Mahindra & Mahindra reported consolidated revenue from operations of ₹57,514.98 crore in Q2 FY27, up 25.4% year-on-year (YoY). Profit after tax (PAT) increased 30.3% to ₹5,166.77 crore, while PAT attributable to owners of the company rose 24.9% to ₹4,587.88 crore. The quarter ended on 30 September 2026.
Mahindra & Mahindra’s Q2 FY27 Earnings
| Financial Metric | Q2 FY27 | Q2 FY26 | YoY Change |
|---|---|---|---|
| Consolidated revenue from operations | ₹57,514.98 crore | ₹45,885.40 crore | +25.4% |
| Consolidated total income | ₹58,740.15 crore | ₹46,781.18 crore | +25.6% |
| Profit before tax (PBT) | ₹7,364.70 crore | ₹6,057.93 crore | +21.6% |
| Profit after tax (PAT) | ₹5,166.77 crore | ₹3,963.75 crore | +30.3% |
| PAT attributable to owners | ₹4,587.88 crore | ₹3,673.32 crore | +24.9% |
| Basic EPS | ₹41.04 | ₹32.90 | +24.7% |
Mahindra & Mahindra’s consolidated revenue and PAT increased strongly year on year, supported by growth across automotive, financial services and industrial businesses. The company’s profit before tax rose 21.6% YoY, while PAT grew faster at 30.3%, aided by lower tax and other income.
The automotive business was the largest growth driver, while the farm equipment segment declined YoY. Financial services and industrial businesses also contributed to overall revenue growth.
Business Performance & Key Metrics
| Segment | Q2 FY27 Revenue | Q2 FY26 Revenue | YoY Change | Segment Result |
|---|---|---|---|---|
| Automotive | ₹37,756.35 crore | ₹27,170.87 crore | +38.9% | ₹3,319.37 crore vs ₹2,538.19 crore |
| Farm Equipment | ₹9,571.58 crore | ₹10,225.01 crore | -6.4% | ₹1,375.53 crore vs ₹1,607.81 crore |
| Financial Services | ₹5,905.96 crore | ₹5,015.65 crore | +17.8% | — |
| Industrial Businesses & Consumer Services | ₹5,914.82 crore | ₹5,032.57 crore | +17.5% | — |
The automotive segment delivered the strongest performance, with revenue rising 38.9% YoY and segment result increasing 30.8% to ₹3,319.37 crore. This was supported by strong demand for sports utility vehicles and continued momentum in the passenger and commercial vehicle businesses.
The farm equipment segment declined 6.4% YoY, with segment result falling 14.5% to ₹1,375.53 crore, reflecting softer tractor demand and margin pressure. Financial services revenue grew 17.8% YoY, while industrial businesses and consumer services revenue rose 17.5%.
Share Price Reaction After Q2 FY27 Results
| Results Metric | Value |
|---|---|
| Results announcement date | 5 November 2026 |
| Market reaction | +5.23% |
| Consolidated PAT | ₹5,166.77 crore |
| PAT growth YoY | +30.3% |
| Revenue growth YoY | +25.4% |
| Automotive segment growth | +38.9% YoY |
The market response will reflect Mahindra & Mahindra’s strong automotive performance, resilient financial services business and continued momentum in SUVs. Investors will track tractor demand, SUV order book, margin trajectory and rural recovery in the coming quarters.
Mahindra & Mahindra vs Other Auto Stocks
| Company | Revenue from Operations (Q2 FY27) | Revenue Growth YoY | PAT (Q2 FY27) | PAT Growth YoY |
|---|---|---|---|---|
| Mahindra & Mahindra | ₹57,514.98 crore | +25.4% | ₹5,166.77 crore | +30.3% |
| Tata Motors | Results awaited | — | Results awaited | — |
| Maruti Suzuki | Results awaited | — | Results awaited | — |
| Hyundai Motor India | Results awaited | — | Results awaited | — |
Peer results for Tata Motors, Maruti Suzuki and Hyundai Motor India were not available in the official sources reviewed at the time of writing. Auto comparisons should use consolidated revenue, EBITDA margin and PAT, while also considering segment mix across passenger vehicles, commercial vehicles and farm equipment.
Mahindra & Mahindra’s Quarterly Financial Performance
| Quarter | Revenue from Operations | Profit Before Tax | PAT | PAT Attributable to Owners | Revenue Growth |
|---|---|---|---|---|---|
| Q2 FY27 | ₹57,514.98 crore | ₹7,364.70 crore | ₹5,166.77 crore | ₹4,587.88 crore | +25.4% YoY |
| Q1 FY27 | ₹57,533.44 crore | ₹7,628.09 crore | ₹5,997.56 crore | ₹5,454.54 crore | — |
| Q2 FY26 | ₹45,885.40 crore | ₹6,057.93 crore | ₹3,963.75 crore | ₹3,673.32 crore | — |
Mahindra & Mahindra reported broadly stable revenue sequentially in Q2 FY27 compared with Q1 FY27. However, PAT declined 13.9% QoQ, reflecting higher tax and other income adjustments.
For the half year ended 30 September 2026, consolidated revenue and profit remained strong, supported by automotive growth and financial services momentum.
Key Takeaways from Mahindra & Mahindra Q2 FY27 Results
- Consolidated revenue from operations: ₹57,514.98 crore, up 25.4% YoY.
- Consolidated PAT: ₹5,166.77 crore, up 30.3% YoY.
- PAT attributable to owners: ₹4,587.88 crore, up 24.9% YoY.
- Automotive segment revenue: ₹37,756.35 crore, up 38.9% YoY.
- Farm equipment segment revenue: ₹9,571.58 crore, down 6.4% YoY.
- Financial services revenue: ₹5,905.96 crore, up 17.8% YoY.
- Key metrics to track: SUV demand, tractor sales, rural recovery, margin trajectory, order book and financial services asset quality.
Disclaimer
The information provided above is for informational and educational purposes only and should not be construed as investment advice, a recommendation to buy or sell Mahindra & Mahindra shares, or a guarantee of future performance. The financial results, operational metrics and industry comparisons are based on Mahindra & Mahindra’s official unaudited consolidated financial results for the quarter ended 30 September 2026 and may be subject to revisions or updates. Investors should refer to Mahindra & Mahindra’s official disclosures and BSE/NSE filings for the latest information.
