Profit before tax was at Rs 6,069.45 crore in Q2 FY26, registering a growth of 23.1% from Rs 4,930.98 crore in Q2 FY25. EBITDA grew by 23% to Rs 6,467 crore in Q2 FY26, compared with Rs 5,270 crore recorded in the similar quarter last year.
Total vehicle sales grew 13% to 2,61,703 units from 2,31,038 units in the corresponding quarter last year. The tractor segment delivered a strong performance, with sales rising 32% YoY to 1,22,936 units from 93,382 units in Q2 FY25.
M&M continued to reinforce its market leadership across segments. In Q2 FY26, it held the top position in SUVs with a 27.7% market share (up 390 bps YoY) and in light commercial vehicles (<3.5T) with a 53.2% share (up 100 bps). In the tractor business, M&M commanded a 43% market share (up 50 bps), while its electric three-wheeler segment led with a 42.3% market share.
Mahindra Finance (MMFSL) reported a 45% rise in PAT with GS3 remaining below 4%, within the defined range. Tech Mahindra also posted an EBIT margin of 12.1%, improving by 250 bps, supported by continued focus on margin expansion.
On a consolidated basis, the company’s net profit gained 15.9% to Rs 3,673.32 crore on a 21.7% rise in revenue from operations to Rs 45,885.40 crore in Q2 FY26 over Q2 FY25. The automotive segment generated Rs 27,171 crore (up 24.9% YoY), and the Farm Equipment Sector (FES) contributed Rs 10,225 crore (up 24.8% YoY).
Dr. Anish Shah, Group CEO & managing director, M&M, said, “We are pleased with the strong execution and solid performance delivered across the group in Q2’F26. Auto and Farm sustained their leadership with consistent gains in market share and profitability. TechM is progressing well on its transformation journey. MMFSL achieved a 45% PAT growth and remains committed to quality growth and digital transformation. Our Growth Gems are steadily advancing towards their ambitious goals, reinforcing our long-term value creation potential.”
Rajesh Jejurikar, executive director & CEO (Auto and Farm Sector), M&M, said, “Strong performance of our Auto and Farm businesses continues in Q2’F26 reinforcing our leadership position, with a gain of 390 bps YoY in SUV revenue share, and 100 bps YoY in LCV (< 3.5T) market share. In Tractors, we gained 50 bps YoY to reach 43.0% market share. Our Auto Standalone PBIT margin (excl. eSUV Contract Mfg.) improved by 80 bps to 10.3% and core Tractor PBIT margins improved by 190 bps to 20.6%.”
Amarjyoti Barua, group chief financial officer, M&M, said: “Our solid Q2 consolidated results reflects the strength of our diversified portfolio. We continue to deliver on our strategic priorities. We had strong cash generation in the first half, delivering over 10k crores of operating cash flow. We remain committed to sustainable growth and value creation.”
M&M Group enjoys a leadership position in farm equipment, utility vehicles, information technology, and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.