Mahindra & Mahindra Ltd Quarterly Results: Standalone & Consolidated Reports

Quarterly Results

Results Snapshot

YoYQoQ

Figures in Cr

Consolidate Quarterly Results

Dec'25

Sep'25

Jun'25

Mar'25

Dec'24

Sep'24

Jun'24

Net Sales

52,099.75

46,105.67

45,529.19

42,599.31

41,470.05

37,923.74

37,217.72

Other Operating Income

0.00

Total Operating income

52,099.75

46,105.67

45,529.19

42,599.31

41,470.05

37,923.74

37,217.72

Raw Material Cost

27,816.19

27,886.65

26,710.64

25,172.37

21,699.80

21,431.98

19,806.90

Purchase of Finished goods

2,222.63

2,044.50

2,066.90

1,855.77

2,019.72

1,945.34

1,823.02

(Increase) / Decrease In Stocks

2,107.78

-1,821.67

-442.64

-1,258.54

1,409.60

-694.91

531.67

Employee Cost

3,335.88

3,111.99

3,044.52

2,909.60

2,882.77

2,655.22

2,678.58

Power Cost

0.00

Manufacturing Expenses

0.00

Selling and Distribution Expenses

0.00

Other Expenses

6,510.73

5,955.11

5,921.97

6,009.17

5,227.43

5,452.71

5,134.43

Total Expenditure (Excl Depreciation)

41,993.21

37,176.58

37,301.39

34,688.37

33,239.32

30,790.34

29,974.60

Operating Profit (PBDIT) excl Other Income

10,106.54

8,929.09

8,227.80

7,910.94

8,230.73

7,133.40

7,243.12

Other Income

858.52

675.51

916.92

701.73

411.33

659.22

408.77

Operating Profit (PBDIT)

10,965.06

9,604.60

9,144.72

8,612.67

8,642.06

7,792.62

7,651.89

Interest

2,405.30

2,347.03

2,431.19

2,396.52

2,362.16

2,217.02

2,107.69

Exceptional Items

-292.94

0.00

Gross Profit (PBDT)

8,266.82

7,257.57

6,713.53

6,216.15

6,279.90

5,575.60

5,544.20

Depreciation

2,162.89

1,668.89

1,547.56

2,028.72

1,495.17

1,301.99

1,247.77

Profit Before Tax

6,568.62

6,057.93

5,644.11

4,626.80

5,091.99

4,739.96

4,620.87

Tax

1,547.15

2,094.18

1,267.53

1,084.95

1,467.51

1,378.90

1,075.09

Provisions and contingencies

0.00

Profit After Tax

4,556.78

3,494.50

3,898.44

3,102.48

3,317.22

2,894.71

3,221.34

Extraordinary Items

0.00

Prior Period Expenses

0.00

Other Adjustments

0.00

Net Profit

4,556.78

3,494.50

3,898.44

3,102.48

3,317.22

2,894.71

3,221.34

Share in Profit of Associates

464.69

469.25

478.14

439.37

307.26

466.35

324.44

Minority Interest

346.83

290.43

293.26

246.68

443.90

190.34

263.15

Other related items

0.00

Consolidated Net Profit

4,674.64

3,673.32

4,083.32

3,295.17

3,180.58

3,170.72

3,282.63

Equity Capital

558.64

558.42

558.25

558.15

557.99

557.74

557.51

Face Value

5.0

Reserves

0.00

Earnings per share (EPS)

41.84

32.89

36.57

29.52

28.5

28.42

29.44

Diluted Earnings per share

41.69

32.51

36.43

29.04

28.4

28.31

29.32

Operating Profit Margin (Excl OI)

19.59%

19.46%

18.11%

18.58%

19.85%

18.93%

19.57%

Gross Profit Margin

16.03%

15.82%

14.78%

14.6%

15.15%

14.79%

14.98%

PAT Margin

9.74%

8.64%

9.63%

8.32%

8.74%

8.92%

9.58%

Public Share Holdings (%)

0.0%

Pledged Promotor Holding (%)

0.0%

Quarterly Analysis Highlights - QoQ

Net Sales

QoQ Growth in quarter ended Dec 2025 is 13.00% vs 1.27% in Sep 2025

Consolidate Net Profit

QoQ Growth in quarter ended Dec 2025 is 27.26% vs -10.04% in Sep 2025

Operating Profit (PBDIT) excl Other Income

QoQ Growth in quarter ended Dec 2025 is 13.19% vs 8.52% in Sep 2025

Interest

QoQ Growth in quarter ended Dec 2025 is 2.48% vs -3.46% in Sep 2025

Operating Profit Margin (Excl OI)

