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Sequentially, net profit declined 15.9% from Rs 5,454.54 crore in Q1 FY27, while income from operations fell 1.1% from Rs 58,187.57 crore in Q1 FY27.
Profit before tax, including the share of profit of associates and joint ventures, rose 21.6% YoY to Rs 7,364.70 crore from Rs 6,057.93 crore. It declined 3.5% sequentially from Rs 7,628.09 crore.
Total expenses increased 25.9% YoY to Rs 51,845.48 crore. Cost of materials consumed increased 32.4% to Rs 36,908.96 crore, employee benefits expense increased 6.1% to Rs 3,303.26 crore. Finance costs rose 14.3% to Rs 2,681.93 crore, depreciation and amortisation increased 9.8% to Rs 1,831.88 crore, and other expenses grew 14.0% to Rs 6,774.60 crore.
On a standalone basis, EBITDA rose 4% YoY to Rs 6,718 crore from Rs 6,467 crore, while revenue increased 26% to Rs 44,282 crore. The EBITDA margin contracted to 15.2% from 18.4% a year ago. Standalone net profit rose 13% YoY to Rs 5,102 crore from Rs 4,521 crore.
In the Auto business, consolidated revenue increased 39.0% YoY to Rs 37,756 crore, while profit before interest and tax (PBIT) rose 30.8% to Rs 3,319 crore. The PBIT margin stood at 8.8%, compared with 9.3% a year ago and 7.7% in Q1 FY27. Consolidated PAT increased 55% YoY to Rs 2,388 crore. Standalone Auto PBIT rose 14.6% YoY to Rs 2,614 crore, while the margin stood at 7.7% against 9.2% a year ago.
Total vehicle volumes increased 26.4% YoY and 8.7% QoQ to 3,30,896 units. This included 53,103 units sold by Last Mile Mobility and 22,864 battery electric vehicles sold by Mahindra Electric Automobile, compared with 12,404 units a year ago. Utility vehicle volumes stood at 1,83,000 units. The company retained its number one position in SUVs with a 24.3% revenue market share.
In the Farm business, consolidated revenue declined 6.4% YoY to Rs 9,572 crore, while PBIT fell 14.4% to Rs 1,376 crore. The PBIT margin stood at 14.4%, compared with 15.7% a year ago and 14.2% in Q1 FY27. Consolidated PAT declined 9% YoY to Rs 1,053 crore, which the company attributed to a shift in the festive season.
Tractor volumes fell 5.6% YoY and 26.6% QoQ to 1,16,027 units, while market share stood at 41.5%. Standalone Farm PBIT declined 14.4% YoY to Rs 1,441 crore. Its margin contracted to 16.8% from 19.7% a year ago.
In the Services business, revenue increased 17.6% YoY to Rs 11,821 crore, while PBIT rose 27.2% to Rs 1,998 crore. The PBIT margin improved to 16.9% from 15.6% a year ago. The group's share of Services PAT increased 18% YoY to Rs 1,147 crore.
Mahindra Finance's assets under management grew 15% YoY, while Stage 3 assets stood at 3.42% of loans. Its PAT increased 61% YoY. Tech Mahindra's PAT rose 33% YoY, while its EBIT margin improved 260 basis points to 14.8%. Mahindra Lifespaces' residential pre-sales increased 41% YoY to Rs 1,100 crore. Mahindra Holidays reported an occupancy rate of 76%, up 220 basis points, while Mahindra Logistics' revenue rose 24% YoY to Rs 2,095 crore.
Group CEO and managing director Anish Shah said the group's growth reflected resilience and disciplined execution across businesses. He added that the Farm business was affected by the shift in the festive season.
Mahindra & Mahindra is a Mumbai-headquartered conglomerate with interests in automotive, farm equipment, financial services, IT services, real estate, hospitality and logistics. It is a market leader in India's SUV, light commercial vehicle (below 3.5 tonnes) and tractor segments, based on the company's market share measures.
Mahindra & Mahindra has sold 1,31,109 units in month of October 2026 compared to 1,20,142 units in October 2025, recording a growth of 9%.
Total sales include domestic sales of 1,24,007 units (up 7% YoY) and exports of 7,102 units (up 77% YoY).
The company sold 73,338 passenger vehicle units (up 2% YoY) and 50,669 commercial vehicle and three-wheeler units (up 14% YoY) during the month.
According to Dr. Velusamy R, President, Automotive Business, Mahindra & Mahindra, “October was a landmark month for us, with SUV sales topping at 73338 units and total vehicle sales of 131109, both the highest we have ever clocked in a month. The festive season, together with a refreshed portfolio, kept demand strong across SUVs, pick-ups and three-wheelers. Our first CNG vehicle, the XUV 3XO ZNG has also seen strong traction with customers.”
