Mahindra & Mahindra’s consolidated revenue increased 25% year-on-year to Rs 57,553 crore, with its automotive business recording 55% growth in profit.
Mahindra & Mahindra Limited (M&M) has reported a 25% year-on-year increase in consolidated profit after tax (PAT) to Rs 4,588 crore for the second quarter of FY2027, compared to Rs 3,673 crore in the corresponding quarter last year. Consolidated revenue also grew 25% to Rs 57,553 crore from Rs 46,106 crore in Q2 FY2026.
The company’s return on equity (RoE) stood at 21% on an annualised basis for the first half of FY2027. The results for the quarter ended September 30, 2026, were approved by the board on November 5, 2026.
M&M attributed the performance to growth across its businesses, supported by measures to manage commodity inflation and other macroeconomic challenges. Its automotive division delivered strong profit growth, while the farm business reported a decline amid a shift in the festive season.
Automotive Business Records 55% Profit Growth
The automotive business remained a key contributor to the company’s performance. Its consolidated revenue increased 39% year-on-year to Rs 37,756 crore, while consolidated PAT rose 55% to Rs 2,388 crore from Rs 1,536 crore in Q2 FY2026.
Mahindra recorded quarterly vehicle volumes of 3.31 lakh units, including sales by Mahindra Last Mile Mobility and Mahindra Electric Automobile Limited, representing 26% growth. SUV volumes stood at 1.83 lakh units, also up 26% year-on-year.
The company retained its leadership position in SUV revenue market share at 24.3% during the quarter. It also reported a 52.3% market share in the light commercial vehicle segment below 3.5 tonnes.
In the electric SUV segment, Mahindra reported a 30.1% revenue market share in Q2 FY2027. The company billed 23,345 electric SUVs during the quarter, accounting for 23.2% of the segment’s volume market share. The XEV 9S recorded sales of 13,275 units, while the BE 6 Sporteq launch led to an increase of more than 50% in enquiries and a 93% rise in bookings, according to the company.
Farm Business Faces Festive Season Impact
Mahindra’s farm business reported consolidated revenue of Rs 9,572 crore, down 6% from Rs 10,225 crore in the year-ago quarter. Consolidated PAT declined 9% to Rs 1,053 crore.
The company sold 1.16 lakh tractors during the quarter, registering a 6% year-on-year decline. Its farm equipment market share stood at 41.5%, while the standalone PBIT margin was 16.8%.
Mahindra cited a shift in the festive season, lower volumes and commodity inflation as factors affecting the business. The company also highlighted monsoon deficits and weaker reservoir levels as challenges for the tractor industry.
Financial Services And Tech Mahindra Report Growth
Mahindra’s services businesses also contributed to the consolidated performance. Mahindra Finance reported a 15% increase in assets under management, while its PAT grew 61% year-on-year. Its gross stage 3 assets stood at 3.42%.
Tech Mahindra recorded 33% growth in PAT, while its EBIT margin improved to 14.8%, an expansion of 260 basis points. Mahindra Logistics reported revenue of Rs 2,095 crore, up 24%, with PAT turning positive and increasing threefold.
The consolidated services business recorded revenue of Rs 11,821 crore, up 18%, while its PAT increased 18% to Rs 1,147 crore.
Mahindra Plans Capacity Expansion And New Launches
Looking ahead, Mahindra expects the domestic tractor industry to remain broadly flat in FY2027. However, it is targeting mid-to-high-teen growth in its SUV business, supported by capacity expansion. The company also expects double-digit growth in the light commercial vehicle industry below 3.5 tonnes.
Mahindra is working to increase its monthly SUV and electric vehicle manufacturing capacity. Its presentation stated that total operational capacity was expected to reach 82,000 units per month by the second half of FY2027, compared with 68,000 units per month at the end of the first half.
The company is also preparing five major product launches by the end of June 2027, including new SUV offerings, an electric SUV, a lifestyle vehicle, an SUV refresh and a new LCV.
Commenting on the results, Dr Anish Shah, Group CEO and Managing Director of M&M, said the 25% growth in consolidated PAT reflected the resilience of the group and disciplined execution across businesses. He added that the company remained focused on building consistent and profitable growth despite an uneven macroeconomic environment.
