MUMBAI, February 11, 2026, 14:35 IST
Mahindra & Mahindra reported third-quarter profit up nearly 33% on Wednesday, driven by robust demand for SUVs and tractors. Profit reached 39.31 billion rupees ($434 million), narrowly missing analyst forecasts. The quarter also factored in a one-off charge related to India’s new labour codes.
India’s earnings season is winding down, and investors are watching closely to see whether the impact of September’s GST reduction — a consumption tax — is still helping showroom sales. Autos offer a direct look at that trend, and so does the way companies handle rising costs without taking a hit on margins.
More than 100 companies are slated to post December-quarter earnings this Wednesday, according to the BSE results calendar. LG Electronics India and eyewear seller Lenskart Solutions are both on the docket, joined by Ashok Leyland, SJVN, IRCON International, Patanjali Foods, Max Financial Services, and Jupiter Wagons.
M&M reported standalone profit after tax of 3,931.3 crore rupees. Revenue from operations was up 26%, hitting 38,516.8 crore. The company’s SUV revenue market share ticked up to 24.1%, a gain of 90 basis points — or 0.9 percentage point — compared with a year ago.
The group made it clear that gains weren’t confined to autos. M&M’s consolidated revenue topped 50,000 crore rupees in a quarter for the first time ever, and profit after tax jumped 47% to 4,675 crore, according to the filing. CEO Anish Shah chalked up the performance to “disciplined execution.” Auto and farm boss Rajesh Jejurikar credited fresh launches for generating a “very positive market response.” The Economic Times
Ashok Leyland’s quarterly profit edged up 4.5% to 7.96 billion rupees, coming in short of analyst estimates for 9.42 billion. Revenue climbed 21.7% to 115.34 billion rupees, but higher raw material costs and total expenses kept gains in check.
Ashok Leyland absorbed a one-off hit of roughly 308 crore rupees related to the updated labour codes but still managed to lift its operating profit. EBITDA came in at 1,535 crore rupees. Executive Chairman Dheeraj Hinduja noted, “market conditions continue to be favourable.” The company pointed to stronger volumes in both medium-and-heavy and light commercial vehicles. Upstox – Online Stock and Share Trading
Divi’s Laboratories saw net profit edge down to 583 crore rupees despite a 12% bump in total income, which landed at 2,692 crore. The quarter included a 74 crore exceptional loss related to new labour codes.
Results kept shaking up the tape, expanding the roster of notable movers. LG Electronics India dropped over 1% before its earnings hit, while Avanti Feeds logged a 10.5% jump in profit to 149.4 crore rupees and saw its stock climb more than 2% once the figures came out.
Titan turned in numbers late Tuesday, posting a sharp 61% surge in net profit to 1,684 crore rupees as operational revenue shot up 42% to 24,915 crore. Managing Director Ajoy Chawla pointed to the “festive period” for triggering strong, widespread demand across Titan’s lines. Business Standard
Grasim Industries reported a 25% jump in consolidated revenue to an all-time high of 44,312 crore rupees, according to a company release. EBITDA climbed 33% to 6,215 crore, while adjusted profit increased 42% to 1,168 crore, buoyed by solid results across its business lines.
Earnings season rarely sticks to a script. Manufacturers are still grappling with input costs, and the demand bump from tax cuts could evaporate if pricing tightens or if rural and fleet buying loses steam. Before M&M’s results, brokerages were zeroed in on margin strength and ongoing cost pressure—calling them key “monitorables” this quarter. The Economic Times
