Mahindra’s Q2 margin builds confidence in growth outlook

For Mahindra & Mahindra Ltd, margins stole the show in the September quarter (Q2FY26).

- Manvi Agarwal [e-mail]

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.