. Effective tax rate was 26.87% compared to 27.13%.Minority interest increased 3.69% to Rs 930.52 crore. Net profit attributable to owners of the company increased 29.04% to Rs 12,431.28 crore. Promoters’ stake was 18.14% as of 31 December 2025 ,compared to 18.14% as of 31 December 2024 . Promoters pledged stake was 0.02% as of 31 December 2025 ,compared to 0.02% as of 31 December 2024 .
Full year results analysis.
Net sales (including other operating income) of Mahindra & Mahindra has increased 14.48% to Rs 159210.82 crore. Sales of Automotive segment has gone up 19.26% to Rs 90,824.58 crore (accounting for 55.56% of total sales). Sales of Farm Equipment segment has gone up 5.68% to Rs 35,375.30 crore (accounting for 21.64% of total sales). Sales of Financial Services segment rose 16.89% to Rs 18,295.83 crore (accounting for 11.19% of total sales). Sales of Industrial Businesses & Consumer Services segment has gone up 7.07% to Rs 18,971.43 crore (accounting for 11.61% of total sales). Inter-segment sales rose Rs 3,922.98 crore to Rs 4,256.32 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 21.47% to Rs 18,463.59 crore. PBIT of Automotive segment rose 28.73% to Rs 7,797.40 crore (accounting for 42.23% of total PBIT). PBIT of Farm Equipment segment rose 14.33% to Rs 4,946.65 crore (accounting for 26.79% of total PBIT). PBIT of Financial Services segment rose 17.39% to Rs 3,002.02 crore (accounting for 16.26% of total PBIT). PBIT of Industrial Businesses & Consumer Services segment rose 20.29% to Rs 2,717.52 crore (accounting for 14.72% of total PBIT). PBIT margin of Automotive segment rose from 7.95% to 8.59%. PBIT margin of Farm Equipment segment rose from 12.93% to 13.98%. PBIT margin of Financial Services segment rose from 16.34% to 16.41%. PBIT margin of Industrial Businesses & Consumer Services segment rose from 12.75% to 14.32%. Overall PBIT margin rose from 10.63% to 11.29%. Operating profit margin has jumped from 17.90% to 19.17%, leading to 22.60% rise in operating profit to Rs 30,518.19 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 55.40% to 55.34%. Purchase of finished goods cost fell from 5.14% to 4.80%. Employee cost decreased from 7.56% to 6.99%. Other expenses fell from 14.19% to 13.71%. Other income rose 0.21% to Rs 2181.05 crore. PBIDT rose 20.80% to Rs 32699.24 crore. Provision for interest rose 21.30% to Rs 9083.39 crore. Loan funds rose to Rs 124,949.31 crore as of 31 March 2025 from Rs 106,625.52 crore as of 31 March 2024. Inventories rose to Rs 20,330.93 crore as of 31 March 2025 from Rs 18,590.47 crore as of 31 March 2024. Sundry debtors were higher at Rs 8,279.70 crore as of 31 March 2025 compared to Rs 7,459.40 crore as of 31 March 2024. Cash and bank balance rose to Rs 20,614.84 crore as of 31 March 2025 from Rs 12,012.75 crore as of 31 March 2024. Investments rose to Rs 41,308.57 crore as of 31 March 2025 from Rs 35,208.10 crore as of 31 March 2024 . PBDT rose 20.61% to Rs 23615.85 crore. Provision for depreciation rose 28.58% to Rs 6073.65 crore. Fixed assets increased to Rs 40,560.10 crore as of 31 March 2025 from Rs 33,720.34 crore as of 31 March 2024. Intangible assets declined from Rs 2,448.37 crore to Rs 2,373.90 crore. Profit before tax grew 18.08% to Rs 17,542.20 crore. Share of profit/loss was 37.09% higher at Rs 1537.42 crore. Provision for tax was expense of Rs 5006.45 crore, compared to Rs 3707.97 crore. Effective tax rate was 26.24% compared to 23.21%. Minority interest increased 14.27% to Rs 1,144.07 crore. Net profit attributable to owners of the company increased 14.74% to Rs 12,929.10 crore. Equity capital increased from Rs 557.38 crore as of 31 March 2024 to Rs 558.15 crore as of 31 March 2025. Per share face Value remained same at Rs 5.00. Promoters’ stake was 18.14% as of 31 March 2025 ,compared to 18.15% as of 31 March 2024 . Promoters pledged stake was 0.02% as of 31 March 2025 ,compared to 0.06% as of 31 March 2024 . Cash flow from operating activities has turned positive Rs 3,175.81 crore for year ended March 2025 from negative Rs 5,629.95 crore for year ended March 2024. Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 10,391.95 crore, compared to Rs 9,945.99 crore during the year ended March 2024. Other Highlight
In
Q3 FY26, Financial services AUM grew 12% YoY.
