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Mahindra & Mahindra Limited (MAHMF) Q3 2026 Earnings Call February 11, 2026 5:00 AM EST
Company Participants
Anish Shah – MD, Group CEO, Member of the Group Executive Board & Director
Rajesh Kajuria – Executive Director & CEO of Automotive and Farm Sectors & Member of Group Exe Board
Amarjyoti Barua – President & Group Chief Financial Officer & Member of Executive Board
Conference Call Participants
Kapil Singh – Nomura Securities Co. Ltd., Research Division
Gunjan Prithyani – BofA Securities, Research Division
Presentation
Operator
Welcome to the Quarter 3 Analyst Meet of Mahindra & Mahindra Limited. For the main presentation today, we have with us our Group CEO and MD, Dr. Anish Shah; ED and CEO of our Auto and Farm business, Mr. Rajesh Jejurikar; and our Group CFO, Mr. Amarjyoti Barua. Once the presentation concludes, we will begin with the Q&A session.
For the purpose of completeness, I wish to read this out. Certain statements in this meeting with regard to our future growth projects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.
With that, now I hand over to Dr. Shah for opening remarks.
Anish Shah
MD, Group CEO, Member of the Group Executive Board & Director
Hi. Good afternoon. It’s a pleasure being with you again, more so when our results are in very good shape. And let me start with talking about our key messages as we do every quarter. And what you see again is a continued strong performance across businesses, and you’re seeing contribution from all our businesses to delivering very strong results.
Operating PAT is up 66%. Reported PAT is up 47%. There are 2 factors that make the difference between these 2 numbers: One is labor code impact, which I’m
