Mahindra & Mahindra posts 25% rise in Q2 profit, revenue up 25.4% YoY

Mahindra & Mahindra (M&M) posted a 25% year-on-year increase in consolidated net profit to Rs 4,587.88 crore for the September quarter, up from Rs 3,673.32 crore a year earlier. Revenue from operations grew 25.4% YoY to Rs 57,514.98 crore, compared with Rs 45,885.40 crore in the same period last year.

Total expenses rose 25.9% YoY to Rs 51,845.48 crore. On a standalone basis, the company recorded a 12.15% rise in net profit to Rs 5,102 crore, with revenue increasing 27.1% to Rs 42,477 crore.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 2.1% YoY to Rs 4,912 crore, though the EBITDA margin fell 280 basis points to 11.6%.

The automotive business remained the primary growth driver, with quarterly volumes rising 26% YoY to 3.31 lakh units and SUV revenue market share at 24.3%. Consolidated automotive revenue jumped 39% YoY to Rs 37,756 crore, and profit after tax rose 55% to Rs 2,388 crore.

The farm equipment segment saw volumes of 1.16 lakh units and a market share of 41.5%, but revenue declined 6% YoY to Rs 9,572 crore and profit after tax fell 9% to Rs 1,053 crore.

In services, Mahindra Finance reported a 15% increase in assets under management and a 61% rise in profit after tax. Tech Mahindra’s EBIT margin was 14.8% with profit after tax up 33%. Mahindra Lifespace Developers recorded residential pre-sales of Rs 1,100 crore, a 41% increase, and added gross development value of Rs 1,500 crore.

Mahindra Logistics revenue grew 24% YoY to Rs 2,095 crore, with profit after tax turning positive and tripling year-on-year.

"Consolidated PAT growth of 25% reflects the resilience of the group and disciplined execution across its businesses," said Anish Shah, Group CEO and Managing Director.

"The automotive business continued to grow on the back of strong consumer demand," Shah added, noting a marginal decline in the farm business due to seasonal factors.

"Despite the uneven macroeconomic environment, the group remains focused on laying the foundation for consistent profitable growth," he said.

Rajesh Jejurikar, Executive Director and CEO of the Auto and Farm sector, highlighted a 26% YoY rise in SUV volumes and the company's leading position in EV revenue market share for the first half of the year.

Amarjyoti Barua, Group CFO, said the diversified portfolio and strong balance sheet provide flexibility for future investments.

The company announced a senior-management change, appointing Shuchi Suri as Chief Sales and Marketing Officer of the automotive business effective April 1, 2027.

M&M shares rose 6.18% after the results, reaching an intraday high of Rs 3,145 before settling around Rs 3,103. The stock has fallen about 17% year-to-date, with a market capitalisation of roughly Rs 3,87,110 crore.