M&M Q2 Earnings: Auto Business Powers Growth, Farm Segment Faces Pressure | Rajesh Jejurikar
Business Today · 06 Nov 2026 · 18 min
Management interview of Mahindra & Mahindra Ltd (M&M), with 9 key numbers discussed.
- Rajesh Jejurikar, Executive Director & CEO, Auto and Farm Business, Mahindra & Mahindra Ltd
Mahindra & Mahindra reported consolidated revenue and PAT growth of 25% for Q2FY27, powered by auto PAT growth of 55%. The SUV and LCV margins stood at 9.1%, despite rising input costs. However, the farm equipment segment witnessed margin compression due to sharp commodity cost inflation—steel up 17% and rubber over 40%—alongside seasonal shifts. Consequently, M&M lowered its FY27 tractor industry volume outlook to flattish growth. The company expects strong SUV momentum to continue, supported by four new SUV launches between January and June 2027.