Mumbai, February 11 – Mahindra & Mahindra Ltd reported a 38.54 percent year-on-year growth in consolidated profit after tax (PAT) to ₹5,021.47 crore in the third quarter of the fiscal year, driven mainly by strong performance in the auto and farm sectors.
The company had reported a PAT of ₹3,624.48 crore in the December quarter of fiscal year 2025, Mahindra & Mahindra Ltd (M&M) said.
Consolidated revenue from operations for the reporting period stood at ₹51,579.95 crore, compared to ₹41,464.98 crore in Q3FY25.
This is the first time M&M has exceeded ₹50,000 crore in consolidated revenue, the company stated.
M&M Group CEO & Managing Director Anish Shah, during a post-earnings media briefing, expressed confidence that the India-EU FTA will have no impact on the company's domestic SUV volumes unless the economy is fully open.
He also noted that the company is seeing "very positive" momentum in both the auto and e-commerce sectors, while the hospitality business has experienced foreign exchange fluctuations. He added that "all our businesses have performed exceptionally well."
Total expenses in the quarter under review were higher at ₹41,464.98 crore, compared to ₹37,096.65 crore in the same period a year ago, the company said.
The group incurred an exceptional outflow of ₹292.94 crore due to the new Labor Codes, the filing stated.
The auto segment reported a quarterly volume of 3.02 lakh units, up 23 percent from the same period last fiscal, M&M said, adding that the farm sector volume was at 1.5 lakh units, a growth of 23 percent from the corresponding quarter a year ago.
Among the company's growth highlights, he said, the logistics business became profitable after 11 quarters, while the lifespaces business saw a fivefold increase in PAT.
A strong operating performance across the group in Q3 FY26 reflected the group's strong focus on growth, coupled with disciplined execution, he stated.
"Auto and farm have maintained its leadership position due to steady customer demand, strong product acceptance, and unwavering focus on operational excellence," he said, adding that M&M continues to make meaningful progress.
Mahindra Finance delivered another strong quarter with significant PAT growth while maintaining strong asset quality, he said, adding "we are particularly pleased to see strong performance from two of our key businesses, Mahindra Logistics and Mahindra Lifespaces."
Mahindra & Mahindra Executive Director & CEO (Auto and Farm Sector), Rajesh Jejurikar, said, "We have achieved a 90 basis point YoY increase in SUV revenue share and a 10 bps YoY increase in LCV (less than 3.5 tonnes) market share in Q3."
The tractor business gained 20 basis points YoY to reach 44.1 percent share for the year-to-date.
"Our Q3 consolidated results reflect the strength and depth of our diversified portfolio. Our services businesses continue to contribute significantly to overall results," said Amarjyoti Barua, Group Chief Financial Officer.
"There has been significant discussion about the impact on our business. However, there are various European models available in India today. If you take any of those models, I won't name specific ones, the OEM cannot manufacture them in the EU, they pay the shipping cost to send them here, bear the inventory cost for that period, and they become available in India at a lower price than what they are already available here."
"So, it does not impact us at all from a comparative standpoint," Shah said, referring to the India-EU FTA, the negotiations on which concluded on January 27.
On the outlook for passenger vehicle demand, Jejurikar said, "The overall demand outlook for the quarter seems very robust, and we expect to see high growth rates for the industry, as well as for us."
He, however, noted that everyone is constrained by capacity, as the demand is probably stronger than the supply.
He said that the company plans to add 3000-4000 units of EV capacity, which increases the stated capacity for both electric vehicles and vehicles powered by internal combustion engines by about 6,000-7,000 units per month.
"We were not fully utilizing the 7XO capacity, which we expect to utilize, leading to an additional 3000 (capacity) based on the demand we are seeing for 7XO," he added.
On the new integrated Nagpur facility, Jejurikar said that tractor capacity will increase in phases to approximately 100,000 tractors.
"We have set up this integrated plant in a way that we can make tractors as well. It will have its own plant within the same land plot of over 1000 acres that we are acquiring between 1000 and 1500. So, tractor capacity will increase to approximately 100,000 tractors. We will also manufacture a new range of SUVs there, which will increase to 500,000 over time," he said.
Last week, the company announced plans to set up an integrated manufacturing facility in Nagpur (Maharashtra) with an investment of ₹15,000 crore over a 10-year period.
"We will design the plant in a way that capacities can be set up in a phased and modular way. It does not make sense to put all your capacity that you are expecting over a period of time on the same day. It will be designed in a way that we can modularly increase it," he said.
