Mahindra & Mahindra's first-quarter profit rose by 34% to 5,455 crore rupees

The consolidated profit after tax (PAT) of Mahindra & Mahindra (M&M) increased by 34% year-on-year, reaching 5,455 crore rupees in the first quarter of the fiscal year 2026-27 (Q1FY27). This figure is higher than 4,083 crore rupees the previous year. Meanwhile, consolidated revenue grew by 28%, amounting to 58,188 crore rupees compared to 45,529 crore rupees in the same quarter last year.

Business Growth Factors

The successful results were driven by increased sales volumes in the automotive and agricultural sectors, margin expansion in Tech Mahindra, and improved performance in Mahindra & Mahindra Financial Services (MMFSL). The overall profit growth in the automotive and agricultural business was 18%, while the consolidated profit from service segments jumped by 80%.

Automotive Segment Results

The total revenue of the automotive segment grew by 32%, reaching 34,387 crore rupees, and the profit after tax increased by 21% to 2,129 crore rupees. Quarterly sales volumes, including sales of Last Mile Mobility and Mahindra Electric Automobile, rose by 23%, totaling 304,000 units. The volume of Light Commercial Vehicles (LCV) reached 175,000 units. During the quarter, M&M's market share in sports cars was 25%, and the company maintained its leadership in the light commercial vehicle segment up to 3.5 tons, capturing 52% of the market.

Although the standalone operating profit of the auto business before interest and taxes remained at 2,212 crore rupees, its PBIT margin was 7.1%. The margin excluding contract manufacturing of SUV electric vehicles was 8.3%, which was 170 basis points lower than the previous year. Rajesh Jejurikar, Executive Director and CEO of M&M's Automotive and Agricultural sector, noted the resilience of the auto and tractor business in Q1 FY27, as well as the increase in SUV market share by 50 basis points and LCV (<3.5T) market share by 150 basis points. He also reported that the XEV 9S became the best-selling electric vehicle in India by volume.

Agricultural and Service Business

The revenue of the agricultural segment increased by 15%, reaching 12,501 crore rupees, and the profit after tax grew by the same percentage, amounting to 1,520 crore rupees. Tractor sales volumes grew by 18%, reaching 158,000 units, and the company's market share increased to 44.9%, representing a consistent growth of 280 basis points.

Consolidated revenue from service segments grew by 31% to 12,899 crore rupees, and profit after tax soared by 80% to 1,805 crore rupees. Assets under management by MMFSL grew by 13%, while M&M's stake in MMFSL profit increased by 78%. Tech Mahindra's EBITDA margin expanded by 330 basis points to 14.4%, and M&M's share in this segment's profit grew by 28%.

Other Group Activities

Among other group enterprises, Mahindra Lifespaces' residential real estate sales doubled, reaching 925 crore rupees, and the volume of acquired gross construction value grew by 60% to 5,600 crore rupees. Mahindra Logistics' revenue increased by 23% to 2,003 crore rupees, with M&M's share in profit tripling. Club Mahindra reported an occupancy rate of 87%, and the number of rooms increased by 1%.

Anish Shah, Group Chief Executive Officer and Managing Director of M&M, stated that the company was pleased to report a strong start to FY27 despite a quarter marked by macroeconomic difficulties. He emphasized that the strength of the diversified portfolio combined with proactive measures to overcome the challenging environment allowed for impressive results. Amarjyoti Barua, Group CFO of M&M, added that the company was satisfied with the stable performance of all segments in Q1 FY27, noting that supply chain teams handled the highly uneven environment characterized by significant raw material inflation brilliantly.

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July 30, 14:30

Agency Discussed Cooperation with Analytical Firm IQVIA to Develop Uzbekistan's Pharmaceutical Market

The Director of the Agency for the Development of the Medical and Pharmaceutical Sector, Abdulla Azizov, held a meeting with representatives of IQVIA. The goal of the negotiations was to discuss the current state of the pharmaceutical market in Uzbekistan and potential areas for joint work in analytics and strategic development.

