Highlights:

• Axis Capital, Jefferies, Elara Securities and PhillipCapital have each issued buy ratings on Mahindra & Mahindra Ltd.
• Brokerages assigned price targets ranging between Rs 4,300 and Rs 4,500, signalling continued confidence in the Company’s growth trajectory.
• M&M posted a strong second-quarter performance with consolidated PAT rising 28% to Rs 3,673 crore.

Mahindra & Mahindra Ltd. (NSE:M&M) has received broad-based analyst backing following its second-quarter performance for FY26, with major brokerage houses reiterating buy recommendations on the Company. Axis Capital, Jefferies, Elara Securities and PhillipCapital have each assigned a buy rating, accompanied by positive price targets.

Axis Capital issued a buy recommendation with a target price of Rs 4,500, the highest among the latest assessments. Jefferies also reiterated its buy stance with a target of Rs 4,500. Elara Securities followed with a buy call and a target price of Rs 4,300, while PhillipCapital placed a buy rating with a target of Rs 4,350.

Q2 FY26 Results Highlight Broad-Based Strength

Mahindra & Mahindra reported a consolidated profit after tax of Rs 3,673 crore for Q2 FY26, marking a 28% year-on-year rise. Consolidated revenue stood at Rs 46,106 crore, up 22%, driven by performance across the Auto, Farm and Services businesses. The Company posted an annualised return on equity of 19.4%.

In the Auto segment, quarterly volumes reached 262,000 units, a 13% increase. Utility Vehicle volumes totalled 146,000, helping M&M expand its SUV revenue market share to 25.7%, a gain of 390 basis points. The division reported standalone PBIT of Rs 2,281 crore, with margins improving when adjusted for contract manufacturing impacts. Consolidated Auto revenue rose 25% to Rs 27,171 crore.

The Farm division delivered record-high Q2 market share at 43%, supported by 32% growth in tractor volumes to 123,000 units. Standalone PBIT surged 48% to Rs 1,684 crore, with margins expanding by 220 basis points. Consolidated Farm revenue reached Rs 10,225 crore, an increase of 25%, while PAT rose 45%.

Services Portfolio Continues to Build Scale

The Services segment also contributed meaningfully to overall growth. Mahindra Finance recorded a 45% rise in PAT while maintaining asset quality, and Tech Mahindra improved its EBIT margin to 12.1%, an expansion of 250 basis points. Mahindra Lifespaces delivered residential presales of Rs 752 crore and significant GDV additions, while Club Mahindra’s occupancy reached 73%. Mahindra Logistics posted an 11% increase in revenue, contributing to consolidated Services revenue of Rs 10,048 crore.

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