Mahindra's Trucks & Buses business comprises of Mahindra Truck & Bus division (MTBD) and SML Mahindra (SML).
According to Vinod Sahay, Executive Chairman – SML, President – Aerospace, Advanced Technologies, Trucks, Buses & CE, M&M, “October sustained the strong momentum built through Q2, supported by festive season demand, healthy freight movement and continued infrastructure-led activity across key sectors. While rising commodity and input costs warrant close monitoring, the underlying demand drivers, including infrastructure investments, replacement demand and economic activity, provide confidence in the outlook for the months ahead.”
Mahindra & Mahindra Farm Equipment Business achieved tractors sales of 64,846 units in month of October 2026 compared to 73,660 units in October 2025, a degrowth of 12%.
Total tractor sales include domestic tractors sales of 62,626 units (down 13% YoY) and exports of 2,220 units (up 40% YoY) during the month.
Commenting on the performance, Veejay Nakra, President – Farm Equipment Business, Mahindra & Mahindra said, “We have sold 62,626 tractors in the domestic market during October. The volume decline was primarily due to festive calendar shift, with Diwali moving to November this year from October last year. In the export markets, we have sold 2,220 tractors.”
Mahindra & Mahindra Ltd is down for a fifth straight session today. The stock is quoting at Rs 2852.4, down 0.31% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is up around 0.22% on the day, quoting at 22650.05. The Sensex is at 73281.69, up 0.22%.Mahindra & Mahindra Ltd has lost around 4.76% in last one month.Meanwhile, Nifty Auto index of which Mahindra & Mahindra Ltd is a constituent, has eased around 6.27% in last one month and is currently quoting at 24862.3, down 0.01% on the day. The volume in the stock stood at 11.02 lakh shares today, compared to the daily average of 26.82 lakh shares in last one month.
The benchmark October futures contract for the stock is quoting at Rs 2855.6, up 0.54% on the day. Mahindra & Mahindra Ltd tumbled 21.02% in last one year as compared to a 12.77% slide in NIFTY and a 8.81% fall in the Nifty Auto index.
The PE of the stock is 21.67 based on TTM earnings ending June 26.
Shares of Ambuja Cements, Kaynes Technology, Steel Authority of India (SAIL) are barred from F&O trading on 22 October 2026.
Earnings Today:
Swiggy, Adani Energy Solutions, Adani Total Gas, BlueStone Jewellery and Lifestyle, Chennai Petroleum Corporation, CIE Automotive India, Colgate-Palmolive (India), CreditAccess Grameen, Cyient, Hatsun Agro Product, Havells India, Hindustan Petroleum Corporation, Jammu & Kashmir Bank, Jindal Stainless, Mahindra Lifespace Developers, Maharashtra Scooters, Nippon Life India Asset Management, Nuvoco Vistas Corporation, Orient Cement, Paisalo Digital, Pitti Engineering, Rallis India, Sagility, Sapphire Foods India, Tata Teleservices (Maharashtra) will declare their results later today.
Stocks to Watch:
Eternal reported 92.31% jump in consolidated net profit to Rs 125 crore in Q2 FY27 compared with Rs 65 crore in Q2 FY26. Revenue from operations climbed 77.62% YoY to Rs 24,138 crore in Q2 FY27.
PC Jeweller reported 15.56% jump in consolidated net profit to Rs 240.16 crore in Q2 FY27 compared with Rs 207.82 crore in Q2 FY26. Revenue from operations climbed 27.78% YoY to Rs 1054.47 crore in the quarter ended 30th September 2026.
Mahindra & Mahindra Financial Services (Mahindra Finance) reported 54.84% rise in standalone net profit to Rs 881.52 crore in Q2 FY27, compared with Rs 569.31 crore in Q2 FY26. Total income climbed 15.45% YoY to Rs 5,163.51 crore in Q2 FY27.
KEI Industries’ consolidated net profit jumped 28.96% to Rs 262.45 crore in Q2 FY27 compared with Rs 203.51 crore in Q2 FY26. Revenue from operations climbed 38.52% YoY to Rs 3,776.42 crore in Q2 FY27.
Indian Hotels’ consolidated net profit increased 20.15% to Rs 349.49 crore on 21.73% rise in revenue from operations to Rs 2,484.32 crore in Q2 FY27 over Q2 FY26.
Rajratan Global Wire reported 17.47% increase in consolidated net profit to Rs 24.14 crore in the quarter ended 30th September2026. Revenue from operations 26.06% YoY to Rs 370.83 crore in Q2 FY27.
GHV Infra announced that Sadanand Shetty has resigned as the company's Chief Financial Officer (CFO).
Seamec has signed a vessel charter hire contract with HAL Offshore for its vessel SEAMEC ANANT. The contract is valued at $55 million.
Sagility announced that its subsidiary, Sagility (US) Holdings, has entered into a definitive agreement with Chirok Health LLC for an aggregate purchase consideration of up to $32.35 million.
