M&M Q3 revenue inches past ₹50,000 crore as all businesses fire

Mumbai: Leading sport utility vehicle (SUV) and tractor maker Mahindra and Mahindra Ltd capped a quarter of solid earnings growth for automotive firms, clocking a consolidated top line of over ₹50,000 crore for the first time on the back of growth across its businesses.

The company reported consolidated revenues of ₹52,100 crore, a fourth more than the same period last year. Consolidated profit surged by a half year-on-year to ₹4,675 crore despite a ₹220 one-time hit due to the implementation of new labour codes.

“Auto and farm (segments) continue to capitalize on their market leadership,” M&M’s group chief executive officer and managing director Anish Shah said during a post-earnings press conference.

The consolidated financials of M&M include the performance of not just the company’s auto and farm divisions, but also its financial services unit, Mahindra Finance Ltd, and its information technology arm, Tech Mahindra Ltd, along with a long tail of businesses across real estate, hospitality, and logistics.

The company’s passenger vehicles business, including electric vehicles, reported revenues of ₹30,370 crore, 30% higher year-on-year. The automotive segment's profit before interest and tax (PBIT) grew by a similar quantum to ₹2,607 crore.

The company sold 179,000 vehicles during the quarter, which was 26% more than last year. Sales were slightly inflated due to spillover from the preceding quarter, when customers delayed purchases in September 2025 to benefit from an expected tax cut on new cars.

The farm equipment business, where M&M is the country’s largest tractor maker, reported revenues of ₹11,501 crore, a fifth more than the same period last year. PBIT, meanwhile, fell by 7% on-year to ₹1,259 crore.

Earlier, its peers, Maruti Suzuki Ltd and Tata Motors Passenger Vehicles Ltd, also reported that GST-cut driven demand helped shore up their domestic revenues by over a quarter compared with last year. Meanwhile, Hyundai Motor India Ltd reported year-on-year revenue growth of less than a tenth.

EU, US trade deals an opportunity

M&M was unfazed by the recent trade deals that India has signed with the European Union and the US, and earlier with the United Kingdom, Shah said. It was unlikely for a European carmaker to produce vehicles in its home country and export them to India while still pricing them competitively with Indian carmakers like Mahindra, he said.

Meanwhile, calling the trade deal an ‘opportunity,’ he said it opens up the European market for companies like M&M.

The company does not currently make most of its popular models in left-hand drive format, but it will do so over the next couple of years to explore sales in Europe, said Rajesh Jejurikar, the executive director and chief executive officer for auto and farm sector at M&M.

The trade deal with the US would bring respite to the company as tractor exports to the US are a significant business for it, Jejurikar said. The company has been shipping only the bare minimum quantities required to the US to mitigate the impact of the 50% US tariffs. It also has equipment stored in bonded warehouses in the US, which it will release once the executive order reducing tariffs on India to the new rate of 18% is signed, he said.

In India, the company’s new models, namely the XUV 7X0 and the XEV 9S, were doing well, Jejurikar said. The company’s dealerships are running low on stock due to high demand, with inventories dipping to an average of 15-20 days, down from the norm of 30 days, he said.

“Overall, the demand outlook right now seems very robust, and we would expect to see high growth rates for the industry as well as for us. I think everyone is going to be constrained by capacity, because the demand right now is probably stronger than supply,” Jejurikar said while addressing the media at the company’s headquarters in Worli, Mumbai.

The shares of Mahindra & Mahindra closed flat on BSE on Wednesday at ₹3,674.65 in line with a flattish benchmark Sensex. The results were disclosed during trading hours.