Mahindra & Mahindra Ltd. · NSE:M&M
Mahindra & Mahindra — Q2 FY26 Earnings Presentation
44 slides from Mahindra & Mahindra's earnings presentation, Nov 4, 2025
Slide 1: Exchange filing cover letter
Mahindra & Mahindra Ltd. Mahindra Towers, Dr. G. M. Bhosale Marg, Worli, Mumbai 400 018 India Tel: +91 22 2490 1441 Fax: +91 22 2490 0833 www.mahindra.com 4th November 2025 National Stock Exchange of India Limited BSE Limited "Exchange Plaza", 5th Floor, Phiroze Jeejeebhoy Towers, Plot No.C/1, G Blo
Slide 2: Bold by Design
Bold by Design Analyst & Press Meet Dr Anish Shah | 04 November 2025
Slide 3: Key Messages
Key Messages Continued strong performance across business • Farm leading the way … PAT 54%* • Auto impacted by GST transition … PAT 14%* • Mahindra Finance delivers … PAT 45% • TechM on track … PAT 35%# • Growth Gems accelerating … PAT 22%$ Consolidated PAT28%*, annualized ROE 19.4% 2 * Exclud
Slide 4: Consolidated M&M results: Q2 F26
Consolidated M&M results: Q2 F26 Rs cr. Revenue PAT YTD 46,106 22 % 22% YTD 3,673 28%* 29%* 37,924 3,171 14 304 Q2 F25 Q2 F26 Q2 F25 Q2 F26 3 Excluding - Q2’F25 gains of 304 cr. on land sale - Q2’F26 PLI benefit of 233 cr. in MEAL offset by tax of -219 cr. on acquisition of SML Isuzu
Slide 5: Consolidated PAT: Key Drivers
Consolidated PAT: Key Drivers Rs cr. Rs cr. Auto and Farm TechM and MMFSL Growth Gems Capitalize on market leadership Achieve full potential 5X challenge 2,699 28%* 35%# 49% 22% 2,223 121 One-off^ 99 # 335 296 248 199 63 Q2 F25 Q2 F26 Q2 F25 Q2 F26 Q2 F25 Q2 F26 Q2 F25 Q2 F26 TechM MMFSL ▪ Vol : Tra
Slide 6: Capitalize on market leadership
Capitalize on market leadership Auto Farm ▪ Auto revenue 25% … EV/ICE mix ▪ Premium segment growth … >40 HP 38% ▪ e-SUV penetration 8.7% … 90bps QoQ ▪ Strong operational execution … PAT, Cash ▪ Export momentum … volume 40% ▪ Completed sale of SAMPO in Finland Q2 F26 VPY Q2 F26 VPY SUV rev. marke
Slide 7: Achieve full potential
Achieve full potential MMFSL Tech Mahindra ▪ Tractor disbursements 41% ▪ BFSI 6%, Mfg 5%, Retail 7% ▪ NIM improvement of 47bps ▪ Accelerated AI effort … launch of TechM Orion ▪ Digital transformation … UDAAN stack go-live ▪ Margin progression on track Q2 F26 VPY Q2 F26 VPY GS3% 3.9% (10) bps TCV
Slide 8: Scalable Growth Gems
Scalable Growth Gems Logistics Hospitality Real estate ▪ Express … 1st positive GM quarter ▪ 73% occupancy … adverse weather ▪ Continued GDV acquisition ▪ White space reduction on track ▪ Average unit realization … 85% ▪ Higher realization in IC business ▪ Growth in E-commerce segment ▪ HCRO … Geop
Slide 9: Consistent delivery on commitments
Consistent delivery on commitments RoE (%) EPS (Rs) 2.2* 69.0 52.4 57.6 17.7 18.4 18.1 19.4# 14.8 44.5 13.8 30.3 21.0 0.3 4.4 11.4 0.3 F19 F20 F21^ F22 F23 F24 F25 H1 F26 H1 F19 H1 F20 H1 F21^ H1 F22 H1 F23 H1 F24 H1 F25 H1 F26 # Annualised ROE 8 ^ Considering continuing & discontinued operations *
Slide 10: Q2 F26 Analyst and Investor Conference: Automotive & Farm Sectors
