M&M Q3 Results: ₹2,964 Cr Profit, 20% Revenue Growth— Strong Market Performance!
Mahindra & Mahindra Ltd: Overview
Mahindra & Mahindra Ltd. (M&M) is one of India’s largest and most diversified multinational conglomerates, with a strong presence in automobiles, farm equipment, financial services, real estate, and technology. Founded in 1945, the company has grown into a global powerhouse, operating in over 100 countries and employing more than 250,000 people worldwide. Headquartered in Mumbai, M&M is part of the larger Mahindra Group, which has interests in sectors such as IT, defense, aerospace, and renewable energy. M&M is a market leader in the automotive and farm equipment industries, manufacturing a wide range of products, including SUVs, commercial vehicles, electric vehicles (EVs), tractors, and two-wheelers. The company is known for its strong engineering capabilities, innovation-driven approach, and commitment to sustainability, with increasing investments in electric mobility, green energy, and digital transformation. With a diversified portfolio and a customer-centric approach, Mahindra has established itself as one of India’s most trusted brands, delivering value through high-quality and technologically advanced products. The Indian automobile and farm equipment industries are witnessing rapid growth, driven by rising demand for mobility, increasing mechanization in agriculture, and a shift towards electric and sustainable transportation. The Indian automobile industry is expected to grow at a CAGR of 6-8% over the next decade, with SUVs and EVs driving demand.
Latest Stock News
Mahindra & Mahindra Ltd. continues to demonstrate consistent growth and strong margin momentum across its key business verticals, particularly in the Automobile and Farm Equipment sectors. The automobile segment saw a 16% increase in volume, with the SUV revenue market share reaching 23%, marking a 200 basis point (bps) improvement. Similarly, the farm equipment segment experienced a 20% rise in volume, expanding its market share to 44.2%, up by 240 bps. In the renewable energy space, Mahindra Susten secured 1,722 MWp in year-to-date tender wins, reinforcing its position in the sustainable energy sector. The real estate division continues to strengthen its portfolio, with a record-breaking land acquisition worth ₹12,000 crore, while the timing of real estate sales remains a key factor in revenue realization. The hospitality business maintains positive momentum, with an 84% occupancy rate, consistent with the previous year despite an expanded inventory base, and a 37% increase in average unit realization. Tech Mahindra, the IT and telecom arm of the Mahindra Group, secured key new deals in the telecom sector, while showing early signs of recovery in Banking, Financial Services & Insurance (BFSI) and healthcare segments. The company is also witnessing margin recovery from prior-year one-time impacts, positioning itself for stable profitability in the upcoming quarters. The logistics division is making significant strides, particularly through a large partnership in the quick-commerce space, enabling efficient supply chain solutions for e-commerce and hyperlocal delivery businesses. However, challenges persist in the express logistics segment, requiring strategic interventions for sustained growth. Mahindra also received Production-Linked Incentive (PLI) scheme approval, with a disbursement of ₹104 crore for FY24, supporting its manufacturing expansion and technological advancements. These developments, coupled with its diversified portfolio and innovation-driven strategy, continue to reinforce Mahindra’s leadership across its core industries.
Business Segments
- Automotive Segment: Mahindra & Mahindra is one of India’s leading automobile manufacturers, known for its SUVs, electric vehicles (EVs), commercial vehicles, and pickup trucks. The company’s SUV portfolio, including popular models like the Scorpio, Thar, XUV700, and Bolero, has been a major revenue driver, contributing significantly to market share growth. M&M has been aggressively expanding its electric vehicle (EV) offerings, with plans to invest ₹10,000 crore in EV developments.
- Farm Equipment Segment: M&M is the world’s largest tractor manufacturer by volume, holding a dominant position in India’s agricultural machinery market. The company offers a wide range of tractors, harvesters, and agri-equipment, with brands like Mahindra Tractors, Swaraj Tractors, and Trakstar leading the segment. The global push for mechanized farming and precision agriculture has been a significant growth driver for Mahindra’s farm equipment division.
