Preview: Analysts expect tractors to fuel quarterly earnings for India's Mahindra

Hyundai Motor India

04/11/2025 03:29

** Indian automaker Mahindra & Mahindra MAHM.NS is set to post Q2 results later in the day

** Brokerages expect profit growth in the auto industry to be driven by tractors and two-wheelers; tractors accounted for about one-fourth of MAHM's total revenue in Q1

** But analysts point to weakness in margins due to higher discounting pressures in the passenger vehicles segment, which is a major part of MAHM's product mix

** Last week, industry leader Maruti Suzuki MRTI.NS missed quarterly profit estimates due to higher costs; Hyundai Motor India HYUN.NS beat analyst estimates on higher exports

** After subdued growth in H1FY26, auto demand has picked up sharply in festive season led by GST cuts - Jefferies

** MAHM is rated "buy" on avg by 34 analysts, matching MRTI and HYUN's ratings - data compiled by LSEG

** As of Monday's close, MAHM up 18% vs 23% rise in the auto index .NIFTYAUTO YTD

 (Reporting by Manvi Pant)

 ((Manvi.Pant@thomsonreuters.com; +918447554364;))