M&M · Automobile and Auto Components · filed 5 Nov 2026
Mahindra & Mahindra Ltd. reported revenue of ₹57,515 cr for July to September 2026, +25.3% on the year and −0.0% on the quarter. That is faster than this quarter has grown in recent years (+15.6% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹2.22 lakh cr, +26.6% on the four before.
Operating profit (EBITDA) was ₹10,183 cr, a margin of 17.7%, −127 bps on the year and +48 bps on the quarter. Over the last 8 quarters the margin has ranged from 17.2% to 19.8%, averaging 18.6%. Operating costs grew +27.3%, faster than revenue at +25.3%, so operating profit grew less than sales.
Net profit was ₹5,167 cr, +30.4% on the year and −13.9% on the quarter, with earnings per share of ₹41.04. Profit before other income, one-offs and tax grew 18.9%, so 11 points of the headline growth came from outside the core business. The tax rate of 30% is in line with its recent average. Profit over the last four quarters totals ₹21,445 cr, +38.3% on the four before.
Of the 21 companies in Automobiles and components that have reported Q2 FY27 so far, Mahindra & Mahindra Ltd. ranks 13th on revenue growth; the sector median is +30.1%. Its margin moved −127 bps on the year against a sector median of −98 bps.
Mahindra & Mahindra Ltd. is a Nifty 50 company. Of the 29 Nifty 50 companies reported so far, the median profit growth is +20.5%; Mahindra & Mahindra Ltd.'s +30.4% puts it above that.
A vehicle maker's revenue is volumes times average price, and its margin moves with steel, aluminium and rubber costs and with the share of exports and premium models.
On earnings per share of ₹164.96 over the last four quarters, the stock at ₹2,915.00 trades at 17.7 times trailing earnings.
Profit with no operating cash behind it. Where did the cash go?
Operating cash flow for the first half −₹673 cr against profit of ₹11,164 cr.
Source: Cash flow statement
Could not run on this quarter: Exceptional items that recur, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹10,071 cr | ₹9,272 cr | ▲ 8.6% |
| Inventory | ₹24,125 cr | ₹22,044 cr | ▲ 9.4% |
| Cash | ₹8,166 cr | ₹4,292 cr | ▲ 90.2% |
| Bank balances | ₹29,100 cr | ₹27,686 cr | ▲ 5.1% |
| Long-term borrowings | ₹81,014 cr | ₹73,470 cr | ▲ 10.3% |
| Short-term borrowings | ₹68,371 cr | ₹56,145 cr | ▲ 21.8% |
| Trade payables | ₹43,236 cr | ₹37,889 cr | ▲ 14.1% |
| Net block | ₹29,438 cr | ₹29,012 cr | ▲ 1.5% |
| Capital work in progress | ₹4,020 cr | ₹2,368 cr | ▲ 69.8% |
| Equity | ₹97,917 cr | ₹93,096 cr | ▲ 5.2% |
| Total assets | ₹3.52 lakh cr | ₹3.18 lakh cr | ▲ 10.9% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | −₹673 cr | ₹1,203 cr |
| Capital expenditure | −₹7,365 cr | −₹3,957 cr |
| Investing cash flow | −₹9,970 cr | −₹2,515 cr |
| Financing cash flow | ₹14,796 cr | −₹651 cr |
| Dividends paid | −₹4,308 cr | −₹3,376 cr |
Operating cash flow was -0.06× profit. Receivables at 16 days of sales (−1 days against the last year end). Inventory at 38 days of sales (−2 days).
No emphasis of matter.
