Highlights
- Mahindra & Mahindra reported Q3 FY26 consolidated PAT of ₹4,675 crore, up 54%, with revenue at ₹52,100 crore.
- Multiple brokerages maintain Buy ratings with target prices ranging from ₹4,170 to ₹4,625.
- The company retained leading market share positions in SUVs, LCVs under 3.5T, tractors and electric three-wheelers.
Mahindra & Mahindra Ltd (NSE:M&M) is trading at ₹3,629.00 on 12 February at 12:42 pm, down 1.25% for the day (12 February 2026). The stock has risen 21.49% over the past year and 12.02% in the last six months. Following its Q3 FY26 results, multiple brokerages have reiterated Buy ratings, with target prices ranging above ₹4,100.
Q3 FY26: Profit Rises 54%
Mahindra & Mahindra reported consolidated profit after tax (PAT) of ₹4,675 crore for Q3 FY26, marking a 54% increase year-on-year. Consolidated revenue stood at ₹52,100 crore, up 26% compared to the corresponding period.
The company reported an annualised return on equity (RoE) of 20.1% during the quarter.
Across segments, M&M maintained its leadership positions in key automotive and farm categories. The company held a 24.1% revenue market share in SUVs, up 90 basis points, and continued to lead in light commercial vehicles (LCVs) under 3.5T with a 51.9% market share, up 10 basis points.
In tractors, M&M retained the top position with a 44.0% market share, while electric three-wheelers recorded a 38.6% share.
Segment Highlights Across Businesses
Mahindra Financial Services Ltd (MMFSL) posted a 97% rise in PAT, with GS3 (gross stage 3 assets) remaining below 4%.
Tech Mahindra reported EBIT of 13.1%, an improvement of 290 basis points.
Among the group’s growth verticals, the logistics business turned profitable after 11 quarters, while Mahindra Lifespaces delivered a fivefold increase in PAT.
Brokerages Maintain Buy Ratings
Several brokerages have issued Buy recommendations on Mahindra & Mahindra, with target prices implying upside from current levels.
Buy Ratings and Target Prices:
- Nirmal Bang Institutional Equities – 2-BUY | Target: ₹4,439
- Motilal Oswal Securities Ltd – 1-BUY | Target: ₹4,378
- PhillipCapital (India) Pvt Ltd – 2-BUY | Target: ₹4,478
- Spark Capital Advisors (India) Pvt Ltd – 1-BUY | Target: ₹4,170
- BOB Capital Markets Ltd – 1-BUY | Target: ₹4,625
- Edelweiss Capital Ltd – 2-BUY | Target: ₹4,400
- Ambit Capital Pvt Ltd – 2-BUY | Target: ₹4,429
Target prices from these brokerages range between ₹4,170 and ₹4,625.
Market Performance Snapshot
Despite the day’s decline of ₹45.90, M&M shares have gained over 21% in the past year and 12% in the last six months. The stock continues to attract analyst attention following earnings growth and leadership across multiple vehicle categories.
Mahindra & Mahindra’s Q3 FY26 performance was marked by higher profit, revenue growth and continued category leadership across automotive and farm segments. Brokerage firms have maintained Buy recommendations with target prices above current trading levels of ₹3,629, indicating continued analyst interest following the quarterly update.
Frequently Asked Questions (FAQs)
- What was Mahindra & Mahindra’s Q3 FY26 profit?
The company reported consolidated PAT of ₹4,675 crore, up 54% year-on-year. - What are the target prices given by brokerages?
Broker target prices range from ₹4,170 to ₹4,625, with multiple firms maintaining Buy ratings. - How has the stock performed recently?
M&M shares have gained 21.49% over the past year and 12.02% in the last six months.