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Informist, Tuesday, Nov. 4, 2025

 

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--M&M: See strong farm segment growth continuing in Maharashtra, Karnataka
--CONTEXT: Comments by M&M mgmt in post-earnings concall with analysts 
--M&M: Not changing mid- to high-teen growth outlook for SUV
--M&M: Have no plans for any rights issue
--M&M: Just beginning to make money in farm implements business
--M&M: Have dispatched first lot of electric vehicles to Nepal 

 

By Sunil Raghu and Simran Rede

 

MUMBAI – Mahindra & Mahindra Ltd. has begun to see markets in neighbouring countries reopen after most had slowed for multiple reasons, the company's management said. The company has begun despatching electric vehicles to Nepal, the management said during a post-earnings conference call on Tuesday.

 

"Sri Lanka, Bangladesh, all of these. Nepal, as well, have all opened up. We have sent our first lot of electric vehicles to Nepal. They are on the way in this quarter. So, it seems to be a very good demand that's organically got generated in Nepal for the electric vehicles, probably a spill over out of the India story," a top official said. The company's management claimed they also received very good responses to their products in South Africa and Australia.

 

The automotive giant, which announced its September quarter earnings Tuesday, reported a net profit of INR 45.21 billion on revenues of INR 350.80 billion. The management reiterated that all their businesses had contributed in a meaningful way to taking advantage of a good monsoon and a cut in the goods and services tax rates.

 

The company said that its farm business, which saw revenue rise 30% on year at INR 3.3 billion during the September quarter, was also starting to show profits. M&M has revised up its tractor segment sales growth guidance for 2025-26 (Apr-Mar) to low double digits, from the mid-single digits projected earlier. "We're upping the tractor industry outlook from 5-7% to 10-12% kind of a thing," M&M management said.

 

Among the states that are strong markets for Mahindra, Maharashtra and Karnataka have seen "really strong growth" this year. The management said that to achieve high single-digit growth of around 8-9%, Uttar Pradesh and Rajasthan need to grow. In the farm implement business, the company's management said it has just started to make some money.

 

One of the segments where M&M has not performed well in the past is harvesters, sold under the Swaraj brand. It has roughly 4-5% market share. It has now launched a new harvester. "And that hopefully will help us drive overall growth per unit value of the harvester, about INR 2 million," the management said.

 

The company said it has no plans for a rights issue in the near future. "Capital investments will be made in all businesses as part of our work plans," the management said.

 

M&M expects its sport utility vehicle sales to grow in the mid-to-high teens in 2025-26 (Apr-Mar). The segment saw strong bundling towards the end of the quarter, as the government announced the cut in goods and services tax from Sept. 22. But the October numbers made up for any shortfall in September billing, the management said. The second quarter saw a 13% growth for M&M and it gained some market share. "... if you look at April to September, April to October, only festival days retail, we are in the mid to high teens," the management said.

 

Following the higher-than-expected results, shares of M&M rose and hit an intraday high of INR 3,632.80 on the National Stock Exchange. Its shares closed 0.9% higher on Tuesday at INR 3,581.20.  End

 

Edited by Saji George Titus

 

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