Analyst remained constructive on M&M despite flattish tractor sales, citing strength in auto business and subsidiaries

Thu 1 Oct 2026

Heard on Live TV News Channel between 11:01:52 - 11:04:52 IST.

• September tractor sales flat due to high base and poor monsoon.
• Sameer said tractor business is only one component; auto business scaling well.
• Subsidiaries in real estate, NBFC and Mahindra Holidays (hospitality) also growing.
• As other businesses scale, tractor business importance in overall profitability reduces, making core business look cheaper.

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