Mahindra & Mahindra cut its FY27 tractor industry outlook to flat, citing the monsoon deficit and falling reservoir levels.
Results · Finvezto · 5 Nov 2026 · Mahindra & Mahindra (M&M)
Results Q2 FY27, ₹ Cr
| Q2 FY27 | ₹ Cr | QoQ | YoY |
|---|---|---|---|
| Revenue | 57,553 | -1.1% | +24.8% |
| Operating profit | 10,222 | -3.3% | +14.5% |
| Net profit | 5,167 | -13.9% | +30.3% |
| Operating margin | 17.8% | -0.4 pp | -1.6 pp |
| Net margin | 9.0% | -1.3 pp | +0.4 pp |
Key points
- For Q2 FY27, Mahindra & Mahindra reported consolidated revenue of Rs 57,553 crore, up 25% year-on-year, while standalone EBITDA rose 4% to Rs 6,718 crore and consolidated PAT after non-controlling interest grew 25% to Rs 4,588 crore. NSE filing
- Growth was driven by the automotive segment where vehicle sales volumes rose 26% year-on-year to 330,896 units, maintaining leadership in SUV revenue market share at 24.3%. NSE filing
- Revenue was ₹57,553 Cr, up 24.8% on a year earlier and down 1.1% on the quarter before. Finvezto data
Anand's note
Anand Ganapathy K: Farm equipment is the second leg of M&M's earnings after autos, so a flat industry caps that leg's volume growth for the rest of the year. Source: Stock note
What to watch
- Operating margin over the last 4 quarters (Dec 25, Mar 26, Jun 26, Sep 26): 19.4%, 17.7%, 18.2%, 17.8%.
- Net profit over the last 4 quarters (Dec 25, Mar 26, Jun 26, Sep 26), ₹ Cr: 5,022, 5,260, 5,998, 5,167.
Links
NSE filing (PDF) · Company page · Results tracker
Anand Ganapathy K | SEBI Registered Research Analyst | INH000016630.