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Informist, Wednesday, Feb. 11, 2026

 

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--M&M Oct-Dec net profit INR 39.31 bln 
--Analysts saw M&M Oct-Dec net profit at INR 40.44 bln 
--M&M Oct-Dec revenue INR 385.17 bln 
--Analysts saw M&M Oct-Dec revenue at INR 392.81 bln 
--M&M Oct-Dec net profit INR 39.31 bln vs INR 29.64 bln year ago 
--M&M Oct-Dec revenue INR 385.17 bln vs INR 305.38 bln year ago 
--M&M Oct-Dec labour code implementation cost INR 981.90 mln 
--M&M Oct-Dec profit excluding labour code impact INR 40.29 bln 
--M&M Q3 automotive revenue INR 283.61 bln vs INR 224.10 bln yr ago
--M&M Q3 farm equipment revenue INR 102.00 bln vs INR 81.67 bln yr ago  
--M&M Oct-Dec operating margin 14.68% vs 15.53% year ago 
--M&M Oct-Dec EBITDA INR 57.17 bln vs INR 48.10 bln yr ago 
--M&M Oct-Dec auto EBIT INR 26.84 bln vs INR 21.67 bln year ago 
--M&M Oct-Dec auto EBIT margin 9.5% vs 9.7% year ago 
--M&M Oct-Dec farm equipment EBIT INR 20.61 bln vs INR 14.79 bln yr ago 
--M&M Oct-Dec farm equipment EBIT margin 20.2% vs 18.1% yr ago 
--M&M Q3 SUV revenue market share at 24.1%, up 90 bps on year 
--M&M Apr-Dec net profit INR 119.02 bln vs INR 94.18 bln year ago 
--M&M Apr-Dec revenue INR 1.06 tln vs INR 851.30 bln year ago 
 

 

By Arundathi A R

 

MUMBAI – Robust growth in its business verticals saw automobile manufacturer Mahindra & Mahindra Ltd. post double-digit on-year growth in both its bottom line and top line for the December quarter. However, the company failed to meet the Street's expectations for both the metrics for the quarter.

 

The company reported a nearly 33% on-year rise in its net profit for the reporting quarter at INR 39.31 billion. This was the company's highest on-year growth in its bottom line in eight quarters. M&M's revenue from operations for Oct-Dec rose over 26% on year to INR 385.17 billion, the highest pace of on-year revenue growth in 11 quarters. The company's net profit, excluding the impact of labour code, was INR 40.29 billion. It incurred a labour code implementation cost of INR 981.90 million in the December quarter.

 

"Auto and farm has maintained its leadership position on the back of steady customer demand, strong product acceptance and unwavering focus on operational excellence," Anish Shah, group chief executive officer and managing director of the company, was quoted as saying in a press release.

 

During Oct-Dec, the automobile manufacturer's earnings before interest, tax, depreciation, and amortisation rose almost 19% on year to INR 57.17 billion. Its operating margin for the reporting quarter contracted to 14.68% from 15.53% posted in the corresponding year-ago quarter.

 

The company's core business verticals such as automotive and farm equipment posted double-digit on-year growth in their revenue, supporting the company's overall earnings growth for the quarter.

 

For the nine months ended December, M&M's key metrics posted robust on-year growth in double digits. Its net profit for the period rose over 26% on year to INR 119.02 billion and revenue from operations grew over 24% on year to INR 1.06 trillion.

 

SEGMENTS

M&M's revenue from its automotive business rose over 26% on year to INR 283.61 billion. This accounted for nearly 74% of its overall top line in the December quarter. The segment's EBIT was INR 26.84 billion, up almost 24% from the year-ago quarter. Its EBIT margin shrunk slightly to 9.5% from 9.7% in the December quarter of 2024-25 (Apr-Mar).

 

The sport utility vehicle segment's revenue market share increased 90 basis points on year to 24.1%. Its volume grew 26% on year to 179,000 units in the December quarter.

 

The farm equipment segment, which comprises of sale of tractors, implements, spares, and related services, posted a 25% on-year rise in its revenue for the reporting quarter. The segment revenue was INR 102.00 billion, which accounted for over 26% of the company's overall top line for the quarter. For the December quarter, the segment's EBIT was INR 20.61 billion, up over 39% on year and EBIT margin was 20.2%, up from 18.1% in the year-ago quarter.

 

At 1415 IST, shares of M&M were marginally higher at INR 3,680 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

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