Mahindra & Mahindra Q3 consolidated net profit jumps 47% YoY to Rs 4,675 crore, revenue up 26%; auto growth strong

Mahindra & Mahindra

• Mahindra's Q3 profit rose 47% to Rs 4,675 crore, revenue up 26%.
• Automotive segment revenue up 30 percent, SUV market share at 24.1 percent
• Mahindra Logistics turned profitable after 11 quarters; services PAT doubled.

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Mahindra & Mahindra Ltd’s fiscal third-quarter consolidated net profit rose 47 percent year-on-year to Rs 4,675 crore, while revenue from operations increased 26 percent to Rs 52,100 crore, according to its stock exchange filing. Excluding the impact of changes in labour code regulations during the quarter, consolidated profit after tax (PAT) grew 54 percent on-year, the company said. Consolidated PAT margin improved to 9 percent in Q3 FY26, compared with 7.7 percent a year earlier.

For the nine months ended December 31, 2025, M&M's consolidated PAT stood at Rs 12,431 crore, up from Rs 9,634 crore in the corresponding period last year.

Mahindra & Mahindra shares were trading at Rs 3,697.50, up 0.59 percent on the day. The stock had risen nearly 3 percent intra-day ahead of the earnings announcement but trimmed gains following the results.

Auto and farm continue to drive Mahindra & Mahindra's Q3 performance

The automotive segment reported consolidated revenue of Rs 30,370 crore in Q3 FY26, up 30 percent year-on-year. Consolidated PAT for the segment rose 42 percent to Rs 1,993 crore. Quarterly volumes stood at 3.02 lakh vehicles, up 23 percent, with utility vehicle (UV) volumes at 1.79 lakh units.

Mahindra maintained its leadership in SUVs with a revenue market share of 24.1 percent in the quarter, up 90 basis points year-on-year. In light commercial vehicles (under 3.5 tonnes), market share rose 10 basis points to 51.9 percent.

The farm equipment segment posted consolidated revenue of Rs 11,501 crore, up 21 percent year-on-year, while PAT increased 7 percent to Rs 1,044 crore. Tractor volumes rose 23 percent to 1.50 lakh units, though quarterly market share dipped 20 basis points to 44.0 percent.

Services contribution strengthens

The services segment delivered consolidated revenue of Rs 11,636 crore in the quarter, up 21 percent year-on-year, with consolidated PAT doubling to Rs 1,637 crore.

Mahindra Finance (MMFSL) reported a 97 percent rise in PAT, with gross stage-3 assets below 4 percent. Tech Mahindra’s EBIT margin improved to 13.1 percent, up 290 basis points year-on-year. Mahindra Logistics turned profitable after 11 quarters, while Mahindra Lifespaces reported a five-fold increase in PAT. Group Return on Equity (annualised) stood at 20.1 percent during the quarter.

Commenting on the performance, Group CEO and Managing Director Dr Anish Shah said the company delivered “solid operating performance across the group in Q3’F26”, reflecting strong focus on growth and disciplined execution.

Group CFO Amarjyoti Barua said the quarter’s results “reflect the strength and depth of our diversified portfolio”, adding that services businesses continued to increase their contribution to overall results.