Mahindra & Mahindra Financial Services Limited has shared its business updates for Q2 FY27.
The update covers disbursement for Q2 and H1, business assets, collection efficiency, asset quality indicators and liquidity position as on September 30, 2026.
What Was Updated For Disbursement
For Q2 FY27, overall disbursement is estimated at approximately Rs 16,490 crore, with year-on-year growth of around 22% over the previous year.
For H1 FY27, overall disbursement is estimated at approximately Rs 32,050 crore, also with year-on-year growth of around 22%, excluding finance lease. The H1 figure reflects cumulative disbursement activity for the six months ended September 30, 2026.
The company has presented these figures as estimates and has provided the year-on-year comparison to indicate the trend in disbursement volume compared to the same period last year.
What About Business Assets
Business Assets are estimated at approximately Rs 1,46,300 crore as on September 2026, reflecting growth of around 15% over September 2025.
Mahindra Finance primarily finances vehicles — including tractors, cars, commercial vehicles and two-wheelers — largely in rural and semi-urban markets. The business assets figure represents the overall loan book managed by the company across these segments.
What Is Collection Efficiency In This Update
Collection Efficiency is estimated at 97% for Q2 FY27. For Q2 FY26, it was 96%.
The company has shared the estimated efficiency for the quarter along with the figure from the same quarter last year. Collection efficiency is tracked quarterly by Mahindra Finance as part of its standard business update disclosures under Regulation 30.
What Do Stage-3 And Stage-2 Figures Mean
As at September 30, 2026, Stage-3 is estimated in the range of 3.35% to 3.45%. This is compared to 3.45% as at June 30, 2026 and 3.94% as at September 30, 2025. Stage-2 is estimated in the range of 4.7% to 4.8%, compared to 4.9% as at June 30, 2026 and 5.8% as at September 30, 2025.
Stage-3 refers to loans classified as credit-impaired, typically overdue beyond 90 days. Stage-2 refers to loans where credit risk has increased significantly since initial recognition but are not yet impaired. Both are tracked under the expected credit loss framework as per Ind AS 109.
The update provides estimated ranges for both stages as at September 30, 2026, along with comparative figures from June 30, 2026 and September 30, 2025.
What About Liquidity
The company has stated that it continued to enjoy a comfortable liquidity position on its balance sheet, with a liquidity chest of over Rs 16,200 crore.
This figure includes cash, liquid investments and undrawn credit lines available to the company as on the date of the update, and is disclosed as part of Mahindra Finance's standard quarterly business update.
Conclusion
Mahindra & Mahindra Financial Services Limited has shared estimates for Q2 FY27 with disbursement at approximately Rs 16,490 crore in Q2 and Rs 32,050 crore in H1, both with around 22% year-on-year growth, business assets at approximately Rs 1,46,300 crore with around 15% growth over September 2025, collection efficiency at 97% in Q2 FY27 compared to 96% in Q2 FY26, stage-3 estimated at 3.35% to 3.45% and stage-2 at 4.7% to 4.8% as at September 30, 2026 along with comparative figures for June 30, 2026 and September 30, 2025, and a liquidity chest of over Rs 16,200 crore.