Mahindra & Mahindra (M&M) delivered a strong performance in Q3FY26, posting a 47 per cent year-on-year jump in net profit to Rs 4,675 crore. The company also achieved its highest-ever quarterly revenue of Rs 52,100 crore, up 26 per cent from the same period last year. Excluding a Rs 565-crore impact from provisions related to the New Labour Code, net profit would have risen 54 per cent, underscoring robust operational momentum.
c E-three-wheelers also saw M&M capturing 38.6 per cent market share. Despite a slight dip of 20 bps in tractors, SUV and LCV shares improved by 90 bps and 10 bps, respectively.
Rajesh Jejurikar, executive director and CEO of Auto & Farm Sector, said, “We have achieved a 90 bps YoY increase in SUV revenue share and a 10 bps YoY increase in LCV (less than 3.5 tonnes) market share in Q3. Our tractor business gained 20 bps YoY to reach an impressive 44.1 per cent share for YTD FY26. Our new launches, XEV 9S and the XUV 7XO, have received a very positive response in the market.”
Capacity Expansion And Future Launches
Mahindra is actively ramping up production to meet rising demand. With UV capacity at 97 per cent utilisation and EV capacity at 86, the company plans a Rs 15,000-crore integrated plant in Nagpur over 10 years, aiming for 500,000 vehicles and 100,000 tractors annually. New NU_IQ platform vehicles—Vision S, Vision T, and Vision X—will launch from Chakan in 2027, while Vision X production will eventually move to Nagpur. Existing plants, including Nashik, are also being de-bottlenecked to increase output for both ICE and EV models.
“By August–September of FY27, we expect ICE capacity between Chakan and Nashik to rise by 3,000–5,000 units per month, and EV capacity by 3,000–4,000 units, taking total incremental capacity to 6,000–7,000 units per month. We were not fully utilising XUV700 capacity earlier, and as demand improves, there is potential upside of another 3,000 units,” said Jejurikar.
Optimism In Global Markets
The company is also eyeing growth in the US farm sector following progress in India-US trade talks. With tariffs reduced from 50 per cent to 18 per cent, Mahindra can now compete effectively, releasing inventory from bonded warehouses and regaining market share in the sub-20-horsepower segment. Despite industry headwinds, the company remains number three in the sub-100 horsepower segment, poised for recovery.
Anish Shah, Group CEO and MD, said, “We are delighted to report solid operating performance across the group in Q3FY26, reflecting our strong focus on growth coupled with disciplined execution.” He added that the Auto & Farm division continues to lead thanks to strong customer demand, product acceptance, and operational excellence.
