Mahindra & Mahindra Limited (NSE: M&M) reported strong Q3 FY26 results ended December 31, 2025, with consolidated profit after tax (PAT) at Rs 4,675 crore, up 54% year-over-year. Consolidated revenue grew 26% to Rs 52,100 crore, reflecting solid execution across core segments and growth gems.
Consolidated Highlights
Return on equity (RoE) stood at 20.1% annualized. The company maintained top market positions: #1 in SUVs with 24.1% revenue share (up 90 bps), #1 in LCVs <3.5T at 51.9% share (up 10 bps), #1 in tractors at 44.0% share (down 20 bps), and #1 in electric 3-wheelers at 38.6%. Financial services PAT rose 97% with stable GS3 below 4%. Tech Mahindra achieved 13.1% EBIT margin, up 290 bps, on record TCV deal wins.
Auto Sector Strength
Auto volumes reached 302k units (including LMM & MEAL), up 23%, with UV volumes at 179k. SUV revenue market share hit 24.1%, up 90 bps. Standalone PBIT climbed 27% to Rs 2,684 crore, with margins at 9.7% (10.6% excluding eSUV contract manufacturing, up 90 bps). Consolidated revenue advanced 30% to Rs 30,370 crore, and PAT grew 42% to Rs 1,993 crore.
Farm Equipment Expansion
Tractor market share was 44.0% (down 20 bps), with volumes up 23% to 150k units. Standalone PBIT surged 41% to Rs 2,061 crore, lifting margins to 20.5% (up 240 bps). Consolidated revenue increased 21% to Rs 11,501 crore, while PAT rose 7% to Rs 1,044 crore.
Services and Growth Gems
Services revenue grew 21% to Rs 11,636 crore, with PAT doubling to Rs 1,637 crore. MMFSL AUM expanded 12%, PAT up 97%, maintaining GS3 under 4%. Tech Mahindra’s EBIT margin improved to 13.1%. Mahindra Lifespaces delivered 5x PAT growth and 71% higher residential pre-sales at Rs 572 crore. Mahindra Logistics posted revenue of Rs 1,898 crore (up 19%) and its first profitable quarter after 11. Club Mahindra added 6% more room keys.
Leadership Commentary
Dr. Anish Shah, Group CEO & Managing Director, highlighted solid operating performance driven by growth focus and execution. Auto and Farm sustained leadership amid steady demand, while TechM progressed meaningfully. Mahindra Finance showed strong PAT growth with asset quality intact, and Logistics and Lifespaces delivered breakout results.
Mr. Rajesh Jejurikar, Executive Director & CEO (Auto and Farm), noted strong Q3 results, including 90 bps SUV share gain and 10 bps LCV increase. Tractor YTD share reached 44.1%. New launches like XEV 9S and XUV 7XO received positive market response.
Mr. Amarjyoti Barua, Group CFO, emphasized the diversified portfolio’s strength, rising services contribution, and robust balance sheet.
Mahindra also launched Signature Luxury resorts at Mahindra Holidays, signaling strategic expansion.