Mahindra & Mahindra Ltd. · NSE:M&M
Mahindra & Mahindra — Q3 2026 Earnings Presentation
39 slides from Mahindra & Mahindra's earnings presentation, Feb 11, 2026
Slide 1: Bold by Design
Bold by Design Analyst & Press Meet Dr Anish Shah | 11 February 2026
Slide 2: Key Messages
Key Messages • Continued strong operating performance across business Operating PAT 66% Reported PAT 47% • Volume and margin growth for Auto & Farm Auto … volume 23% & margin 90 bps # Farm … volume 23% & margin 240 bps# offset by International impairments • Breakthrough performance Mahindra Fi
Slide 3: 3Q PAT Growth
3Q PAT Growth Reported Operating PAT Growth One-Timer Note PAT Lifespaces 5x LC : (2) cr. 5x Logistics 2x LC : (4) cr. 115% LC : (52) cr. MMFSL 97% F25 Provision release : 228 cr. -9% Auto 42% LC : (53) cr. 39% Tech M 35% LC : (57) cr. 14% (568) cr. International Farm 7% LC : (22) cr. 5% Impairments
Slide 4: Consolidated M&M results: Q3 F26
Consolidated M&M results: Q3 F26 Rs cr. Revenue PAT 26% 54%* 52,100 4,675 47% Reported 41,470 -220 3,181 Q3 F25 Q3 F26 Q3 F25 Q3 F26 4 *Excluding impact of change in labour code regulation (220) cr.
Slide 5: Capitalize on market leadership
Capitalize on market leadership Rs Rs cr. cr. Auto Farm Consolidated PAT Consolidated PAT 1,044 1,993 996 42%* 7%* 1,438 Q3 F25 Q3 F26 Q3 F25 Q3 F26 ▪ SUV Volume 26% … No 1 SUV player ▪ Domestic Volume 22%, Exports 36% ▪ Margin 90 bps#* … strong execution ▪ Operating leverage … margin 240 bps*
Slide 6: Achieve full potential
Achieve full potential Rs Rs cr. cr. MMFSL Tech Mahindra PAT: M&M Share 474 PAT: M&M Share 433 315 35%* 97%^ 275 228 (Provision release) 2%* Q3 F25 Q3 F26 Q3 F25 Q3 F26 ▪ AUM 12%, GS3 <4%, asset quality focus ▪ Key new deal wins across verticals ▪ Contemporized ECL policy ▪ Margin expansion … 100
Slide 7: Growth Gems
Growth Gems Rs Rs cr. cr. Logistics Hospitality Real estate PAT: M&M Share PAT: M&M Share PAT: M&M Share 54 1 2X* 23 -6%# 5X* Q3 F25 Q3 F26 Q3 F25 1 Q3 F25 Q3 F26 -6 -14 Q3 F25 Q3 F26 ▪ Positive PAT after 11 quarters ▪ Signature luxury resorts launched ▪ Multiple residential OCs secured ▪ Strong mom
Slide 8: Consistent delivery on commitments
Consistent delivery on commitments RoE (%) YTD EPS (Rs) 2.2* c11.2* 110.7 20.1# 76.1 86.0 17.7 18.4 18.1 13.8 14.8 57.2 42.4 38.8 0.3 4.4 13.2 6.6 F19 F20 F21^ F22 F23 F24 F25 YTD F19 F20 F21^ F22 F23 F24 F25 F26 Q3 F26 8 # Annualised YTD ROE ^ Considering continuing & discontinued operations * F23
Slide 9: Q3 F26 Analyst and Investor Conference: Automotive & Farm Sectors
Q3 F26 ANALYST AND INVESTOR CONFERENCE AUTOMOTIVE & FARM SECTORS RAJESH JEJURIKAR EXECUTIVE DIRECTOR & CEO, AUTO & FARM SECTORS 11th Feb 2026
Slide 10: Automotive Business
AUTOMOTIVE BUSINESS EXPLORE THE IMPOSSIBLE
Slide 11: Q3: Auto
Q3: AUTO SUV LCV <3.5T2 179K 81K Volumes 1 26% YoY 20% YoY Revenue MS 24.1% Volume MS 51.9% MS1 90 bps YoY 10 bps YoY #1 in SUV Revenue MS 11 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 12: Market Leadership in SUV
MARKET LEADERSHIP IN SUV VOLUMES (‘000s) REVENUE MARKET SHARE 178.9 149.1 152.1 27.3% 142.2 145.5 136.0 126.1 124.2 25.7% 118.9 24.1% 23.2% 23.5% 21.6% 21.9% 21.0% 20.4% Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 #2 in Volume MS #1 in
Slide 13: XUV 7XO | Hello, Again.
