Mahindra & Mahindra Q2 Profit Rises 28% on Farm Sector Boost, Strong Group Performance

Mahindra & Mahindra Ltd (M&M) on Tuesday reported a 28% year-on-year rise in consolidated profit after tax (PAT) to Rs 3,673 crore for the quarter ended September 30, 2025, powered by robust performance in its farm business and steady growth across group companies. The company had reported a PAT of Rs 2,867 crore in the same period last year.

Consolidated revenue climbed to Rs 46,106 crore from Rs 37,924 crore a year earlier. Excluding one-time land sale gains, SML Isuzu tax adjustments, and prior-period PLI benefits, the company’s PAT growth stood at 28%.

M&M said it has revised its tractor industry outlook upwards, now expecting lower double-digit growth in FY26 compared with earlier estimates of mid-to-high single digits. “Auto and farm sustained their leadership with consistent gains in market share and profitability. TechM is progressing well on its transformation journey,” said Anish Shah, Group CEO and Managing Director of M&M.

Also Read: Mahindra & Mahindra Denies Reports of Demerger Plans, Reaffirms Synergy Between Auto and Tractor Businesses | Republic World

The farm equipment division delivered its best-ever second-quarter performance, achieving a record 43% market share. Tractor volumes surged 32% year-on-year to 1.23 lakh units, with revenue up 25% at Rs 10,225 crore and PBIT rising 48% to Rs 1,684 crore. The segment’s consolidated PAT increased 45% to Rs 1,163 crore.

The auto business continued its upward trajectory, selling 2.62 lakh vehicles during the quarter, a 13% rise in volumes. Utility Vehicle (UV) sales touched 1.46 lakh units, giving M&M a 25.7% share in the SUV segment — up 390 basis points from last year. Auto revenue rose 25% to Rs 27,171 crore, while PAT grew 8% to Rs 1,536 crore. However, the company noted that GST transition had a temporary impact on the segment’s profitability.

Financial services saw a 45% increase in PAT, maintaining asset quality below 4%. Tech Mahindra posted a 250-basis-point improvement in EBIT margins to 12.1%, while Mahindra Lifespaces, Club Mahindra, and Mahindra Logistics also contributed to consolidated growth.

“Our solid Q2 performance underscores the resilience of our diversified portfolio and our commitment to sustainable value creation,” said Group CFO Amarjyoti Barua.