Mahindraandmahindrafncls earnings calls.

Mahindra and Mahindra Financial Services delivered a strong Q3 FY26 with visible profitability step-up, reporting ROA of 2.5% for the quarter and 1.9% for 9M FY26. PAT grew 59% sequentially and 76Current reported value: 76. No comparable prior figure is available in the source record.% YoY on 9M basis, driven by 50bps NIM expansion to 7.1%Current 7.1%. Reported change: +50bps YoY (9M). (9M) and fee income improvement from 1.1% to 1.4% of average assets. Asset quality continued stabilization with GS3 at 3.8%Current 3.8%. Reported change: -14bps QoQ. (down 14bps sequentially), and GS2+GS3 below 10% for eight consecutive quarters. Credit cost moderated to 1.3% for Q3 with 9M at 1.8%, moving toward the targeted 1.5-1.7% range. The company has pivoted to growth mode post-completion of its Udaan business transformation (95% channel adoption on new tech stack), with Q3 disbursements being the highest ever Q3, led by tractors up 65% YoYCurrent 65% YoY. Reported change: +65pp YoY.. Management targets mid-teens loan book growth, aims to reduce wheels concentration from 88% to 70% by FY30, and targets 15% ROE with 2% ROA as the intermediate milestone. Risk includes competition pressure on yields in declining rate environment and cautious CV growth approach amid fleet consolidation and asset quality concerns.