M&M · Automobile and Auto Components · filed 5 Nov 2026
Mahindra & Mahindra Ltd. reported revenue of ₹42,477 cr for July to September 2026, +27.1% on the year and +1.3% on the quarter.
Operating profit (EBITDA) was ₹4,913 cr, a margin of 11.6%, −282 bps on the year and −63 bps on the quarter. Operating costs grew +31.3%, faster than revenue at +27.1%, so operating profit grew less than sales.
Net profit was ₹5,102 cr, +12.9% on the year and +38.4% on the quarter, with earnings per share of ₹42.42. Profit before other income, one-offs and tax grew 1.7%, so 11 points of the headline growth came from outside the core business.
Of the 21 companies in Automobiles and components that have reported Q2 FY27 so far, Mahindra & Mahindra Ltd. ranks 12th on revenue growth; the sector median is +30.1%. Its margin moved −282 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 +12.9% puts it below 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.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
EBITDA margin 11.6%, −282 bps on the year (−63 bps on the quarter).
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, 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 | ₹7,903 cr | ₹6,486 cr | ▲ 21.9% |
| Inventory | ₹12,061 cr | ₹10,306 cr | ▲ 17.0% |
| Cash | ₹1,140 cr | ₹761 cr | ▲ 49.8% |
| Bank balances | ₹19,774 cr | ₹17,719 cr | ▲ 11.6% |
| Long-term borrowings | ₹500 cr | ₹527 cr | ▼ 5.0% |
| Short-term borrowings | ₹26.6 cr | ₹530 cr | ▼ 95.0% |
| Trade payables | ₹35,120 cr | ₹29,500 cr | ▲ 19.1% |
| Net block | ₹16,549 cr | ₹16,716 cr | ▼ 1.0% |
| Capital work in progress | ₹3,037 cr | ₹1,689 cr | ▲ 79.8% |
| Equity | ₹79,162 cr | ₹74,325 cr | ▲ 6.5% |
| Total assets | ₹1.32 lakh cr | ₹1.21 lakh cr | ▲ 9.7% |
Receivables at 17 days of sales (+1 days against the last year end). Inventory at 26 days of sales (+0 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% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹33,422 cr | ₹41,920 cr | ₹42,477 cr |
| YoY | — | — | +27% |
| EBITDA margin | 14.4% | 12.2% | 11.6% |
| Other income, % of PBT | 39% | 17% | 43% |
| Exceptional items | — | — | — |
| Tax rate | 26% | 23% | 23% |
| Net profit | ₹4,521 cr | ₹3,685 cr | ₹5,102 cr |
| YoY | — | — | +13% |
| Core profit YoY | — | — | +2% |
| EPS | ₹37.64 | ₹30.65 | ₹42.42 |
| 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 ₹42,477 cr (+27.1% on the year) and net profit of ₹5,102 cr (+12.9% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +1.7% on the year, against +12.9% for reported profit.
None of the 13 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.