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M&M posts strong Q3FY26 results: SUV share improves

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M&M posts strong Q3FY26 results: SUV share improves
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Athira Sethu

Kochi, 12 Feb 2026

Mahindra & Mahindra delivered a strong performance in the third quarter of FY26, supported by steady demand in its automobile and farm businesses. The company reported healthy growth in revenue, profit and operating performance, while volumes across key segments remained robust. Strong SUV traction, improved tractor sales and solid execution across businesses helped drive earnings during the December 2025 quarter. 

Standalone Financial Performance Q3FY26

MetricQ3FY26Q3FY25YoY Growth
Net Profit₹3,931.30 crore₹2,964.31 crore+32.6%
Revenue from Operations₹38,516.8 crore₹30,538.2 crore+26.12%
EBITDA₹5,668 crore₹4,468 crore+27%
EBITDA Margin14.7%14.6%+10 bps

Consolidated Performance Q3FY26

MetricQ3FY26Q3FY25YoY Growth
Revenue₹51,580 crore—+24.4%
Net Profit (PAT)₹4,674.7 crore₹3,180.6 crore+47%

Segment Performance Q3FY26

SegmentRevenue Q3FY26Revenue Q3FY25YoY GrowthEBIT Q3FY26EBIT YoY Growth
Automotive₹28,361.48 crore₹22,410.06 crore+26.55%₹2,683.94 crore+23.85%
Farm Equipment₹10,199.69 crore₹8,167.34 crore+24.88%₹2,060.78 crore+39.36%

Sales Volumes Q3FY26

CategoryQ3FY26Q3FY25YoY Growth
Total Auto Sales3,02,238 units2,45,499 units+23%
Total Tractor Sales1,49,567 units1,21,774 units+23%
Total Volumes4,22,937 units—+23.1%

Market Share Highlights

SegmentQ3FY26Change
SUV Revenue Market Share24.1%+90 bps YoY
LCV (<3.5T) Market Share—+10 bps YoY
Tractor Market Share (Q3)44.0%-20 bps YoY
Tractor Market Share (YTD FY26)44.1%+20 bps YoY

Truck and Bus Business

MetricQ3FY26YoY Growth
Total Volume6,526 units+36%
ILCV Buses—+47%
ILCV Trucks—+43%
HCVs—+11%
SML Growth—+62%

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