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Total income increased by 26.93% year on year to Rs 39,639.45 crore in the quarter ended 31 December 2025.
Profit before tax was at Rs 5,202.27 crore during the quarter, up 31.10% from Rs 3,967.90 crore posted in Q3 FY25.
EBITDA grew by 19% to Rs 5,717 crore in Q3 FY26, compared with Rs 4,810 crore recorded in the similar quarter last year.
Total vehicle sales grew 23% to 3,02,238 units from 2,45,499 units in the corresponding quarter last year. The tractor segment delivered a strong performance, with sales rising 23% YoY to 1,49,567 units from 121,774 units in Q3 FY25.
On a consolidated basis, the company’s net profit jumped 46.97% to Rs 5021.47 crore on 26.44% rise in total income to Rs 52,958.27 crore in Q3 FY26 over Q3 FY25.
Dr. Anish Shah, Group CEO & MD, said, “We are delighted to report solid operating performance across the group in Q3’F26, reflecting our strong focus on growth coupled with disciplined execution. Auto & Farm has maintained its leadership position on the back of steady customer demand, strong product acceptance and unwavering focus on operational excellence. TechM continues to make meaningful progress. Mahindra Finance delivered another solid quarter with meaningful PAT growth while maintaining strong asset quality. We are especially pleased to see breakout performance from two of our growth gems, Mahindra Logistics and Mahindra Lifespaces.”
Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), said, “Auto and Farm businesses delivered strong performance in Q3’FY26. We have achieved a 90 bps YoY increase in SUV revenue share and 10 bps YoY increase in LCV (< 3.5T) market share in Q3. Our tractor business gained 20 bps YoY to reach an impressive 44.1% share for YTD FY26. Our new launches XEV 9S, and the XUV 7XO have received very positive response in the market.”
Amarjyoti Barua, Group Chief Financial Officer, said, “Our Q3 consolidated results reflects the strength and depth of our diversified portfolio. Our services businesses continue to increase their contribution to the overall results. Our results are also translating into a very strong Balance Sheet.”
M&M Group enjoys a leadership position in farm equipment, utility vehicles, information technology, and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.
Mahindra & Mahindra Ltd gained for a third straight session today. The stock is quoting at Rs 3684.6, up 2.08% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.45% on the day, quoting at 25984.15. The Sensex is at 84465.17, up 0.48%. Mahindra & Mahindra Ltd has risen around 0.07% in last one month.
Meanwhile, Nifty Auto index of which Mahindra & Mahindra Ltd is a constituent, has risen around 0.79% in last one month and is currently quoting at 27791.45, up 1.59% on the day. The volume in the stock stood at 9.83 lakh shares today, compared to the daily average of 27.28 lakh shares in last one month.
The benchmark February futures contract for the stock is quoting at Rs 3691.3, up 1.9% on the day. Mahindra & Mahindra Ltd is up 19.4% in last one year as compared to a 12.62% spurt in NIFTY and a 25.07% spurt in the Nifty Auto index.
The PE of the stock is 32.06 based on TTM earnings ending September 25.
Mahindra Group today announced plans to establish its largest integrated manufacturing facility for automobiles and tractors in Nagpur, Maharashtra, marking a significant milestone in the Group's long-term growth strategy. The announcement was made at Advantage Vidarbha, a three-day flagship event positioning Vidarbha as an emerging industrial growth hub on India's manufacturing map.
The state-of-the-art facility will be developed across an area of 1500 acres in Vidarbha, complemented by a 150-acre supplier park in Sambhajinagar. Once fully operational, the facility will have an annual production capacity of over 5 lakh vehicles and 1 lakh tractors, making it Mahindra's largest integrated manufacturing footprint in the country.
The Vidarbha region offers strong strategic advantages, including excellent road connectivity via the Samruddhi Expressway, robust rail links, easy access to key domestic and export markets, and a rapidly evolving industrial ecosystem. The supplier park at Sambhajinagar will strengthen the manufacturing value chain through closer partner collaboration, improved logistics efficiency, and enhanced localisation. It will supply components to the new Nagpur facility as well as Mahindra's existing ones at Chakan and Nashik.
In addition, Mahindra will acquire land in the Igatpuri-Nashik region to expand current product and engine capacities, as well as to support the growth of its Advanced Technology business.
With these initiatives, Mahindra is committing a comprehensive investment of Rs 15,000 crore over a 10-year period in Maharashtra and will acquire over 2000 acres across three locations to further strengthen its manufacturing footprint.
