Mahindra & Mahindra Limited has informed the Exchange about General Updates
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Mahindra & Mahindra reported Q2 F26 consolidated revenue of Rs 46,106 cr, up 22% YoY, with PAT rising 14% to Rs 3,673 cr (28% excluding prior year land sale gains and one-offs). Annualized ROE stood at 19.4%. The Farm Equipment division led the way with PAT up 54% (excluding land sale gains), tractor volumes rising 32% YoY, and market share hitting a record 43.0%. The Auto segment saw revenue grow 25%, with SUV revenue market share at 25.7% (#1 position, up 390 bps) and LCV market share at 53.2%. E-SUV penetration reached 8.7%, while exports jumped 40%. Margins expanded meaningfully: Core Tractor PBIT margin improved to 20.6% from 18.7%, Auto Standalone PBIT margin to 10.3% from 9.5%, and Tech Mahindra EBIT margin rose 250 bps to 12.1%. Mahindra Finance delivered 45% PAT growth with AUM up 13% to Rs 1.27 lakh cr and stable asset quality (GS3 at 3.9%). H1 F26 EPS reached Rs 69 and the company completed the SML Isuzu acquisition while divesting SAMPO Finland.
This is a broad-based, strong quarterly performance with simultaneous margin expansion across Auto, Farm, and Tech Mahindra, reinforcing the bull case for the stock. Strong cash generation (Rs 4,119 cr H1) and improving returns should be viewed positively by shareholders, though BEV losses (MEAL) remain a drag that needs monitoring.