Mahindra & Mahindra Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
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On the reaction day the stock moved 1.5 pts more than Nifty 100 and 2.3 pts more than its Passenger Cars & Utility Vehicles peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Mahindra & Mahindra's board approved unaudited financial results for Q2 and H1 FY26 (ended Sep 30, 2025) on Nov 4, 2025. Consolidated revenue from operations rose to Rs 45,885 crore in Q2, up about 21.8% year-on-year from Rs 37,689 crore. Consolidated profit after tax grew roughly 18% to Rs 3,964 crore (Q2 FY25: Rs 3,361 crore), with EPS of Rs 32.90. For H1 FY26, consolidated revenue climbed about 22% to Rs 91,321 crore and PAT rose nearly 21% to Rs 8,340 crore. On a standalone basis, Q2 revenue grew 21% to Rs 33,422 crore and PAT rose 18% to Rs 4,521 crore. The Automotive and Farm Equipment segments both posted around 25% revenue growth, while Financial Services grew about 13%. Operating margin (ex-investment income) expanded to 14.22% from 12.84% a year ago. The company remains net cash positive on a standalone basis with debt-equity of just 0.02x.
Strong broad-based growth across automotive, farm equipment and services, combined with margin expansion, signals healthy operational momentum and is likely to be viewed positively by investors. No signs of stress: PAT is positive and growing, debt levels are very low, and operating cash flow turned positive versus the year-ago period.