XUV 7XO | HELLO, AGAIN. 13 LAUNCHED ON 5TH JAN’26
Slide 14: 41K+ eSUVs Sold
41K+ 41K eSUVs SOLD eSUVs SOLD IN JUST JUST 10 10 MONTHS* MONTHS* 32.56 Cr km driven, that’s ~8100 laps around Earth *From start of deliveries in Mar’25 till 31st Jan’26 14 14
Slide 15: 41K+ eSUVs Sold
41K+ 41K eSUVs SOLD IN JUST 10 MONTHS* *From start of deliveries in Mar’25 till 31st Jan’26 15 15
Slide 16: XEV 9S | The Big New Electric
XEV 9S | THE BIG NEW ELECTRIC LAUNCHED ON 27TH NOV’25 16
Slide 17: Auto Product Portfolio - CY 2026
AUTO PRODUCT PORTFOLIO - CY 2026 # 3 2 2 * ICE SUVs BEVs LCVs New Nameplates launched XUV 7XO XEV 9S - Bolero Camper, Bolero Refreshes launched Bolero, Bolero Neo BE6 Formula E Edition PikUp To be launched 2 - 2 # 2 Mid cycle enhancements 17 * 1 ICE & 1 EV in LCV < 3.5
Slide 18: Capacity Enhancements
Capacity Enhancements CY 2026 Debottlenecking (Chakan & Nashik) CY 2027 NU_IQ (Chakan) CY 2028 Greenfield (Nagpur) 18
Slide 19: #1 in LCV <3.5T
#1 IN LCV <3.5T Q3 F26 MS 51.9%, gain of 10 bps YoY LCV <3.5T Volumes (‘000s) LCV <3.5T MS 81.4 54.2% 69.6 53.1% 67.5 67.7 52.2% 51.8% 52.3% 51.9% 62.9 63.4 61.7 61.4 50.8% 59.1 49.6% 47.5% Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 Q4F25 Q1F26 Q2F26 Q3F26 Q3F24 Q4F24 Q1F25 Q2F25 Q3 F25 Q4 F25 Q1 F26 Q2 F26 Q3F2
Slide 20: Auto Margins
AUTO MARGINS Auto Standalone excl eSUV Contract Mfg. PBIT% 1.9% 10.4% 9.7% 8.5% Q3 F24 Q3 F25 Q3 F26 Q3 F26 PBIT% is after labour code impact 20 Auto standalone segment includes Spares business & manufacturing of Two wheelers
Slide 21: Q3 F26 Auto Standalone (Excl BEV) Margin
Q3 F26 AUTO STANDALONE (EXCL BEV) MARGIN Rs cr. Auto Standalone* + eSUV Contract Mfg. = Auto Standalone as reported Revenue 25,777 2,584 28,361 PBIT 2,674 10 2,684 PBIT% 10.4% 0.4% 9.5% *Auto business excl eSUV eSUV Contract Mfg. Auto Standalone Results will Contract Mfg. for MEAL for MEAL by Auto r
Slide 22: BEV E2E: 175 Cr. EBITDA
BEV E2E: 175 CR. EBITDA Rs cr. MEAL Ltd as a Company eSUV Contract Mfg. in Auto Standalone Particulars Q3 F26 Particulars Q3 F26 Revenue 2,936 Revenue 2,584 EBITDA 149 EBITDA 27 EBITDA % 5.1% EBITDA % 1.0% PBIT -112 PBIT 10 PBIT % -3.8% PBIT % 0.4% Auto Subsidiary; part of Auto Conso Part of Auto St
Slide 23: PLI Status for BEV
PLI STATUS FOR BEV Models PLI Status XEV 9E ▪ All variants qualified ▪ Pack 3 and Pack 3 Above qualified XEV 9S ▪ Pack 1 Above & Pack 2 Above: Expected by Q1 F27 BE 6 ▪ All Variants Expected by Q1 F27 23
Slide 24: Truck & Bus: Volumes
TRUCK & BUS: VOLUMES 36% YoY 6,526 5,443 4,791 3,190 2,466 1,966 2,977 3,336 2,825 Q3 F24 Q3 F25 Q3 F26 MTB SML Q3 F26: Truck & Bus business achieved total volume of 6,526 units, 36% growth vs PY compared to industry growth of 22% SML had the highest growth across the CV industry, achieving a 62% vo
Slide 25: Truck & Bus: Market Share
TRUCK & BUS: MARKET SHARE Q3 MTB + SML MS YTD MTB + SML MS 6.1% 4.9% 4.9% 5.9% 5.9% 4.3% Q3 F24 Q3 F25 Q3 F26 YTD F24 YTD F25 YTD F26 25
Slide 26: Last Mile Mobility