QoQ Growth in quarter ended Dec 2025 has improved from Sep 2025

Compare Quarterly Results Of M & M With

Select Peers

Figures in Cr

Consolidate Quarterly Results

Change(INR)

Change(%)

Net Sales

52,099.75

49,904.10

2,195.65

4.40%

Other Operating Income

0.00

Total Operating income

52,099.75

49,904.10

2,195.65

4.40%

Raw Material Cost

27,816.19

29,233.60

-1,417.41

-4.85%

Purchase of Finished goods

2,222.63

5,853.90

-3,631.27

-62.03%

(Increase) / Decrease In Stocks

2,107.78

1,181.00

926.78

78.47%

Employee Cost

3,335.88

2,700.90

634.98

23.51%

Power Cost

0.00

Manufacturing Expenses

0.00

Selling and Distribution Expenses

0.00

Other Expenses

6,510.73

5,361.60

1,149.13

21.43%

Total Expenditure (Excl Depreciation)

41,993.21

44,331.00

-2,337.79

-5.27%

Operating Profit (PBDIT) excl Other Income

10,106.54

5,573.10

4,533.44

81.35%

Other Income

858.52

1,055.10

-196.58

-18.63%

Operating Profit (PBDIT)

10,965.06

6,628.20

4,336.86

65.43%

Interest

2,405.30

61.70

2,343.60

3,798.38%

Exceptional Items

-292.94

0.00

-292.94

Gross Profit (PBDT)

8,266.82

6,566.50

1,700.32

25.89%

Depreciation

2,162.89

1,734.60

428.29

24.69%

Profit Before Tax

6,568.62

4,917.30

1,651.32

33.58%

Tax

1,547.15

1,038.20

508.95

49.02%

Provisions and contingencies

0.00

Profit After Tax

4,556.78

3,793.70

763.08

20.11%

Extraordinary Items

0.00

Prior Period Expenses

0.00

Other Adjustments

0.00

Net Profit

4,556.78

3,793.70

763.08

20.11%

Share in Profit of Associates

464.69

85.40

379.29

444.13%

Minority Interest

346.83

0.00

346.83

Other related items

0.00

Consolidated Net Profit

4,674.64

3,879.10

795.54

20.51%

Equity Capital

558.64

157.20

401.44

255.37%

Face Value

5.00

0.00

Reserves

0.00

Earnings per share (EPS)

41.84

123.38

-81.54

-66.09%

Diluted Earnings per share

41.69

123.38

-81.69

-66.21%

Operating Profit Margin (Excl OI)

19.59%

11.72%

0.00

7.87%

Gross Profit Margin

16.03%

13.81%

0.00

2.22%

PAT Margin

9.74%

8.16%

0.00

1.58%

Public Share Holdings (%)

0.00%

0.00

0.00%

Pledged Promotor Holding (%)

0.00%

0.00

0.00%

Quarterly - Net Sales

Net Sales 52,099.75 Cr

in Dec 2025

Figures in Cr

QoQ Growth in quarter ended Dec 2025 is 13.00% vs 1.27% in Sep 2025

YoY Growth in quarter ended Dec 2025 is 25.63% vs 17.48% in Dec 2024

Quarterly - Consolidate Net Profit

Consolidate Net Profit 4,674.64 Cr

in Dec 2025

Figures in Cr

QoQ Growth in quarter ended Dec 2025 is 27.26% vs -10.04% in Sep 2025

YoY Growth in quarter ended Dec 2025 is 46.97% vs 19.64% in Dec 2024

Quarterly - Operating Profit (PBDIT)

Operating Profit (PBDIT) 10,106.54 Cr

in Dec 2025

Figures in Cr

QoQ Growth in quarter ended Dec 2025 is 13.19% vs 8.52% in Sep 2025

YoY Growth in quarter ended Dec 2025 is 22.79% vs 32.24% in Dec 2024

Quarterly - Interest

Interest 2,405.30 Cr

in Dec 2025

Figures in Cr

QoQ Growth in quarter ended Dec 2025 is 2.48% vs -3.46% in Sep 2025

YoY Growth in quarter ended Dec 2025 is 1.83% vs 21.46% in Dec 2024

Quarterly - Operating Profit Margin (Excl OI)

Operating Profit Margin (Excl OI) 19.59%

in Dec 2025

Figures in %

QoQ Growth in quarter ended Dec 2025 has improved from Sep 2025

YoY Growth in quarter ended Dec 2025 has fallen from Dec 2024