Mahindra Mahindra Ltd — Q3FY26 earnings call summary

Filed 17 February 2026 · Official transcript

Capacity expansions planned: 6-7k units/month added in FY27, new IQ platform capacity in 2027-28
Auto margins driven by volume, brand value, and cost control; pricing calibrated to maintain competitiveness
Commodity inflation noted; 1% price hike taken in Jan 2026; hedging mitigates some risks
EV volumes expected at 7-8k/month in FY27; new EV model BO7 launching in 2027
Tractor volumes grew 23% in Q3; subsidy impact in Maharashtra significant but expected to normalize
CAFE norms under discussion; 25% EV mix target independent of regulatory requirements
Operating PAT up 66%, reported PAT up 47%; strong volume growth of 23% in Auto and Farm
SUV volume up 26%, LCV share at 51.9%; new product 7XO well received with strong order pipeline