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M&M FIN. SERVICES Q2 FY27 results: net profit up 60.9% to ₹910.73 crore, revenue up 18.1%
M&M FIN. SERVICES LTD reported consolidated revenue of ₹5,936 crore and a net profit of ₹910.73 crore for Q2 FY27, with revenue up 18.1% and profit up 60.9% from the year-ago quarter. Profit after tax margin rose to 15.3% from 11.3%, while basic EPS increased to ₹6.54 from ₹4.06. On a standalone basis, the company reported revenue of ₹5,163.51 crore and a net profit of ₹881.52 crore.
Key points
- Consolidated revenue was ₹5,936 crore in Q2 FY27, up ₹909.47 crore or 18.1% from ₹5,026 crore in Q2 FY26.
- Consolidated net profit was ₹910.73 crore, up ₹344.66 crore or 60.9% from ₹566.07 crore a year earlier.
- Basic EPS rose to ₹6.54 from ₹4.06 in the year-ago quarter, an increase of ₹2.48 or 61.1%.
- Total expenses were ₹4,761 crore, up ₹454.40 crore or 10.6% from ₹4,306 crore in Q2 FY26.
- For H1 FY27, revenue was ₹11,653.57 crore and net profit was ₹1,838.21 crore, up 16.3% and 67.9% from H1 FY26.
How did M&M FIN. SERVICES perform in Q2 FY27?
M&M FIN. SERVICES reported consolidated revenue of ₹5,936 crore for Q2 FY27, the July–September 2026 quarter, against ₹5,026 crore in Q2 FY26, a rise of ₹909.47 crore or 18.1%. Against Q1 FY27, revenue was higher by ₹217.75 crore or 3.8% from ₹5,718 crore. Total income for the quarter was ₹5,962.1 crore against ₹5,049.45 crore a year earlier and ₹5,724.81 crore in the previous quarter. Profit before tax was ₹1,202 crore, up ₹458.25 crore or 61.7% from ₹743.30 crore in Q2 FY26, while net profit was ₹910.73 crore against ₹566.07 crore, a rise of ₹344.66 crore or 60.9%. Against Q1 FY27, profit before tax fell ₹18.45 crore or 1.5% and net profit fell ₹16.75 crore or 1.8%. Basic EPS was ₹6.54, up ₹2.48 or 61.1% from ₹4.06 a year earlier and down ₹0.12 or 1.8% from ₹6.66 in the previous quarter. The company did not report EBITDA or an EBITDA margin for the quarter. Profit after tax margin was 15.3%, against 11.3% in Q2 FY26 and 16.2% in Q1 FY27, a change of 4.0 percentage points and 0.9 percentage points respectively. On a standalone basis, revenue was ₹5,163.51 crore and net profit was ₹881.52 crore, against ₹569.31 crore in the year-ago quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 5,936 | 5,718 | 5,026 | +18.1% | +3.8% |
| Other income | 26.44 | 6.90 | 23.26 | +13.7% | +283.2% |
| Total expenses | 4,761 | 4,505 | 4,306 | +10.6% | +5.7% |
| Profit before tax | 1,202 | 1,220 | 743.30 | +61.7% | −1.5% |
| Tax | 312.61 | 314.74 | 192.66 | +62.3% | −0.7% |
| Net profit | 910.73 | 927.48 | 566.07 | +60.9% | −1.8% |
| EPS (₹) | 6.54 | 6.66 | 4.06 | +61.1% | −1.8% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in M&M FIN. SERVICES's costs and profit?
