An In-Line Q2 For M&M | Q1FY28 Could See Some Stress In The Tractor Segment, Says Company
CNBC-TV18 · 06 Nov 2026 · 14 min
Management interview of Mahindra & Mahindra Ltd (M&M), with 8 key numbers discussed.
- Rajesh Jejurikar, Executive Director, CEO - Auto and Farm Sector, Mahindra & Mahindra
M&M expects flattish tractor industry growth for FY27 on a high base of over 20% growth in FY26. Core tractor margins will face pressure in Q3FY27 due to sharp increases in steel and rubber costs, with some volume stress potentially spilling into Q1FY28 before normal monsoons ease conditions. In the SUV segment, demand remains strong with production operating at full capacity. EV penetration has reached 12.5% of SUV sales, with a target to cross 25% by 2030. The company also anticipates operational synergies from the SML merger.