Mahindra & Mahindra Q2 results: Net profit rises 18% to Rs 4,521 crore on strong SUV sales

Automaker Mahindra & Mahindra (M&M) today reported a rise of 18% year-on-year (y-o-y) in standalone net profit for the quarter ended September 2025, driven by a robust demand for its high-margin sport utility vehicles (SUVs) and tractors.

The company's profit after tax rose to Rs 4,521 crore in Q2 FY26 from Rs 3,841 crore in Q2 FY25, the Scorpio SUV maker said.

The revenue jumped 21% y-o-y to Rs 35,080 crore in the quarter under review from Rs 28,919 crore in the year-ago quarter.

The company also posted a 28% year-on-year increase in its consolidated profit after tax at Rs 3,673 crore.

The company said 28% growth in PAT excludes one time gain on land sale in second quarter of FY25.

The earnings before interest, tax, depreciation and amortisation (EBITDA) increased 23% y-o-y to Rs 6,467 crore in the September quarter from Rs 5,270 crore in the same quarter last year, while the operating margin improved by nearly 21 basis points (bps) y-o-y to 18.43% in Q2 FY26 from 18.22% in Q2 FY25.

Mahindra sold a total of 2,61,703 vehicles in the September quarter, logging a growth of 13% y-o-y from 2,31,038 units sold in the year-ago quarter.

Among the total vehicles, the SUV volumes of the company jumped 7% y-o-y to 1,45,503 units in Q2 FY26 from 1,35,962 units in Q2 FY25. Mahindra's internal combustion engine (ICE) SUV portfolio comprises the Bolero, Bolero Neo, XUV 3XO, Thar, Thar Roxx, Scorpio Classic, Scorpio-N and XUV700, while its electric vehicle (EV) line-up features the XUV400, BE 6 and XEV 9e.

The SUV volumes were positively impacted by the Goods and Services Tax (GST) restructuring and festive demand in September 2025. Following the GST revision, the ex-showroom price of Mahindra's ICE SUVs dropped by almost Rs 1.56 lakh. The company also offered additional benefits to the tune of Rs 1.29 lakh on its SUVs during the month.

The tractor volumes jumped 32% y-o-y to 1,22,936 units in Q2 FY26 from 93,382 units in Q2 FY25. The segment was boosted by festive season demand, along with a good monsoon.

Commenting on Q2 F26 performance, Mahindra Group CEO and Managing Director Anish Shah said: "We are pleased with the strong execution and solid performance delivered across the group in Q2 FY26. Auto and farm sustained their leadership with consistent gains in market share and profitability."

"Strong performance of our auto and farm businesses continues in Q2 FY26, reinforcing our leadership position, with a gain of 390 bps YoY in SUV revenue share, and 100 bps y-o-y in LCV (<3.5T) market share. In tractors, we gained 50 bps y-o-y to reach 43% market share," said Rajesh Jejurikar, Executive Director and CEO (Auto and Farm Sector), Mahindra.

"Our auto standalone PBIT margin (excluding e-SUV contract manufacturing) improved by 80 bps to 10.3% and core tractor PBIT margins improved by 190 bps to 20.6%," Jejurikar added.