The automaker reported a 26% year-on-year increase in standalone revenue to ₹42,477 crore, topping market estimates behind a sharp rise in SUV sales. However, commodity inflation across steel, rubber, and copper caused standalone gross margins to contract by 360 basis points down to 20.8%. Farm equipment operations remained sluggish, forcing management to lower domestic tractor growth expectations to flat for the fiscal year. Moving forward, monthly manufacturing capacity will be expanded to 82,000 units alongside five major vehicle introductions scheduled by June 2027.
Key points
Weaker tractor volumes prompted management to cut the full-year domestic farm equipment i…: Weaker tractor volumes prompted management to cut the full-year domestic farm equipment industry outlook to flat growth.
Monthly vehicle manufacturing capacity will be increased from about 68,000 to 82,000 unit…: Monthly vehicle manufacturing capacity will be increased from about 68,000 to 82,000 units by the conclusion of FY27.
Mahindra and Mahindra maintained its long-term financial objective of achieving 15% to 20…: Mahindra and Mahindra maintained its long-term financial objective of achieving 15% to 20% annual earnings per share growth.
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Mahindra and Mahindra investors chose to overlook profitability concerns and a downward revision in the FY27 guidance for the tractor industry. Instead, they seem to have drawn comfort from the company’s robust September quarter (Q2FY27) results and upward revision in the light commercial vehicle (LCV) industry guidance to double-digits from a high-single digit.
Reacting to its Q2 earnings announced on Thursday, the stock rallied 10% over the past two trading sessions.
Standalone revenue rose 26% year-on-year to ₹42,477 crore, beating consensus estimates by almost 8%. The automotive business, which manufactures a range of passenger and commercial vehicles, electric vehicles and mobility products, was the largest contributor, with revenue rising 36%.
This was aided by a 26% increase in SUV volumes to 183,000 units. Mahindra retained its leadership in the SUV segment, with a revenue market share of 24.3% and has maintained its FY27 SUV volume guidance at the mid-to-high teens.
Its electric SUV business also gained traction, with a 30.1% revenue market share. M&M plans five major product launches by June 2027, including a vehicle on its new NU_IQ platform…
Strong consumer demand for studded jewellery delivered a significant boost to second-quarter profitability, prompting the company's valuation to surge to ₹4,39,898.04 crore during the festive session. A concurrent governance transition will see a long-tenured board leader step down in mid-November in strict adherence to statutory corporate age limits. Major analysts view these operational metrics favorably, retaining positive projections driven by wider retail formalisation trends.
The European planemaker's latest monthly output figures show operations are ramping up to meet long-term commitments. Reaching these future production milestones will require an intensive push through the final months of the calendar year. Leadership remains focused on accelerating assembly lines to keep multi-year schedules intact.