Revenue growth is expected to be strong across the board, with estimates in the range of Rs 33,900–Rs 34,400 crore, translating into a 23–25% YoY rise.
The estimates given by Yes Securities, Nuvama Institutional Equities, Kotak Institutional Equities and ElaraCapital have been taken into account.
Brokerages see the company’s profit after tax (PAT) rising modestly, while revenues may log double-digit growth aided by healthy volume expansion across both auto and farm segments. However, profitability is expected to be capped by lower average selling prices (ASPs) and a less favourable product mix.
The company will announce its earnings on Tuesday, November 4, 2025.
Here’s what brokerages predicted:
1. PAT
Yes Securities expects PAT at Rs 3,952 crore, up 2.9% YoY, driven by higher other income from dividends. Kotak Mahindra sees PAT at Rs 3,996 crore, while Elara Capital and Nuvama peg it at Rs 3,931 crore and Rs 3,895 crore, respectively.Nuvama’s net profit growth estimates remain at a modest 1% while Kotak Institutional Equities is most bullish at 4%.
M&M’s overall volumes grew 18.4% YoY and 1.3% QoQ, Yes Securities said. The tractor’s volume grew by +31.6% YoY or 8.3% QoQ. Tractor mix at 31.8% in 2QFY26, whereas UV mix at 58.4% in 2QFY26. “We expect an ASP of Rs 878.6k/unit (+4.1% YoY/-1.7% QoQ). Weak ASP is led by early pass of GST benefits across portfolios,” Yes Securities said.
2. Revenue
Kotak Mahindra expects sales at Rs 33,920 crore, while Nuvama and Elara forecast Rs 34,344 crore and Rs 34,188 crore, respectively. YES Securities projects Rs 34,083 crore, up 23.7% YoY, aided by an 18.4% jump in overall volumes and a 31.6% rise in tractor sales.
3. EBITDA
EBITDA projections vary sharply among brokerages, reflecting differing margin expectations. YES expects EBITDA at Rs 4,702 crore, down 54% YoY, citing weaker gross margins due to mix and the early pass-through of GST benefits.
In contrast, Kotak Mahindra forecasts a 24% YoY rise to Rs 4,891 crore, while Nuvama and Elara Capital expect EBITDA of Rs 4,745 crore and Rs 4,718 crore, respectively — both up around 20% YoY but slightly lower sequentially.
4. EBITDA margin
Yes Securities expects EBITDA margins at 13.8%, down 50 bps YoY and QoQ, while Kotak expects margins at 14.4%, up 8 bps YoY and down 8 bps QoQ.
EBITDA margin shall contract due lower margin in the auto segment, owing to a higher share of EVs, Nuvama said in its brokerage note.
Margins are expected to stay soft versus the previous quarter, owing to a higher EV mix and muted pricing. Brokerages attribute the pressure to lower auto profitability and rising input costs, partly offset by better tractor margins and operating leverage.
5. Key monitorables
Analysts will closely track management commentary on EV launches, demand outlook in the auto and farm segments, and strategies to comply with CAFE-III emission norms.
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M&M’s ability to sustain momentum in SUVs and new EV models will be key to its medium-term earnings outlook.
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)