Mahindra & Mahindra Q2 PAT rises 25% to ₹4,588 crore, revenue grows 25%
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Mahindra & Mahindra reported a 25% year-on-year increase in consolidated profit after tax (PAT) to ₹4,588 crore in the second quarter of FY27, compared with ₹3,673 crore in the year-ago period. Consolidated revenue also rose 25% to ₹57,553 crore from ₹46,106 crore.
For the first half of FY27, consolidated revenue grew 26% to ₹1,15,741 crore, while PAT increased 29% to ₹10,042 crore. The company reported a return on equity of 21% for the first half on an annualised basis.
Auto business drives profit growth; farm PAT declines 9%
The automotive business was the largest contributor to profit growth. Its consolidated PAT rose 55% to ₹2,388 crore from ₹1,536 crore in Q2 FY26. Revenue from the SUV and light commercial vehicle business, including exports, increased to ₹26,881 crore from ₹20,909 crore. The electric SUV business reported revenue of ₹6,831 crore, compared with ₹3,599 crore a year earlier.
Mahindra sold 1.83 lakh SUVs during the quarter, up 26% year-on-year, while volumes in the light commercial vehicle segment below 3.5 tonnes rose 19% to 83,000 units. The company held a 24.3% revenue market share in SUVs.
The farm business reported a decline. Consolidated PAT fell 9% to ₹1,053 crore, while revenue declined 6% to ₹9,572 crore. Profit before interest and tax (PBIT) was down 14% at ₹1,376 crore. Tractor volumes fell 6% to 1.16 lakh units. Mahindra cited commodity inflation, a monsoon deficit and weaker demand in international markets. It has reduced its FY27 tractor industry outlook to flat growth.
Among the group's other businesses, Mahindra Finance reported a 61% rise in PAT to ₹477 crore, while Tech Mahindra's PAT increased 33% to ₹445 crore. Growth Gems reported a threefold increase in PAT to ₹168 crore. Profit from investments fell 80% to ₹56 crore, partly reflecting monetisation in the year-ago period.
Dr Anish Shah, Group CEO and Managing Director, M&M Ltd., said, "Our Q2 F27 Consolidated PAT growth of 25% reflects the resilience of our group and underlines the disciplined execution across businesses. Auto continued to grow on the back of strong consumer demand, while Farm experienced a marginal decline on account of the festive season shift. Mahindra Finance maintained its growth trajectory, TechM displayed acceleration in its transformation journey, and our Growth Gems continued their momentum. Despite the uneven macroeconomic environment, the group remains focused on laying the foundation for consistent profitable growth.”