Transcript of Q3 FY26 Earnings Call is enclosed

AI summary - Operating PAT up 66%, reported PAT up 47%; strong volume growth of 23% in Auto and Farm - Auto margin up 90 bps; Farm margin up 240 bps domestically despite international impairments - Mahindra Finance pivots to growth after stabilizing asset quality and controls; AUM up 12% - SUV volume up 26%, LCV share at 51.9%; new product 7XO well received with strong order pipeline - EV volumes expected at 7-8k/month in FY27; new EV model BO7 launching in 2027 - Capacity expansions planned: 6-7k units/month added in FY27, new IQ platform capacity in 2027-28 - Commodity inflation noted; 1% price hike taken in Jan 2026; hedging mitigates some risks - Tractor volumes grew 23% in Q3; subsidy impact in Maharashtra significant but expected to normalize - Growth Gems valuation at Rs 56,000 Cr; ongoing portfolio pruning and focus on scaling core businesses - CAFE norms under discussion; 25% EV mix target independent of regulatory requirements - Supply chain stable for EVs; memory chip shortage affects both EV and ICE vehicles - Last Mile Mobility to pursue IPO in 2026 to unlock value - EU FTA seen as positive for manufacturing scale and export opportunities - Auto margins driven by volume, brand value, and cost control; pricing calibrated to maintain competitiveness