Mahindra & Mahindra automotive delivers largest Q2 profit gain

Mahindra & Mahindra Limited’s automotive segment delivered the largest year-on-year increase in segment result for the quarter ended 30 September 2026, rising Rs 748.69 crore to Rs 3,330.89 crore before associate and joint-venture share, while farm equipment result fell Rs 229.74 crore to Rs 1,375.53 crore.

How did Mahindra & Mahindra automotive perform in Q2?

Mahindra & Mahindra automotive revenue was Rs 37,756.35 crore in the quarter ended 30 September 2026, up from Rs 34,387.25 crore in the preceding June 2026 quarter and Rs 27,170.87 crore a year earlier. The Rs 10,585.48 crore year-on-year increase made automotive the largest of the four reported revenue segments, ahead of farm equipment at Rs 9,571.58 crore.

Automotive segment result after exceptional items and before the share of profit or loss of associates and joint ventures was Rs 3,330.89 crore. This was Rs 681.22 crore above the June-quarter result of Rs 2,649.67 crore and Rs 748.69 crore above Rs 2,582.20 crore in the September 2025 quarter. Its increase accounted for most of the Rs 974.45 crore year-on-year rise in total segment result on this measure.

Why did Mahindra & Mahindra farm-equipment earnings decline?

Mahindra & Mahindra farm-equipment revenue declined to Rs 9,571.58 crore in the September 2026 quarter from Rs 12,500.77 crore in June 2026 and Rs 10,225.01 crore in September 2025. That represents a Rs 2,929.19 crore sequential reduction and a Rs 653.43 crore year-on-year reduction. The filing does not give operational reasons for either movement.

Farm-equipment segment result before associate and joint-venture share fell to Rs 1,375.53 crore from Rs 1,782.07 crore in the preceding quarter and Rs 1,605.27 crore a year earlier. The sequential decline was Rs 406.54 crore and the year-on-year decline was Rs 229.74 crore. Automotive’s Rs 3,330.89 crore result consequently exceeded farm equipment’s by Rs 1,955.36 crore in the September quarter.

For the half year ended 30 September 2026, farm-equipment revenue rose to Rs 22,072.35 crore from Rs 21,045.60 crore in the comparable prior-year half. However, its segment result declined to Rs 3,157.60 crore from Rs 3,236.28 crore. The six-month comparison therefore differed from the quarter, with higher revenue but lower segment result.

How did Mahindra & Mahindra’s other segments compare?

Mahindra & Mahindra financial-services revenue rose to Rs 5,905.96 crore from Rs 5,015.65 crore a year earlier, while segment result increased by Rs 430.72 crore to Rs 1,166.90 crore. Its result was nevertheless below Rs 1,201.38 crore in the June 2026 quarter. Financial services was the second-largest contributor to the year-on-year increase in total segment result.

Industrial businesses and consumer services reported revenue of Rs 5,914.82 crore, compared with Rs 7,200.72 crore in June 2026 and Rs 5,032.57 crore a year earlier. Its segment result was Rs 349.18 crore, down from Rs 995.08 crore sequentially but above Rs 324.40 crore a year earlier. Including the share of associates and joint ventures, the segment result was Rs 812.51 crore.

Total segment revenue was Rs 59,148.71 crore in the September quarter, marginally below Rs 59,786.57 crore in June 2026 but above Rs 47,444.10 crore in September 2025. After elimination of Rs 1,595.58 crore of inter-segment revenue, income from operations was Rs 57,553.13 crore. The difference reflects transactions between segments removed in consolidation.

What do Mahindra & Mahindra’s consolidated results show?

Mahindra & Mahindra reported consolidated revenue from operations of Rs 57,514.98 crore for the quarter ended 30 September 2026, broadly unchanged from Rs 57,533.44 crore in June 2026 and above Rs 45,885.40 crore a year earlier. Profit before tax was Rs 7,364.70 crore, compared with Rs 7,628.09 crore sequentially and Rs 6,057.93 crore in the prior-year quarter.

Consolidated profit after tax was Rs 5,166.77 crore, up from Rs 3,963.75 crore a year earlier but down from Rs 5,997.56 crore in June 2026. Total segment result before associate and joint-venture share was Rs 6,222.50 crore. The reconciliation to profit before tax included Rs 470.03 crore of share of profit from associates and joint ventures, Rs 161.96 crore of finance costs excluding financial services, and Rs 834.13 crore of other unallocable income or expense, net.

How did Mahindra & Mahindra’s segment assets change?

Mahindra & Mahindra automotive segment assets increased to Rs 61,658.87 crore at 30 September 2026 from Rs 57,322.39 crore at 30 June 2026 and Rs 53,189.97 crore at 30 September 2025. Automotive liabilities rose to Rs 48,477.11 crore from Rs 42,311.04 crore in June. The filing presents segment balances but does not explain the reasons for these movements.

Financial-services assets were Rs 1,74,402.04 crore at 30 September 2026, the largest asset balance among the reported segments, compared with Rs 1,60,355.57 crore three months earlier. Its segment liabilities were Rs 1,52,386.03 crore. Farm-equipment assets were Rs 20,166.99 crore and liabilities were Rs 10,809.68 crore, both below automotive’s corresponding balances.

Conclusion

Mahindra & Mahindra’s September 2026 disclosure shows different trends across its two principal manufacturing segments. Automotive delivered the largest year-on-year improvement in segment result, adding Rs 748.69 crore, while farm equipment recorded lower quarterly revenue than in both comparison quarters and a Rs 229.74 crore decline in segment result from a year earlier.

The filing provides no automotive or farm-equipment volume target, revenue outlook or explanation for the farm-equipment decline. The disclosed event to watch is Shuchi Suri’s planned transition to Chief Sales & Marketing Officer, Automotive Business, effective 1 April 2027; Mahindra & Mahindra said she will cease to be senior management personnel in her previous role then.