Total expenses were ₹4,761 crore in Q2 FY27, up ₹454.40 crore or 10.6% from ₹4,306 crore in Q2 FY26. Finance costs rose the most, up ₹325.32 crore or 14.8% to ₹2,523 crore. Employee cost increased ₹63.89 crore or 10.6% to ₹666.45 crore, other expenses rose ₹51.03 crore or 13.7% to ₹422.37 crore, and depreciation rose ₹15.36 crore or 16.4% to ₹109.29 crore. Other income was ₹26.44 crore, up ₹3.18 crore or 13.7% from ₹23.26 crore a year earlier and up ₹19.54 crore or 283.2% from ₹6.90 crore in Q1 FY27. There was no exceptional item in either the year-ago quarter or the reported quarter. Tax expense rose ₹119.95 crore or 62.3% to ₹312.61 crore from ₹192.66 crore, against profit before tax up 61.7%. Against the previous quarter, total expenses rose ₹255.74 crore or 5.7%, with finance costs up ₹150.95 crore or 6.4% and other expenses up ₹12.69 crore or 3.1%, while employee cost fell ₹6.44 crore or 1.0%. Tax was ₹312.61 crore, lower by ₹2.13 crore or 0.7% from ₹314.74 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Employee cost | 666.45 | 602.56 | +63.89 | +10.6% |
| Finance costs | 2,523 | 2,198 | +325.32 | +14.8% |
| Depreciation | 109.29 | 93.93 | +15.36 | +16.4% |
| Other expenses | 422.37 | 371.34 | +51.03 | +13.7% |
| Total expenses | 4,761 | 4,306 | +454.40 | +10.6% |
| Other income | 26.44 | 23.26 | +3.18 | +13.7% |
| Tax | 312.61 | 192.66 | +119.95 | +62.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, M&M FIN. SERVICES reported consolidated revenue of ₹11,653.57 crore, up ₹1,636.77 crore or 16.3% from ₹10,016.8 crore in H1 FY26. Total income was ₹11,686.91 crore against ₹10,062.89 crore, a rise of ₹1,624.02 crore or 16.1%. Profit before tax for the first half was ₹2,421.55 crore, up ₹994.82 crore or 69.7% from ₹1,426.73 crore. Net profit was ₹1,838.21 crore, up ₹743.18 crore or 67.9% from ₹1,095.03 crore. Basic EPS for H1 FY27 was ₹13.21 against ₹8.12 in H1 FY26, an increase of ₹5.09 or 62.7%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 11,654 | 10,017 | +16.3% |
| Profit before tax | 2,422 | 1,427 | +69.7% |
| Net profit | 1,838 | 1,095 | +67.9% |
| EPS (₹) | 13.21 | 8.12 | +62.7% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹180,291.69 crore as on 30 September 2026, against ₹158,643.94 crore as on 31 March 2026. Total equity was ₹27,526.24 crore, compared with ₹26,691.97 crore at the previous balance sheet date. Cash and cash equivalents were ₹5,251.9 crore, against ₹465.45 crore as on 31 March 2026. Borrowings were not reported for either balance sheet date. For H1 FY27, net cash used in operating activities was ₹12,276.48 crore, against ₹6,870.45 crore used a year earlier. Net cash used in investing activities was ₹2,939.29 crore, against ₹1,056.27 crore provided by investing activities in H1 FY26. Net cash from financing activities was ₹20,002.88 crore, against ₹4,142.3 crore in H1 FY26. Capital expenditure was ₹188.36 crore for the first half, against ₹172.49 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,80,292 | 1,58,644 |
| Total equity | 27,526 | 26,692 |
| Cash and equivalents | 5,252 | 465.45 |
| Inventories | 0 | 0 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −12,276 | −6,870 |
| Cash from investing | −2,939 | 1,056 |
| Cash from financing | 20,003 | 4,142 |
| Capital expenditure | 188.36 | 172.49 |
Source: Company's results filing (XBRL).
How has M&M FIN. SERVICES done over the last 8 quarters?
Revenue has risen year on year in each of the last eight quarters, rising from ₹4,796.8 crore in Q3 FY25 to ₹5,935.66 crore in Q2 FY27. Revenue was at its lowest in Q3 FY25 and its highest in the reported quarter. Profit after tax has risen year on year in each of the last three quarters, moving from ₹566.07 crore in Q2 FY26 to ₹910.73 crore in Q2 FY27. Within that period, profit after tax was lowest at ₹825.6 crore in Q3 FY26 and highest at ₹940.48 crore in Q4 FY26, before dipping to ₹927.48 crore in Q1 FY27 and ₹910.73 crore in Q2 FY27. The company did not report an EBITDA margin for the trend quarters, so no margin peak or trough can be stated from the reported figures.
Which businesses drove the quarter?
The company reported one segment with comparable year-on-year figures. Financing activities generated revenue of ₹5,540.98 crore in Q2 FY27, up 18.0% from ₹4,697.22 crore in the year-ago quarter, with segment EBIT of ₹1,135.57 crore against ₹628.7 crore a year earlier. The segment's EBIT margin was 20.5%. The Others segment reported revenue of ₹509.39 crore and EBIT of ₹87.77 crore, with an EBIT margin of 17.2%. The company did not provide year-on-year revenue or EBIT figures for this segment in the reported data.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Financing activities | 5,541 | +18.0% | 1,136 | 20.5% |
| Others | 509.39 | 87.77 | 17.2% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The company filed an earnings presentation with the BSE on 21 October 2026 under Regulation 30 of the SEBI Listing Regulations. The presentation covered an overview of the unaudited standalone and consolidated financial results for the second quarter and half year ended 30 September 2026, quarter highlights and a business overview, and was also uploaded on the company's website. The board of directors met on 21 October 2026 and approved the unaudited standalone and consolidated financial results for the second quarter and half year ended 30 September 2026. The board also approved the clean limited review report from the joint statutory auditors, M/s. M M Nissim & Co. LLP and M/s. M. P. Chitale & Co., and the extract of the newspaper publication of the results. The meeting commenced at 3:05 p.m. and concluded at 5:35 p.m. The filings did not mention a dividend, a fund raise or any appointment.
What did M&M FIN. SERVICES's management say?
