Mahindra & Mahindra (MM IN) – Q3FY26 Result Update – In-line revenue, gross margin contracts – Accumulate
Published on 12 Feb 2026
MM’s Q3FY26 standalone revenue of Rs385.2bn (+26.1% YoY) was in line with street estimates. The group continues to show strong performance across businesses with further margin expansion to be driven by volumes and cost optimization, and not just by pricing actions. We expect volume/blended realization CAGR of 10.1%/4.2% over FY25-28E, translating to revenue/EBITDA/EPS CAGR of 15.4%/16.0%/17.8%. Retain ‘Accumulate’ rating with TP of Rs4,050 (previous Rs4,100), valuing the core business at 26x P/E on its Sep’27 earnings and its share in subsidiaries based on respective market prices.
