Mahindra & Mahindra Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Published 3 Aug 2026 | Automobiles | Market Cap: ₹4.3L Cr

Tractor industry growth is expected to increase from 5-7% to 10-12% this year supported by strong rural economy recovery, good rains, improved reservoir levels, government spending, and crop exports. Mahindra & Mahindra maintains a strong outlook with consolidated profit operating up 28% for the quarter and 29% year-to-date.

From Mahindra & Mahindra Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹3,412

Market Cap

₹4.3L Cr

P/E Ratio

22.2

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Mahindra & Mahindra Ltd — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹55.0K Cr, net profit ₹5.3K Cr.

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📊 Revenue & Sales Performance

→Tractor industry growth is expected to increase from 5-7% to 10-12% this year supported by strong rural economy recovery, good rains, improved reservoir levels, government spending, and crop exports.
→Auto segment showing positive trends with a 7% volume growth in Q2 despite GST transition impact; LCV segment saw 13% growth and market share gain.
→Electric SUV penetration at 8.7%, likely to strengthen with more product launches and localization benefits, aiming to drive long-term category growth over short-term margins.
→Export markets like South Africa and Australia showing strong momentum, with 40% growth in exports expected to continue as a meaningful growth driver.
→Real estate and growth businesses are on strong trajectories, contributing to overall revenue growth, with 22% revenue increase year-over-year consolidated.
→Mahindra Finance and Tech Mahindra expect continued profit growth with ongoing digital transformation and AI efforts.

📈 Profitability & Margins

→Mahindra & Mahindra maintains a strong outlook with consolidated profit operating up 28% for the quarter and 29% year-to-date.
→EPS growth has been robust, with a delivery of 35% EPS growth, exceeding the earlier target of 15%-20% growth.
→The company expects tractor industry growth to rise from an earlier 5%-7% to a low double digits 10%-12%.
→For the auto segment, LCV growth is expected to be in the low double digits for the full year.
→PLI (Production Linked Incentive) support is expected to continue till FY28, aiding profitability.
→Mahindra Finance is pivoting towards growth after strengthening controls and technology, indicating likely improved future earnings.
→Electric Vehicle (EV) penetration is targeted to increase toward the CAFE-3 norms, potentially boosting operating margins.
→Overall, the company pledges to deliver controlled growth, dealing with external uncertainties prudently.

See what Mahindra & Mahindra Ltd said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→Mahindra & Mahindra is executing multiple localization actions aimed at cost control and growth, including bringing the BE 6 electric vehicle to meet Production Linked Incentive (PLI) criteria by April 2026.
→Business expansion is underway in neighboring countries (Sri Lanka, Bangladesh, Nepal) with significant demand for EVs and tractors, indicating capital deployment in exports and market development.
→The company is focusing on growing the farm implements business, including launch and enhancement of harvester products under the Swaraj brand to increase market share and revenues.
→There is no explicit mention of large-scale new capex projects, but continued investments in product portfolio, category creation (especially in EV segment), and market expansions suggest ongoing strategic and capital investments supporting growth.
→The company remains cautious but optimistic regarding regulatory changes and supply chain issues, indicating disciplined capital allocation aligned with market and policy conditions.

💰 Fundraising & Capital Structure

The provided transcript excerpts from Mahindra & Mahindra's November 2025 presentation do not mention any current or planned fundraising through debt or equity. Key points related to financials and investments are: - The company discussed strong operational cash flows with increased cash balance despite CAPEX spend, rights issues, and dividend payments. - No explicit mention of new fundraising activities via debt or equity. - Treasury investments such as stake in RBL bank were highlighted as strategic investments but no fresh capital raising was indicated. - Focus remains on operational performance, product launches, and market expansion. - No indication of plans for debt issuance or equity dilution shared in the discussion. Thus, based on the provided content, there is no disclosed current or future fundraising through debt or equity.

See what Mahindra & Mahindra Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

The transcript does not explicitly mention the current or expected order book or pending orders of Mahindra & Mahindra Limited as of November 4, 2025. However, some relevant points include: - Demand momentum is strong, with healthy booking numbers, though the company is not sharing specific booking figures at this time. - Retail sales growth for SUVs is in the mid to high teens percentage over several periods, reflecting robust market demand. - Introduction of new models like the two new Boleros and Thar 3 door with updated features has received a strong response. - The launch of the Batman edition of the electric BE 6 SUV saw high demand, with 999 units sold out quickly. - The farm machinery business continues to show good momentum with strong sales and margins. - The company anticipates further strengthening of product penetration and positive impacts from GST cuts on demand. No explicit quantified order book or backlog figures were disclosed in the provided transcript.

Key Metrics

What Mahindra & Mahindra Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Mahindra & Mahindra Ltd Q2 FY26 results?

What is Mahindra & Mahindra Ltd share price analysis?

Mahindra & Mahindra Ltd currently shows a neutral. The stock trades at a P/E of 22.2 with a market cap of ₹426,319 Cr. Investors should review the full earnings analysis for detailed insights.

Is Mahindra & Mahindra Ltd planning capital expenditure?

Mahindra & Mahindra is executing multiple localization actions aimed at cost control and growth, including bringing the BE 6 electric vehicle to meet Production Linked Incentive (PLI) criteria by April 2026.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.