Mahindra Mahindra Ltd — Q2FY26 earnings call summary

Filed 07 November 2025 · Official transcript

GST rate cuts expected to boost demand across tractors, LCVs, and passenger vehicles
Tractor industry growth outlook raised to low double digits; LCV growth expected double digit
Margin for Mahindra Electric improving with localization and new product launches
Q2 FY26 consolidated revenue up 22% y-y; operating profit up 28% y-y
EV segment growth remains strong; PLI incentives expected to continue till FY28
Multiple analyst queries on GST impact, CAFE norms, and EV penetration addressed with management guidance
Farm profits surged 54% with 32% tractor volume growth; auto profits up 14% despite GST transition impact
SUV electric penetration at 8.7%, exports growing 40%, LCV market share at 53.2%