M&M Q3 Net Profit Surges 33% to ₹3,931 Cr as Auto, Tractor Sales Climb 23%

Automobile major Mahindra & Mahindra on Wednesday reported a 33% year-on-year jump in standalone net profit to ₹3,931 crore for the quarter ended December 31, 2025. The company had reported a standalone net profit of ₹2,964 crore in the third quarter of FY25. The quarterly earnings were backed by steady growth in vehicle and tractor sales, which were up 23% each.

The Mahindra Group’s flagship company also reported standalone revenue of ₹38,942 crore in Q3 FY26, up 26% year-on-year from ₹30,964 crore in Q3 FY25. EBITDA rose 19% to ₹5,717 crore. Total vehicle sales stood at 3,02,238 units compared with 2,45,499 units a year ago, marking a 23% rise. The total vehicle volumes include 35,794 units sold by LMM in Q3 FY26 (29,423 units in Q3 FY25) and 11,751 BEVs sold by MEAL in Q3 FY26.

“Auto and Farm businesses delivered strong performance in Q3 FY26. We have achieved a 90 bps YoY increase in SUV revenue share and a 10 bps YoY increase in LCV (over 3.5T) market share in Q3. Our tractor business gained 20 bps YoY to reach an impressive 44.1% share for YTD FY26. Our new launches XEV 9S and the XUV 7XO have received a very positive response in the market,” said Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector).

On a consolidated basis, M&M saw revenue rise 26% year-on-year to ₹52,100 crore in Q3 FY26 from ₹41,470 crore in the corresponding quarter. Consolidated profit after tax (PAT), after non-controlling interest, increased 47% to ₹4,675 crore. Excluding the impact of the new labour code regulation, PAT growth was 54%.

During the quarter, the government notified four new Labour Codes. The estimated additional impact on employee benefits is ₹292.94 crore at the group level and ₹98.19 crore for the company. These amounts have been reported as exceptional items in the financial results.

While the Auto and Farm businesses continued to drive growth and margins, Financial Services saw a sharp 97% jump in PAT while maintaining strong asset quality. Tech Mahindra also reported its highest-ever deal wins and improved EBIT margins by 290 basis points. Mahindra Logistics posted its first profitable quarter after 11 quarters, while Mahindra Lifespaces delivered fivefold growth in PAT.

“Auto & Farm has maintained its leadership position on the back of steady customer demand, strong product acceptance and unwavering focus on operational excellence. TechM continues to make meaningful progress. Mahindra Finance delivered another solid quarter with meaningful PAT growth while maintaining strong asset quality. We are especially pleased to see breakout performance from two of our growth gems, Mahindra Logistics and Mahindra Lifespaces,” said Anish Shah, Group CEO & Managing Director.

In the Auto segment, SUV volumes stood at 1.79 lakh units, with revenue market share improving to 24.1%. Standalone PBIT rose 27% to ₹2,684 crore, with margins at 9.7% (10.6% excluding eSUV contract manufacturing). Consolidated Auto revenue increased 30% to ₹30,370 crore, while PAT rose 42% to ₹1,993 crore.

In the Farm segment, volumes increased 23% to 1.50 lakh units, though market share slightly declined to 44%. Standalone PBIT grew 41% to ₹2,061 crore, with margins improving to 20.5%. Consolidated Farm revenue rose 21% to ₹11,501 crore, while PAT increased 7% to ₹1,044 crore.

Following the announcement of the results, shares of M&M were trading with marginal gains of 0.54% at ₹3,695.10 on the BSE at 12:48 pm.