Q2 F26 ANALYST AND INVESTOR CONFERENCE AUTOMOTIVE & FARM SECTORS RAJESH JEJURIKAR EXECUTIVE DIRECTOR & CEO, AUTO & FARM SECTORS 4th Nov 2025
Slide 11: Farm Equipment
FARM EQUIPMENT TRANSFORM FARMING, ENRICH LIVES
Slide 12: Q2: Farm
Q2: FARM VOLUMES 123K 32% YoY MARKET LEADERSHIP 43.0% 50 bps YoY 11 Volume & Market Share includes Gromax
Slide 13: Domestic Fortress
DOMESTIC FORTRESS Market Share 44.1% 43.3% 41.2% 41.6% 40.0% F22 F23 F24 F25 H1 F26 ▪ Highest ever Q2 F26 MS at 43.0% ▪ Highest ever H1 F26 MS at 44.1% 12 Market Share includes Gromax
Slide 14: 45 Lakh+ Tractors Roll Out
70 LAKH+ TRACTORS ROLL OUT 2025 2025 45,00,000 25,00,000 TRACTORS TRACTORS till Sep'25 till August’25 Production milestone Production milestone 13
Slide 15: Farm Machinery
FARM MACHINERY Revenue (Rs cr.)* 330 30% 253 223 14% Q2 F24 Q2 F25 Q2 F26 ▪ Highest ever quarterly revenue ▪ Rotavator Market Share: 21.4% for H1 F26 14 * Including MITRA
Slide 16: Farm Margins
FARM MARGINS Farm Standalone PBIT% Core Tractor# PBIT% 3.7% 3.1% 19.7% 20.6% 17.5% 18.7% 17.5% 16.0% Q2 F24 Q2 F25 Q2 F26 Q2 F24 Q2 F25 Q2 F26 Farm standalone segment includes Powerol business 15 #Core Tractor comprises of Tractor business (incl exports) and excludes Powerol & Farm Machinery busines
Slide 17: Stability in Volatility
STABILITY IN VOLATILITY Industry Growth % Core Tractor PBIT % 30.7% 26.9% 23.4% 20.8% 20.7% 20.6% 19.8% 19.7% 19.7% 19.5% 19.0% 18.6% 18.7% 16.9%* 17.4% 17.5% 17.6% 17.3% 12.2% 13.5% 8.0% 9.2% 0.5% -4.9% 0.7% -1.9% -6.4% -5.6% -9.9% -18.9% F19 F20 F21 F22 F23 Q1F24 Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3F2
Slide 18: Farm Conso Financials Q2 F26
FARM CONSO FINANCIALS Q2 F26 Rs cr. Revenue PBIT 25% 44% 10,225 1,608 8,194 1,115 Q2 F25 Q2 F26 Q2 F25 Q2 F26 17 Nos are after hyper inflation accounting for Turkey companies Numbers are net of intercompany eliminations, stock reserve and after share of profit from JV/ Associates
Slide 19: Automotive Business
AUTOMOTIVE BUSINESS EXPLORE THE IMPOSSIBLE
Slide 20: Q2: Auto
Q2: AUTO SUV LCV <3.5T2 146K 70K Volumes 1 7% YoY 13% YoY Revenue MS 25.7% Volume MS 53.2% MS1 390 bps YoY 100 bps YoY #1 in SUV Revenue MS 19 1. Numbers include sales made by MLMML & MEAL 2. Bolero Max Pickup 2T variant has been classified under LCV 2-3.5T. In SIAM it is classified under LCV 3.5 to
Slide 21: Market Leadership in SUV
MARKET LEADERSHIP IN SUV VOLUMES (‘000s) REVENUE MARKET SHARE 27.3% 149.1 152.1 25.7% 142.2 145.5 136.0 23.0% 23.5% 126.1 21.6% 21.9% 114.7 118.9 124.2 20.0% 21.0% 20.4% Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 #2 in Volume MS #1 in
Slide 22: New Bolero Range
. Ri: mahindra ~ NEW BOLERO RANGE 17.8 CM TOUCHSCREEN STYLISH DIAMOND CUT ALL-NEW PREMIUM LEATHERETTE RIG DARK METALLIC INFOTAINMENT SYSTEM LEATHERETTE SEATS ALLOY WHEELS ADWANCED RIDE A HANDED TECH, INTERIOR THEME ‘UPHOLSTERY GREY ALLOY WHEELS
Slide 23: Redefined Thar
= Texan DISTINCT FRONT GRILLE REAR WASH & WIPER
Slide 24: Nai Seesien Se PIE cai ees
Nai Seesien Se PIE cai ees *From start of delivery in Mar'25 till 31° Oct'25.