In
Q3 FY26, its tractor market share was 44.1% and its SUV
revenue market share stood at 24.1%.
In
Q3 FY26, the company’s Total Vehicles sales grew 23% YoY
to 3,02,238 units. The company’s tractor sales also grew 23% YoY to 1,49,567
units.
Management Comments :
Dr. Anish Shah, Managing Director &
Group CEO, M&M said, “We are delighted to report solid operating
performance across the group in Q3’F26, reflecting our strong focus on growth
coupled with disciplined execution. Auto & Farm has maintained its
leadership position on the back of steady customer demand, strong product
acceptance and unwavering focus on operational excellence. TechM continues to
make meaningful progress. Mahindra Finance delivered another solid quarter with
meaningful PAT growth while maintaining strong asset quality. We are especially
pleased to see breakout performance from two of our growth gems, Mahindra
Logistics and Mahindra Lifespaces.”
Mr. Rajesh Jejurikar, Executive Director
& CEO (Auto and Farm Sector), M&M said, “Auto and Farm businesses
delivered strong performance in Q3’FY26. We have achieved a 90 bps YoY increase
in SUV revenue share and 10 bps YoY increase in LCV (< 3.5T) market share in
Q3. Our tractor business gained 20 bps YoY to reach an impressive 44.1% share
for YTD FY26. Our new launches XEV 9S, and the XUV 7XO have received very
positive response in the market.”
Mr. Amarjyoti Barua, Group Chief Financial
Officer, M&M said, “Our Q3 consolidated results reflects the strength and
depth of our diversified portfolio. Our services businesses continue to
increase their contribution to the overall results. Our results are also translating
into a very strong Balance Sheet.”
| Mahindra & Mahindra : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202512 | 202412 | Var.(%) | 202512 | 202412 | Var.(%) | 202503 | 202403 | Var.(%) |
|---|
| Net Sales (including other operating income) | 52,099.75 | 41,470.05 | 25.63 | 143,663.64 | 116,611.51 | 23.20 | 159,210.82 | 139,078.27 | 14.48 | | OPM (%) | 19.40 | 19.85 | -45 bps | 18.98 | 19.39 | -41 bps | 19.17 | 17.90 | 127 bps | | OP | 10,106.54 | 8,230.73 | 22.79 | 27,263.43 | 22,607.25 | 20.60 | 30,518.19 | 24,891.93 | 22.60 | | Other Inc. | 858.52 | 411.33 | 108.72 | 2,450.95 | 1,479.32 | 65.68 | 2,181.05 | 2,176.42 | 0.21 | | PBIDT | 10,965.06 | 8,642.06 | 26.88 | 29,714.38 | 24,086.57 | 23.36 | 32,699.24 | 27,068.35 | 20.80 | | Interest | 2,405.30 | 2,362.16 | 1.83 | 7,183.52 | 6,686.87 | 7.43 | 9,083.39 | 7,488.21 | 21.30 | | PBDT | 8,559.76 | 6,279.90 | 36.30 | 22,530.86 | 17,399.70 | 29.49 | 23,615.85 | 19,580.14 | 20.61 | | Depreciation | 2162.89 | 1495.17 | 44.66 | 5379.34 | 4044.93 | 32.99 | 6073.65 | 4723.78 | 28.58 | | PBT | 6,396.87 | 4,784.73 | 33.69 | 17151.52 | 13354.77 | 28.43 | 17542.2 | 14856.36 | 18.08 | | Share of Profit/(Loss) from Associates | 464.69 | 307.26 | 51.24 | 1412.08 | 1098.05 | 28.60 | 1537.42 | 1121.43 | 37.09 | | PBT before EO | 6861.56 | 5091.99 | 34.75 | 18563.6 | 14452.82 | 28.44 | 19079.62 | 15977.79 | 19.41 | | EO Income | -292.94 | 0 | - | -292.94 | 0 | - | 0 | 0 | - | | PBT after EO | 6568.62 | 5091.99 | 29.00 | 18270.66 | 14452.82 | 26.42 | 19079.62 | 15977.79 | 19.41 | | Taxation | 1547.15 | 1467.51 | 5.43 | 4908.86 | 3921.5 | 25.18 | 5006.45 | 3707.97 | 35.02 | | PAT | 5021.47 | 3624.48 | 38.54 | 13361.8 | 10531.32 | 26.88 | 