The automotive segment served as the primary growth engine, delivering double-digit volume expansion and a sharp increase in profitability. Performance was further bolstered by the services division, which benefited from significant profit surges at Mahindra Finance and Tech Mahindra alongside positive net earnings at Mahindra Logistics. However, the farm equipment sector faced seasonal pressure, recording drops in both revenue and profit after tax due to the timing of the festive period. Standalone operating margins contracted by 280 basis points during the quarter as overall expenditure rose nearly 26 percent.
Key points
Robust vehicle deliveries across the automotive segment effectively shielded group earnin…: Robust vehicle deliveries across the automotive segment effectively shielded group earnings from temporary agricultural headwinds.
Diversified subsidiaries within financial and technological services provided a crucial b…: Diversified subsidiaries within financial and technological services provided a crucial boost to consolidated bottom-line stability.
Faster expense growth relative to operating revenue remains a notable headwind impacting…: Faster expense growth relative to operating revenue remains a notable headwind impacting standalone margin performance.
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Revenue from operations grew 25.4% YoY to Rs 57,514.98 crore in Q2FY27, against Rs 45,885.40 crore reported in the year-ago period.
Total expenses rose 25.9% YoY to Rs 51,845.48 crore during the quarter, compared with Rs 41,192.50 crore in Q2FY26.
On a standalone basis, M&M reported a 12.15% YoY increase in net profit to Rs 5,102 crore in Q2FY27, compared with Rs 4,521 crore in the corresponding quarter of the previous fiscal.
Revenue rose 27.1% YoY to Rs 42,477 crore during the quarter, against Rs 33,422 crore reported in Q2FY26.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 2.1% YoY to Rs 4,912 crore in Q2FY27, compared with Rs 4,810 crore in the year-ago quarter.
However, EBITDA margin contracted by 280 basis points to 11.6% from 14.4% in Q2FY26.
M&M said its businesses continued to deliver growth, supported by proactive measures to navigate macroeconomic volatility.
Segment-wise performance
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