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Mahindra & Mahindra (M&M) Q2 FY27 results: Mahindra & Mahindra reported a 25 percent year-on-year rise in consolidated net profit to Rs 4,588 crore for the fiscal second quarter, while revenue climbed 25 percent to Rs 57,553 crore, supported by strong growth in its automotive business.

Shares of Mahindra & Mahindra gained 4.8 percent to Rs 3,104 in Thursday afternoon trade following the announcement of its quarterly earnings. The stock has declined 17.6 percent so far in 2026, underperforming the Nifty 50, which has fallen 6.4 percent during the same period. The company's market capitalisation stood at approximately Rs 3.86 lakh crore.

On a standalone basis, M&M reported a 13 percent year-on-year rise in net profit to Rs 5,102 crore, compared with Rs 4,521 crore in the corresponding period last year. Revenue from operations climbed 26 percent to Rs 44,282 crore from Rs 35,080 crore.

The automaker's standalone EBITDA rose 4 percent year-on-year to Rs 6,718 crore from Rs 6,467 crore, indicating that operating profit growth lagged the sharp increase in revenue. Total vehicle sales rose 26 percent to 3,30,896 units from 2,61,703 units a year earlier. However, tractor sales declined 6 percent to 1,16,027 units from 1,22,936 units.

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Auto business delivers strong growth

M&M's automotive business recorded quarterly sales volumes of approximately 3.31 lakh units, up 26 percent year-on-year. Utility vehicle volumes stood at 1.83 lakh units. Revenue from the SUV business increased 24.3 percent year-on-year, reflecting strong demand for the company's utility vehicle portfolio.

Consolidated revenue from the automotive business increased 39 percent to Rs 37,756 crore, while consolidated profit after tax surged 55 percent to Rs 2,388 crore.

The segment's standalone profit before interest and tax (PBIT) rose 15 percent to Rs 2,614 crore. Its PBIT margin stood at 7.7 percent, excluding the impact of the eSUV CAFE adjustment, down 120 basis points from a year earlier.

Farm business sees decline in revenue, profit

M&M's farm equipment business reported a 6 percent year-on-year decline in consolidated revenue to Rs 9,572 crore, while consolidated net profit fell 9 percent to Rs 1,053 crore. The farm business recorded quarterly volumes of approximately 1.16 lakh units, with a market share of 41.5 percent.

Standalone PBIT stood at Rs 1,441 crore, with the PBIT margin declining 300 basis points year-on-year to 16.8 percent. The company attributed the moderation in farm business performance to a shift in the festive season.

Other businesses, management commentary

Among other group businesses, Mahindra & Mahindra Financial Services (MMFSL) reported 15 percent growth in assets under management and a 61 percent increase in net profit.

Tech Mahindra continued to improve profitability, reporting an EBIT margin of 14.8 percent, while the group's Growth Gems businesses recorded a threefold increase in net profit.

Commenting on the quarterly performance, Anish Shah, Group CEO and Managing Director of M&M, said, “Auto continued to grow on the back of strong consumer demand, while Farm experienced a marginal decline on account of the festive season shift.”