• Consolidated PAT at Rs 3,673 cr., up 28%*
• Consolidated Revenue at Rs 46,106 cr., up 22%
• RoE at 19.4% (annualized)
• #1 in SUVs with revenue market share at 25.7%, up 390 bps
• #1 in LCVs <3.5T: market share at 53.2%^{^}, up 100 bps
• #1 in Tractors: market share at 43.0%, up 50 bps
• #1 in electric 3 wheelers: market share at 42.3%
• MMFSL PAT up 45%; stable GS3 <4%
• Tech Mahindra EBIT at 12.1% up 250 bps
• Continued momentum in Growth Gems 

*Excluding one time gain on land sale in Q2 F25, SML Isuzu tax impact and prior period PLI benefits in Q2 F26

^Bolero Max Pickup 2T variant classified under LCV 2-3.5T, includes Jeeto sold by LMM 

Bengaluru, November 4, 2025: The Board of Directors of Mahindra & Mahindra Limited today approved the financial results for the quarter ended 30^th September 2025.

Key financials:

PAT is PAT after Non-Controlling Interest. For summary of standalone financials, refer Annexure 1

^#28% excluding one time gain on land sale in Q2 F25, SML Isuzu tax impact and prior period PLI benefits in Q2 F26 

Mahindra & Mahindra reported strong operating performance across businesses in the second quarter of F26 with consolidated PAT of Rs 3,673 cr., up 28%*. Auto and Farm continue to deliver on growth and margins. Financial services delivered 45% growth in PAT, while keeping asset quality strong. TechM continued its journey of margin expansion with EBIT improvement of 250 bps. Our growth gems continue to make strong progress with notable commercial wins in Aero, 2x presales at Mahindra Lifespaces & double-digit revenue growth in others. 

Auto

• Quarterly volumes at 262k (includes sales by LMM & MEAL), up 13%; UV volumes at 146k
• Q2 SUV revenue market share at 25.7%, up 390 bps
• Standalone PBIT Rs 2,281 cr., up 14%; PBIT margin 9.2%, excl. eSUV contract mfg. 10.3%, up 80 bps
• Consolidated Revenue Rs 27,171 cr., up 25%
• Consolidated PAT Rs 1,536 cr., up 8%

Farm

• Highest ever Q2 market share at 43.0%, up 50 bps; volumes at 123k, up 32%
• Standalone PBIT Rs 1,684 cr., up 48%; PBIT margin at 19.7%, up 220 bps
• Consolidated Revenue Rs 10,225 cr., up 25%
• Consolidated PAT Rs 1,163 cr., up 45%

Services

• MMFSL PAT up 45%; GS3 <4%
• Tech Mahindra EBIT margin at 12.1%, up 250 bps
• Mahindra Lifespaces residential pre-sales of Rs 752 cr.; GDV acquired Rs 1.7k cr., up 2.6x
• Club Mahindra occupancy at 73%; room keys up 5%
• Mahindra Logistics revenue Rs 1,685 cr., up 11%
• Consolidated Services Revenue Rs 10,048 cr., up 12%
• Consolidated Services PAT Rs 975 cr., up 3%

Commenting on Q2 F26 performance

Dr. Anish Shah, Group CEO & Managing Director, M&M Ltd., said, “We are pleased with the strong execution and solid performance delivered across the group in Q2’F26. Auto and Farm sustained their leadership with consistent gains in market share and profitability. TechM is progressing well on its transformation journey. MMFSL achieved a 45% PAT growth and remains committed to quality growth and digital transformation. Our Growth Gems are steadily advancing towards their ambitious goals, reinforcing our long-term value creation potential.”

Mr. Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd. said, “Strong performance of our Auto and Farm businesses continues in Q2’F26 reinforcing our leadership position, with a gain of 390 bps YoY in SUV revenue share, and 100 bps YoY in LCV (< 3.5T) market share. In Tractors, we gained 50 bps YoY to reach 43.0% market share. Our Auto Standalone PBIT margin (excl. e-SUV Contract Mfg.) improved by 80 bps to 10.3% and core Tractor PBIT margins improved by 190 bps to 20.6%.”

Mr. Amarjyoti Barua, Group Chief Financial Officer, M&M Ltd. said, “Our solid Q2 consolidated results reflects the strength of our diversified portfolio. We continue to deliver on our strategic priorities. We had strong cash generation in the first half, delivering over 10k crores of operating cash flow. We remain committed to sustainable growth and value creation.”

Annexure 1 

Summary of standalone financials:

Rs cr.

^# Includes 38,995 in Q2 F26 and 28,266 in Q2 F25, volume sold by LMM. Includes 12,404 BEVs sold by MEAL in Q2 F26.

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Q4 Consolidated PAT at Rs 3,295 cr., up 20%

Dividend of Rs 25.3 per share, up 20% 

F25 Key Highlights 

·         #1 in SUVs, revenue market share at 22.5%, up 210 bps

·         #1 in LCV <3.5T: market share at 51.9%^{^}, up 290 bps

·         #1 in Tractors: highest ever full year market share at 43.3%, up 170 bps

·         #1 in electric 3 wheelers: market share at 42.9%, volume growth of 4.5x in 3 years

·         MMFSL AUM up 17%; GS3 < 4%; PAT up 33%

·         Tech Mahindra EBIT 9.7%, up 360 bps

·         MLDL highest ever GDV acquisition of Rs 18K cr., residential presales at Rs 2,804 cr., up 20%

·         MHRIL room inventory at 5,847, up 10%, highest addition of 520 keys

·         F25 Consolidated Revenue at Rs 1,59,211 cr., up 14%

·         F25 Consolidated PAT at Rs 12,929 cr., up 20%*

·         F25 ROE at 18.1%, EPS at Rs 115.1 … in line with commitments 

* Excluding impact of KG Mobility ^ Bolero Max Pickup 2T variant classified under LCV 2-3.5T 

Bengaluru, May 5, 2025: The Board of Directors of Mahindra & Mahindra Limited today approved the financial results for the quarter and year ended 31^st March 2025.

