Mahindra & Mahindra posts double-digit growth on SUV and EV demand
Mahindra & Mahindra reported double-digit revenue and profit growth, and its shares rose 10.3% over three sessions. Tractor outlook was cut due to weak monsoons.
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what happened
Mahindra & Mahindra reported double-digit growth in revenue and profit, according to a Moody's piece citing ET Intelligence Group. The main driver is demand for SUVs such as the Scorpio, Thar and XUV 7XO, which the company says still significantly exceeds supply. For FY27 it expects this segment to grow from the mid to upper teens in percentage terms.
The company is also counting on electric vehicles, where EV penetration in its SUV portfolio already exceeds the industry average. It plans to lift SUV and EV production capacity from about 68,000 units a month to 82,000 by FY27-end, 92,000 by FY28-end and 132,000 by FY31. Its tractor outlook for FY27 was revised to flattish growth from mid-single-digit growth, citing weak monsoons and low reservoir levels.
Shares of M&M gained 10.3% over three trading sessions after the results. Brokerages ICICI Securities and Prabhudas Lilladher kept their Buy ratings, with target prices implying an upside of 16-18% to Sunday's closing price of 3,264.7.
why it matters
The report matters beyond M&M shareholders, as it shows how a weather shock in India's farm sector coexists with steady consumer demand for vehicles. Rising commodity costs could still pressure margins in the near term.
market impact
M&M shares: strong results and SUV demand support the stock, while weak monsoons weigh on tractor sales
- M&M shares pressure up — strong results and SUV demand supported the stock after the report
tags
instruments
sources
- Expansion, Global Orders to Keep M&M on the Growth Path — Moody's, 9 November 2026 at 04:12 UTC
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