Mahindra Posts 24% Jump in Q1 Profit, Clocks Record SUV Market Share at 27.3%

Mahindra & Mahindra Ltd (M&M) posted a robust 24% year-on-year jump in consolidated profit after tax (PAT) at ₹4,083 crore for the quarter ended June 2025 (Q1 FY26), powered by strong performances in its auto, farm, and services businesses. Consolidated revenue grew 22% to ₹45,529 crore, reflecting the company’s broad-based growth across sectors despite macroeconomic headwinds.

M&M retained its crown as India’s No. 1 SUV maker, with a revenue market share of 27.3%, up by a massive 570 basis points year-on-year. Quarterly utility vehicle (UV) volumes stood at 1.52 lakh units, contributing to a total vehicle sale of over 2.47 lakh units, a 17% increase from Q1 FY25.

"Our Auto and Farm businesses continue to lead with strong momentum. We've gained across every segment—from SUVs to LCVs and tractors. Margin improvements reflect our operating discipline," said Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), M&M.

Strong Show in Auto & Farm Divisions

The auto business, excluding electric SUV contract manufacturing, posted a standalone profit before interest and tax (PBIT) margin of 10%, up 50 bps. Standalone PBIT for the segment rose 24% to ₹2,221 crore. Meanwhile, the farm equipment sector saw volumes rise 10% to nearly 1.33 lakh tractors, with a 50 bps increase in market share to 45.2%—its highest ever quarterly share. Tractor PBIT margins rose to 19.8%.

Financial and Tech Arms Hold Firm

The group’s financial services arm, Mahindra Finance (MMFSL), grew assets under management by 15%, maintaining gross stage-3 assets below 4%, in line with guidance. Tech Mahindra, the group's IT arm, improved EBIT margins by 260 bps to 11.1%, with PAT up 34%, indicating early signs of turnaround.

How Mahindra Compares to Rivals

(*Estimates based on available data and industry reports)

While Tata Motors continues to dominate in overall volume due to its strong CV and EV business, and Maruti remains India’s largest automaker by volume, Mahindra has sharply edged ahead in the SUV space—a key profitability driver in the Indian market.

Dr. Anish Shah, Group CEO & MD of M&M, emphasized the group's strategic focus "This quarter showcases Mahindra’s ability to deliver consistent results across business verticals. We’re focused on operational excellence and shareholder value creation, despite global and geopolitical uncertainties."

What’s Next?

Mahindra is expected to further solidify its SUV dominance with upcoming launches, including electric variants from its Born Electric platform, while its farm and services segments continue to provide consistent bottom-line support.

With solid Q1 momentum and margin discipline across verticals, Mahindra has positioned itself not just as a product leader, but also a profitability engine—poised to challenge rivals with sharper focus and broader diversification.