July 30, 14:12

Activity in the automotive market increased across all segments

Increased activity is observed in all segments of the automotive market. The secondary market for light vehicles accounted for about 61% of the total transaction volume. Moreover, the growth rate of the secondary market (16%) exceeded the growth rate of the primary market (11%).

July 30, 12:08

EU allocates 3.47 billion euros to Ukraine for drones, missiles, and fighters

IQVIA's Capabilities Presentation

During the meeting, IQVIA representatives demonstrated the company's global activities, as well as modern data analysis solutions designed for the pharmaceutical and medical sectors, including capabilities for comprehensive market research.

Pharmaceutical Market Overview

Analytical materials concerning the pharmaceutical market of Uzbekistan were presented. Participants reviewed key indicators of domestic pharmaceutical enterprises, key market trends, growth dynamics in various therapeutic areas, and prospects for further sector development.

Strategy and Cooperation

The parties also discussed the possibility of using international analytical information to increase the transparency and competitiveness of the pharmaceutical market. Furthermore, strengthening the investment attractiveness of the sector and expanding areas of cooperation were discussed.

Negotiation Outcomes

Following the discussion, an agreement was reached to continue cooperation. This collaboration will focus on using modern data analysis and marketing research tools for decision-making, strategic development of the pharmaceutical industry, and expanding international partnerships.

Sales dynamics in June

The Center for Economic Research and Reforms regularly analyzes the dynamics of activity in the automotive market of Uzbekistan, covering changes across main segments and regions. By the end of June, the volume of vehicle trade exceeded 80.2 thousand units, which is 18% more compared to May.

In most regions of the republic, the turnover of motor vehicles increased in June. A slight decrease of 2.2% was recorded only in the Jizzakh region.

Regional growth leaders

The highest growth rates were noted in the regions of Surkhandarya (33.7%), Khorezm (32.6%), as well as Syrdarya (29%), Samarkand (28.3%), Kashkadarya (26.2%), and Andijan (26%).

Situation in the capital and overall indicators

In the city of Tashkent, the trade of motor vehicles grew by 9% compared to the previous month, reaching 17.9 thousand units. The volume of light vehicle trade in June reached 61.4 thousand, which is 14% higher than in May. Sales of new light vehicles grew by 11%, amounting to 24 thousand units. Local production cars contributed the main share to this growth, with sales increasing by 12% to reach 18.8 thousand.

Trade in new light vehicles produced abroad amounted to 5.1 thousand units, which is almost 7% more than last month. For the first half of 2026, sales of new light vehicles grew by 3.5% compared to the same period last year, reaching 157 thousand.

Secondary market and electric vehicles

The volume of used light vehicle trade in June exceeded 37 thousand, showing a growth of more than 16%. For the first half of 2026, the volume of light vehicle trade in the secondary market amounted to almost 240 thousand, which is 18% less than in the corresponding period last year.

In June, sales of electric vehicles in both the primary and secondary markets reached 8.4 thousand units, which is 63.5% more than in May of this year. For the first half of 2026, over 40 thousand electric vehicles were sold, which is 40% more than the previous year.

Additional regional data

In most regions of the republic, market activity increased. A decrease was recorded only in the Syrdarya region, amounting to 2.9%. The largest growth among regions was shown by the Jizzakh region (101%), Bukhara region (64.6%), and Fergana region (58.5%).

The main share of electric vehicle sales belongs to the city of Tashkent, which accounted for almost 63% of the total market volume in June. In the capital, sales grew by 78% compared to May, reaching 5.3 thousand units.

The European Union has provided funding of 3.47 billion euros to meet Ukraine's military needs in order to defend against the aggressive war started by Russia in 2022.

Funding details and objectives

This amount covers an additional part of the first calendar procurement plan concerning drones and includes funds for the purchase of additional unmanned aerial vehicles, including long-range attack drones, missiles, and Gripen fighters. The main goal is to help Ukraine quickly obtain necessary critical equipment.

Further support and previous payments

Brussels also stated in its announcement that additional aid for drones, ammunition, air defense, and missiles will be approved and paid in the coming weeks. The sum provided today follows payments of 3.2 billion euros on June 25, as well as two subsequent payments under the 'defence' heading—3.9 billion euros on June 30 and 1.1 billion euros on July 15.

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