14073.17 | 12269.82 | 14.70 | | Minority Interest (MI) | 346.83 | 443.9 | -21.87 | 930.52 | 897.39 | 3.69 | 1144.07 | 1001.18 | 14.27 | | Net profit | 4674.64 | 3180.58 | 46.97 | 12431.28 | 9633.93 | 29.04 | 12929.1 | 11268.64 | 14.74 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 4674.64 | 3180.58 | 46.97 | 12431.28 | 9633.93 | 29.04 | 12929.1 | 11268.64 | 14.74 | | EPS (Rs)* | 39.22 | 25.58 | 53.33 | 101.51 | 77.47 | 31.02 | 103.97 | 90.62 | 14.74 | | | * EPS is on current equity of Rs 621.76 crore, Face value of Rs 5, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Mahindra & Mahindra : Consolidated Segment Results | | | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202512 | 202412 | Var.(%) | % of (Total) | 202512 | 202412 | Var.(%) | % of (Total) | 202503 | 202403 | Var.(%) |
|---|
| Sales | | Automotive | 56.76 | 30,370.37 | 23,390.69 | 29.84 | 56.58 | 83,539.95 | 64,922.19 | 28.68 | 55.56 | 90,824.58 | 76,155.98 | 19.26 | | Farm Equipment | 21.49 | 11,500.69 | 9,536.94 | 20.59 | 22.04 | 32,546.29 | 27,442.05 | 18.60 | 21.64 | 35,375.30 | 33,474.15 | 5.68 | | Financial Services | 10.16 | 5,435.15 | 4,759.65 | 14.19 | 10.45 | 15,424.03 | 13,468.71 | 14.52 | 11.19 | 18,295.83 | 15,652.02 | 16.89 | | Industrial Businesses & Consumer Services | 11.59 | 6,200.62 | 4,847.23 | 27.92 | 10.93 | 16,133.75 | 13,884.23 | 16.20 | 11.61 | 18,971.43 | 17,719.10 | 7.07 | | Total Reported Sales | 100.00 | 53,506.83 | 42,534.51 | 25.80 | 100.00 | 147,644.02 | 119,717.18 | 23.33 | 100.00 | 163,467.14 | 143,001.25 | 14.31 | | Less: Inter segment revenues | | 1,407.08 | 1,064.46 | 32.19 | | 3,980.38 | 3,105.67 | 28.16 | | 4,256.32 | 3,922.98 | 8.50 | | Net Sales | 100.00 | 52,099.75 | 41,470.05 | 25.63 | 100.00 | 143,663.64 | 116,611.51 | 23.20 | 100.00 | 159,210.82 | 139,078.27 | 14.48 | | PBIT | | Automotive | 42.36 | 2,607.31 | 2,006.47 | 29.95 | 42.55 | 7,207.31 | 5,745.39 | 25.45 | 42.23 | 7,797.40 | 6,057.12 | 28.73 | | Farm Equipment | 20.45 | 1,258.74 | 1,350.41 | -6.79 | 26.55 | 4,497.56 | 4,004.51 | 12.31 | 26.79 | 4,946.65 | 4,326.62 | 14.33 | | Financial Services | 17.77 | 1,093.79 | 1,228.52 | -10.97 | 14.93 | 2,529.19 | 2,402.34 | 5.28 | 16.26 | 3,002.02 | 2,557.22 | 17.39 | | Industrial Businesses & Consumer Services | 19.41 | 1,194.89 | 531.66 | 124.75 | 15.96 | 2,702.98 | 2,005.25 | 34.80 | 14.72 | 2,717.52 | 2,259.12 | 20.29 | | Total PBIT | 100.00 | 6,154.73 | 5,117.06 | 20.28 | 100.00 | 16,937.04 | 14,157.49 | 19.63 | 100.00 | 18,463.59 | 15,200.08 | 21.47 | | Less : Interest | | 172.98 | 190.25 | -9.08 | | 480.54 | 499.50 | -3.80 | | 681.51 | 544.06 | 25.26 | | Add: Other un-allcoable | | 586.87 | 165.18 | 255.29 | | 1,814.16 | 794.83 | 128.25 | | 1,297.54 | 1,321.77 | -1.83 | | PBIT Margin(%) | | Automotive | | 8.59 | 8.58 | 0.70 | | 8.63 | 8.85 | -22.23 | | 8.59 | 7.95 | 63.15 | | Farm Equipment | | 10.94 | 14.16 | -321.49 | | 13.82 | 14.59 | -77.36 | | 13.98 | 12.93 | 105.81 | | Financial Services | | 20.12 | 25.81 | -568.68 | | 16.40 | 17.84 | -143.87 | | 16.41 | 16.34 | 7.03 | | Industrial Businesses & Consumer Services | | 19.27 | 10.97 | 830.22 | | 16.75 | 14.44 | 231.09 | | 14.32 | 12.75 | 157.46 | | PBT | 100.00 | 6,568.62 | 5,091.99 | 29.00 | 100.00 | 18,270.66 | 14,452.82 | 26.42 | 100.00 | 19,079.62 | 15,977.79 | 19.41 |
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