Slide 25: Mahindra BE 6 Batman Edition
Mahindra BE 6 Batman Edition | World’s 1st commercially available Batman inspired SUV 999 UNITS GONE IN 135 SECONDS
Slide 26: E-SUV Penetration
E-SUV PENETRATION E-SUV Penetration E-SUV Volume MS 8.7% 31.3% 7.8% 27.2% 25.0% 6.0% 7.4% 3.7% 5.7% 2.1% 12.7% 4.4% 1.0% 5.5% 1.4% Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 M&M Industry Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 25 All numbers including XUV 400
Slide 27: Market Leadership in EV
MARKET LEADERSHIP IN EV M&M is #1 in EV Revenue Market Share in H1 F26 in E-SUV E-SUV Revenue MS OEM Q2 F26 H1 F26 MAHINDRA 33.1% 37.9% OEM 1 34.3% 29.0% OEM 2 24.7% 26.0% OEM 3 4.3% 2.5% OEM 4 3.4% 4.3% 26 Source: JATO
Slide 28: #1 in LCV <3.5T
#1 IN LCV <3.5T Q2 F26 MS 53.2%, gain of 1% YoY LCV <3.5T Volumes (‘000s) LCV <3.5T MS 54.2% 53.2% 67.5 67.7 69.6 52.2% 51.9% 52.3% 65.4 62.9 63.4 50.8% 59.1 61.7 61.4 49.7% 49.6% 47.5% Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q2F24 Q3F24 Q4F24 Q1F25 Q2F25 Q3 F25 Q4 F25 Q1 F26 Q2 F26 Bo
Slide 29: Auto Margins
AUTO MARGINS Auto Standalone excl eSUV Contract Mfg. PBIT% 2.2% 10.3% 9.5% 8.1% Q2 F24 * Q2 F25 Q2 F26 Auto standalone segment includes Spares business & manufacturing of Two wheelers 28 * Q2 F24 Auto PBIT % excludes Rs 210 cr. on account of sale of business / assets to MLMML
Slide 30: Q2 F26 Auto Standalone (excl BEV) Margin
Q2 F26 AUTO STANDALONE (EXCL BEV) MARGIN Rs cr. Auto Standalone* + eSUV Contract Mfg. = Auto Standalone as reported Revenue 22,018 2,911 24,929 PBIT 2,271 10 2,281 PBIT% 10.3% 0.3% 9.2% *Auto business excl eSUV eSUV Contract Mfg. Auto Standalone Results will Contract Mfg. for MEAL for MEAL by Auto r
Slide 31: BEV: 202 Cr. EBITDA
BEV: 202 CR. EBITDA Rs cr. MEAL Ltd as a Company eSUV Contract Mfg. in Auto Standalone Particulars Q2 F26 Particulars Q2 F26 Revenue 3,287 Revenue 2,911 EBITDA 173 EBITDA 29 EBITDA % 5.3% EBITDA % 1.0% PBIT -44 PBIT 10 PBIT % -1.3% PBIT % 0.3% Auto Subsidiary; part of Auto Conso Part of Auto Standal
Slide 32: Last Mile Mobility
LAST MILE MOBILITY Market Leadership in E-3W with 42.3%3 MS in Q2 F26 Sales Volume1 38,684 6,660 28,209 29,394 27,922 ▪ Highest ever quarterly volumes 25,111 7,061 7,463 8,060 5,857 ▪ L52 Electrification for Q2 stands at 30.5% (SIAM) 32,024 21,148 21,931 19,862 19,254 ▪ E-3W: YoY growth of 47.6% Q2
Slide 33: Auto Conso Financials
AUTO CONSO FINANCIALS Rs cr. Revenue PBIT 14%* 25% 27,171 2,538 21,755 1,952 Q2 F25 Q2 F26 Q2 F25 Q2 F26 32 Numbers are net of intercompany eliminations, , stock reserve and after share of profit from JV/ Associates * Excluding prior period PLI benefit
Slide 34: Scream Electric
he) SCREAM \: ELECTRIC e2e6'' - 27'* NOVEMBER 2025 BENGALURU, INDIA
Slide 35: Scream Electric Teaser
SCREAM ELECTRIC TEASER 34
Slide 36: Name Reveal Teaser
NAME REVEAL TEASER 35
Slide 37: XEV 9S Teaser
XEV 9S TEASER 36
Slide 38: Sneak Peek
SNEAK PEEK 37
Slide 39: Financials
Financials Analyst & Press Meet Amarjyoti Barua | 4 November 2025
Slide 40: Financial Results: Q2 F26
Financial Results: Q2 F26 CONSOLIDATED M&M Rs cr. Revenue PAT YTD 46,106 22 % 22% YTD 3,673 28%* 29%* 37,924 3,171 14 304 Q2 F25 Q2 F26 Q2 F25 Q2 F26 39 Excluding - Q2’F25 gains of 304 cr. on land sale - Q2’F26 PLI benefit of 233 cr. in MEAL offset by tax of -219 cr. on acquisition of SML Isuzu
Slide 41: PAT: Q2 F26
PAT: Q2 F26 CONSOLIDATED M&M Rs cr. Q2 F25 Q2 F26 Q2 F25 to Q2 F26 Auto* 1,338 1,522 28%* 3673 201 408 14 Farm* 755 1,163 3171 183 304 Services* 774 975 TechM 248 335 MMFSL 199 296 Growth Gems & Invt. 326 343 One-off adjustments* 304 14 PAT Q2 F25 Auto Farm Services PAT Q2 F26 Total 3,171 3,673 *One
Slide 42: Financial Results: Q2 F26 (Standalone)
Financial Results: Q2 F26 STANDALONE M&M Rs cr. Revenue PAT YTD 35,080 21 % 23% 4,521 YTD (219) 30%* 31%* 28,919 3,841 201 Q2 F25 Q2 F26 Q2 F25 Q2 F26 Excluding 41 - F25 gains of 201 cr. on land sale - CY Tax of -219 cr. on acquisition of SML Isuzu
Slide 43: H1F26 Cash Flow
H1F26 Cash Flow Rs Cr. STANDALONE M&M + MEAL + LMM Co Auto Farm Services Total Rscr. cr. Rs Opening Balance@ 27,389 + Inflow (incl. monetization, dividend) 5,193 3,604 1,584 10,381 - Capex (2,086) (386) - (2,472) - EV: MEAL + LMM Co (278) - - (278) - Investments (398) 54 (2,613) (2,957) - SML consid
Slide 44: Thank You
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