Key financials:

Rs cr.	Q4 F25	Q4 F24	Growth% YoY	F25	F24	Growth% YOY
Consolidated Results
Revenue	42,599	35,452	20%	159,211	139,078	14%
PAT	3,295	2,754	20%	12,929	11,269	15%#

PAT is PAT after Non-Controlling Interest. For summary of standalone financials, refer Annexure 1

^# 20% growth excluding impact of KG Mobility 

Mahindra & Mahindra delivered solid results across multiple businesses in F25 on the back of strong growth, execution excellence and capital allocation discipline. Auto and Farm maintain market leadership in key segments with 15% revenue growth with profits up 17%. Financial services AUM grew at 17%. TechM achieved good traction in deal wins and saw EBIT improvement of 360 bps. Multiple growth gems saw significant traction in F25. 

Auto

·      Q4 volumes at 253k (includes sale by LMM & MEAL), up 18%; UV volumes at 149k, up 18%

·      Q4 rev market share at 23.5%, up 310 bps

·      F25 volumes up 14%; UV volumes up 20%

·      eSUV 30,179 bookings on Day 1, 6,300 eSUVs delivered

·      Standalone Q4 PBIT Rs 2,306 cr., up 28%; PBIT margin 9.2%

·      Standalone Q4 PBIT margin excluding eSUV Contract manufacturing at 10.0%

·      Standalone F25 PBIT Rs 8,277 cr., up 30%

·      Standalone F25 PBIT margin 9.5%, up 110 bps (excl. PY gain on LMM transfer)

·      Consolidated Q4 Revenue Rs 25,902 cr., up 24%, PAT Rs 1,715 cr., up 27%

·      Consolidated F25 Revenue Rs 90,825 cr., up 19%, PAT Rs 5,907 cr., up 25%

Farm

·      Q4 volumes at 87k, up 23%

·      Q4 market share at 41.2%; F25 market share at 43.3%, up 170 bps

·      Standalone Q4 PBIT Rs 1,250 cr., up 51% and PBIT margin 19.4%

·      Standalone F25 PBIT Rs 5,371 cr., up 30%; PBIT margin 18.4%, up 210 bps

·      Consolidated Q4 Revenue Rs 7,933 cr., up 17%, PAT Rs 758 cr., up 29%

·      Consolidated F25 Revenue Rs 35,375 cr., up 6%, PAT Rs 3,792 cr., up 6%

·      Sharpened focus with strategic pivots in 2 markets, Rs 654 cr. one-time standalone impact 

Services

·      Consolidated Q4 Revenue Rs 9,914 cr., up 12%, PAT Rs 822 cr. in line YoY

·      Consolidated F25 Revenue Rs 37,267 cr., up 12%, PAT Rs 3,231 cr., up 8%

·      MMFSL Q4 exit AUM up 17%, GS3 at 3.7%

·      Tech Mahindra Q4 EBIT margin improved by 310 bps, PAT up 77%

·      Mahindra Lifespaces Q4 residential pre-sales of Rs 1,055 cr., down 3%

·      Club Mahindra Q4 resort revenue Rs 107 cr., up 14%, AUR up 82%

·      Mahindra Logistics Q4 revenue Rs 1,570 cr., up 8% 

Commenting on Q4 FY25 and FY25 performance 

Dr. Anish Shah, Group CEO & Managing Director, M&M Ltd. said, “We have delivered strong growth on the back of stellar execution in F25. Auto and Farm continue to gain market share and expand profitability. TechM is making commendable progress towards its dual objectives of strengthening client positioning and margin expansion. MMFSL has maintained GS3 under 4% as committed, remains focused on controls and has delivered 33% growth in profits. Our Growth Gems are scaling up well. We continue to build strong businesses which will deliver significant value to our stakeholders.”

Mr. Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M Ltd. said, “We continued our outstanding performance for the year in Q4-F25, with significant gain of 310 bps YoY in SUV revenue share, and 480 bps YoY in LCV (< 3.5T) market share. In Tractors, we reached our highest-ever Q4 market share of 41.2%, gaining 180 bps YoY. In F25, our Auto Standalone PBIT margin improved by 110 bps and core tractor PBIT margins improved by 200 bps”.

Mr. Amarjyoti Barua, Group Chief Financial Officer, M&M Ltd. said, “It has been an excellent year with broad-based growth and profitability improvement across our businesses. In line with our commitment to capital allocation, we have sharpened our focus in international Farm geographies. Our results include nearly 10,000 cr. of cash generation in F25 which gives us the ability to continue to drive value for our shareholders through strategic investments. We are happy to declare a 20% growth in dividend for F26 on the back of this strong performance.” 

Annexure 1

Summary of standalone financials:

                                                                                                                                                                         Rs cr.

^{^} Includes 27,990 in Q4 F25, 23,412 in Q4 F24, 1,08,661 in F25 and 60,629 in F24, volumes sold by separate entity “MLMML,” which was demerged from Sep’23 onwards. Includes 8,048 BEV’s sold by MEAL in Q4 F25 and F25

Revenue in standalone results do not include realisation from these volumes.

^# 17% growth excluding impact of KG Mobility

Q4 F25 Standalone result includes 654 cr. of one-time impact towards Farm International.

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