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Revenue
₹52,100 Cr
verified against source
Revenue YoY
26%
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 Q3 FY26 with consolidated revenue crossing INR 50,000 crore for the first time, up 26% YoY, and reported PAT up 47% YoY. Auto and farm volumes grew 23% each, with auto margins expanding 90bps and farm margins up 240bps. SUV volume rose 26%, maintaining #1 market share, while LCV share reached 51.9%. The farm segment saw domestic operating profit up 64%, though international impairments dragged. Management highlighted breakthrough performances in Mahindra Finance (operating PAT up 97%), Lifespaces (profits up 5x), and Logistics (first profitable quarter in 11). Guidance remains qualitative: auto demand momentum continues, farm enablers strong, and EV ramp-up on track with 80,000+ units targeted for FY27. Key risk: memory chip shortages could disrupt production across the portfolio.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to sell over 80,000 EVs in FY27, driven by the three current models and a new model (BO7) launching in calendar 2027.
- Debottlenecking will add 5,000-6,000 units per month for ICE products like XUV 3XO, Bolero, Scorpio-N, and Thar.
- A new greenfield plant in Nagpur will add 100,000 units of Mahindra-branded tractor capacity, with additional capacity for Swaraj under evaluation.
- Management plans to list the last-mile mobility business via an IPO in FY27 to unlock value.
Risks flagged
- Memory chip shortages are driving premiums and pose a supply chain risk across the entire portfolio, not just EVs. Management is mitigating with inventory buildup but acknowledges severity.
- Precious metals and other commodities are inflating; hedges cover only part of the exposure. Management has taken a 1% price increase but may need more if inflation persists.
- Maharashtra's tractor subsidy added ~35,000 units this year; its withdrawal could flatten demand in FY27, though other states may compensate.
- Impairments in Japan and Turkey impacted farm profitability. Restructuring will take time, with trailing costs expected through FY27.
Key quotes
- This is the first time the group has crossed INR 50,000 crore in top line. That's a big, big milestone for us as a group.
- The economy is accelerating. We continue to believe that the industry will accelerate. I've gone on record saying, we would look at an 8%-10% growth over the next 20 years.
- Memory chip is something that is a supply chain risk, price-sensitive thing because shortage obviously is driving premiums in memory chips. So, memory chip is something which is a watch-out across the portfolio right now.
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