Mahindra & Mahindra Financial Services Limited — Investor Meet, 03-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Mahindra & Mahindra Financial Services reported Q3 FY26 ROA at 2.5% (9M 1.9%) with PAT up 59% QoQ. NIMs reached 7.5% in Q3 (9M 7.1%), supported by growing fee income (9M 1.4%). Asset quality improved with GS3 at 3.8% (down 14 bps QoQ) and GS2+GS3 at 9.2%. Credit cost for Q3 was 1.3% (9M 1.8%). The company completed its business transformation and is now pivoting to growth, recording its highest-ever Q3 tractor disbursements (up 65% YoY). Management is evaluating merging its mortgage subsidiary (MRHFL) for scalable growth and targets mid-teens to high-teens loan growth. Key priorities include defending its wheels business moat, diversifying into SME and mortgages, balancing growth with margins and risk, and augmenting fee income. Management exhibits confidence in achieving financial targets and stable asset quality.