Revenue from operations grew 26% YoY to Rs 38,942 crore, compared with Rs 30,964 crore in the corresponding quarter last year.
On a consolidated basis, the company crossed the Rs 50,000 crore quarterly revenue mark for the first time, while profit after tax jumped 47% YoY to Rs 4,675 crore from Rs 3,181 crore in Q3FY25.
EBITDA for the quarter rose 19% YoY to Rs 5,717 crore from Rs 4,810 crore in the year-ago period.
What should investors do?
Citi has maintained its Buy rating on M&M with an unchanged target price of Rs 4,230. The brokerage noted that Q3FY26 performance was in line with expectations, with EBITDA rising 27% YoY and PAT growing 33% YoY. It highlighted that UV capacity expansion remains on track, with plans to ramp up production to 24–28k units per month by CY28. Citi also remains positive on the tractor outlook, citing early signs of a replacement cycle, along with a strong SUV pipeline and steady progress on EV approvals.
Motilal Oswal has maintained a Buy rating on Mahindra & Mahindra with a revised target price of Rs 4,378, down from Rs 4,521 earlier. The brokerage said earnings were largely in line with estimates, with the FES segment margin expanding 210 bps YoY to 20.2%, while the auto segment margin remained flat YoY at 9.5%. It believes the company is well positioned to outperform across its core businesses, supported by a healthy rural recovery and strong new product launches across UVs and tractors. MOSL expects M&M to deliver a CAGR of around 18%/18%/20% in revenue/EBITDA/PAT over FY25–28.
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M&M Q3 highlights
The automobile business reported quarterly volumes of 302k units, including LMM and MEAL sales, reflecting 23% growth, with UV volumes at 179k units. Q3 SUV revenue market share improved by 90 bps to 24.1%. Consolidated revenue for the segment increased 30% YoY to Rs 30,370 crore, while consolidated PAT rose 42% YoY to Rs 1,993 crore.
In the farm segment, Q3 market share stood at 44.0%, down 20 bps YoY, while volumes grew 23% to 150k units. Standalone PBIT rose 41% YoY to Rs 2,061 crore, with margins expanding 240 bps to 20.5%. Consolidated revenue increased 21% YoY to Rs 11,501 crore, and consolidated PAT rose 7% YoY to Rs 1,044 crore.
Management speaks
Group CEO and Managing Director Anish Shah said the performance reflects a strong focus on growth backed by disciplined execution, with both Auto and Farm businesses maintaining leadership positions driven by steady demand, strong product acceptance and operational excellence.
Rajesh Jejurikar, Executive Director and CEO, Auto and Farm Sector, said the company saw a 90 bps YoY increase in SUV revenue share and a 10 bps YoY rise in LCV market share during the quarter, while the tractor business gained 20 bps YoY to reach a 44.1% share for YTD FY26. He added that new launches such as the XEV 9S and XUV 7XO have received a strong market response.
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