The Mahindra Q2 FY27 results, announced on Thursday, November 5, 2026, show SUVs doing the heavy lifting. Mahindra & Mahindra’s consolidated profit attributable to owners rose 25% year-on-year to ₹4,588 crore for the July-September quarter, up from ₹3,673 crore. Revenue from operations also grew 25%, to ₹57,553 crore from ₹46,106 crore.
The automobile business was the star. Its consolidated profit jumped 55% to ₹2,388 crore, and SUV volumes rose 26% to about 183,000 units. The farm business slipped, and margins in the auto business came under pressure from commodity costs. Investors liked the overall picture: The Economic Times reported the share up 5.6% at ₹3,128.9 at 1:37 pm IST, and Business Today reported a rally of as much as 6.5%.
What are the Mahindra Q2 FY27 results?
In the Mahindra Q2 FY27 results, consolidated profit rose 25% to ₹4,588 crore and revenue rose 25% to ₹57,553 crore. The auto business made ₹2,388 crore in consolidated profit, up 55%, on revenue of ₹37,756 crore, up 39%. Total automobile volumes, including subsidiaries, rose 26% to 330,896 vehicles.
Group CEO and MD Anish Shah said the 25% profit growth “reflects the resilience of our group”, adding that auto grew “on the back of strong consumer demand, while Farm experienced a marginal decline on account of the festive season shift.” The board approved the numbers at a meeting on November 5, according to the company’s stock exchange filing.
Mahindra Q2 FY27: key numbers
| Metric | Q2 FY27 | Change (YoY) |
|---|---|---|
| Consolidated PAT (owners) | ₹4,588 crore | +25% (from ₹3,673 crore) |
| Consolidated revenue | ₹57,553 crore | +25% (from ₹46,106 crore) |
| Auto consolidated PAT | ₹2,388 crore | +55% |
| Auto consolidated revenue | ₹37,756 crore | +39% |
| Automobile volumes (incl. subsidiaries) | 330,896 | +26% |
| SUV / UV volumes | ~183,000 | +26% |
| Auto standalone PBIT | ₹2,614 crore | +15% |
| Auto standalone PBIT margin | 7.7% (9.1% excl. eSUV CMA) | −120 bps (excl. CMA) |
| Farm consolidated PAT | ₹1,053 crore | −9% |
| Services consolidated PAT | ₹1,147 crore | +18% |
How did Mahindra’s SUV business perform?
Mahindra’s SUV business grew strongly. Utility vehicle volumes were about 183,000 units, up 26% from a year earlier, and Mahindra kept the top spot in SUVs by revenue market share at 24.3%. BusinessLine adds that the company has crossed one lakh cumulative electric SUV sales since launch, a notable milestone.
Auto and farm CEO Rajesh Jejurikar said auto consolidated PBIT margin rose to 8.8%, up 110 basis points from the previous quarter. That sequential gain is the bright spot inside a margin story that looks weaker year-on-year. For a sense of how hot the wider market is, compare these numbers with Maruti Suzuki’s record October 2026 sales.
Why did Mahindra’s auto margins fall?
Mahindra’s standalone auto PBIT margin fell to 7.7%. Excluding the impact of its electric SUV contract manufacturing arrangement, the margin was 9.1%, down 120 basis points year-on-year but up 80 basis points from the previous quarter. Mahindra blamed a significant rise in commodity prices for the pressure, as reported by The Economic Times.
In simple terms, Mahindra is selling many more SUVs but earning a little less on each rupee of auto revenue. The contract manufacturing set-up for its electric SUVs adds revenue that carries thinner margins, which drags the headline figure down. Buyers should watch this closely. When commodity costs bite, carmakers often respond with price increases, sometimes as soon as the new calendar year.
What is Mahindra’s electric SUV market share?
Mahindra held a 30.1% revenue market share in electric SUVs during the quarter, according to Business Standard. It also led light commercial vehicles under 3.5 tonnes with a 52.3% share and held 36.2% of the electric three-wheeler market. BusinessLine reports cumulative electric SUV sales have passed one lakh units.
A 30.1% revenue share in eSUVs is a strong position in a segment where Tata, MG, Hyundai and newer Chinese-backed brands are all pushing hard. It also shows that Mahindra’s electric push is now big enough to show up meaningfully in group numbers, not just in press events.
Why did Mahindra’s farm business decline?
