Mahindra & Mahindra Shows Growth in Q2 FY26 Amid Market Competition

Mahindra & Mahindra reported consolidated profit of Rs 3,673 crore for the quarter ending 30 September 2025, up from Rs 2,860 crore in the same period last year, representing a 28 percent rise when excluding one-time items. Revenue reached Rs 46,106 crore, an increase of 22 percent compared to Rs 37,924 crore in the year-ago period.

The automaker's vehicle sales stood at 262,000 units during Q2, growing 13 percent over the corresponding quarter of the previous year. The SUV segment contributed 146,000 units to the total volume. The company maintained its position as the number one player in the SUV market with a revenue share of 25.7 percent, a gain of 390 basis points compared to Q2 FY25.

In the tractors business, Mahindra achieved its highest-ever Q2 market share of 43.0 percent, up 50 basis points from the year-ago quarter. Tractor volumes increased 32 percent to reach 123,000 units during the quarter. The company also held the top position in light commercial vehicles with a market share of 53.2 percent in the category below 3.5 tonnes.

Maruti Suzuki, India's largest carmaker, posted consolidated profit of Rs 3,349 crore for Q2 FY26, up 7.95 percent from Rs 3,102.50 crore in Q2 FY25. The company's revenue stood at Rs 42,344.20 crore, growing 13.07 percent year-on-year. However, domestic wholesale volumes fell 5.1 percent to 440,387 units as customers deferred purchases in anticipation of GST changes. Total sales volume grew 1.7 percent to 550,874 units due to exports reaching 110,487 units, the highest in any quarter. 

Hyundai Motor India reported consolidated profit of Rs 1,572.25 crore for the quarter, up 14.3 percent from Rs 1,375.47 crore in the corresponding period last year. Revenue increased marginally by 1.16 percent to Rs 17,460.82 crore. Total vehicle sales declined 0.5 percent year-on-year to 190,921 units, with domestic sales dropping 6.8 percent to 139,521 units. The company's export volumes surged 21.5 percent to 51,400 units. The EBITDA margin improved by 113 basis points to 13.9 percent. 

Among the three manufacturers, Mahindra demonstrated the highest profit growth at 28 percent, while Maruti Suzuki's profit increased by 7.95 percent and Hyundai's rose by 14.3 percent. Mahindra's revenue growth of 22 percent also outpaced Maruti Suzuki's 13.07 percent and Hyundai's 1.16 percent during the quarter.