Q2 2026 Mahindra and Mahindra Ltd Earnings Call Transcript
Key Points
- Mahindra & Mahindra Ltd (MAHMF) reported a strong performance across its businesses, with Farm profits up 54% and Auto profits up 14%, despite challenges from the GST transition.
- Mahindra Finance delivered a 45% operating profit growth, marking the end of phase 1 of its strategic plan.
- Tech Mahindra's profits increased by 35%, excluding a one-off gain from a land sale last year.
- The company's consolidated profit is up 28%, with revenue increasing by 22% year-over-year.
- The Auto business saw a 25% revenue growth, with SUV penetration from an electric standpoint at 8.7%, and export momentum showing a 40% growth.
- The Auto segment's profit growth was impacted by the GST transition, which delayed vehicle deliveries.
- The hospitality segment faced challenges due to weather-related issues, affecting occupancy rates.
- There were geopolitical headwinds affecting the Holiday Club business in Finland.
- The company faced a one-time tax impact related to the SML Isuzu transaction.
- The Farm Machinery business, while showing growth, is not yet achieving margins in line with the core Tractor business.
Good afternoon, everyone, and a very warm welcome to the quarter 2 analyst meet of Mahindra & Mahindra Limited. For the main presentation today, we have with us our Group CEO and MD, Dr. Anish Shah; ED and CEO of Auto and Farm business, Mr. Rajesh Jejurikar; and our Group CFO, Mr. Amarjyoti Barua.
Once the presentation concludes, we will start with the Q&A session. Just a reminder, this meeting is being recorded. For the purpose of completeness, I wish to read this out. Certain statements in this meeting with regard to our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.
With that, I now hand over to Dr. Shah for opening remarks.
Thank you, [Vivier]. Good afternoon, everyone. Just before this at the press meet, I started by saying that I'm delighted to announce
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