- Mahindra Finance & Financial Services: M&M’s financial services arm, Mahindra Finance, plays a crucial role in providing financing solutions for vehicle and tractor purchases. The company offers loans, insurance, and leasing solutions, catering to both urban and rural consumers. The company’s strong rural network and financial inclusion initiatives continue to be key differentiators in the NBFC (Non-Banking Financial Company) space.
- Mahindra Lifespace Developers: M&M is also a significant player in India’s real estate and infrastructure sector through its subsidiary Mahindra Lifespace Developers Ltd. The company focuses on residential and commercial real estate projects, with a strong emphasis on sustainable and smart urban living. Mahindra Lifespaces has been pioneering green buildings, smart cities, and eco-friendly industrial parks, aligning with the government’s Smart Cities Mission.
- Renewable Energy & Sustainability: Mahindra has been expanding into clean energy solutions, with a focus on solar, wind, and electric mobility infrastructure. The company’s Mahindra Susten is actively involved in solar power projects, while its electric vehicle division aims to accelerate EV adoption and charging infrastructure development.
Subsidiary Information
- Mahindra Electric Mobility Ltd: Mahindra Electric is leading M&M’s transformation into a sustainable mobility solutions provider, with a focus on electric cars, three-wheelers, and battery technology. The company has launched several EV models, including the eVerito, Treo electric auto, and XUV400 EV. With government support for EV adoption, Mahindra Electric is scaling up production and charging infrastructure investments.
- Mahindra Finance (Mahindra & Mahindra Financial Services Ltd): Mahindra Finance is one of India’s largest non-banking financial companies (NBFCs), primarily serving the rural and semi-urban markets. The company provides loans for tractors, vehicles, and SME businesses, along with insurance and wealth management solutions. With India’s growing financial inclusion drive, Mahindra Finance continues to expand its digital lending and fintech partnerships.
- Swaraj Tractors: Swaraj Tractors, a subsidiary of M&M, is one of India’s most trusted tractor brands, catering to small and mid-sized farmers. Known for its rugged build quality, fuel efficiency, and affordable pricing, Swaraj Tractors holds a strong market share in India’s agricultural sector. The company continues to expand its precision farming technologies and smart agri-solutions.
- Mahindra Lifespaces: Mahindra Lifespaces is the real estate and urban development arm of M&M, focusing on sustainable housing, smart cities, and industrial infrastructure. The company has developed eco-friendly residential projects and industrial clusters that align with India’s Smart Cities and Make in India initiatives.
- Mahindra Susten (Renewable Energy Division): Mahindra Susten is leading the renewable energy expansion for M&M, specializing in solar power projects, energy storage, and green energy solutions. The company has been working on large-scale solar farms, EV charging stations, and battery storage innovations, aligning with global carbon neutrality goals.
Q3 FY25 Earnings
- Revenue of ₹41470 crore in Q3 FY25 up by 17.5% YoY from ₹35299 crore in Q3 FY24.
- EBITDA of ₹8231 crore in this quarter at a margin of 20% compared to 18% in Q3 FY24.
- Profit of ₹3624 crore in this quarter compared to a ₹2977 crore profit in Q3 FY24.
Financial Summary
| Amount in ₹ Cr | Q3 FY24 | Q3 FY25 | FY23 | FY24 |
| Revenue | 35299 | 41470 | 121269 | 139078 |
| Expenses | 29075 | 33239 | 100983 | 114186 |
| EBITDA | 6224 | 8231 | 20285 | 24892 |
| OPM | 18% | 20% | 17% | 18% |
| Other Income | 756 | 719 | 3961 | 3298 |
| Net Profit | 2977 | 3624 | 11374 | 12270 |
| NPM | 8.4% | 8.7% | 9.3% | 8.8% |
| EPS | 21.4 | 25.6 | 82.7 | 90.6 |