Mahindra & Mahindra share price declines amid November business performance update; key highlights you need to know

The Thar-maker’s overall auto sales for the month of November 2025 stood at 92,670 vehicles, a growth of 19%, including exports.

In the utility vehicles segment, Mahindra sold 56,336 vehicles in the domestic market, a growth of 22%, and overall, 57,598 vehicles, including exports. The domestic sales for Commercial Vehicles (CV) stood at 24,843, a growth of 17%.

Its total exports increased 5% to 2,923 units as compared to 2,776 units.

“In November, we achieved SUV sales of 56,336 units, a growth of 22%. The total vehicle sales stand at 92,670 units, a 19% year-on-year growth. We also celebrated the one-year anniversary of our Electric Origin SUVs and launched India’s first authentic Electric Origin 7-seater SUV—the XEV 9S—along with the world’s first Formula E-themed special edition SUV, the Mahindra BE 6 Formula E Edition,” said Nalinikanth Gollagunta, CEO, Automotive Division, M&M Ltd.

Last week, a senior company official said M&M will continue to focus on offering premium, differentiated vehicles—including ICE-powered SUVs and electric models—to further strengthen its position in the domestic passenger vehicle market.

The Mumbai-based auto major has no immediate plans to introduce CNG and other alternate fuel technologies in its product range, as it wants to stick to its core brand identity and cater to a customer base which seeks differentiated products.

Mahindra & Mahindra aims to sell around 7,000 electric vehicles by the end of this fiscal year. At present, the company sells between 4,000 and 5,000 EV units per month.

M&M share price

At 10:55 AM, Mahindra & Mahindra shares were trading at ₹3,736 apiece on NSE, falling 0.57%.

Over a month’s time, the stock has jumped over 5%, while for a six-month period, it has soared more than 23%. Since the beginning of the year, M&M shares have gained 21%.

The company has a market capitalisation of ₹4.48 lakh crore.

M&M Q2 earnings

Mahindra & Mahindra had reported a consolidated net profit of ₹3,673 crore for the second quarter of the current fiscal year (Q2 FY26), up 15.8% year-on-year (YoY) against ₹3,171 crore.

The company's revenue from operations jumped 21.7% YoY to ₹45,885.40 crore during the September quarter, as compared to ₹37,689.04 crore in Q2 FY25.

The automobile major's earnings before interest, taxes, depreciation and amortisation (EBITDA) stand at ₹8,708 crore for the September quarter, up 26.2% from ₹6,899 crore in the year-ago period. Margin is at 18.9%, against 18.3% a year ago.