Mumbai – Mahindra & Mahindra Limited (M&M) today announced stellar financial results for the third quarter of F25, underscoring the company’s industry leadership and strong execution across its diverse business segments. The consolidated Profit After Tax (PAT) surged by 20% to Rs 3,181 crore, while the year-to-date Return on Equity (RoE) stands impressively at 18.4%.
Dominance Across Key Segments
Auto Sector:
M&M’s Auto division demonstrated robust performance with quarterly volumes reaching 245,000 units – a 16% increase over the previous period. The division reported a consolidated revenue of Rs 23,391 crore, buoyed by a standalone Profit Before Interest and Tax (PBIT) of Rs 2,167 crore and a margin uplift to 9.7% (an improvement of 120 basis points). The company fortified its leadership in the SUV segment, securing the top spot with a 23% revenue market share—a gain of 200 basis points—and experienced a 20% rise in SUV volumes. Additionally, the Light Commercial Vehicles (LCVs) under 3.5 tonnes saw their market share swell to 51.9% (up by 230 basis points), while the tractor segment achieved a record market share of 44.2%, an increase of 240 basis points.
Farm Division:
The Farm segment marked its highest-ever Q3 market share at 44.2%, with volumes climbing 20% to reach 121,000 units. The division’s financial health was further bolstered by a standalone PBIT of Rs 1,479 crore – a 42% surge – and an enhanced PBIT margin of 18.1% (up 260 basis points). Consolidated revenues in this segment stood at Rs 9,537 crore, generating a consolidated PAT of Rs 996 crore, reflective of an 11% growth.
Services and Technology:
In the services arena, M&M reported significant progress. MMFSL’s Assets Under Management (AUM) increased by 19%, and its GS3 ratio remained well-contained at 3.9%, attesting to a balanced approach to asset quality and growth. Meanwhile, Tech Mahindra (TechM) achieved a remarkable turnaround with its EBIT margin improving by 480 basis points and its Profit After Tax soaring by 93%. Other service arms also contributed positively; Mahindra Logistics registered a revenue boost to Rs 1,594 crore (up 14%), and Club Mahindra saw a modest total income growth of 5%, despite a 25% dip in Mahindra Lifespaces’ residential pre-sales.
Leadership Insights
Dr. Anish Shah, Managing Director & CEO of M&M, commented on the Q3 F25 performance, stating, “Our businesses continue to demonstrate strength in execution. The Auto and Farm segments have delivered solid performance in both market share and margins, thanks to our focused operational strategies. The transformation journey at Tech Mahindra is gathering momentum, and MMFSL’s disciplined approach ensures we balance growth with robust asset quality. Our Growth Gems are steadily progressing toward their long-term objectives.”
Echoing the sentiment, Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), added, “The launch of our flagship Electric Origin SUVs, BE 6 and XEV 9e, has set new benchmarks in global innovation. With Thar ROXX earning accolades such as the Indian Car of the Year (ICOTY) and Autocar Car of the Year, we have cemented our leadership in key segments. Our improvements in market share – with significant gains in SUVs, LCVs, and tractors – along with an uplift in Auto segment PBIT, underscore our relentless pursuit of excellence.”
Amarjyoti Barua, Group Chief Financial Officer, remarked, “Our Q3 consolidated results reflect strong performance across multiple businesses, even in the face of global headwinds. We remain laser-focused on execution and are committed to disciplined capital allocation, ensuring long-term value creation for our shareholders.”
Looking Ahead
As M&M continues to drive forward with its robust growth strategy, the impressive Q3 F25 results set a positive tone for the future. With a clear focus on innovation, operational excellence, and market leadership across its segments, Mahindra & Mahindra is well-positioned to navigate challenges and capture new opportunities in the coming quarters.
Key financials:
| Rs cr. | Q3 F25 | Q3 F24 | Growth% YoY |
| Consolidated Results | |||
| Revenue | 41,470 | 35,299 | 17% |
| PAT | 3,181 | 2,658 | 20% |
Summary of standalone financials:
Rs cr.
| Q3 F25 | Q3 F24 | Growth% YoY | |
| Standalone Results | |||
| Revenue | 30,964 | 25,737 | 20% |
| EBITDA | 4,810 | 3,649 | 32% |
| PAT | 2,964 | 2,490 | 19% |
| Volumes | |||
| Total Vehicles sold | 2,45,499# | 2,11,443# | 16% |
| Total Tractors sold | 120,624 | 100,522 | 20% |
# Includes 29,423 in Q3 F25, 27,198 in Q3 F24 volumes sold by separate entity “MLMML,” which was demerged from Sep’23 onwards. Revenue in standalone results do not include realisation from these volumes.