Omnitech Engineering has started receiving commercial orders for the manufacturing and supply of precision-engineered components and sub-assemblies for the data centre infrastructure sector. The company has also secured orders from leading Indian defence-sector organisations to manufacture and supply precision-engineered components and sub-assemblies for critical defence applications.
Market participants will track global developments, foreign institutional investor (FII) flows and further corporate earnings announcements for cues on market direction.
Auto shares advanced for the second consecutive trading sessions.
At 14:25 IST, the S&P BSE Sensex jumped 261.45 points or 0.35% to 74,577.07. The Nifty 50 index added 93 points or 0.40% to 23,087.90.
In the broader market, the Nifty MidCap 150 index was down 0.08%, while the Nifty SmallCap 250 index advanced 0.15%.
Market breadth remained positive. On the NSE, 2,062 shares advanced, while 1,423 declined and 111 remained unchanged.
Economy:
India's balance of payments recorded a surplus of $45.4 billion in August 2026, compared with a deficit of $5.6 billion a year earlier, according to data released by the Reserve Bank of India (RBI) on 15 October 2026. The current account deficit narrowed to $5.2 billion from $6.1 billion in August 2025. The merchandise trade deficit declined to $26.6 billion from $27.6 billion a year earlier, as merchandise exports rose to $44.7 billion from $35.1 billion, while imports increased to $71.3 billion from $62.7 billion. Net services receipts also rose to $16.5 billion from $15.6 billion a year earlier.
Meanwhile, the government has raised windfall tax on exports of petrol, and reduced levies on diesel, according to a government notification issued late on Thursday night. The tax on petrol export was hiked to Rs 2.5 per litre from Rs 0.5 per litre, according to the notification. On the other hand, duty on diesel exports was slashed to Rs 8.5 per litre from Rs 16 per litre, effective October 16, the order said.
Buzzing Index:
The Nifty Auto index jumped 0.83% to 25,598.30. The index rose 1.76% in the straight two trading sessions.
Mahindra & Mahindra (up 2.07%), Bosch (up 1.82%), TVS Motor Company (up 1.5%), Ashok Leyland (up 0.99%) and Tube Investments of India (up 0.92%), Maruti Suzuki India (up 0.54%), Bajaj Auto (up 0.53%), Sona BLW Precision Forgings (up 0.46%), Eicher Motors (up 0.44%) and Hyundai Motor India (up 0.43%) surged.
Numbers to Track:
The yield on India's 10-year benchmark federal paper shed 0.15% to 7.378 compared with the previous session close of 7.389.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 94.9550 compared with its close of 94.9900 during the previous trading session.
MCX Gold futures for 4 December 2026 settlement rose 0.72% to Rs 1,48,547.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.27% to 101.78.
The United States 10-year bond yield advanced 0.08% to 5.094.
In the commodities market, Brent crude for December 2026 settlement dropped 58 cents or 0.55% to $105.34 a barrel. Oil prices retreated after climbing above $106 in the previous session, as investors assessed developments in the Middle East and monitored the outlook for global oil supplies.
Mahindra & Mahindra Ltd dropped for a fifth straight session today. The stock is quoting at Rs 2751.2, down 1.74% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 1.59% on the day, quoting at 22243.65. The Sensex is at 71582.18, down 1.45%.Mahindra & Mahindra Ltd has lost around 12.66% in last one month.Meanwhile, Nifty Auto index of which Mahindra & Mahindra Ltd is a constituent, has eased around 10.93% in last one month and is currently quoting at 25138.9, down 2.02% on the day. The volume in the stock stood at 21.2 lakh shares today, compared to the daily average of 24.04 lakh shares in last one month.
The benchmark October futures contract for the stock is quoting at Rs 2762, down 1.99% on the day. Mahindra & Mahindra Ltd tumbled 20.09% in last one year as compared to a 11.67% slide in NIFTY and a 7.35% fall in the Nifty Auto index.
The PE of the stock is 21.34 based on TTM earnings ending June 26.
Mahindra & Mahindra achieved total sales of 1,14,874 units in month of September 2026 compared to 1,00,298 units in September 2025, recording a growth of 15%.
Total sales comprised of domestic sales of 1,10,855 units (up 16% YoY) and exports of 4,019 units (down 7% YoY).
The company achieved passenger vehicle sales of 64,092 units (up 14% YoY) and commercial vehicle sales of 46,763 units (up 18% YoY) during the month.
According to Dr Velusamy R, President, Automotive Business, Mahindra & Mahindra, “In September, SUV sales clocked 64092 units with a growth of 14%, and total vehicle sales stood at 114874, a 15% YoY growth. Adding to this momentum, we are proud to have crossed the milestone of 1 lakh billing of our Electric Origin SUVs since launch.”