M&M Q2 Review: Brokerages Back SUV Growth, Flag Prolonged Tractor Weakness
Mahindra & Mahindra launched an initiative in a quarterly results development.
· NDTV Profit
Mahindra & Mahindra's automotive business drove growth in Q2, with SUV volumes rising 25%. Brokerages expect new launches and electric vehicles to support the next leg of growth, but weaker monsoons have prompted cuts to tractor industry forecasts.
The analysis
Mahindra & Mahindra reported movement of 25%. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is +3.2% on the day at ₹3,228.80, and has returned -9.5% over three months. It sits 15% below its 52-week high. The auto sector has moved -5.8% over the same period, so Mahindra & Mahindra is running 3.7 points behind its peers.
For Mahindra & Mahindra, the question is how much of this is already reflected in the price and how much re-rates the auto peer set alongside it.
Why it matters
- Earnings versus expectations is what actually re-rates a stock; the surprise matters more than the absolute number.
Market context
- In focus: Mahindra & Mahindra (M&M), in Auto.
- Over three months: Mahindra & Mahindra -9.5% against Auto -5.8% (3.7 points behind).
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| Mahindra & MahindraM&M · Auto | ₹3,228.80 | +3.2% | +9.4% | -9.5% | -15.1% | 1.7× | — |
Auto
1M +4.5% · 3M -5.8%
Mahindra & Mahindra
Prices as of 6 Nov 2026, 10:53 IST. Sector moves are the average of the stocks we track in each sector.
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