Mumbai: Mahindra Q3FY26 financial results reflect strong operating performance across auto, farm, and services businesses, with Mahindra & Mahindra Ltd. reporting consolidated profit after tax (PAT) of ₹4,675 crore, up 54% (excluding labour code regulation impact) for the quarter ended December 31, 2025.
Consolidated revenue for the quarter (Mahindra Q3FY26) stood at ₹52,100 crore, marking a 26% year-on-year increase, while RoE reached 20.1% (annualized).
Mahindra & Mahindra maintained leadership across multiple segments during the quarter:
- #1 in SUVs with 24.1% revenue market share, up 90 bps
- #1 in LCVs (<3.5T) with 51.9% market share, up 10 bps
- #1 in tractors with 44.0% market share
- #1 in electric three-wheelers with 38.6% market share
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Mahindra Q3FY26 Performance Across Businesses
The company reported strong contributions from automotive, farm equipment, financial services, IT services, logistics, and real estate businesses.
Mahindra & Mahindra stated that Auto and Farm businesses continued to deliver growth and margins, while financial services recorded significant profit growth and Tech Mahindra improved profitability.
Two “Growth Gems” – Mahindra Logistics and Mahindra Lifespaces – delivered standout performance, with logistics turning profitable after 11 quarters and Lifespaces reporting 5x PAT growth.
The company also launched Signature Luxury resorts at Mahindra Holidays during the quarter.
Mahindra Q3FY26: Segment Performance
- Auto Business
- Quarterly volumes: 302,000 vehicles, up 23%
- UV volumes: 179,000
- Consolidated revenue: ₹30,370 crore, up 30%
- Consolidated PAT: ₹1,993 crore, up 42%
- Standalone PBIT: ₹2,684 crore, margin 9.7%
- Farm Business
- Tractor volumes: 150,000 units, up 23%
- Market share: 44.0%
- Consolidated revenue: ₹11,501 crore, up 21%
- Consolidated PAT: ₹1,044 crore
- Standalone PBIT margin: 20.5%
- Services Businesses
- Mahindra Finance (MMFSL) PAT up 97%
- Tech Mahindra EBIT margin at 13.1%, up 290 bps
- Mahindra Lifespaces PAT up 5x
- Mahindra Logistics revenue ₹1,898 crore, up 19%
- Services consolidated revenue: ₹11,636 crore, up 21%
- Services PAT: ₹1,637 crore, up 2x
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Dr Anish Shah, Group CEO & Managing Director, said: “We are delighted to report solid operating performance across the group in Q3’F26, reflecting our strong focus on growth coupled with disciplined execution.
Auto & Farm has maintained its leadership position on the back of steady customer demand, strong product acceptance and unwavering focus on operational excellence.
TechM 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.”
Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), said: “Auto and Farm businesses delivered strong performance in Q3’FY26. We have achieved a 90 bps YoY increase in SUV revenue share and 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 very positive response in the market.”
Amarjyoti Barua, Group Chief Financial Officer, said: “Mahindra Q3FY26 consolidated results reflects the strength and depth of our diversified portfolio. Our services businesses continue to increase their contribution to the overall results. Our results are also translating into a very strong Balance Sheet.”
Mahindra Q3FY26 Performance Across Businesses: Standalone Financial Summary
Mahindra & Mahindra reported standalone revenue of ₹38,942 crore, up 26% YoY, while EBITDA rose to ₹5,717 crore and PAT reached ₹3,931 crore, up 33%.
Vehicle sales totaled 302,238 units, while tractor sales reached 149,567 units, both recording 23% growth.
