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- Q2 FY27 results
MAHINDRA & MAHINDRA Q2 FY27 results: net profit up 12.9% to ₹5,102 crore, revenue up 26.2%
Mahindra & Mahindra Ltd reported standalone revenue of ₹44,282 crore and net profit of ₹5,102 crore for Q2 FY27, up 26.2% and 12.9% from Q2 FY26. EBITDA rose 3.9% to ₹6,718 crore, while the margin declined 3.2 percentage points to 15.2%.
Key points
- Q2 FY27 standalone revenue rose 26.2% to ₹44,282 crore from ₹35,080 crore in Q2 FY26.
- EBITDA increased 3.9% to ₹6,718 crore, but the margin fell 3.2 percentage points to 15.2%.
- Net profit rose 12.9% to ₹5,102 crore and basic EPS increased 12.7% to ₹42.42.
- Against Q1 FY27, revenue rose 5.5% to ₹44,282 crore and net profit increased 38.4% to ₹5,102 crore.
- For H1 FY27, revenue rose 24.6% to ₹86,240.64 crore and net profit increased 10.2% to ₹8,786.59 crore.
How did MAHINDRA & MAHINDRA perform in Q2 FY27?
Mahindra & Mahindra’s standalone revenue for Q2 FY27 was ₹44,282 crore, up 26.2% from ₹35,080 crore in Q2 FY26 and 5.5% from ₹41,959 crore in Q1 FY27. Total income rose 26.7% year on year to ₹45,343 crore and 6.1% from the previous quarter.
Standalone EBITDA was ₹6,718 crore in Q2 FY27, up 3.9% from ₹6,467 crore a year earlier and 30.4% from ₹5,150 crore in Q1 FY27. The margin was 15.2%, down 3.2 percentage points from 18.4% but up 2.9 percentage points from 12.3%.
Profit before tax rose 9.4% year on year to ₹6,638 crore and 39.0% from Q1 FY27. Net profit increased 12.9% to ₹5,102 crore from ₹4,521 crore, and basic EPS rose to ₹42.42 from ₹37.64. On a consolidated basis, the company reported revenue of ₹57,553 crore and PAT of ₹4,588 crore for the quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 44,282 | 41,959 | 35,080 | +26.2% | +5.5% |
| Other income | 1,062 | 776.38 | 701.64 | +51.3% | +36.7% |
| Total expenses | 38,706 | 37,959 | 29,712 | +30.3% | +2.0% |
| EBITDA | 6,718 | 5,150 | 6,467 | +3.9% | +30.4% |
| EBITDA margin | 15.2% | 12.3% | 18.4% | −3.2 pp | +2.9 pp |
| Profit before tax | 6,638 | 4,776 | 6,069 | +9.4% | +39.0% |
| Tax | 1,536 | 1,091 | 1,549 | −0.8% | +40.8% |
| Net profit | 5,102 | 3,685 | 4,521 | +12.9% | +38.4% |
| EPS (₹) | 42.42 | 30.65 | 37.64 | +12.7% | +38.4% |
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 MAHINDRA & MAHINDRA's costs and profit?
Total expenses rose 30.3% to ₹38,706 crore from ₹29,712 crore in Q2 FY26, outpacing revenue growth. Cost of materials was the largest increase, up ₹8,239 crore or 31.9% to ₹34,036 crore, while other expenses increased ₹472.60 crore or 23.2% to ₹2,508 crore.
Employee cost rose ₹113.97 crore or 8.8% to ₹1,412 crore, finance costs increased ₹7.73 crore or 13.1% to ₹66.72 crore, and depreciation rose ₹33.78 crore or 3.2% to ₹1,074 crore. There was no exceptional item in the quarter.
