Mahindra & Mahindra Profit Rises 25% as Auto Business Offsets Farm Decline

Mahindra & Mahindra reported a 25% increase in consolidated profit for the July–September quarter, with growth in its automotive business offsetting a decline in farm equipment. The Indian automaker’s results for the second quarter of fiscal 2027 showed consolidated revenue of ₹57,553 crore, up 25% from ₹46,106 crore a year earlier, and profit after tax of ₹4,588 crore, compared with ₹3,673 crore in the prior-year quarter.

The company’s Nov. 5 results release said the figures were supported by growth across businesses, although performance differed by segment. The Hindu BusinessLine report also highlighted the 25% rise in consolidated net profit. Separately, ET Now reported that Mahindra & Mahindra shares rose about 5% after the results, reaching an intraday high of ₹3,283.80 on the National Stock Exchange; market prices can change during a session.

Automotive volumes and revenue expanded

The automotive segment was the main source of growth in the company’s release. Consolidated auto revenue increased 39% year over year to ₹37,756 crore, while segment profit after tax rose 55% to ₹2,388 crore. Quarterly vehicle volumes reached 331,000, up 26%, including 183,000 utility vehicles, also 26% higher than a year earlier. The company said its SUV revenue market share was 24.3% in the quarter.

The auto figures include vehicles from Mahindra’s last-mile mobility and electric-vehicle subsidiaries, according to the company’s release. That detail matters when comparing the total volume with standard passenger-vehicle tallies: the consolidated number covers a broader set of businesses. Mahindra’s standalone profitability measures and consolidated segment totals also use different accounting scopes, so the reported revenue, volumes and margins should not be mixed as if they were the same metric.

Farm equipment weakened

The farm segment moved in the opposite direction. Consolidated revenue declined 6% to ₹9,572 crore, profit after tax fell 9% to ₹1,053 crore, and tractor volumes were 116,000, down 6% from the year-earlier quarter. The company said the farm business’s performance reflected a shift in the festive season. Its tractor market share was 41.5% for Q2 FY27.

The contrast between the auto and farm divisions explains how group profit could rise even as one of Mahindra’s major businesses contracted. Automotive earnings growth more than offset the farm segment’s lower revenue and profit in the consolidated totals. That does not mean the farm business’s decline is resolved; the release gives quarterly figures and management commentary but not a guarantee about the next quarter.

Mahindra also reported activity in its services businesses. Consolidated services revenue rose 18% to ₹11,821 crore, and services profit after tax attributable to Mahindra increased 18% to ₹1,147 crore. The company said Mahindra Finance’s assets under management grew 15% and Tech Mahindra’s profit after tax rose 33%, while Mahindra Logistics reported revenue growth of 24%.

The share-price advance followed the results, but it should be understood as a single-session market response rather than a forecast. Analysts may differ on how much of the quarter’s growth can continue, while the company’s release points to a mixed operating picture: stronger vehicle sales and auto profits, alongside lower tractor volumes and weaker farm earnings. The results give investors a set of segment-level facts; they do not, on their own, establish future share performance.