Mahindra Q2 profit rises 25% as vehicle volume reaches 330,896

Mahindra & Mahindra, the India-based original-equipment manufacturer (OEM), reported Rs45.88 billion ($488.1 million) in consolidated profit after tax (PAT) for the quarter ended Sept. 30, 2026, up 25% year over year. Quarterly vehicle volume rose 26% to 330,896 units, including dispatches by group entities, as automotive and services performance supported the increase.

Consolidated revenue increased 25% to Rs575.53 billion. For the first half of fiscal 2027 (FY27), PAT reached Rs100.42 billion, compared with Rs77.57 billion a year earlier, while revenue climbed to Rs1.15 trillion from Rs915.64 billion.

What drove the segment result?

Automotive consolidated revenue rose 39% to Rs377.56 billion, and segment PAT increased 55% to Rs23.88 billion. Utility-vehicle sales reached 183,000 units during the quarter, providing the mix detail behind the automotive result.

Standalone automotive revenue, a measure that excludes group subsidiaries, climbed to Rs339.37 billion from Rs249.29 billion. Standalone PBIT (profit before interest and tax) rose 15% to Rs26.14 billion.

A shift in the festive season weighed on the farm business during the quarter. Tractor volumes fell 6% to 116,027 units, although Mahindra retained a 41.5% market share.

Consolidated farm revenue declined 6% to Rs95.72 billion, and consolidated PAT fell 9% to Rs10.53 billion. Standalone farm PBIT stood at Rs14.41 billion.

Services consolidated revenue rose 18% to Rs118.21 billion. Consolidated PAT for the segment increased 18% to Rs11.47 billion, matching the pace of its revenue growth.

Rajesh Jejurikar, Mahindra's auto and farm sector executive director and CEO, said: “Auto Business delivered strong performance while Farm business continues to demonstrate strong resilience in Q2F27.” He added: “SUV volume grew 26% YoY and retained market leadership in revenue market share.”

YoY means year over year, and SUV means sport utility vehicle. EV stands for electric vehicle. Jejurikar said: “EV product range continue to show momentum with maintaining #1 position in revenue market share for the 1st half of the year.”

Mahindra disclosed the vehicle-volume and profit figures but gave no EV-specific delivery count or revenue-share percentage. The electric-vehicle ranking therefore remains a management claim rather than a result supported by a disclosed EV volume or share.

What does the result change for vehicle operations?

For Mahindra's OEM operations, automotive provided the largest reported percentage growth: PAT rose 55% to Rs23.88 billion on revenue of Rs377.56 billion, while utility-vehicle sales reached 183,000. The counterweight remained the farm business, where festive-season timing coincided with a 6% tractor-volume decline and lower segment revenue and PAT.

No component volumes, sourcing changes or plant-capacity figures accompanied the results. Because Mahindra is the OEM in these figures, suppliers should not treat group revenue or vehicle dispatches as a direct measure of their own order book.

What happens next?

The Global Pik Up, previewed as a concept vehicle in Cape Town in August 2023, was unveiled by Mahindra in August. Mahindra will sell the model in India as the Scorpio Lifestyler and abroad as the Mahindra Lifestyler. Indian sales are due by April 2027, with a starting ex-showroom price (the listed price before taxes and registration) below Rs1.97 million.

The next dated milestone is the Scorpio Lifestyler's Indian on-sale date by April 2027, including whether the stated below-Rs1.97-million starting price holds. Until then, watch whether Mahindra quantifies its claimed first-half EV revenue-share leadership and whether farm volumes recover after the festive-season shift.