M&M Q3 Results: Standalone PAT jumps 33% to Rs 3,931 crore; consolidated revenue crosses Rs 50,000 crore

India’s leading automaker M&M on Wednesday reported a 33% year-on-year (YoY) increase in standalone net profit to Rs 3,931 crore for the third quarter of FY26. The company had posted a profit of Rs 2,964 crore in the corresponding quarter last year.

The company’s revenue from operations stood at Rs 38,942 crore, marking a 26% increase from Rs 30,964 crore reported in the corresponding quarter of the previous financial year, M&M said in a regulatory filing.

EBITDA rose 19% YoY to Rs 5,717 crore in the December quarter from Rs 4,810 crore a year earlier.


On a consolidated basis, M&M crossed the Rs 50,000 crore mark in quarterly revenue mark for the first time, while profit after tax surged 47% YoY to Rs 4,675 crore from Rs 3,181 crore in Q3 FY25, inclusive of labour code.

Segment-wise revenue
Automobile: The business reported quarterly volumes of 302k units, including sales by LMM and MEAL, reflecting a growth of 23%, while UV volumes stood at 179k units.

Q3 SUV revenue market share improved by 90 bps to 24.1%. Consolidated revenue for the segment increased 30% to Rs 30,370 crore, while consolidated PAT grew 42% to Rs 1,993 crore.

Farm: The segment reported a Q3 market share of 44.0%, down 20 bps, while volumes rose 23% to 150k units.

Standalone PBIT increased 41% to Rs 2,061 crore, with margins expanding 240 bps to 20.5%. Consolidated revenue grew 21% to Rs 11,501 crore, while consolidated PAT rose 7% to Rs 1,044 crore.

Services: The portfolio delivered a mixed yet improving performance, with MMFSL’s AUM rising 12% and PAT surging 97%. Tech Mahindra reported an EBIT margin of 13.1%, up 290 bps, while Mahindra Lifespaces’ PAT increased fivefold, alongside residential pre-sales of Rs 572 crore, up 71%.

Club Mahindra’s room inventory grew 6%, and Mahindra Logistics reported revenue of Rs 1,898 crore, up 19%, returning to profitability after 11 quarters. Overall, consolidated services revenue rose 21% to Rs 11,636 crore, while consolidated PAT doubled to Rs 1,637 crore.

Management commentary
Anish Shah, Group CEO & Managing Director, said the numbers reflect a strong focus on growth along with disciplined execution. The Auto and Farm businesses have maintained their leadership positions, supported by steady customer demand, strong product acceptance, and an unwavering focus on operational excellence.

Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), said, “The Auto and Farm businesses delivered a strong performance in Q3 FY26. We achieved a 90 bps YoY increase in SUV revenue share and a 10 bps YoY increase in LCV market share during the quarter. Our tractor business gained 20 bps YoY, reaching an impressive 44.1% share for YTD FY26. New launches, XEV 9S and XUV 7XO, have received a very positive market response.”

Amarjyoti Barua, Group Chief Financial Officer, said results reflect the strength and depth of the company’s diversified portfolio. “Our services businesses continue to increase their contribution to overall performance. These results are also translating into a very strong balance sheet.”

Following the Q3 results, M&M shares were trading over 1% higher at Rs 3,718 apiece.

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