Overview

• Standalone net profit jumped 32% year-on-year to Rs 3,450 crore in the June quarter.
• Revenue from operations grew 27% to Rs 34,083 crore, with automotive sales up 32% and farm equipment revenue climbing 13%.
• Total vehicle volumes increased 17% to 247,249 units while tractor sales rose 10% to 132,964 units.
• Operating margins narrowed to 14.05% from 15.17% a year earlier, even as electric SUVs reached a 7.8% penetration versus a 5.6% industry average.
• M&M reaffirmed a mid-to-high-teens growth target for FY26, will unveil a new vehicle platform on August 15 and holds Buy/Outperform ratings from major brokerages with near-Rs 3,700 price targets.