Mahindra & Mahindra posted an 18% year-on-year increase in Q2 net profit to ₹4,521 crore, reflecting robust SUV demand, disciplined pricing, and operating leverage. The company’s revenue performance also indicated healthy growth, helped by supply-chain normalization and improved component availability. Investors are tracking order backlogs, launch cadence, and margin sustainability amid competitive intensity in premium SUVs. Capital allocation toward EV programs and software-defined vehicle initiatives remains a key medium-term pivot. Execution on battery sourcing, charging partnerships, and cost curves will influence earnings convexity and valuation re-rating potential through FY26.