Farm revenue fell 6% to ₹9,572 crore and farm profit fell 9% to ₹1,053 crore. Mahindra said the decline was mainly due to the festive season shifting between quarters, which moved some tractor demand. Higher commodity prices also squeezed the farm operating margin, though Jejurikar said farm PBIT margin still rose 20 bps quarter-on-quarter.
The services businesses, including Mahindra Finance and Tech Mahindra, helped cushion the farm weakness. Services profit rose 18% to ₹1,147 crore on revenue that also grew 18%, to ₹11,821 crore.
How did Mahindra shares react to the Q2 FY27 results?
Mahindra shares rose after the numbers came out. The Economic Times, carrying Reuters, reported the stock up 5.6% at ₹3,128.9 at 1:37 pm IST on November 5, while Business Today reported a rally of as much as 6.5%.
The market reaction tells you which part of the story investors care about. Farm weakness and a lower auto margin were known risks, but a 55% jump in auto profit and 26% SUV growth outweighed them. Reuters also noted that Mahindra Finance grew its assets under management and profit, and that Tech Mahindra kept expanding its operating margin, so the diversified group cushioned the weaker tractor quarter.
What do the Mahindra Q2 FY27 results mean for car buyers?
For buyers, the results suggest Mahindra SUV demand remains strong, so waiting periods on popular models may not shrink quickly. The margin squeeze from commodity costs also raises the chance of price hikes, though Mahindra has not announced any. Strong electric SUV volumes mean continued investment in the eSUV range.
Mahindra is also widening choice lower down the range, as our report on the Mahindra XUV 3XO CNG debut showed. If you are shortlisting a Mahindra SUV, booking before any new-year price change is a reasonable move, but do not panic-buy on rumours.
Mahindra Q2 FY27 results: confirmed vs not confirmed
| Item | Status |
|---|---|
| Consolidated PAT ₹4,588 crore, +25% | Confirmed (company results) |
| Revenue ₹57,553 crore, +25% | Confirmed |
| Auto PAT ₹2,388 crore, +55% | Confirmed |
| SUV volumes ~183,000, +26% | Confirmed |
| Auto standalone PBIT margin 7.7% (9.1% excl. CMA) | Confirmed |
| SUV revenue share 24.3%; eSUV 30.1% | Confirmed |
| Over one lakh cumulative eSUV sales | Reported by BusinessLine |
| Share price gain on Nov 5 | Reported: +5.6% (ET, 1:37 pm IST); up to 6.5% (Business Today) |
| Any new price increase for Mahindra SUVs | Not announced |
| Model-wise SUV sales split for the quarter | Not disclosed in reports |
CarBike Insight Analysis
Mahindra has become a car company that also builds tractors, not the other way round. A 55% jump in auto profit while farm profit fell shows where the group’s growth now comes from, and SUV buyers are the reason.
The warning sign is margin. Selling 26% more SUVs while the auto margin falls year-on-year means the growth is costing more. Some of that is the electric SUV contract manufacturing structure, and some is commodity prices. Mahindra’s answer will likely be a mix of cost cuts, richer variants and price revisions. Earnings season across the industry tells a similar story, as our look at Kia’s Q3 2026 results shows.
The eSUV number is the one to watch next. A 30.1% revenue share is leadership, but it is a contested lead. If Mahindra can keep it while rivals launch new electric SUVs in 2027, the market will reward it again. We will update this page with Mahindra’s November sales on December 1.
FAQ
What was Mahindra’s Q2 FY27 profit?
Mahindra & Mahindra’s consolidated profit attributable to owners was ₹4,588 crore for the July-September 2026 quarter, up 25% from ₹3,673 crore a year earlier.
How many SUVs did Mahindra sell in Q2 FY27?
Utility vehicle volumes were about 183,000 units, up 26% year-on-year. Total automobile volumes including subsidiaries were 330,896.
What is Mahindra’s SUV market share?
Mahindra held a 24.3% revenue market share in SUVs, staying number one, and a 30.1% revenue market share in electric SUVs during the quarter.
Why did Mahindra’s auto margin drop?
Mahindra cited a sharp rise in commodity prices. The standalone auto PBIT margin was 7.7%, or 9.1% excluding the eSUV contract manufacturing impact, down 120 bps year-on-year.
Will Mahindra SUV prices go up?
Mahindra has not announced any increase. Rising commodity costs raise the chance of a revision, but buyers should wait for an official notice rather than rumours.
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