Mahindra & Mahindra announced that it will supply 35,000 units of Scorpio Pik Up vehicles in 2026 to Agrinas Pangan Nusantara, an Indonesian state-owned enterprise, for the Koperasi Desa/Kelurahan Merah Putih (KDKMP) Project. These Pik Ups will play a crucial role in enhancing logistics for Koperasi (Cooperatives) being set up in the country.
Under this partnership, Mahindra and Agrinas Pangan Nusantara will work together to equip Koperasi with robust, reliable vehicles to ensure effective and seamless flow of fresh supplies from farmers directly to the marketplace, thereby bridging the gap between producer and consumer. This collaboration aims to enhance rural logistics and enable villages to become independent centers of economic growth.
Manufactured at Nashik Plant, Scorpio Pik Ups are globally recognized for their durability, payload capacity, and low operating costs. These vehicles are tailored to meet the operating requirements of Koperasi – from rough rural roads to farm tracks.
Mahindra Scorpio Pik Ups will bolster Koperasi ecosystem by providing first-mile aggregation, which involves transporting produce from farms to cooperatives, and facilitating intra-village logistics, ensuring the efficient movement of goods within the cooperative network.
Under this partnership, Mahindra and Agrinas Pangan Nusantara will work together to equip Koperasi with robust and reliable vehicles to ensure the effective and seamless flow of fresh supplies from farmers directly to the marketplace, thereby bridging the gap between producers and consumers. The collaboration aims to strengthen rural logistics and enable villages to become independent centers of economic growth.
Manufactured at the company’s Nashik plant, the Scorpio Pik Up is known for its durability, high payload capacity, and low operating costs, and is designed to operate efficiently across diverse rural terrains, including rough roads and farm tracks.
The company said the Mahindra Scorpio Pik Up will bolster the Koperasi ecosystem by enabling first-mile aggregation, transporting produce from farms to cooperatives and facilitating intra-village logistics, thereby ensuring the efficient movement of goods within the cooperative network.
Nalinikanth Gollagunta, CEO, Automotive Division, Mahindra & Mahindra, said, “We are looking forward to this association and to supporting Indonesia’s Koperasi through our partnership with Agrinas Pangan Nusantara. By deploying the Scorpio Pik Ups as a part of the Koperasi, we are strengthening a reliable logistics backbone that connects farmers to markets more efficiently. Our Pik Ups are engineered to perform in tough conditions while keeping operating costs to a minimum. The volume committed for this partnership will significantly boost our international operations, adding as much as our total export volumes achieved in FY 25. In line with Mahindra’s Rise philosophy, this collaboration reflects our commitment to enabling prosperity and supporting national priorities.”
Mahindra & Mahindra (M&M) Group enjoys a leadership position in farm equipment, utility vehicles, information technology, and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.
On a standalone basis, the company’s net profit surged 17.7% to Rs 4,520.52 crore on a 21.3% rise in revenue from operations to Rs 33,421.60 crore in Q2 FY26 over Q2 FY25, reflecting broad-based growth across Auto and Farm segments.
Mahindra & Mahindra Ltd rose for a third straight session today. The stock is quoting at Rs 3590.3, up 1.77% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is down around 0.02% on the day, quoting at 25723.35. The Sensex is at 83606.72, down 0.16%. Mahindra & Mahindra Ltd has dropped around 5.28% in last one month.
Meanwhile, Nifty Auto index of which Mahindra & Mahindra Ltd is a constituent, has dropped around 3.85% in last one month and is currently quoting at 27500.3, up 1.02% on the day. The volume in the stock stood at 15.02 lakh shares today, compared to the daily average of 25.99 lakh shares in last one month.
The benchmark February futures contract for the stock is quoting at Rs 3595.7, up 1.75% on the day. Mahindra & Mahindra Ltd is up 12.95% in last one year as compared to a 8.55% gain in NIFTY and a 18.13% gain in the Nifty Auto index.
The PE of the stock is 31.33 based on TTM earnings ending September 25.
Domestic tractors sales stood at 38,484 units (up 46% YoY) and exports were 2,159 units (up 72% YoY) in January 2026.
Mahindra & Mahindra announced that its total sales for the month of January 2026 stood at 104,309 units, a growth of 24% including exports compared to 84,265 units in January 2025.
Total sales include passenger vehicle sales of 63,510 units (up 25% YoY) and commercial vehicle sales of 37,222 units (up 23% YoY).
