Mahindra & Mahindra (M&M) posted a 47 per cent year-on-year (Y-o-Y) rise in net profit for Q3FY26 to Rs 4,675 crore, riding on its best-ever quarterly revenues of Rs 52,100 crore, which were up 26 per cent Y-o-Y.
Excluding the impact of provisioning on account of the new labour code, net profit was up 54 per cent, the company said. M&M ranked No 1 in revenue market share in sport utility vehicles (SUVs) with 24.1 per cent; No 1 in light commercial vehicles (LCVs) under 3.5 tonnes with a market share of 51.9 per cent; and No 1 in tractors with a 44 per cent market share. Apart from the tractors segment (where market share was down 20 basis points), M&M managed to gain market share in SUVs (up 90 basis points) and LCVs (up 10 basis points). In electric three-wheelers too, M&M was at the top with a 38.6 per cent market share.
The stock was down 0.03 per cent in afternoon trade.
M&M Financial Services’ profit after tax (PAT) was up 97 per cent, while Tech Mahindra’s earnings before interest and tax (Ebit) margin came in at 13.1 per cent. Q3FY26 was the first profitable quarter at Mahindra Logistics after 11 quarters and saw five-fold PAT growth at Mahindra Lifespaces. Mahindra Holidays launched Signature luxury resorts during the quarter.
Anish Shah, group chief executive officer and managing director, said, “We are delighted to report solid operating performance across the group in Q3FY26, reflecting our strong focus on growth coupled with disciplined execution.”
He added that the Auto & Farm segment has maintained its leadership position on the back of steady customer demand, strong product acceptance and an unwavering focus on operational excellence.
Quarterly automotive segment volumes were 302,000 units, including sales by Last Mile Mobility and Mahindra Electric Automobile (MEAL), up 23 per cent. Of this, utility vehicle volumes were 179,000 units. Auto segment revenue was up 30 per cent to Rs 30,370 crore, while PAT was up 42 per cent to Rs 1,993 crore.
As for the farm sector, volumes were up 23 per cent to 150,000 units, with revenues of Rs 11,501 crore, up 21 per cent, and PAT of Rs 1,044 crore, up 7 per cent.
Rajesh Jejurikar, executive director and chief executive officer (Auto and Farm Sector), said, “We have achieved a 90 basis points Y-o-Y increase in SUV revenue share and a 10 basis points Y-o-Y increase in LCV (less than 3.5 tonnes) market share in Q3. Our tractor business gained 20 basis points Y-o-Y to reach an impressive 44.1 per cent share for YTD FY26. Our new launches XEV 9S and the XUV 7XO have received a very positive response in the market.”
