M&M Share Price: Stock rallies after strong Q2 show; check what JP Morgan, Nomura, CLSA and others recommend

Mahindra & Mahindra reported a 13 per cent YoY increase in standalone PAT to Rs 5,102 crore in Q2 FY27. Image: Official Website

M&M Share Price: Shares of Mahindra & Mahindra (M&M) gained nearly 4 per cent in morning trade on Friday, November 6, after the automaker reported its second-quarter results for the financial year 2026-27 (Q2 FY27) yesterday. The company reported double-digit growth in standalone profit and revenue, beating Zee Business estimates. Brokerages have largely maintained their positive ratings on the stock, although some have revised their target prices.

At around 10:30 AM, M&M shares were trading at Rs 3,251.80 on the NSE, up Rs 124.30 or 3.97 per cent. The stock opened at Rs 3,199.90 and touched an intraday high of Rs 3,283.80 at the time of writing this article. Its intraday low stood at Rs 3,130.10.

M&M shares have a 52-week high of Rs 3,839.90 and a 52-week low of Rs 2,744.30. The company's market capitalisation stood at Rs 3.91 lakh crore.

M&M Q2 Results Highlight: Standalone profit rises 13%, revenue up 26%

Mahindra & Mahindra reported a 13 per cent year-on-year (YoY) increase in standalone profit after tax (PAT) to Rs 5,102 crore in Q2 FY27, compared with Rs 4,521 crore in the corresponding quarter last year. Standalone revenue increased 26 per cent to Rs 44,282 crore from Rs 35,080 crore in Q2 FY26.

The company's performance was better than Zee Business estimates. M&M was expected to report a standalone PAT of Rs 4,625 crore and revenue of Rs 42,115 crore.

The actual PAT was Rs 477 crore, or around 10.3 per cent, higher than estimates. Revenue exceeded expectations by Rs 2,167 crore, or around 5.1 per cent.

M&M Q2 Consolidated Results: Profit jumps 25%

On a consolidated basis, M&M reported a 25 per cent YoY increase in PAT to Rs 4,588 crore in the September quarter, compared with Rs 3,673 crore in the year-ago period.

Consolidated revenue also increased 25 per cent to Rs 57,553 crore from Rs 46,106 crore.

The company's automotive business recorded 55 per cent growth in PAT, while the farm equipment business reported a decline due to a shift in the festive season.

Mahindra Finance's assets under management (AUM) grew 15 per cent, while its PAT increased 61 per cent. Tech Mahindra reported an EBIT margin of 14.8 per cent. The Growth Gems business recorded a three-fold increase in PAT.

M&M automotive business performance

M&M's automotive business reported revenue of Rs 57,553 crore in Q2 FY27, compared with Rs 46,106 crore in the corresponding quarter last year.

PBIT (profit before interest and tax) increased to Rs 4,588 crore from Rs 3,673 crore. However, the PBIT margin remained unchanged at 8 per cent.

On a standalone basis, the auto business reported PBIT of Rs 2,614 crore, up 15 per cent year-on-year. Its PBIT margin stood at 7.7 per cent.

Excluding eSUV CMA, the standalone auto business margin was 9.1 per cent. This was down 120 basis points year-on-year but up 80 basis points sequentially.

M&M retained its leadership position in the SUV segment, with a revenue market share of 24.3 per cent. Its market share in the light commercial vehicle (LCV) segment below 3.5 tonnes stood at 52.3 per cent.

M&M share price: What are brokerages saying after Q2 results?

Brokerages have largely maintained their positive ratings on M&M after the September-quarter results. However, some have cut their target prices, while others have raised them.