Mahindra & Mahindra / Q2-FY25

Read the quarter in context.

A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.

Research layer active

ConCallIQ research layer

Signal, with the source still visible.

Use the controls below to narrow the view, then follow the evidence into the next layer of context.

Positive2024-11-05Back to MM

Revenue

₹37,924 Cr

verified against source

Revenue YoY

10%

reported change

EBITDA

Pending

latest reported figure

Source

screener in

record provenance

Actual signal trajectory

Where this quarter sits.

source records only
Revenue (₹ Cr)PositiveWatchNegative
12 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 33,892 · Positive source sentiment · 2023-08-04Q1 FY24Q2 FY24: 34,436 · Positive source sentiment · 2023-10-23Q2 FY24Q3 FY24: 35,299 · Positive source sentiment · 2024-02-09Q3 FY24Q4 FY24: 35,452 · Positive source sentiment · 2024-05-16Q4 FY24Q1 FY25: 37,218 · Positive source sentiment · 2024-08-01Q1 FY25Q2 FY25: 37,924 · Positive source sentiment · 2024-11-05Q2 FY25Q3 FY25: 41,470 · Positive source sentiment · 2025-02-07Q3 FY25Q4 FY25: 42,599 · Positive source sentiment · 2025-04-15Q4 FY25Q1 FY26: 45,529 · Positive source sentiment · 2025-08-01Q1 FY26Q2 FY26: 46,106 · Positive source sentiment · 2025-10-30Q2 FY26Q3 FY26: 52,100 · Positive source sentiment · 2026-02-10Q3 FY26Q4 FY26: 54,982 · Positive source sentiment · 2026-05-15Q4 FY2654,98233,892
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

M&M delivered a strong Q2 FY25 with consolidated PAT up 35% YoY to INR 3,171 crore, driven by broad-based strength across auto, farm, and services. Auto revenue grew 15% YoY with PBIT margin expanding 140bps, supported by market share gains (21.9%) and successful price repositioning of XUV700. Farm domestic margins improved 150bps to 18.7% despite international headwinds. Services PAT surged 80% YoY, led by Tech Mahindra and Mahindra Finance. Management guided for mid-to-high teens auto volume growth and 6-7% tractor industry growth in H2, with EV launches (BE 6e, XEV 9e) in early 2025. Key risk: elevated launch costs and EV ramp-up may pressure near-term margins.

Colored figures show movement against the previous available record.

Guidance to track

  • Management expects full-year SUV portfolio volume growth of 15%-18%.
  • Revised tractor industry growth outlook to 6%-7% for the full year, implying 13%-15% H2 growth.
  • Two electric origin SUVs (BE 6e and XEV 9e) to be revealed in November 2024 and in market early 2025.
  • Management targets auto PBIT margin to first reach FY19 levels of around 10% as a medium-term goal.

Risks flagged

  • North American tractor market has shrunk significantly (11 quarters of degrowth) and Turkish hyperinflation impacts accounting; management is evaluating but not exiting yet.
  • Management acknowledged fundamental stress in urban India, which could impact SUV demand if not offset by rural recovery.
  • Q3 will see marketing and depreciation costs for EVs with no revenue, and EV margins as a percentage will be lower than ICE due to denominator effect.
  • LCV industry has been subdued for several quarters; while October showed positive turnaround, sustainability is uncertain.

Key quotes

  • This is one quarter where we've seen all our businesses come together.
  • We are not changing our projections... because we believe that the products that we've launched are going to keep that momentum going.
  • Services businesses have contributed more to M&M's profits than a tractor business has in this quarter.

Research modules

Go one layer deeper.

TranscriptRisk registerPromise ledgerClaim ledgerReality check