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Consolidated Revenue Growth: Up 22% year-over-year.

Consolidated Profit Growth: Operating profit up 28% for the quarter.

Farm Profits: Increased by 54%.

Auto Profits: Up 14%, impacted by GST transition.

Mahindra Finance Operating Profit: Grew by 45%.

Tech Mahindra Profit Growth: Up 35% excluding one-off gains.

Return on Equity (ROE): Annualized at 19%.

Tractor Volume Growth: Up 32%.

Auto Volume Growth: Up 13%.

Auto Revenue Growth: Increased by 25%.

Export Growth: Auto exports up 40%.

LCV Market Share: Increased by 100 basis points to 53.2%.

Farm Revenue Growth: Up 30%.

Farm Machinery Revenue: INR 330 crores for the quarter.

Mahindra Electric EBITDA: INR 173 crores for the quarter.

Last Mile Mobility Market Share: 42.3%.

Residential Pre-sales Growth: Up 89%.

Net Interest Margin (NIM) Improvement: Increased by 47 basis points.

Assets Under Management (AUM) Growth: Up 13%.

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Release Date: November 04, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Mahindra & Mahindra Ltd (MAHMF) reported a strong performance across its businesses, with Farm profits up 54% and Auto profits up 14%, despite challenges from the GST transition.

Mahindra Finance delivered a 45% operating profit growth, marking the end of phase 1 of its strategic plan.

Tech Mahindra's profits increased by 35%, excluding a one-off gain from a land sale last year.

The company's consolidated profit is up 28%, with revenue increasing by 22% year-over-year.

The Auto business saw a 25% revenue growth, with SUV penetration from an electric standpoint at 8.7%, and export momentum showing a 40% growth.

The Auto segment's profit growth was impacted by the GST transition, which delayed vehicle deliveries.

The hospitality segment faced challenges due to weather-related issues, affecting occupancy rates.

There were geopolitical headwinds affecting the Holiday Club business in Finland.

The company faced a one-time tax impact related to the SML Isuzu transaction.

The Farm Machinery business, while showing growth, is not yet achieving margins in line with the core Tractor business.

Q: Can you share your thoughts on the impact of GST cuts across your portfolio, particularly in the Automotive, LCV, and Tractor segments? A: Anish Shah, CEO, explained that the GST cuts are a positive move by the government, simplifying the tax structure and reducing rates, which should have long-term benefits. In the short term, it has stimulated optimism across the economy. Rajesh Kajuria, CEO of Auto & Farm Sector, added that the GST cuts are significant for LCVs and Tractors, which have seen substantial price increases over the years. This move is expected to boost demand in these segments.

Q: How are you positioned regarding the new CAFE norms, and do you need hybrids in your portfolio? A: Anish Shah stated that the draft CAFE norms are not final, and the company is in discussions with the government. Rajesh Kajuria mentioned that Mahindra is prepared to meet the CAFE norms with a mix of EVs and other fuel types, and they are comfortable with the likely outcomes.

Q: What is the outlook for SUV, LCV, and Tractor sales for the full year? A: Rajesh Kajuria indicated that they expect mid- to high-teens growth for SUVs, low double-digit growth for LCVs, and have revised their Tractor industry growth outlook from 5-7% to 10-12% for the year.

Q: How is the EV penetration progressing, and what are the trends post-GST cut on ICE vehicles? A: Rajesh Kajuria noted that EV penetration is currently sub-10%, with a significant portion of sales coming from non-Mahindra customers. The GST cut has not significantly impacted EV bookings, and the company expects continued growth in the EV segment.

Q: Can you elaborate on the company's strategy for growing the Farm Implements business and maintaining margins? A: Rajesh Kajuria explained that while margins in the Farm Implements business are not yet in line with Tractor margins, there is potential for improvement as volumes grow. The company is focusing on enhancing product categories like Harvesters to drive growth.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.