M&M Q3 revenue inches past ₹50,000 crore as all businesses fire
Mumbai: Leading sports utility vehicle (SUV) and tractor maker Mahindra and Mahindra Ltd reported solid quarterly earnings growth for the automotive companies and consolidated top line figures. ₹50,000 crore for the first time thanks to the growth of their business.
The company reported consolidated revenue ₹52,100 crore, a quarter more than the same period last year. Consolidated profit increased by half compared to the same period of the previous year ₹4,675 crore despite this ₹220 one-time hits due to implementation of new labor laws.
“Auto and agriculture (segments) continue to benefit from market leadership,” M&M group chief executive officer and managing director Anish Shah said in the post-earnings press conference.
M&M’s consolidated financial statements include not only the performance of the company’s automotive and agriculture divisions but also the performance of its financial services unit Mahindra Finance Ltd and its information technology arm. Tech Mahindra Ltd, along with a long tail of businesses in real estate, hospitality and logistics.
The following revenues were reported in the company’s passenger vehicle business, including electric vehicles: ₹30,370 crore, a 30% increase year on year. Automotive segment earnings before interest and tax (PBIT) increased at a similar rate ₹2,607 crore.
The company sold 179,000 vehicles in the quarter; This figure increased by 26% compared to last year. Sales rose slightly due to spillover from the previous quarter, when customers delayed purchases until September 2025 to take advantage of an expected tax break on new cars.
M&M’s farm equipment business, which is the nation’s largest tractor manufacturer, reported revenue of: ₹11,501 crore, one-fifth more than the same period last year. Meanwhile, PBIT is down 7% year-on-year. ₹1,259 crore.
Previously peers Maruti Suzuki Ltd and Tata Motors Passenger Vehicles Ltd also reported that demand driven by GST cut helped boost their domestic revenues by a quarter compared to last year. Meanwhile, Hyundai Motor India Ltd reported annual revenue growth of less than one-tenth.
EU and US trade agreements are an opportunity
Shah said M&M was not impressed by India’s recent trade deals with the European Union and the US, and earlier with the UK. He said it was unlikely that a European automaker could produce vehicles in its home country and export them to India while pricing it competitively with Indian automakers like Mahindra.
Meanwhile, he described the trade deal as an ‘opportunity’, saying it opened the European market to companies like M&M.
The company does not currently produce most of its popular models in left-hand drive format but will do so in the next few years to explore sales in Europe, said Rajesh Jejurikar, managing director and chief executive officer, M&M’s automotive and agricultural business.
Jejurikar said that the trade agreement with the USA will bring respite to the company as exporting tractors to the USA is an important business for the company. The company only ships minimum required quantities to the US to mitigate the impact of 50% US tariffs. He also said that they also have equipment stored in bonded warehouses in the US and these will be released after the executive order reducing customs duties for India to the new rate of 18% is signed.
Jejurikar said that in India, the company’s new models, the XUV 7X0 and XEV 9S, are performing well. He said that the company’s dealers have reduced their stocks due to high demand and stocks have decreased to an average of 15-20 days from the norm of 30 days.
“Overall, the demand outlook right now looks very solid and we expect to see high growth rates for both the industry and us. I think everyone will be constrained by capacity because demand is probably stronger than supply right now,” Jejurikar said while addressing the media at the company’s headquarters in Worli, Mumbai.
Shares of Mahindra and Mahindra closed flat on the BSE on Wednesday. ₹3,674.65 is in line with Sensex, a horizontal indicator. The results were announced during trading hours.
