MAHINDRA SUSTEN Mahindra Susten has established itself as the leading renewable IPP (Independent Power Producer) green energy solutions company, playing a pivotal role in advancing India’s renewable energy targets. In addition to solar projects, the company is enhancing its competitive edge through capabilities in Hybrid (solar and wind) and Round the Clock (RTC) projects, integrated with Energy Storage Solutions (ESS). Susten exemplifies the group’s steadfast commitment to ESG and delivering operational excellence. Strategic Imperatives Susten is targeting to scale its total renewable capacity from 1.5 GWp to 7.0 GWp by FY30. Key Highlights • Of the 7 GWp target, 1.5 GWp is already developed and bids for another 3.6 GWp have been won. • Susten secured approval from the Science Based Targets Initiative (SBTi) for its near-term climate commitment targets. Achievements in FY25 Foray in Hybrid with co-located solar plus wind projects in Maharashtra 2.1 GWp Susten won deals, including 0.4 GWp of Hybrid / RTC MAHINDRA TRUCKS & BUSES Mahindra Trucks & Buses (MTB) offers a wide array of commercial vehicles engineered for Indian requirements. The product range includes trucks such as Blazo X, Furio and several bus models. MTB revamped its portfolio over the last three years with a keen focus on customer service and increasing market footprint Strategic Imperatives MTB is focused on driving continued growth, strengthening market presence and delivering value to stakeholders through product enhancements, elevating customer experience, and improving operational efficiencies. Key Highlights • MTB launched the Furio 8 range of LCV trucks in FY25, which was awarded the ‘Debutant LCV of the Year’ at the Apollo CV Awards. • In April 2025, M&M Ltd. entered into an agreement to acquire 58.96% stake in SML Isuzu Ltd. to establish a strong presence in the > 3.5T commercial vehicle segment. This acquisition aims to leverage synergies in areas like cost, network, brand, manufacturing, talent, and product complementarities between M&M and SML Isuzu. Achievements in FY25 Positive EBITDA MTB achieved cash breakeven and posted EBITDA-positive results for FY25. Integrated Annual Report 2024-25 | 28
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