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Consolidated revenue expanded 22% to ₹45,529 crore, reflecting broad-based growth across core and group companies.
The company’s auto segment continued to gain momentum, with SUV volumes rising 22% and revenue market share touching 27.3%, up 5.7 percentage points year-on-year. It also retained its leadership in the light commercial vehicle (LCV) segment under 3.5 tonnes.
In the farm equipment space, M&M expanded its tractor market share to 45.2%—the highest ever for a quarter—on the back of a 10% growth in sales volume.
“This was a strong quarter for cash generation. Despite infusing close to Rs2,500 crores into two subsidiaries via rights issues, our cash balance grew quarter-over-quarter,” Anish Shah, group CEO and managing director said in a quarterly earnings call with reporters.
In Q1FY26, the standalone entity contributed 74.5% to consolidated net sales and 84.5% to consolidated net profit, up by 2.1 and 4.9 percentage points respectively, underlying a stronger relative performance by the standalone business compared to the overall group”Our auto and farm businesses are firing on all cylinders,” said Rajesh Jejurikar, Executive Director & CEO – Auto and Farm Sector. “We’ve seen significant market share gains in SUVs and tractors while continuing to deliver strong growth across categories.”He said that the core tractor business for both domestic and exports, excluding farm machinery and power, achieved a PBIT margin of 20%.
Beyond its core verticals, M&M’s subsidiaries also contributed meaningfully. Mahindra Finance grew its assets under management by 15%, while Tech Mahindra reported an improvement in operating performance. Mahindra Lifespaces, Club Mahindra, and Mahindra Logistics also registered healthy traction, reinforcing the company’s diversified growth engine.
With sustained leadership in key product segments, new launches in the pipeline, and a focus on operational discipline, M&M remains well-positioned to build on its momentum through the rest of FY26, the company said.
“Rural sentiment is stronger, particularly in the tractor business, while urban sentiment remains weak. However, fundamentals are solid, and with anticipated rate cuts and improved liquidity, we expect urban sentiment to recover,” said Shah.
Jejurikar said M&M plans new establishments in markets like Australia and South Africa and has a strong sales optimism for the festive season. “The auto launch pipeline remains strong, with new variants and models planned for FY26 and FY27,” he said.
