M&M Q3 FY26: profit soars 54%, revenue up 26% on strong auto, finance performance
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Mahindra & Mahindra (M&M) reported a 54% year-on-year rise in consolidated profit after tax (PAT) and a 26% increase in revenue for the quarter ended December 31, 2025, underlining broad-based momentum across its automotive, farm, and services businesses.
Consolidated PAT stood at ₹4,675 crore in Q3 FY26, up 54% (excluding the impact of a change in labour code regulation), while revenue climbed to ₹52,100 crore, marking a 26% increase over the year-ago period. On a reported basis, PAT growth was 47%. The company’s annualised return on equity came in at 20.1%.
M&M Group CEO Anish Shah stated that the performance reflected disciplined execution and sustained demand across core businesses, with services increasing their contribution to overall results.
Auto business accelerates
The auto segment remained a key growth engine. Quarterly volumes rose 23% year-on-year to 3,02,238 units, including sales by subsidiaries. Utility vehicle (UV) volumes reached 1,79,000 units, while Mahindra strengthened its leadership in SUVs with a revenue market share of 24.1%, up 90 basis points.
The standalone auto business reported a 27% rise in PBIT to ₹2,684 crore, with margins improving to 9.7%. Consolidated auto revenue grew 30% to ₹30,370 crore, while PAT increased 42% to ₹1,993 crore.
Farm steady; services deepen contribution
The farm segment posted a 23% rise in tractor volumes to 1,49,567 units. While quarterly market share stood at 44%, down marginally year-on-year, profitability improved meaningfully. Standalone PBIT rose 41% to ₹2,061 crore, with margins expanding by 240 basis points to 20.5%. Consolidated farm revenue grew 21% to ₹11,501 crore.
Services businesses showed resilience. Mahindra Finance reported a 97% jump in PAT alongside stable asset quality, with gross stage-3 assets below 4%. Tech Mahindra’s EBIT margin improved by 290 basis points to 13.1%. Mahindra Logistics turned profitable after 11 quarters, while Mahindra Lifespaces delivered a fivefold increase in PAT and a 71% surge in residential pre-sales.
Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), stated, “Auto and Farm businesses delivered strong performance in Q3’FY26. We have achieved a 90 bps YoY increase in SUV revenue share and a 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 a very positive response in the market.”