Mahindra & Mahindra (M&M), one of India’s leading automotive giants, has once again proven its mettle in the fiercely competitive automobile sector. For the March quarter, the company reported a robust 22% year-on-year jump in standalone profit, touching Rs 2,437 crore. This performance was buoyed by a strategic focus on premium SUV offerings and a strong rebound in its farm equipment business.
The revenue from operations for the quarter surged 25% y-o-y, reaching Rs 31,353 crore, exceeding Bloomberg's estimate of Rs 30,024 crore. While profit slightly missed the projected Rs 2,490 crore mark, the overall financials remain impressive in a market that has challenged many major players.
A major contributor to this growth was M&M’s SUV division. Volumes jumped 18%, crossing 149,000 units, helping the company maintain its revenue leadership in the segment with a 23.5% market share. Equally noteworthy was the performance in the farm equipment sector, with tractor volumes increasing by 23% to over 87,000 units. This resulted in the highest tractor PBIT margin in over three years at 20.8%.
However, not all was smooth. The company took a Rs 654 crore investment write-off during the quarter. Yet, the operational efficiency remained intact with a standalone Ebitda margin of 13.3%, marginally down from 13.5% in the previous year.
Group CEO Anish Shah highlighted M&M's ability to outperform its own SUV growth guidance of mid-to-high teens, recording a 20% rise for the year. This consistent growth has enabled M&M to reclaim the Number 2 spot in domestic passenger vehicle rankings, nudging past Tata Motors, and consistently outpacing industry stalwarts like Maruti Suzuki and Hyundai.
Looking ahead, M&M has set its sights on sustaining momentum. FY26 will see the unveiling of a new vehicle platform on August 15, with a slate of five new SUVs — three powered by internal combustion engines and two electric vehicles. The company also plans to build a large, futuristic factory to meet its mid-term production goals, supported by planned capex allocations.
As the Indian auto landscape evolves, M&M’s strategic bets on innovation, product mix, and manufacturing scale could well define the next chapter of its growth story.
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