Mahindra & Mahindra Q3 FY26 Results: Net Profit Surges 47% as Auto & Farm Drive Record Revenue

Mahindra results quarterly for Q3 FY26 show a 47% year-on-year rise in consolidated net profit, with revenue crossing ₹50,000 crore for the first time in a single quarter.

Mahindra & Mahindra (M&M) announced its October–December 2025 results on February 10–11, 2026. The company reported strong growth across revenue, profit, and earnings per share. The performance was driven by the automotive and farm equipment segments.

Consolidated Performance in Q3 FY26

M&M reported growth across key financial metrics during the quarter.

• Revenue from Operations: ₹52,099.75 crore
  This is the first time quarterly revenue has crossed ₹50,000 crore.
• Net Profit (Attributable to Owners): ₹4,674.64 crore
  This reflects a 47% year-on-year increase.
• Profit Before Tax (PBT): ₹6,568.62 crore
• Earnings Per Share (EPS): ₹41.85

The quarter benefited from operating leverage. SUV demand remained steady. Tractor sales were supported by festive and harvest-led demand.

Crossing ₹50,000 crore in quarterly revenue marks a scale milestone for the company.

Standalone Financial Performance

On a standalone basis, M&M also reported growth.

• Standalone Net Profit: ₹3,931.30 crore (Up 32.6% YoY)
• Standalone Revenue: ₹38,941.65 crore (Up 25.8% YoY)

Standalone results reflect the performance of the core domestic automotive and farm businesses before consolidation of subsidiaries and financial services operations.

Segment-Wise Breakdown

The automotive and farm equipment divisions remained key contributors.

Segment Revenue and PBIT (Q3 FY26)

Automotive Segment

The automotive segment contributed the largest share of revenue.

• Revenue stood at ₹30,370.37 crore.
• Segment result (PBIT) was ₹2,607.31 crore.

SUV volumes and steady order books supported revenue. Margin improvement was linked to operating efficiency and product mix.

Farm Equipment Segment

The farm equipment business generated ₹11,500.69 crore in revenue.

• Segment result (PBIT) stood at ₹1,258.74 crore.

Seasonal demand and rural market activity supported tractor sales during the quarter.

Financial Services

The financial services business reported stable profitability. The performance reflected credit growth and asset quality management during the period.

Exceptional Items and Adjustments

The Q3 FY26 results included certain one-time impacts:

• ₹292.94 crore impact due to Labour Codes changes affecting retiral benefits
• ₹568.32 crore impairment on international farm assets

These adjustments were reflected in the reported numbers. Core operating performance remained positive despite these charges.

Sequential Quarterly Trend in FY26

The Mahindra results quarterly trend in FY26 shows steady performance across quarters.

• Q1 FY26: Consolidated PAT of ₹4,083 crore (Up 24% YoY)
• Q2 FY26: ₹3,673 crore (Up 28% YoY, adjusted)
• Q3 FY26: ₹4,674.64 crore (Up 47% YoY)

This indicates consistent execution during the financial year rather than a single-quarter spike.

Share Positive Negative Factors in Q3 FY26

The quarterly performance includes both supportive and adjusting elements.

Positive Factors

• Revenue crossed ₹50,000 crore for the first time
• 47% growth in consolidated net profit
• Growth in automotive and farm segments
• Improved operating leverage
• Stable financial services performance

Negative / Adjusting Factors

• ₹292.94 crore impact from Labour Code changes
• ₹568.32 crore impairment on international farm assets

These one-time items affected reported earnings but were disclosed separately in the quarterly statement.

Scale and Diversification

M&M operates across:

• Automotive (SUVs, commercial vehicles)
• Farm equipment (tractors and agri machinery)
• Financial services
• Other industrial verticals

The diversified structure supports revenue generation across business cycles.

The Q3 FY26 performance reflects contribution from both automotive and farm businesses, along with financial services.