Domestic sales stood at 100,732 units (up 25% YoY) and exports were at 3,577 units (up 5% YoY) during the month.
According to Nalinikanth Gollagunta, CEO, Automotive Division, M&M, “Building on the strong momentum of last year's performance, we began the year on a strong note in January by achieving SUV sales of 63,510 units, a growth of 25% and LCV< 3.5T sales of 27,656 units, a growth of 22%. The total vehicle sales stand at 104,309 units, a 24% year-on-year growth. On 14th January, we opened bookings for XUV7XO and XEV 9S clocking 93,689 bookings for a booking value of Rs. 20,500 Crore - a record-breaking milestone in just 4 hours.”
Investors are also awaiting quarterly results from ITC, Tata Motors, and Vedanta, due later today, along with the upcoming Union Budget 2026 scheduled for February 1, 2026. Meanwhile, the Nifty traded above the 25,400 level.
Auto shares declined after registering gains in the previous trading session.
At 13:25 IST, the barometer index, the S&P BSE Sensex advanced 185.55 points or 0.23% to 82,530.23. The Nifty 50 index added 68.60 points or 0.27% to 25,411.35.
In the broader market, the S&P BSE Mid-Cap index remained flat and the S&P BSE Small-Cap index fell 0.41%.
The market breadth was strong. On the BSE, 1,578 shares rose and 2,563 shares fell. A total of 160 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 1.09% to 13.67.
Economic Survey 2025-2026:
The Economic Survey 2025–26, tabled in Parliament on January 29 ahead of the February 1 Union Budget, highlighted both improving macro fundamentals and a clear shift in India’s export strategy as exporters steadily reduce their reliance on the US amid tariff-related uncertainties. The survey noted that while the India–US trade agreement remains under discussion, export data for April to November FY26 show a pivot towards West Asia, Europe, Africa and parts of Asia to sustain growth. Sectors such as gems and jewellery, marine products, auto components and textiles saw weaker demand from the US, but this was offset by stronger shipments to alternative markets, while pharmaceuticals remained resilient with healthy growth led by Africa, Latin America and Europe.
On the broader economy, the survey said the fiscal deficit has sharply improved from 9.2% of GDP in FY21 to 4.8% in FY25 and is budgeted at 4.4% in FY26, while real GDP growth for FY26 is estimated at a robust 7.4%, driven largely by domestic demand. Looking ahead, the Indian economy is expected to grow 6.8%–7.2% in FY27, supported by strong macro fundamentals and ongoing regulatory reforms, underscoring a combination of internal strength and strategic diversification on the global trade front.
Economy:
India’s industrial production rose to a 26-month high of 7.8% in December, up from 7.2% in November, according to data released by the government on January 28. The sharp pickup was driven by a broad-based acceleration across manufacturing, capital goods and infrastructure-linked segments, signalling resilient momentum at the end of the calendar year.
Buzzing Index:
The Nifty Auto index fell 0.96% to 26,481.60. The index gained 0.69% in the past trading session.
Maruti Suzuki India (down 2.57%, Mahindra & Mahindra (M&M) (down 2.55%), TVS Motor Company(down 2.07%), Bharat Forge (down 1.51%), Uno MInda Corporation(down 0.90%) declined.
Numbers to Track:
The yield on India's 10-year benchmark federal paper was added 0.18% to 6.715 as compared with the previous close of 6.703.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 91.8950 compared with its close of 91.9975 during the previous trading session.
MCX Gold futures for 5 February 2026 settlement rallied 5.75% to Rs 1,75,450.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.09% to 96.26.
The United States 10-year bond yield rose 0.31% to 4.264.
In the commodities market, Brent crude for March 2026 settlement advanced $1.15 or 1.68% to $69.55 a barrel.
Stocks in Spotlight:
Quadrant Future Tek rose 3.28% after the company received a major domestic order from the Integral Coach Factory, Chennai. The company said it has received and accepted an offer from ICF for the supply, retrofitting, testing and commissioning of 192 onboard KAVACH equipment Version 4.0.
The contract includes warranty and long-term annual maintenance. The total contract value stands at Rs 230.42 crore. The order is to be executed within 12 months and is entirely domestic in nature.
GE Vernova T&D India rallied 7.86% after the company’s standalone net profit surged 103.81% to Rs 290.8 crore on 58.4% increase in revenue from operations to Rs 1700.64 crore in Q3 FY26 over Q3 FY25.