Other income increased ₹359.88 crore or 51.3% to ₹1,062 crore, while tax expense fell ₹12.66 crore or 0.8% to ₹1,536 crore. Against Q1 FY27, other income rose ₹285.14 crore, finance costs fell ₹33.01 crore, and other expenses fell ₹200.61 crore. Management cited commodity inflation, supply-chain constraints and pricing, hedging and product-mix actions as factors affecting consolidated auto and farm margins.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 34,036 | 25,796 | +8,239 | +31.9% |
| Employee cost | 1,412 | 1,298 | +113.97 | +8.8% |
| Finance costs | 66.72 | 58.99 | +7.73 | +13.1% |
| Depreciation | 1,074 | 1,041 | +33.78 | +3.2% |
| Other expenses | 2,508 | 2,035 | +472.60 | +23.2% |
| Total expenses | 38,706 | 29,712 | +8,994 | +30.3% |
| Other income | 1,062 | 701.64 | +359.88 | +51.3% |
| Tax | 1,536 | 1,549 | −12.66 | −0.8% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, standalone revenue rose 24.6% to ₹86,240.64 crore from ₹69,222.78 crore in H1 FY26. Total income increased 24.7% to ₹88,078.54 crore from ₹70,656.03 crore.
Profit before tax rose 8.3% to ₹11,413.78 crore from ₹10,540.70 crore. Net profit increased 10.2% to ₹8,786.59 crore from ₹7,970.36 crore, while EPS rose 10.1% to ₹73.08 from ₹66.37. On a consolidated basis, H1 FY27 revenue was ₹1,15,741 crore and PAT attributable to owners was ₹10,042 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 86,241 | 69,223 | +24.6% |
| Profit before tax | 11,414 | 10,541 | +8.3% |
| Net profit | 8,787 | 7,970 | +10.2% |
| EPS (₹) | 73.08 | 66.37 | +10.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets rose to ₹132,338.11 crore as of 30 September 2026 from ₹120,602.68 crore as of 31 March 2026, while total equity increased to ₹79,161.81 crore from ₹74,325.16 crore. Borrowings fell to ₹526.55 crore from ₹1,056.09 crore, and cash rose to ₹1,139.74 crore from ₹760.78 crore.
Inventories increased to ₹12,060.79 crore from ₹10,305.86 crore, trade receivables rose to ₹7,902.89 crore from ₹6,485.75 crore, and trade payables increased to ₹35,120.38 crore from ₹29,499.90 crore. H1 FY27 operating cash flow was ₹10,246.16 crore, compared with ₹7,803.95 crore in H1 FY26.
Investing cash flow for H1 FY27 was negative ₹5,093.87 crore, compared with negative ₹4,464.56 crore a year earlier. Financing cash flow was negative ₹4,773.42 crore against negative ₹3,366.73 crore, while capital expenditure increased to ₹5,395.76 crore from ₹2,507.58 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,32,338 | 1,20,603 |
| Total equity | 79,162 | 74,325 |
| Borrowings | 526.55 | 1,056 |
| Cash and equivalents | 1,140 | 760.78 |
| Inventories | 12,061 | 10,306 |
| Trade receivables | 7,903 | 6,486 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 10,246 | 7,804 |
| Cash from investing | −5,094 | −4,465 |
| Cash from financing | −4,773 | −3,367 |
| Capital expenditure | 5,396 | 2,508 |
Source: Company's results filing (XBRL).
How has MAHINDRA & MAHINDRA done over the last 8 quarters?
Revenue has increased in each of the last eight quarters on a year-on-year basis and reached ₹44,281.88 crore in Q2 FY27, the highest level in the reported sequence. Profit also rose year on year in each of the last eight quarters, reaching ₹5,101.62 crore in Q2 FY27.
The EBITDA margin bottomed at 12.3% in Q1 FY27 and recovered to 15.2% in Q2 FY27, but remained below its 18.4% peak in Q2 FY26. Revenue reached its lowest point at ₹30,963.76 crore in Q3 FY25, while profit was lowest at ₹2,437.14 crore in Q4 FY25.
Which businesses drove the quarter?
Automotive recorded revenue of ₹33,936.91 crore in Q2 FY27, up 36.1% from ₹24,929.07 crore in Q2 FY26. Segment EBIT rose to ₹2,614.40 crore from ₹2,281.05 crore, and the reported EBIT margin was 7.7%.
Farm Equipment reported revenue of ₹8,594.12 crore, up 0.6% from ₹8,539.94 crore, while EBIT fell to ₹1,440.55 crore from ₹1,683.53 crore. Its reported EBIT margin was 16.8%. Auto Investments revenue rose 204.4% to ₹27.43 crore, with EBIT of ₹27.43 crore.
