Mahindra & Mahindra Ltd. Q3 FY2026 results: revenue ₹52,100 crore, up 25.6% on the year
Mahindra & Mahindra Ltd. (M&M) reported consolidated revenue from operations of ₹52,100 crore for Q3 FY2026, the quarter ended 31 December 2025, up 25.6% on the same quarter a year earlier. Profit after tax was ₹5,021 crore, up 38.5% on the year, and earnings per share ₹41.85. The figures are the company's own, from the un-audited results it filed with NSE on 11 February 2026.
The quarter, against the one before and a year earlier
| Line | Q3 FY2026 | Q2 FY2026 | Q3 FY2025 | Change on the year |
|---|---|---|---|---|
| Revenue from operations | 52,100 | 46,106 | 41,470 | +25.6% |
| Other income | 859 | 676 | 411 | +108.7% |
| Total income | 52,958 | 46,781 | 41,881 | +26.4% |
| Cost of materials consumed | 27,816 | 27,887 | 21,700 | +28.2% |
| Purchases of stock-in-trade | 2,223 | 2,044 | 2,020 | +10.0% |
| Changes in inventories | 2,108 | -1,822 | 1,410 | +49.5% |
| Employee benefit expense | 3,336 | 3,112 | 2,883 | +15.7% |
| Finance costs | 2,405 | 2,347 | 2,362 | +1.8% |
| Depreciation, depletion and amortisation | 2,163 | 1,669 | 1,495 | +44.7% |
| Other expenses | 6,457 | 5,944 | 5,227 | +23.5% |
| Total expenses | 46,561 | 41,192 | 37,097 | +25.5% |
| Profit before exceptional items and tax | 6,397 | 5,589 | 4,785 | +33.7% |
| Exceptional items | -293 | 0 | 0 | n/a |
| Profit before tax | 6,104 | 5,589 | 4,785 | +27.6% |
| Current tax | 1,630 | 2,063 | 1,350 | +20.8% |
| Deferred tax | -83 | 31 | 117 | n/a |
| Total tax | 1,547 | 2,094 | 1,468 | +5.4% |
| Profit after tax | 5,021 | 3,964 | 3,624 | +38.5% |
| Attributable to owners of the parent | 4,675 | 3,673 | 3,181 | +47.0% |
| Other comprehensive income | 131 | -9 | -118 | n/a |
| Total comprehensive income | 5,153 | 3,955 | 3,507 | +46.9% |
| EPS, basic | ₹41.85 | ₹32.90 | ₹28.51 | +46.8% |
| EPS, diluted | ₹41.69 | ₹32.51 | ₹28.40 | +46.8% |
₹ crore except per share.
Leverage, as the company states it
| Line | Q3 FY2026 | Q2 FY2026 | Q3 FY2025 | Change on the year |
|---|---|---|---|---|
| Debt to equity | 5.00 | 5.00 | 0.00 | |
| Debt service coverage | 605.00 | 544.00 | 0.07 | |
| Interest service coverage | 3813.00 | 3660.00 | 0.00 |
Debt to equity, debt service coverage and interest service coverage are the figures the company prints in its result statement under the listing regulations.
Segments, Q3 FY2026
| Segment | Revenue ₹ crore | Share of segment revenue | Result ₹ crore | Result over revenue |
|---|---|---|---|---|
| Automotive | 30,370 | 56.8% | 2,607 | 8.6% |
| Farm Equipment | 11,501 | 21.5% | 1,259 | 10.9% |
| Financial Services | 5,435 | 10.2% | 1,094 | 20.1% |
| Industrial Businesses and Consumer Services | 6,201 | 11.6% | 1,195 | 19.3% |
Segment revenue and segment result as the company filed them, before inter-segment eliminations; share and result over revenue are arithmetic on those.
Quarterly results, the last 12 quarters
| Q2 FY2024 | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 34,436 | 35,299 | 35,452 | 37,218 | 37,924 | 41,470 | 42,599 | 45,529 | 46,106 | 52,100 | 54,982 | 58,188 |
| Expenses | 31,680 | 32,143 | 32,172 | 33,330 | 34,309 | 37,097 | 39,114 | 41,280 | 41,192 | 46,561 | 49,615 | 51,943 |
| Operating profit | 5,730 | 6,224 | 6,604 | 7,243 | 7,133 | 8,231 | 7,911 | 8,228 | 8,929 | 10,107 | 9,716 | 10,565 |
| OPM % | 17% | 18% | 19% | 19% | 19% | 20% | 19% | 18% | 19% | 19% | 18% | 18% |
| Other income | 592 | 511 | 356 | 409 | 659 | 411 | 702 | 917 | 676 | 859 | 995 | 1,016 |
| Interest | 1,835 | 1,945 | 1,989 | 2,108 | 2,217 | 2,362 | 2,397 | 2,431 | 2,347 | 2,405 | 2,407 | 2,560 |
| Depreciation | 1,139 | 1,123 | 1,335 | 1,248 | 1,302 | 1,495 | 2,029 | 1,548 | 1,669 | 2,163 | 1,943 | 1,760 |
| Exceptional items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -293 | 0 | 0 |
| Profit before tax | 3,347 | 3,667 | 3,635 | 4,296 | 4,274 | 4,785 | 4,187 | 5,166 | 5,589 | 6,104 | 6,361 | 7,261 |
| Tax % | 32% | 26% | 25% | 25% | 32% | 31% | 26% | 25% | 37% | 25% | 26% | 22% |
| Net profit | 2,484 | 2,977 | 3,125 | 3,546 | 3,361 | 3,624 | 3,542 | 4,377 | 3,964 | 5,021 | 5,260 | 5,998 |
| EPS in ₹ | ₹21.07 | ₹23.86 | ₹24.71 | ₹29.44 | ₹28.43 | ₹28.51 | ₹29.52 | ₹36.58 | ₹32.90 | ₹41.85 | ₹41.77 | ₹48.80 |
| Filing | NSE | NSE | NSE | NSE | NSE | NSE | Filing | Filing | Filing | Filing | Filing | Filing |
₹ crore except per share, consolidated, as filed with the exchange. Operating profit is sales less the expenses other than interest and depreciation, OPM is that over sales, and tax % is tax over profit before tax: arithmetic on the filed lines; everything else is as filed. Quarters before December 2024 are from the exchange's earlier results feed, which carries the filed lines without the filing itself; the column links to the exchange's page for the company.
Source
Un-audited consolidated results for the quarter ended 31 December 2025, filed with NSE on 11 February 2026: the result statement. All of Mahindra & Mahindra Ltd.'s results: NSE company page.
The same record on your computer
GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.