Mahindra & Mahindra Reports 54% Surge in Q3 FY26 PAT to Rs 4,675 Crore; Revenue Climbs 26% to Rs 52,100 Crore

Mumbai, February 11, 2026: Mahindra & Mahindra Limited (NSE: M&M, BSE: 500520) reported a sharp 54 percent year-on-year rise in consolidated profit after tax for the third quarter ended December 31, 2025, at Rs 4,675 crore, driven by strong operating momentum across Auto, Farm and Services businesses.
Consolidated revenue for Q3 FY26 rose 26 percent YoY to Rs 52,100 crore, while annualised return on equity stood at 20.1 percent.

Consolidated Financial Performance​

PAT growth stands at 54 percent excluding the impact of change in labour code regulation in Q3 FY26.
PAT margin improved to 9.0 percent in Q3 FY26 compared with 7.7 percent in Q3 FY25.
For the nine months ended December 2025, consolidated PAT stood at Rs 12,431 crore versus Rs 9,634 crore in the corresponding period last year.

Standalone Financial Performance​

Vehicle volumes rose 23 percent YoY to 3,02,238 units, while tractor volumes increased 23 percent to 1,49,567 units during the quarter.

Segment-Wise Performance​

Automotive​

The Auto business delivered strong growth momentum during the quarter:

• Quarterly volumes stood at 302,000 units, up 23 percent YoY
• UV volumes reached 179,000 units
• SUV revenue market share improved to 24.1 percent, up 90 basis points
• Standalone PBIT rose 27 percent to Rs 2,684 crore
• Standalone PBIT margin stood at 9.7 percent

On a consolidated basis:
The company retained its leadership in SUVs and LCVs below 3.5T, with LCV market share at 51.9 percent, up 10 basis points.

Farm Equipment​

The Farm segment maintained leadership with:

• Market share at 44.0 percent
• Volumes up 23 percent YoY to 150,000 units
• Standalone PBIT up 41 percent to Rs 2,061 crore
• Standalone PBIT margin at 20.5 percent, up 240 basis points

Consolidated performance:

Services​

The Services segment continued to strengthen its contribution:

• Financial Services AUM up 12 percent
• PAT from Financial Services up 97 percent
• Gross Stage 3 assets remained below 4 percent
• Tech Mahindra EBIT margin improved to 13.1 percent, up 290 basis points
• Mahindra Lifespaces reported 5x growth in PAT with residential pre-sales of Rs 572 crore, up 71 percent
• Mahindra Logistics reported revenue of Rs 1,898 crore, up 19 percent, and turned profitable after 11 quarters

Consolidated Services performance:

Management Commentary​

Dr. Anish Shah, Group CEO and Managing Director, said the group delivered solid operating performance in Q3 FY26, reflecting disciplined execution and sustained growth momentum across businesses. He highlighted leadership in Auto and Farm, steady traction at Tech Mahindra, and strong performance from Mahindra Finance, alongside breakout quarters at Mahindra Logistics and Mahindra Lifespaces.
Rajesh Jejurikar, Executive Director and CEO of Auto and Farm Sector, said the company achieved a 90 basis point YoY increase in SUV revenue share and 10 basis point improvement in LCV market share during the quarter. He added that tractor market share reached 44.1 percent on a year-to-date basis.
Amarjyoti Barua, Group Chief Financial Officer, said the Q3 results reflect the strength of Mahindra’s diversified portfolio, with services businesses increasing their contribution and translating performance into a stronger balance sheet.

Strategic Positioning and Market Leadership​

Mahindra continues to lead in:

• SUVs with 24.1 percent revenue market share
• LCVs below 3.5T with 51.9 percent market share
• Tractors with 44.0 percent market share
• Electric three-wheelers with 38.6 percent market share

The company also launched Signature Luxury Resorts under Mahindra Holidays during the quarter.

About Mahindra & Mahindra​

Mahindra & Mahindra Limited is listed on the NSE and BSE and is a leading diversified automotive and farm equipment manufacturer in India. The group also has a significant presence in financial services, IT services, logistics, real estate and hospitality.
The company continues to focus on disciplined capital allocation, operational excellence and strengthening its balance sheet while expanding leadership positions across core segments.

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