Mahindra & Mahindra Q2 FY27 Results: Consolidated Net Profit ₹5,167 Crore on Total Income of ₹58,740 Crore
- Earnings
- Automobiles and farm equipment
Reviewed byRachit TripathiBlacklitt Research
Mahindra & Mahindra (NSE: M&M) reported consolidated total income of ₹58,740.15 crore and consolidated net profit of ₹5,166.77 crore for the quarter ended 30 Sep 2026, it said in a filing on 05 Nov 2026. Standalone total income was ₹45,343.40 crore and standalone net profit ₹5,101.62 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹58,740.15 crore, up 25.6% YoY and down 0.8% QoQ
- Net profit and EPS: ₹5,166.77 crore, up 30.4% YoY and down 13.9% QoQ; basic EPS ₹41.04
- Finance costs: ₹2,681.93 crore, up 14.3% YoY and 4.8% QoQ
Standalone
The company on its own, without its subsidiaries
- Total income: ₹45,343.40 crore, up 26.7% YoY and 6.1% QoQ
- Net profit and EPS: ₹5,101.62 crore, up 12.9% YoY and 38.4% QoQ; basic EPS ₹42.42
- Finance costs: ₹66.72 crore, up 13.1% YoY and down 33.1% QoQ
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 58,740.15 | 46,781.18 | +25.6% | 59,203.60 | -0.8% | |
| Revenue from operations | 57,514.98 | 45,885.40 | +25.3% | 57,533.44 | 0.0% |
| Other income | 1,187.02 | 675.51 | +75.7% | 1,016.03 | +16.8% |
| 5,166.77 | 3,963.75 | +30.4% | 5,997.56 | -13.9% | |
| Profit before tax | 7,364.70 | 6,057.93 | +21.6% | 7,628.09 | -3.5% |
| Finance costs | 2,681.93 | 2,347.03 | +14.3% | 2,559.91 | +4.8% |
| Depreciation | 1,831.88 | 1,668.89 | +9.8% | 1,760.47 | +4.1% |
| Tax expense | 2,197.93 | 2,094.18 | +5.0% | 1,630.53 | +34.8% |
| Net profit margin | 8.80% | 8.47% | +0.32 pp | 10.13% | -1.33 pp |
| EPS, basic (₹) | 41.04 | 32.90 | +24.7% | 48.80 | -15.9% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit grew faster than total income over the year: profit rose 30.4% against 25.6% for total income. Profit before tax rose 21.6%, so profit grew faster than pre-tax profit as well. Tax expense rose 5.0% to ₹2,197.93 crore, which is 29.8% of profit before tax, against 34.6% a year earlier. The figures show the gap between the lines but the filing does not explain the tax movement.
Other income rose 75.7% to ₹1,187.02 crore and is now 2.0% of total income and 16.1% of profit before tax. Revenue from operations grew 25.3%, so the share of income coming from other income has risen, though the filing gives no reason for the rise in other income.
Against the previous quarter, consolidated profit before tax fell 3.5% and net profit fell 13.9%, while tax expense rose 34.8% to ₹2,197.93 crore. Finance costs of ₹2,681.93 crore are 4.6% of total income, and the filing does not give the reason for the fall in profit before tax from the June quarter.
The auditors' limited review report on the consolidated results says they did not review the interim financial results of 29 subsidiaries included in the statement. The statement also carries nil exceptional items in the quarter, against a year-ended 31 Mar 2026 charge of ₹292.94 crore.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 45,343.40 | 35,781.46 | +26.7% | 42,735.14 | +6.1% | |
| Revenue from operations | 42,477.42 | 33,421.60 | +27.1% | 41,919.74 | +1.3% |
| Other income | 1,061.52 | 701.64 | +51.3% | 776.38 | +36.7% |
| 5,101.62 | 4,520.52 | +12.9% | 3,684.97 | +38.4% | |
| Profit before tax | 6,637.89 | 6,069.45 | +9.4% | 4,775.89 | +39.0% |
| Finance costs | 66.72 | 58.99 | +13.1% | 99.73 | -33.1% |
| Depreciation | 1,074.42 | 1,040.64 | +3.2% | 1,050.33 | +2.3% |
| Tax expense | 1,536.27 | 1,548.93 | -0.8% | 1,090.92 | +40.8% |
| Net profit margin | 11.25% | 12.63% | -1.38 pp | 8.62% | +2.63 pp |
| EPS, basic (₹) | 42.42 | 37.64 | +12.7% | 30.65 | +38.4% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 12.9% year on year, slower than total income at 26.7%, and profit before tax rose 9.4%. Tax expense fell 0.8% to ₹1,536.27 crore, which is 23.1% of profit before tax.
Standalone other income of ₹1,061.52 crore is 2.3% of total income and 16.0% of profit before tax. Revenue from operations rose 27.1%, slower than other income at 51.3%.
Quarter on quarter, standalone net profit rose 38.4% to ₹5,101.62 crore, faster than total income at 6.1%. Finance costs of ₹66.72 crore are 0.1% of total income, down 33.1% from the June quarter. The statement shows nil exceptional items in the quarter. The auditors' limited review report on the standalone results contains no modification.
Inference
The filing says the Board approved the results on 5 Nov 2026 and that the Company entered into a Business Transfer Agreement dated 5 Aug 2026 to transfer its Truck and Bus division to its subsidiary SML Mahindra Limited, subject to customary closing conditions. The assets and liabilities of that division are presented as held for sale in the standalone balance sheet.
The filing says the Group cannot yet reliably estimate the potential impact of the End-of-Life Vehicles rules, because the implementation details and pricing modalities for EPR certificates are yet to be developed. Not stated: the financial effect of the Truck and Bus transfer on the results, the consideration or closing date for it, and who will replace Ms. Shuchi Suri in her current role from 1 Apr 2027.
Filed with BSE on . Reference: Original filing (PDF)
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