M&M Q3 results: Consolidated profit jumps 47% YoY; auto segment's quarterly volumes up 23%

M&M Q3 results: Indian automobile major Mahindra & Mahindra (M&M) on Wednesday, February 11, reported a solid 47% year-on-year (YoY) jump in its consolidated profit (attributable to the owners of the company) for the December quarter of the current financial year (Q3FY26) to ₹4,674.64 crore. Excluding the impact of new labour code regulations, the company's profit jumped 54% YoY.

In the same quarter of the previous financial year, the profit figure stood at ₹3,180.58 crore.

Mahindra & Mahindra's consolidated revenue from operations for the quarter under review stood at ₹51,579.95 crore, marking a 24.4% YoY rise from ₹41,464.98 crore in Q3FY25.

“The auto and farm segment has maintained its leadership position on the back of steady customer demand, strong product acceptance and unwavering focus on operational excellence. Tech Mahindra continues to make meaningful progress. Mahindra Finance delivered another solid quarter with meaningful PAT growth while maintaining strong asset quality. We are especially pleased to see breakout performance from two of our growth gems, Mahindra Logistics and Mahindra Lifespaces,” said Anish Shah, Group CEO and Managing Director, Mahindra and Mahindra.

Mahindra & Mahindra Q3 results: Key highlights

Auto segment

The auto segment's quarterly volumes rose by 23% to 3,02,000, including sales by LMM and MEAL. UV volumes stood at 1,79,000, as per the company's exchange filing.

Q3 SUV revenue market share increased by 90 basis points to 24.1%.

Consolidated revenue jumped 30% to ₹30,370 crore, while PAT at ₹1,993 crore saw a growth of 42%, excluding the new labour code impact.

Standalone PBIT at ₹2,684 crore grew by 27%, excluding new labour code impact; PBIT margin stood at 9.7%.

Farm segment

Q3 market share stood at 44%, declining 20 basis points. Volumes stood at 1,50,000, rising 23%.

The segment's standalone PBIT stood at ₹2,061 crore, rising 41%, while PBIT margin increased by 240 bps to 20.5%, excluding labour code impact.

Revenue rose 21% to ₹11,501 crore, while PAT saw a modest rise of 7% at ₹1,044 crore.

“Auto and Farm businesses delivered a strong performance in Q3FY26. We have achieved a 90 bps YoY increase in SUV revenue share and a 10 bps YoY increase in LCV (< 3.5T) market share in Q3. Our tractor business gained 20 bps YoY to reach an impressive 44.1% share for YTD FY26. Our new launches, XEV 9S, and the XUV 7XO, have received a very positive response in the market,” said Rajesh Jejurikar, Executive Director and CEO for M&M's auto and farm segment.

Services segment

MMFSL AUM rose by 12%. Tech Mahindra's EBIT margin stood at 13.1%, up 290 bps.

Mahindra Lifespaces PAT jumped by five times, while residential pre-sales of ₹572 crore saw a growth of 71%.

Club Mahindra room keys grew by 6%.

Mahindra Logistics' revenue at ₹1,898 crore grew by 19% and turned profitable after 11 quarters.

Consolidated services revenue at ₹11,636 crore, rising 21%.

“Our Q3 consolidated results reflect the strength and depth of our diversified portfolio. Our service businesses continue to increase their contribution to the overall results. Our results are also translating into a very strong balance sheet,” said Amarjyoti Barua, Group Chief Financial Officer, Mahindra and Mahindra.

Mahindra & Mahindra share price traded 1.33% higher at ₹3,724.20 around 12:40 pm.