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Mahindra & Mahindra
SectorConsumer Discretionary
Mahindra & Mahindra Limited is an Indian multinational company engaged in manufacturing automobiles, farm equipment, and providing IT and financial services. It is the flagship company of the Mahindra Group. The company operates in multiple segments including Automotive, Farm Equipment, Financial Services, and Industrial Businesses and Consumer Services. M&M manufactures SUVs, commercial vehicles, two-wheelers, tractors, and electric vehicles. It has a strong presence in the Indian tractor market and has expanded globally through acquisitions and partnerships. The company has diversified into areas like IT services, real estate, hospitality, logistics, defense, and renewable energy. M&M has undertaken several strategic initiatives in recent years including new product launches, technology partnerships, and restructuring of business units to drive growth.
In the news
Manufacturing remains India's biggest investment theme: Mahindra Manulife
M&M Q2 Production Up 19.2% to 1.22 Lakh Units, Sales Rise 16%
Matt Orton sees India stock opportunities despite FII outflows
Auto Stocks Take a Hit: Why Bajaj Crashed While M&M Held Steady
M&M Shares Hit 52-Week Low for Second Straight Session
Mahindra Manulife launches equity long-short fund in SIF segment
Auto stocks crash 4% as M&M, Bajaj Auto tank on weak sales
Embraer-Mahindra advance C-390 assembly line talks in Nagpur
Mahindra weighs SUV price hike after three increases this year
Weak Monsoon Dents Rural Demand as Tractor Sales Fall 21% in September
DSP Mutual Fund Changes Banking Fund Manager; Mahindra Manulife Follows
Mahindra Q2 Results on Nov 5, Stock Down 1.72%
M&M Financial Services raises ₹1,250 cr via NCDs at 7.95%
Mahindra Thar OG launched at ₹10.32 lakh, on-road prices from ₹12.05 lakh
M&M CEO Shah Sells 76,357 Shares for ESOP Taxes
M&M Finance Gets Buy Ratings from Motilal Oswal, ICICI Securities & Emkay Global
Mahindra Manulife appoints Ruchika Varma as CMCO
BSE Sensex Stocks: 12 Top Picks with 35% Upside Potential
Mahindra targets 50%+ pickup market share in FY27 with Veero expansion
Mahindra Sales Surge 42% to 1.08 Lakh Units in August
The Quarter story
The two most recent quarterly results, compared side-by-side.
Mahindra & Mahindra drives strong EV profitability and tech growth while navigating margin pressure in farm and commercial vehicles.
BEV PBIT turns from -₹101 Cr to ₹288 Cr from Q1 FY26 to Q1 FY27, marking a clear profitability inflection.
Farm PBIT margin drops from 19.8% to 14.2% from Q1 FY26 to Q1 FY27, indicating margin compression.
EV sales volume rises from 19,254 units to 35,541 units from Q1 FY26 to Q1 FY27, showing accelerating electric adoption.
LCV market share falls from 54.2% to 52.0% from Q1 FY26 to Q1 FY27, signaling intense segment competition.
BEV EBITDA margin expands from 3.6% to 11.3% from Q1 FY26 to Q1 FY27, highlighting successful cost optimization.
SUV revenue market share declines from 27.3% to 25.0% from Q1 FY26 to Q1 FY27, reflecting competitive market dynamics.
Tech EBIT margin grows from 11.1% to 14.4% from Q1 FY26 to Q1 FY27, confirming consistent software profitability.
Core tractor PBIT margin softens from 20.7% to 18.6% from Q1 FY26 to Q1 FY27, showing slight profitability pressure.
Consolidated ROE climbs from 20.6% to 23.0% from Q1 FY26 to Q1 FY27, reflecting efficient capital utilization.
Contract manufacturing EBITDA margin moves from 0.7% to 0.9% from Q1 FY26 to Q1 FY27, indicating thin but stable returns.
Company insights, generated from the most recent coverage.
September 2026 tractor volumes of 50,208 units are 16% above the normalised Sept 2023-24 base of roughly 43,000-44,000. Strip out the GST-cut-inflated September 2025 and underlying farm demand is intact.
M&M's -23% tractor decline is steeper than Escorts' -16.7% despite its stronger distribution. Scale is the reason: ~42% share means maximum exposure to the worst-hit South Peninsula and Northeast, and its higher-horsepower, bigger-ticket mix is the most income-elastic in a cash-stressed rural market.
Apr-Sep FY27 domestic tractor sales of 262,872 units are up 6% YoY. A single weak festive-shifted month does not overturn a first half that still grew.