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Mahindra’s Q2 margin builds confidence in growth outlook
Mint Mumbai
|November 07, 2025
For Mahindra & Mahindra Ltd, margins stole the show in the September quarter (Q2FY26).
Standalone revenue rose 21.3% year-on-year (yo-y) to %33,421 crore, slightly below consensus expectations due to lower realizations. But standalone Ebitda margin expanded 20 basis points (bps) to 14.5%, beating Bloomberg’s consensus estimate of 4%, aided by a richer product mix and improving performance in the electric vehicle segment.
The EV division, once a drag, saw its Ebitda margin rise 260 bps sequentially to 6.2%, aided by the PLI (production-linked incentives) scheme. The XEV9e is already availing these benefits, while the BE6 will qualify from April 2026, Nomura Global Markets Research sees EV margins hitting double digits by FY28.
Dit verhaal komt uit de November 07, 2025-editie van Mint Mumbai.
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