M&M Q1 Results: Standalone profit rises 7% YoY to Rs 3,685 crore; revenue jumps 23%

Auto major Mahindra and Mahindra (M&M) on Thursday reported 7% year-on-year (YoY) growth in its standalone net profit at Rs 3,685 crore, compared with Rs 3,450 crore in the last year's quarter.

Revenue from operations in the reporting period increased 23% YoY to Rs 41,920 crore.

On a consolidated basis, M&M reported a 34% rise profit for the June quarter, helped by strong growth across its auto, farm and services businesses. The company posted consolidated profit after tax of Rs 5,455 crore for the quarter ended June 2026, compared with Rs 4,083 crore in the same quarter last year. Consolidated revenue rose 28% YoY to Rs 58,188 crore from Rs 45,529 crore.


Mahindra said it delivered strong operating performance across businesses in the first quarter of FY27. Auto and Farm continued to grow with profits up 18%, while financial services assets under management grew 13%. Tech Mahindra also reported improvement in margins, with EBIT rising 330 basis points.

Auto business
The auto business remained a major growth driver during the quarter. Mahindra said quarterly auto volumes stood at 3.04 lakh units, up 23% YoY. This includes sales by LMM and MEAL. Utility vehicle volumes stood at 1.75 lakh units.

The company retained the top position in SUVs, with revenue market share of 25%. SUV volumes grew 15% in Q1. It also said it remained the market leader in light commercial vehicles below 3.5 tonnes, with 52% market share.

Consolidated auto revenue rose 32% YoY to Rs 34,387 crore. Consolidated PAT from the auto business rose 21% to Rs 2,129 crore.

On a standalone basis, auto revenue stood at Rs 31,033 crore, compared with Rs 24,949 crore a year earlier. Standalone PBIT was flat at Rs 2,212 crore, while PBIT margin stood at 7.1%.

Excluding eSUV contract manufacturing, standalone auto PBIT margin was 8.3%, down 170 basis points.

Rajesh Jejurikar, ED and CEO, Auto and Farm Sector, said the auto and tractor businesses showed strong resilience in the quarter. He said Mahindra achieved a 50-basis-point sequential increase in SUV revenue market share and a 150-basis-point sequential increase in LCV below 3.5-tonne volume market share.

Tractor business
The farm equipment business also delivered growth, supported by higher tractor volumes and market share gains.
Mahindra’s tractor volumes rose 18% YoY to 1.58 lakh units in Q1FY27. The company said it remained the top player in tractors, with market share of 44.9%.

Consolidated farm revenue rose 15% to Rs 12,501 crore, while consolidated PAT from the business increased 15% to Rs 1,520 crore.

On a standalone basis, farm revenue stood at Rs 10,947 crore, compared with Rs 9,186 crore a year earlier. Standalone PBIT rose 11% to Rs 2,028 crore. Farm PBIT margin stood at 18.5%, down 130 basis points. Jejurikar said the core tractor PBIT margin was 19.2% despite commodity inflation.

Services business
Mahindra’s services businesses reported strong growth during the quarter. Consolidated services revenue rose 31% YoY to Rs 12,899 crore. Consolidated services PAT rose 80% to Rs 1,805 crore.

Mahindra Finance’s assets under management grew 13%, while gross stage 3 assets stood at 3.45%. The company said M&M’s share of Mahindra Finance PAT rose 78%.

Tech Mahindra’s EBIT margin stood at 14.4%, up 330 basis points. M&M’s share of Tech Mahindra PAT rose 28%. Mahindra Lifespaces reported residential pre-sales of Rs 925 crore, up two times from a year earlier, while gross development value acquired rose 60% to Rs 5,600 crore.