Mahindra & Mahindra reported third-quarter results for the period ended December 31, 2025, with consolidated profit after tax of Rs 4,675 crore, up 47% year-on-year (54% excluding the impact of a labour code regulation change). Consolidated revenue rose 26% to Rs 52,100 crore from Rs 41,470 crore in Q3 FY25. Return on equity stood at 20.1% annualized.
On a standalone basis, revenue was Rs 38,942 crore (up 26%), EBITDA was Rs 5,717 crore (up 19%), and PAT was Rs 3,931 crore (up 33%).
Segment Performance
Automotive
The auto segment posted consolidated revenue of Rs 30,370 crore, up 30%, and consolidated PAT of Rs 1,993 crore, up 42%. Quarterly vehicle volumes reached 302,000 units, up 23%. Standalone PBIT was Rs 2,684 crore, with a PBIT margin of 9.7% (10.6% excluding electric SUV contract manufacturing). M&M held a 24.1% SUV revenue market share in Q3, up 90 basis points, and a 51.9% share in LCVs under 3.5 tonnes, up 10 basis points.
Farm Equipment
Farm equipment consolidated revenue was Rs 11,501 crore, up 21%, with consolidated PAT of Rs 1,044 crore, up 7%. Tractor volumes were 149,567 units, up 23%. Standalone PBIT reached Rs 2,061 crore, with a PBIT margin of 20.5%, up 240 basis points. Market share in tractors was 44.0%, marginally down 20 basis points for the quarter, though year-to-date share reached 44.1%.
Services
Consolidated services revenue was Rs 11,636 crore, up 21%, with consolidated PAT of Rs 1,637 crore, roughly doubling year-on-year. Mahindra & Mahindra Financial Services (MMFSL) reported PAT growth of 97%, with AUM up 12% and gross stage 3 assets below 4%. Tech Mahindra posted an EBIT margin of 13.1%, up 290 basis points. Mahindra Logistics reported revenue of Rs 1,898 crore, up 19%, turning profitable for the first time in 11 quarters. Mahindra Lifespaces recorded a five-fold increase in PAT, with residential pre-sales of Rs 572 crore, up 71%.
For the nine months ended December 2025, consolidated revenue was Rs 1,43,664 crore versus Rs 1,16,612 crore in the same period a year earlier. YTD consolidated PAT was Rs 12,431 crore, compared with Rs 9,634 crore. Full-year FY25 consolidated PAT was Rs 12,929 crore.