Mahindra & Mahindra Q3 PAT Rises 33% to ₹3,931 Crore

Why It Matters

The earnings surge underscores Mahindra’s strong positioning in both automotive and farm‑equipment markets, signaling robust demand and margin expansion amid a competitive Indian economy.

Key Takeaways

• Q3 PAT up 33% to ₹3,931 crore.
• Revenue grew 26% to ₹38,942 crore.
• Vehicle sales rose 23% to 302,238 units.
• Tractor sales up 23% to 149,567 units.
• Labour code charge ₹98.19 crore impacted earnings.

Pulse Analysis

Mahindra & Mahindra’s Q3 results highlight the company’s resilience in a market where Indian automotive demand is rebounding after pandemic‑related slowdowns. A 23% rise in vehicle deliveries, driven largely by SUVs and light commercial vehicles, reflects both brand strength and effective pricing strategies. The firm’s ability to grow revenue 26% while expanding profit margins suggests operational efficiencies and a favorable product mix, positioning it ahead of many domestic rivals still grappling with supply‑chain constraints.

The farm‑equipment division, a cornerstone of Mahindra’s diversified portfolio, delivered a 20.2% profit‑before‑interest‑tax margin on ₹10,200 crore revenue. Tractor sales climbed 23% year‑on‑year, boosting market share by 20 basis points, a notable gain in a segment that benefits from government subsidies and rising agricultural mechanisation. Although a ₹98.19 crore charge related to the new labour‑code regulations dented earnings, the impact was limited relative to the overall profit surge, indicating strong underlying business fundamentals.

Looking forward, analysts view the solid top‑line growth and expanding margins as a catalyst for continued share‑price appreciation. Mahindra’s strategic focus on electric‑vehicle development, logistics expansion, and real‑estate ventures could further diversify earnings streams. However, investors will monitor regulatory costs, raw‑material price volatility, and competitive pressures from both domestic manufacturers and foreign entrants. Overall, the Q3 performance reinforces Mahindra’s trajectory as a leading conglomerate in India’s evolving industrial landscape.

Mahindra & Mahindra Q3 PAT rises 33% to ₹3,931 crore

Standalone revenue increased 26% to ₹38, 942 crore, while nine‑month PAT reached ₹11, 902 crore on revenue of ₹1, 08, 164 crore. · Updated · February 11 2026 at 01:40 PM

Rajesh Jejurikar, Executive Director and CEO, Auto & Farm Sectors, M&M Ltd.

[Mahindra & Mahindra Limited] reported a 33 per cent increase in standalone profit after tax to ₹3,931 crore for the third quarter ended December 31 2025, compared to ₹2,964 crore in the same period last year. The company’s board approved the unaudited financial results at a meeting held on February 11 2026.

Standalone revenue from operations grew 26 per cent year‑on‑year to ₹38,942 crore in Q3, up from ₹30,964 crore. For the nine months ended December 2025, standalone PAT reached ₹11,902 crore on revenue of ₹1,08,164 crore.

The automotive division posted strong performance, with revenue of ₹28,361 crore and PBIT of ₹2,684 crore, resulting in a 9.5 per cent margin. The company sold 3,02,238 vehicles during the quarter, a 23 per cent increase from the previous year. The farm‑equipment segment generated revenue of ₹10,200 crore, PBIT of ₹2,061 crore, and a margin of 20.2 per cent. Tractor sales stood at 1,49,567 units, up 23 per cent year‑on‑year.

“The businesses delivered strong performance in Q3 FY26, achieving a 90‑basis‑point year‑on‑year increase in SUV revenue share and a 10‑basis‑point increase in LCV market share below 3.5 tonnes. The company also gained 20 basis points of tractor market share year‑to‑date,” said Rajesh Jejurikar, Executive Director and CEO of Auto and Farm Sector.

The results include an exceptional charge of ₹98.19 crore related to new labour‑code regulations notified by the Indian government in November 2025, which consolidated 29 existing labour laws.

On a consolidated basis, the company reported PAT of ₹4,675 crore, up 54 per cent (excluding the impact of the labour code), on revenue of ₹52,100 crore. Group CEO Dr Anish Shah highlighted solid operating performance across the group, with breakout results from Mahindra Logistics and Mahindra Lifespaces.

The shares of Mahindra & Mahindra Limited were trading on the NSE at ₹3,678.60, up by ₹2.80 or 0.08 per cent at 1.08 pm.

Published on February 11 2026