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M&M Q2 Results FY26 Preview, Expectations: Mahindra & Mahindra Limited (M&M), one of India’s leading automakers, is set to announce its financial results for the second quarter ended September 30, 2025, on November 4. The board of directors will meet to review and approve the unaudited standalone and consolidated financial statements for Q2 and the first half of FY26.

According to Zee Business research, M&M’s Q2FY26 standalone revenue is projected to rise 23.4 per cent year-on-year to Rs 34,000 crore, compared to Rs 27,553 crore in the same period last year. EBITDA is expected to grow 20.6 per cent to Rs 4,764 crore, while margins may remain stable at 14 per cent against 14.3 per cent a year ago.

However, profit after tax (PAT) is likely to see a marginal dip of 1.1 per cent to Rs 3,905 crore from Rs 3,950 crore last year, mainly due to higher depreciation and a softer margin outlook in the auto segment. The estimates exclude gains or losses from investment-related subsidiaries.

Overall volumes are expected to grow 16 per cent year-on-year to around 3.49 lakh units, while realizations could improve 3 per cent to Rs 9.41 lakh per unit. Despite the strong topline growth, the auto segment’s operating margin is likely to come under pressure due to rising input costs and increased depreciation.

Zee Business analysts expect the company to focus on new product launches compliant with CAFE3 norms, which could support medium-term growth.

In the June 2025 quarter, M&M had reported a strong 24 per cent year-on-year jump in consolidated net profit to Rs 4,083 crore, driven by robust performance in both auto and farm segments. Revenue from operations had grown 22 per cent to Rs 45,529 crore, led by the automotive business at Rs 25,998 crore and the farm equipment division contributing Rs 10,891.5 crore.

Abhay Shukla is a Senior Sub-Editor at Zee Business, where he covers the stock markets, corporate news, personal finance, technology, and auto sectors.

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