Ms. Shuchi Suri, Executive Vice-President, Mahindra Experiences, Senior Management Personnel, shall transition to Chief Sales & Marketing Officer - Automotive Business effective April 1,…
Tax: Consolidated tax expense of ₹2,197.93 crore (current tax ₹2,115.98 crore, deferred tax charge ₹81.95 crore) on Profit before tax of ₹7,364.70 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Volumes (units) | 330,896 | 304,421 | 261,703 |
| Realisation per unit (₹) | 102,561 | — | 95,257 |
| Market share | 41.5% | — | — |
| EV share | 30.1% | — | — |
Worked out from filed numbers. Average Realisation per Vehicle: Calculated as Standalone Automotive Revenue (₹33,936.91 crore * 10^7) / Total Vehicles sold (3,30,896) = ₹1,02,561 (vs ₹24,929.07 crore / 2,61,703 = ₹95,257 in Q2 FY26)
Dealer inventory levels are not explicitly reported in days in the quarterly financial release; consolidated inventories stood at ₹24,125.26 crore as of September 30, 2026 compared to ₹22,044.11 crore as of March 31, 2026, representing 38.27 inventory days on annualised H1 FY27 revenue.
Inventory expansion aligns with pre-festive channel stocking for the automotive and tractor peak season.
Consolidated cost of materials consumed (including purchase of stock-in-trade and stock changes) stood at ₹37,198.66 crore in Q2 FY27 (64.67% of operational revenue) compared to ₹28,109.48 crore in Q2 FY26 (61.26%). Average realisation per vehicle expanded to ₹1,02,561 in Q2 FY27 from ₹95,257 in Q2 FY26 (+7.7% YoY).
Material cost increase driven by commodity inflation was partially mitigated by higher realization per vehicle and positive product mix.
Read using the Automobiles and components framework (named in the filing read). Primary valuation lens: P/E through the cycle.
Read more closely in this sector: Dealer inventory days · Raw material cost against realisation.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Transition of Senior Management Personnel | 2027-04-01 | FY2027-28 | unchanged or first given |
| Truck and Bus Division Business Transfer | SML Mahindra Limited | Pending customary closing conditions | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Automotive | ₹37,756 cr | ▲ 39.0% | ₹3,319 cr | ▲ 30.8% |
| Farm Equipment | ₹9,572 cr | ▼ 6.4% | ₹1,376 cr | ▼ 14.4% |
| Financial Services | ₹5,906 cr | ▲ 17.8% | ₹1,185 cr | ▲ 57.7% |
| Industrial Businesses and Consumer Services | ₹5,915 cr | ▲ 17.5% | ₹813 cr | ▼ 0.9% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹35,299 cr | ₹35,452 cr | ₹37,218 cr | ₹37,924 cr | ₹41,470 cr | ₹42,599 cr | ₹45,529 cr | ₹45,885 cr | ₹52,100 cr | ₹54,982 cr | ₹57,533 cr | ₹57,515 cr |
| YoY | — | — | +10% | +10% | +17% | +20% | +22% | +21% | +26% | +29% | +26% | +25% |
| EBITDA margin | 17.6% | 18.6% | 19.5% | 18.8% | 19.8% | 18.6% | 18.5% | 19.0% | 19.5% | 18.4% | 17.2% | 17.7% |
| Other income, % of PBT | 19% | 19% | 16% | 24% | 14% | 24% | 21% | 15% | 15% | 16% | 22% | 17% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 22% | 23% | 29% | 29% | 23% | 22% | 35% | 24% | 24% | 21% | 30% |
| Net profit | ₹2,977 cr | ₹3,125 cr | ₹3,546 cr | ₹3,361 cr | ₹3,624 cr | ₹3,542 cr | ₹4,377 cr | ₹3,964 cr | ₹5,021 cr | ₹5,260 cr | ₹5,998 cr | ₹5,167 cr |
| YoY | — | — | −4% | +35% | +22% | +13% | +23% | +18% | +39% | +49% | +37% | +30% |
| Core profit YoY | — | — | +14% | +31% | +39% | +7% | +14% | +43% | +28% | +64% | +34% | +19% |
| EPS | ₹21.38 | ₹22.15 | ₹26.40 | ₹25.50 | ₹25.58 | ₹26.50 | ₹32.84 | ₹32.90 | ₹37.59 | ₹37.53 | ₹48.80 | ₹41.04 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Mahindra & Mahindra Ltd. reported revenue of ₹57,515 cr (+25.3% on the year) and net profit of ₹5,167 cr (+30.4% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +18.9% on the year, against +30.4% for reported profit.
1 check raised a question: Profit with no operating cash behind it. Where did the cash go?
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