Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹46,106 Cr
verified against source
Revenue YoY
22%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
M&M delivered a strong Q2 FY26 with consolidated revenue up 22% YoY and operating PAT up 28% YoY, driven by broad-based outperformance across auto, farm, and financial services. Farm profits surged 54% YoY on 32% volume growth and 20.6% core tractor margins. Auto PBIT grew 14% despite GST transition disruptions that deferred ~8,000 vehicle billings to October. Mahindra Finance posted a breakout quarter with 45% operating profit growth, while Tech Mahindra PAT rose 35% YoY. Management raised tractor industry growth guidance from 5-7% to 10-12% for FY26, citing GST cuts and strong rural fundamentals. Key risks include potential Nexperia chip supply disruption in Q4, precious metal inflation, and uncertainty around CAFE norms and TREM V regulations. Overall, the quarter marks a rare inflection point where all major businesses contributed simultaneously.
Colored figures show movement against the previous available record.
Guidance to track
- Management upgraded tractor industry growth outlook from 5-7% to low double digits (10-12%) for FY26, citing GST cuts and strong rural fundamentals.
- Management reiterated SUV industry growth guidance of mid-to-high teens for FY26, unchanged from the start of the year.
- PLI scheme for EVs is expected to last till fiscal 2028, with sufficient funds remaining to support claims.
- Management stated there are no rights issues planned in the near future for any listed or unlisted subsidiaries.
Risks flagged
- Potential disruption from Nexperia chip supply could impact production in Q4 FY26, though Q3 is largely covered and substitutes are being qualified.
- Rising precious metal prices (up 60-80% since Jan) could increase hedging costs and pressure margins if trend continues.
- Draft CAFE norms propose lower EV credits, and TREM V implementation timeline is under negotiation; both could require higher EV mix or technology investments.
- The dealer cess refund issue is pending in Supreme Court; if resolved unfavorably, it could impact dealer finances and channel sentiment.
Key quotes
- I'm delighted to announce results for this quarter. And as many of you know me well through many, many quarters, I don't think you've heard the word 'delighted' from me so far as yet.
- I am sticking my neck out and saying that I think the outlook will be a double-digit growth for the year.
- This is the chart that I am most proud of because I think this reflects a lot of effort from the teams.
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