SUV Volume Growth
26%
+26% YoY
SUV volumes grew 26% YoY, maintaining #1 market share in the segment.
M&M
Diversified
10 Feb 2026
Mahindra & Mahindra Limited — Q3 FY26
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.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
M&M ने वित्त वर्ष 2025-26 की तीसरी तिमाही में शानदार प्रदर्शन किया। पहली बार कंपनी की कुल आय 50,000 करोड़ रुपये से अधिक हुई, जो पिछले साल से 26% ज्यादा है। मुनाफा 47% बढ़ा। कार और ट्रैक्टर की बिक्री में 23% की बढ़ोतरी हुई। एसयूवी की बिक्री 26% बढ़ी और बाजार में पहला स्थान बरकरार रहा। कंपनी की अन्य शाखाओं - महिंद्रा फाइनेंस, लाइफस्पेस और लॉजिस्टिक्स - ने भी अच्छा प्रदर्शन किया। आने वाले समय में कारों की मांग मजबूत रहेगी और इलेक्ट्रिक वाहनों का उत्पादन बढ़ेगा। अगले वित्त वर्ष में 80,000 से अधिक इलेक्ट्रिक वाहन बेचने का लक्ष्य है। हालांकि, मेमोरी चिप की कमी से उत्पादन प्रभावित हो सकता है।
Key Numbers
Farm Volume Growth
23%
+23% YoY
Farm volumes grew 23% YoY, though market share dipped slightly due to Swaraj stockouts.
Auto EBITDA Margin (ex-contract mfg)
10.4%
+90bps YoY
Auto standalone EBITDA margin (ex-contract manufacturing) improved 90bps YoY to 10.4%.
Farm Core Tractor Margin
21.2%
+240bps YoY
Core tractor margin improved 240bps YoY to 21.2%, near best-ever performance.
What Changed vs Last Quarter
NEW
EV volume target of 80,000+ units in FY27
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.
NEW
Capacity addition of 5,000-6,000 ICE units by July-August 2026
Debottlenecking will add 5,000-6,000 units per month for ICE products like XUV 3XO, Bolero, Scorpio-N, and Thar.
NEW
Nagpur greenfield tractor capacity of 100,000 units
A new greenfield plant in Nagpur will add 100,000 units of Mahindra-branded tractor capacity, with additional capacity for Swaraj under evaluation.
NEW
Last-mile mobility IPO in FY27
Management plans to list the last-mile mobility business via an IPO in FY27 to unlock value.
DROPPED
SUV volume growth guidance of mid-to-high teens for FY26
Management reaffirmed SUV volume growth guidance of mid-to-high teens for FY26, supported by new EV launches and refreshes.
DROPPED
EV ramp-up to 5,000-6,000 units per month by festive season
EV production is expected to ramp up from current 4,000 to 5,000-6,000 per month during the festive season, with further ramp-up after January 2026.
DROPPED
Tech Mahindra EBIT margin target of 15% by F27
Tech Mahindra's EBIT margin recovery is on track at 11.1% this quarter, with a target of 15% by F27.
DROPPED
New platform reveal on August 15 and Investor Day in November
A new platform will be revealed on August 15, with more details shared at the Investor Day in November.
NEW RISK
Memory chip shortage could disrupt production
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.
NEW RISK
Commodity inflation may pressure margins
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.
NEW RISK
Farm subsidy-led demand may normalize
Maharashtra's tractor subsidy added ~35,000 units this year; its withdrawal could flatten demand in FY27, though other states may compensate.
NEW RISK
International farm subsidiaries continue to drag
Impairments in Japan and Turkey impacted farm profitability. Restructuring will take time, with trailing costs expected through FY27.
RISK GONE
Steel price inflation impacting margins
Steel prices have risen 6% QoQ, and while hedges mitigated Q1 impact, continued inflation could pressure margins in future quarters.
RISK GONE
Urban demand slowdown
Management acknowledged a tangible urban slowdown, which could affect auto sales if sentiment does not improve during the festive season.
RISK GONE
Risk to SUV growth guidance from economic deterioration
Management stated that if the economic environment deteriorates significantly, the mid-to-high teens SUV growth guidance could be at risk.
RISK GONE
Cannibalization of ICE SUVs by lower-priced EV variants
As lower-priced EV variants launch, there is potential for cannibalization of ICE SUV sales, though management is agnostic due to similar unit margins.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q1 FY26, Q2 FY25
Management reaffirmed SUV volume growth guidance of mid-to-high teens for FY26, supported by new EV launches and refreshes.
Mentioned in Q1 FY26, Q2 FY25
Management acknowledged a tangible urban slowdown, which could affect auto sales if sentiment does not improve during the festive season.
Management Guidance
EV volume target of 80,000+ units in FY27
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.
Management guidance growthCapacity addition of 5,000-6,000 ICE units by July-August 2026
Debottlenecking will add 5,000-6,000 units per month for ICE products like XUV 3XO, Bolero, Scorpio-N, and Thar.
Management guidance expansionNagpur greenfield tractor capacity of 100,000 units
A new greenfield plant in Nagpur will add 100,000 units of Mahindra-branded tractor capacity, with additional capacity for Swaraj under evaluation.
Management guidance expansionLast-mile mobility IPO in FY27
Management plans to list the last-mile mobility business via an IPO in FY27 to unlock value.
Management guidance otherKey Risks
Memory chip shortage could disrupt production
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.
high · management_commentaryCommodity inflation may pressure margins
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.
medium · management_commentaryFarm subsidy-led demand may normalize
Maharashtra's tractor subsidy added ~35,000 units this year; its withdrawal could flatten demand in FY27, though other states may compensate.
medium · analyst_questionInternational farm subsidiaries continue to drag
Impairments in Japan and Turkey impacted farm profitability. Restructuring will take time, with trailing costs expected through FY27.
medium · analyst_questionNotable 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.
Frequently Asked Questions
What was Mahindra & Mahindra's revenue in Q3 FY26?
Mahindra & Mahindra reported revenue of ₹50,000 Cr in Q3 FY26, representing a +26% change compared to the same quarter last year.
What guidance did Mahindra & Mahindra management give for FY27?
EV volume target of 80,000+ units in FY27: 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. Capacity addition of 5,000-6,000 ICE units by July-August 2026: Debottlenecking will add 5,000-6,000 units per month for ICE products like XUV 3XO, Bolero, Scorpio-N, and Thar. Nagpur greenfield tractor capacity of 100,000 units: A new greenfield plant in Nagpur will add 100,000 units of Mahindra-branded tractor capacity, with additional capacity for Swaraj under evaluation. Last-mile mobility IPO in FY27: Management plans to list the last-mile mobility business via an IPO in FY27 to unlock value.
What are the key risks for Mahindra & Mahindra in FY27?
Key risks include Memory chip shortage could disrupt production — 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.; Commodity inflation may pressure margins — 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.; Farm subsidy-led demand may normalize — Maharashtra's tractor subsidy added ~35,000 units this year; its withdrawal could flatten demand in FY27, though other states may compensate.; International farm subsidiaries continue to drag — Impairments in Japan and Turkey impacted farm profitability. Restructuring will take time, with trailing costs expected through FY27..
Did Mahindra & Mahindra meet its previous quarter's guidance?
Of 2 tracked promises, management 0 met, 0 close, 1 missed, 1 delayed.
Where can I read the full Mahindra & Mahindra Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.