Mahindra & Mahindra Ltd
Mahindra & Mahindra Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
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.
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.
2 more points from Mahindra & Mahindra Ltd's call on revenue
Pro opens every point from 15K+ earnings calls
Profitability & Margins
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.
2 more points from Mahindra & Mahindra Ltd's call on capex
Pro opens every point from 15K+ earnings calls
Top-ranked in Automobiles
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Mahindra & Mahindra Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
2 more points from Mahindra & Mahindra Ltd's call on order book
Pro opens every point from 15K+ earnings calls
Mahindra & Mahindra Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹55.0K Cr, net profit ₹5.3K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
Full financials →Continue your research
What M & M's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY25 earnings call analysis →
- Q1 FY26 earnings call →
- Q3 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
- Q4 FY23 earnings call →
Others in Automobiles this season
- Force Motors (Q2 FY26)
Q2 FY26 Standalone Sales: ₹2,279 crore (Page 34) . Key investor presentation takeaways from Force Motors Ltd's Q2 FY26 investor presentation — and how it ranks
- Ola Electric Mobility Ltd (Q2 FY26)
Plans to scale BESS business to ₹1,000 crore revenue in FY27, indicating diversification beyond vehicles. Key concall takeaways from Ola Electric's Q2 FY26…
- Ather Energy Ltd (Q2 FY26)
Strong growth in emerging markets such as Madhya Pradesh (50-60% growth), Bihar, Punjab, Karnataka, and Kerala (around 17-30% growth). Key concall takeaways…
- Zelio E-Mobility (Q2 FY26)
Current capex includes less than INR 3 crores investment in the Odisha plant focused on 2-wheeler assembly. Key concall takeaways from Zelio E-Mobility Ltd's…
Arthneeti Pro · Annual
Mahindra & Mahindra Ltd and 15K+ more earnings calls,
for less than your morning chai
a day
Every earnings call, ranking and concall Q&A across all four results seasons.
Secure Razorpay payment · instant access
Frequently Asked Questions
What were Mahindra & Mahindra Ltd Q2 FY26 results?
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.
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.
Keep Mahindra & Mahindra Ltd on your radar — track it to get its next earnings analysis in your feed.
This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.