Management maintained the FY31 framework of 16–18% medium-to-long-term AUM growth, 1.3–1.7% credit cost and 2.2–2.5% ROA. On the earnings call, the Managing Director and CEO said Q2 disbursements grew 22% and that GS2+GS3 was 8.1%, which he described as pretty much all-time lows in the company's GS2+GS3 numbers. He said the Q2 credit cost was 1.6%, within the range the company had set out. The CFO said the cost of funds will be towards an upward trajectory, and that this was the company's guidance. Management indicated that near-term NIM expansion is not expected and said NIM needs to remain above 7% to support the 2.2–2.5% ROA ambition. Fee-based income is targeted to increase from 1% to 1.6%. Management declined to quantify the impact of a cumulative 75 bp rate hike and did not provide FY27-specific AUM guidance. The CEO said: "We will not chase any growth at the cost of either price or risk. So, it's always risk- and price-adjusted aspirations, not growth for growth." Risks flagged on the call included rising rates and repricing lags, drought across 282 districts affecting rural collections and tractor cash flows, draft insurance rules reducing commission and fee income, elevated liquidity and trade advances diluting quarterly returns, and soft festive demand with a high second-half base.
How did M&M FIN. SERVICES shares react?
The results were filed after market hours. From the price when the filing appeared, the stock fell 6.6% within 5 minutes, 3.7% within 15 minutes and 3.3% within 30 minutes. Over the first session that could trade on the news, the stock closed 3.6% below its previous close of ₹298.0. By the next day's close the stock was down 7.1% from its pre-results close, and by the fifth session it was down 11.0%. The Nifty Midcap 150 was down 0.8% on the reaction day, down 2.9% by the next day and up 0.2% by the fifth day. The NBFC sector's median move was 0.4% lower on the reaction day, 1.8% lower by the next day and 0.4% lower by the fifth day, leaving the stock 3.2 percentage points, 5.3 percentage points and 10.6 percentage points behind the sector median on those closes. Earlier results days were mixed. The stock rose 7.7% on 21 July 2026 and 7.4% on 24 April 2026, and fell 5.4% on 22 October 2024.
| After the filing | Stock | Non Banking Financial Company (NBFC) median |
|---|---|---|
| 5 minutes | −6.6% | |
| 15 minutes | −3.7% | |
| 30 minutes | −3.3% | |
| Reaction day | −3.6% | −0.4% |
| Next day | −7.1% | −1.8% |
| 5 days | −11.0% | −0.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 21 July 2026 | +7.7% |
| 24 April 2026 | +7.4% |
| 28 January 2026 | +1.4% |
| 28 October 2025 | +5.0% |
| 22 July 2025 | +1.2% |
| 22 April 2025 | −2.5% |
| 28 January 2025 | +0.2% |
| 22 October 2024 | −5.4% |
Source: MarketPing price-reaction measurement.
How did other Non Banking Financial Company (NBFC) companies do?
Among the 77 other Non Banking Financial Company companies compared for this quarter, the median revenue growth was 21.6%. Thirty-three peers grew slower than M&M FIN. SERVICES and 44 peers grew faster than the company. Of the 85 peers whose profit was compared, 56 reported higher profit. The peer comparison was as on 4 November 2026.
| M&M FIN. SERVICES revenue growth (YoY) | +18.1% |
|---|---|
| Median of 77 other Non Banking Financial Company (NBFC) companies | +21.6% |
| Companies with slower revenue growth than M&M FIN. SERVICES | 33 of 77 |
| Companies with faster revenue growth than M&M FIN. SERVICES | 44 of 77 |
| Companies whose net profit rose | 56 of 85 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was M&M FIN. SERVICES's revenue in Q2 FY27?
Revenue from operations was ₹5,936 crore, up 18.1% from ₹5,026 crore in Q2 FY26 (consolidated).
Did M&M FIN. SERVICES make a profit in Q2 FY27?
Yes. Net profit was ₹910.73 crore, against a net profit of ₹566.07 crore in Q2 FY26.
What was M&M FIN. SERVICES's EPS in Q2 FY27?
Basic earnings per share were ₹6.54, against ₹4.06 in Q2 FY26.
How did M&M FIN. SERVICES shares react to the Q2 FY27 results?
On the reaction day the stock moved −3.6% from the previous close; the median Non Banking Financial Company (NBFC) stock moved −0.4%.
When did M&M FIN. SERVICES announce its Q2 FY27 results?
On 21 October 2026, in a filing to the BSE.
Sources
- Board Meeting Outcome for Outcome Of Board Meeting- Unaudited Standalone And Consolidated Financial Results For The Second Quarter And Half Year Ended 30Th September 2026 (BSE, 21 October 2026) · PDF
- Outcome Of Board Meeting- Unaudited Standalone And Consolidated Financial Results For The Second Quarter And Half Year Ended 30Th September 2026 (BSE, 21 October 2026) · PDF
- The earnings call (27 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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