LAST MILE MOBILITY Market Leadership in E-3W with 38.6%1 MS in Q3 F26 Sales Volume2 38,684 35,785 29,394 6,660 ▪ L53 Electrification is at 30.6% in Q3 F26 27,922 8,439 25,111 7,463 8,060 5,857 ▪ E-3W: YoY growth of 25.2% 32,024 27,346 21,931 19,862 19,254 Q3 F25 Q4 F25 Q1 F26 Q2 F26 Q3F26 EV (3W + 4
Slide 27: Auto Conso Financials
AUTO CONSO FINANCIALS Rs cr. Revenue PBIT 30% 30% 30,370 2,607 23,391 2,006 Q3 F25 Q3 F26 Q3 F25 Q3 F26 PAT 1,438 1,993 42%* 27 Numbers are net of intercompany eliminations, stock reserve and after share of profit from JV/ Associates * PAT growth % is before Labour code impact
Slide 28: Farm Equipment
FARM EQUIPMENT TRANSFORM FARMING, ENRICH LIVES
Slide 29: Q3: Farm Highlights
Q3: FARM HIGHLIGHTS VOLUMES 150k 23 % YoY Q3 F26 44.0% -20 bps YoY MARKET SHARE YTD F26 44.1% 20 bps YoY 29 Volume and Market Share includes Gromax
Slide 30: Domestic Fortress
DOMESTIC FORTRESS Market Share 44.1% 43.3% 41.2% 41.6% 40.0% F22 F23 F24 F25 YTD F26 30 Market Share includes Gromax
Slide 31: Farm Machinery
FARM MACHINERY Revenue (Rs cr.)* 360 45% 12% 249 221 Q3 F24 Q3 F25 Q3 F26 31 * Including MITRA
Slide 32: Farm Margins
FARM MARGINS Farm Standalone PBIT% Core Tractor# PBIT% 4.7% 4.3% 20.2% 21.2% 18.1% 19.5% 15.5% 16.9% Q3 F24 Q3 F25 Q3 F26 Q3 F24 Q3 F25 Q3 F26 Q3 F26 PBIT% is after labour code impact 32 Farm standalone segment includes Powerol business # Core Tractor comprises of Tractor business (incl exports) and
Slide 33: Stability in Volatility
STABILITY IN VOLATILITY Industry Growth % Core Tractor PBIT % 30.7% 23.4% 26.9% 20.8% 20.7% 20.6% 23.2% 19.8% 19.7% 19.7% 19.5% 21.2% 18.6% 18.7% 17.4% 17.5% 16.9%* 17.6% 17.3% 19.0% 12.2% 13.5% 8.0% 9.2% 0.5% 0.7% -1.9% -5.6% -4.9% -6.4% -9.9% -18.9% F19 F20 F21 F22 F23 Q1F24 Q2F24 Q3F24 Q4F24 Q1F2
Slide 34: Farm Conso Financials Q3 F26
FARM CONSO FINANCIALS Q3 F26 Rs cr. Revenue PBIT 21% Impairment -712 11,501 -7% 9,537 1,350 1,259 Q3 F25 Q3 F26 Q3 F25 Q3 F26 PAT 996 1,044 7%* Nos are after hyper inflation accounting for Turkey companies Numbers are net of intercompany eliminations, stock reserve and after share of profit from JV/
Slide 35: Financials
Financials Analyst & Press Meet Amarjyoti Barua | 11 February 2026
Slide 36: Financial Results: Q3 F26
Financial Results: Q3 F26 CONSOLIDATED M&M Rs cr. Revenue PAT 26% 54%* 52,100 4,675 47% Reported 41,470 -220 3,181 Q3 F25 Q3 F26 Q3 F25 Q3 F26 36 *Excluding impact of change in labour code regulation (220) cr.
Slide 37: PAT: Q3 F26
PAT: Q3 F26 CONSOLIDATED M&M Rs cr. Q3 F25 Q3 F26 Q3 F25 to Q3 F26 Auto 1,438 1,993 47% 891 4,675 555 48 Farm 996 1,044 CIE gain 554 cr. Impairments (568) cr. 3,181 Services 747 1,637 TechM 275 315 3,736 3,784 3,181 MMFSL 474 433 Growth Gems 42 119 Investment (45) 770 PAT Q3 F25 Auto Farm Services P
Slide 38: Financial Results: Q3 F26
Financial Results: Q3 F26 STANDALONE M&M Rs cr. Revenue PAT 38,942 26% 35%* 3,931 -73 33% Reported 30,964 2,964 Q3 F25 Q3 F26 Q3 F25 Q3 F26 38 *Excluding impact of (73) cr. due to one time change in labour code regulations
Slide 39: Thank You
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