Farm Investments revenue fell 39.0% to ₹69.67 crore from ₹114.30 crore, while EBIT was ₹33.33 crore against ₹114.30 crore. Investments in Industrial Businesses and Consumer Services reported revenue of ₹1,707.36 crore, up 11.2%, and EBIT of ₹1,710.75 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Automotive | 33,937 | +36.1% | 2,614 | 7.7% |
| Farm Equipment | 8,594 | +0.6% | 1,441 | 16.8% |
| Auto Investments | 27.43 | +204.4% | 27.43 | 100.0% |
| Farm Investments | 69.67 | −39.0% | 33.33 | 47.8% |
| Investments in Industrial Businesses and Consumer Services | 1,707 | +11.2% | 1,711 | 100.2% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the second quarter and half year ended 30 September 2026, along with the limited review report issued by B S R & Co. LLP. The meeting ran from 11:00 a.m. to 12:47 p.m. on 5 November 2026.
The board approved Shuchi Suri’s transition from Executive Vice-President, Mahindra Experiences, to Chief Sales and Marketing Officer of the Automotive Business from 1 April 2027. She will cease to be a Senior Management Personnel of the company.
CARE Ratings reaffirmed its ratings for the company’s bank facilities: CARE AAA; Stable and CARE A1+ for the relevant long-term and short-term facilities. No dividend or fund-raising decision was stated in the same-day filings provided.
What did MAHINDRA & MAHINDRA's management say?
Management said consolidated auto and farm margins were expected to remain strong, while core tractors were expected to face some pressure in Q3, improve in Q4 and return to normalcy in F28. It expected the tractor industry to remain flattish in FY27, with mid to high teen growth for M&M SUVs and double-digit LCV industry growth.
Management said auto manufacturing capacity was planned at 82k operational units at F27 H2 exit and 92k by F28 exit. Last Mile Mobility capacity was planned to double by F29, with 50% electrification targeted by FY30.
Management identified commodity inflation, a weak monsoon, international farm demand and Q3 core-tractor margin pressure as risks. It cited price increases, cost actions, operating leverage, product refreshes and completed international exits as responses. CARE Ratings also noted that profitability remained exposed to commodity prices and competitive pressure.
How did MAHINDRA & MAHINDRA shares react?
The filing appeared during market hours. M&M was up 1.2% after five minutes, 0.3% after 15 minutes and 1.0% after 30 minutes from the price at which the filing appeared. The reaction-day close was 6.0% above the previous close.
On the reaction day, the median move for the other Passenger Cars & Utility Vehicles stocks was 2.1%, making M&M’s excess move 3.8 percentage points. Data for the next day and five days were not available, and no comparison with the Nifty 100 was provided.
Earlier results-day moves included 2.3% on 30 July 2026, 3.6% on 5 May 2026, negative 0.1% on 11 February 2026, 0.9% on 4 November 2025 and negative 0.9% on 30 July 2025.
| After the filing | Stock | Passenger Cars & Utility Vehicles median |
|---|---|---|
| 5 minutes | +1.2% | |
| 15 minutes | +0.3% | |
| 30 minutes | +1.0% | |
| Reaction day | +6.0% | +2.1% |
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 |
|---|---|
| 30 July 2026 | +2.3% |
| 5 May 2026 | +3.6% |
| 11 February 2026 | −0.1% |
| 4 November 2025 | +0.9% |
| 30 July 2025 | −0.9% |
| 5 May 2025 | +3.6% |
| 7 February 2025 | +1.3% |
| 7 November 2024 | −0.4% |
Source: MarketPing price-reaction measurement.
Quick answers
What was MAHINDRA & MAHINDRA's revenue in Q2 FY27?
Revenue from operations was ₹44,282 crore, up 26.2% from ₹35,080 crore in Q2 FY26 (standalone).
Did MAHINDRA & MAHINDRA make a profit in Q2 FY27?
Yes. Net profit was ₹5,102 crore, against a net profit of ₹4,521 crore in Q2 FY26.
What was MAHINDRA & MAHINDRA's EPS in Q2 FY27?
Basic earnings per share were ₹42.42, against ₹37.64 in Q2 FY26.
How did MAHINDRA & MAHINDRA shares react to the Q2 FY27 results?
On the reaction day the stock moved +6.0% from the previous close; the median Passenger Cars & Utility Vehicles stock moved +2.1%.
When did MAHINDRA & MAHINDRA announce its Q2 FY27 results?
On 5 November 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 5 November 2026) · PDF
- The investor presentation (5 November 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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