M&M Q2 consolidated profit rises 30% as revenue grows 25%

Mahindra & Mahindra Limited (M&M) reported consolidated profit after tax of Rs 5,166.77 crore for the quarter ended 30 September 2026, up 30% from Rs 3,963.75 crore a year earlier, as revenue from operations rose 25% to Rs 57,514.98 crore. Profit after tax was lower than Rs 5,997.56 crore in the June 2026 quarter.

How did M&M perform in the September 2026 quarter?

M&M increased revenue from operations by Rs 11,629.58 crore year on year to Rs 57,514.98 crore in the quarter ended 30 September 2026. Total income, including investment-related income and other income, reached Rs 58,740.15 crore, compared with Rs 46,781.18 crore in the September 2025 quarter. Revenue from operations was nearly unchanged from Rs 57,533.44 crore in the June 2026 quarter.

Profit before tax rose to Rs 7,364.70 crore from Rs 6,057.93 crore a year earlier, while profit attributable to owners of M&M increased to Rs 4,587.88 crore from Rs 3,673.32 crore. Basic earnings per share, not annualised, rose to Rs 41.04 from Rs 32.90. Total comprehensive income was Rs 5,209.99 crore, compared with Rs 3,955.08 crore a year earlier.

M&M's total expenses rose to Rs 51,845.48 crore from Rs 41,192.50 crore in the September 2025 quarter. Cost of materials consumed increased to Rs 36,908.96 crore from Rs 27,886.65 crore, while finance costs rose to Rs 2,681.93 crore from Rs 2,347.03 crore. Employee benefits expense was Rs 3,303.26 crore, compared with Rs 3,111.99 crore a year earlier.

Which M&M businesses drove September-quarter growth?

M&M's Automotive segment was the largest revenue contributor, reporting Rs 37,756.35 crore in the September 2026 quarter, up from Rs 27,170.87 crore a year earlier and Rs 34,387.25 crore in June 2026. Its segment result after exceptional items and before the share of profit or loss of associates and joint ventures rose to Rs 3,330.89 crore from Rs 2,582.20 crore a year earlier.

Financial Services revenue increased to Rs 5,905.96 crore from Rs 5,015.65 crore in the September 2025 quarter, while its segment result before associates and joint ventures rose to Rs 1,166.90 crore from Rs 736.18 crore. Industrial Businesses and Consumer Services revenue rose to Rs 5,914.82 crore from Rs 5,032.57 crore, and its segment result was Rs 349.18 crore against Rs 324.40 crore.

Farm Equipment moved in the other direction, with revenue declining to Rs 9,571.58 crore from Rs 10,225.01 crore and segment result declining to Rs 1,375.53 crore from Rs 1,605.27 crore. Total segment revenue was Rs 59,148.71 crore, while inter-segment revenue was Rs 1,595.58 crore, resulting in income from operations of Rs 57,553.13 crore.

Why was M&M profit lower than in the June 2026 quarter?

M&M's profit after tax declined by Rs 830.79 crore from Rs 5,997.56 crore in the June 2026 quarter to Rs 5,166.77 crore in the September quarter. Profit before tax decreased by Rs 263.39 crore to Rs 7,364.70 crore, while total income declined by Rs 463.45 crore to Rs 58,740.15 crore. Revenue from operations declined by Rs 18.46 crore over the same sequential comparison.

The September-quarter tax charge was Rs 2,197.93 crore, comprising current tax of Rs 2,115.98 crore and deferred tax of Rs 81.95 crore. This was Rs 567.40 crore higher than the Rs 1,630.53 crore tax charge in the June 2026 quarter. The share of profit from associates and joint ventures increased to Rs 470.03 crore from Rs 367.49 crore, but did not offset the lower pre-tax profit and higher tax charge.

Cost of materials consumed rose by Rs 3,679.61 crore sequentially to Rs 36,908.96 crore. Changes in inventories were negative Rs 1,945.36 crore in the September quarter, compared with a positive Rs 724.30 crore in June. Total expenses declined by Rs 97.52 crore to Rs 51,845.48 crore, less than the decline in total income.

What did M&M report on assets, borrowings and cash flow?

M&M reported total consolidated assets of Rs 3,52,268.43 crore at 30 September 2026, compared with Rs 3,17,634.64 crore at 31 March 2026. Financial Services accounted for Rs 1,74,402.04 crore of segment assets, up from Rs 1,55,756.75 crore at the March year-end. Total equity increased to Rs 1,15,577.66 crore from Rs 1,09,491.00 crore.

Non-current borrowings were Rs 81,014.20 crore at 30 September 2026, compared with Rs 73,469.93 crore at 31 March 2026, while current borrowings rose to Rs 68,371.17 crore from Rs 56,144.57 crore. Total liabilities increased to Rs 2,36,690.77 crore from Rs 2,08,143.64 crore. Financial Services segment liabilities were Rs 1,52,386.03 crore at the September reporting date.

For the half year ended 30 September 2026, M&M recorded net cash used in operating activities of Rs 673.12 crore, compared with net cash generated from operating activities of Rs 1,203.12 crore in the prior-year half. Financial services receivables absorbed Rs 13,482.32 crore of cash, compared with Rs 7,270.09 crore a year earlier. Net cash from financing activities was Rs 14,795.80 crore and cash and cash equivalents ended at Rs 8,165.74 crore, up from Rs 4,292.24 crore at 31 March 2026.

Conclusion

M&M's September 2026 results showed year-on-year expansion in both revenue and profit, led by Automotive revenue of Rs 37,756.35 crore and a rise in Financial Services revenue to Rs 5,905.96 crore. Farm Equipment revenue declined year on year, while the group’s profit after tax was Rs 830.79 crore below the June 2026 quarter despite revenue from operations being broadly flat sequentially.

The next disclosed development is the management transition scheduled for 1 April 2027. M&M said Shuchi Suri, Executive Vice-President, Mahindra Experiences, will become Chief Sales & Marketing Officer of the Automotive Business and will cease to be senior management personnel following the transition.