Mahindra & Mahindra Limited (M&M), one of India's leading automotive and farm equipment manufacturers, has reported robust financial results for the second quarter of the financial year 2026, demonstrating significant growth across key metrics.

Financial Highlights

M&M reported a consolidated profit after tax (PAT) of Rs 3,673.32 crore for the July-September quarter of FY26, marking a 15.8% year-on-year increase from Rs 3,170.72 crore in the same quarter last year. The company's revenue from operations grew by 21.7% year-on-year to Rs 45,885.40 crore, up from Rs 37,689.04 crore in Q2 FY25.

On a standalone basis, M&M's performance was even more impressive:

• Net profit surged 17.7% year-on-year to Rs 4,520.52 crore
• Revenue increased 21.3% year-on-year to Rs 33,421.60 crore from Rs 27,553.26 crore in the corresponding quarter of the previous financial year

Here's a breakdown of the key financial metrics:

*Note: The standalone PAT for Q2 FY25 is inferred based on the given growth rate.

Performance Analysis

The strong financial results demonstrate Mahindra & Mahindra's resilience and growth in both its automotive and farm equipment segments. The significant increase in revenue and profitability indicates robust demand for the company's products and effective operational strategies.

Outlook

Mahindra & Mahindra's Q2 FY26 results reflect its strong market position in both the automotive and farm equipment sectors. The significant growth in revenue and profitability positions the company well for the coming quarters.

As the company continues to innovate and expand its product portfolio, it aims to maintain its leadership position in key segments of the Indian automotive and farm equipment markets.

Mahindra & Mahindra (M&M) is set to announce its second quarter results on Tuesday, with analysts projecting a mixed bag of growth and challenges. According to Bloomberg estimates, the company is expected to see significant revenue growth, albeit with some pressure on margins.

Revenue and Profit Outlook

M&M's standalone revenue is anticipated to show strong growth:

The revenue growth is primarily attributed to healthy demand for passenger vehicles and a recovery in tractor sales.

Operating Performance

Despite the revenue growth, operating performance is expected to face some headwinds:

The decline in operating income and margin is likely due to higher discounts, cost pressures, and an unfavorable product mix.

Brokerage Insights

Various brokerages have shared their expectations for M&M's Q2 performance:

• UBS: Expects M&M to outperform peers with strong passenger vehicle volumes.
• JPMorgan: Forecasts 20% year-on-year EBITDA growth, led by the tractor segment.
• BofA Securities: Anticipates 19% operating profit growth, aided by early festive season tractor sales. However, they note that auto segment margins may slip due to promotional offers and increasing EV share.
• HSBC: Observes that discounts increased across models, and average selling prices fell by 3% due to weaker product mix and festive schemes.

Challenges and Pressures

The company faces several challenges in the current quarter:

1. Increased discounts across models
2. Weaker product mix affecting average selling prices
3. Rising input costs for materials such as copper, aluminum, and precious metals
4. Pressure from promotional offers and increasing EV share in the auto segment

As Mahindra & Mahindra prepares to release its Q2 results, investors and analysts will be closely watching how the company navigates these challenges while capitalizing on the strong demand in certain segments.