Mahindra & Mahindra
Logotype for Mahindra & Mahindra Limited

Mahindra & Mahindra (M&M) investor relations material

Mahindra & Mahindra Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Mahindra & Mahindra Limited
Q3 25/26 earnings summary11 Feb, 2026

Executive summary

  • Achieved record consolidated revenue, surpassing INR 52,100 crore for Q3 FY2026, up 25.7% year-over-year, with strong performance across all business segments and significant contributions from group companies.

  • Operating PAT rose 66% year-over-year, while reported PAT increased 47% to INR 4,675 crore, with differences due to labor code impact and a one-time reserve release in Mahindra Finance last year.

  • ROE annualized at 20.1%, reflecting consistent delivery on financial commitments.

  • Volume and margin growth were robust in both auto and farm businesses, with volumes up 23% in each.

  • Breakthrough performances included Mahindra Finance's pivot to growth, Lifespaces' 5x profit increase, and logistics achieving its first profitable quarter in 11 quarters.

Financial highlights

  • Consolidated revenue up 26% year-over-year; operating profit up 66%, or 54% excluding one-time items.

  • Auto segment operating profit up 42%, Tech Mahindra up 35%, Lifespaces up 5x, Logistics up 2x, Mahindra Finance up 97%, Farm up 7% (impacted by international impairments).

  • Auto margins increased by 90 basis points; farm margins up 240 basis points domestically.

  • Year-to-date profit growth at 38%, exceeding initial expectations.

  • Services segment PAT more than doubled to ₹1,637 crore, driven by strong performance in Mahindra Finance and Lifespaces.

Outlook and guidance

  • Management expects continued strong growth, with robust demand in auto and farm segments and a positive outlook for the remainder of the year.

  • Capacity expansions planned for ICE and EVs through FY27 and FY28, with new platforms and greenfield facilities in the pipeline.

  • Mahindra Finance to focus on responsible growth after strengthening asset quality and controls.

  • Tech Mahindra on track to achieve a 15% EBIT margin by FY27, after which it will pivot to growth.

ELV Rules: When to expect impact assessment?
Farm Equipment: Q3 results decline despite revenue growth?
Labour Codes: Any further impact expected?
Mahindra Finance ROA post-pivot
IQ platform capacity impact on existing products
EU FTA impact on M&M export strategy
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.

Next Mahindra & Mahindra earnings date

Logotype for Mahindra & Mahindra Limited
Q4 25/266 May, 2026
Mahindra & Mahindra
Your earnings 
season toolkit.
Download
Free on both iOS & Android.

Next Mahindra & Mahindra earnings date

Logotype for Mahindra & Mahindra Limited
Q4 25/266 May, 2026

The essential earnings season companion

The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.

Live calls and transcripts

Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.

Find what you need faster

Search for any keyword across all transcripts simultaneously.

Easily store key findings

Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Your watchlist. Your dashboard.

Follow the companies that matter to you. Get a personalized feed with real-time updates.

Be the first to know

Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.

Consensus estimates

Access analyst consensus estimates, valuation multiples, and revenue segments splits.

All IR material in one place

The easiest way to stay updated during earnings season.

Global coverage

All events from public companies. Live and recorded.

Just click and listen

No webcast links. No manual registrations.

Research anytime, anywhere

Built for professionals. Loved by everyone. Try our free mobile app.

excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
App-store-avatar.png play-store-avatar.png
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
play-store-avatar
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
App-store-avatar.png play-store-avatar.png
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
x-avatar
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
App-store-avatar.png play-store-avatar.png
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
x-avatar
@theshortbearx.com

Frequently asked questions

Mahindra & Mahindra Limited is India's largest tractor and utility vehicle manufacturer. It provides a range of products and services including utility vehicles, information and communication technology-based solutions, financial services and farm equipment. The Company operates in five business segments: Farm Equipment, Consumer Solutions, Financial Services, Mahindra Retail/Mahindra Logistics and Corporate Investments. Mahindra & Mahindra Limited is based in Mumbai, India.

Quartr provides global coverage of all investor relation material from public companies.

  • Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.

  • Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.

  • Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.

Yes, the Quartr mobile app is free on both iOS and Android.

Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.

Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.

Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.

Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.

Explore our global coverage