The situation with our provocative neighbour is always volatile, but I am optimistic that we can demonstrate the limits to our tolerance without impeding our path to economic ascendance. These implications offer a portal to a stronger future for India and Indian companies. But the future remains uncertain. How, then, should we at Mahindra navigate these turbulent waters? Whether it be a country or a business, the winners will be the ones who can successfully navigate uncertainty and ambiguity – the ones who are resilient. Resilience has defined the Mahindra Group for over eight decades. From switching to diesel engines during the oil crisis to thriving through liberalisation, the 2008 financial crash, and COVID challenges, we have adapted, transformed, and evolved. Our federated structure, symbolised by the banyan tree (depicted on the cover), is key to this resilience. Mahindra & Mahindra’s core businesses — auto and tractor — form the trunk, while the aerial roots represent new ventures that anchor themselves independently, expanding resilience and reach. This structure provides agility and flexibility to adapt swiftly to geopolitical and economic uncertainty. Independent decision-making within each business ensures alignment with shared values while leveraging synergies across the group. Success in one branch strengthens the entire tree, while failures are ring-fenced to protect the broader ecosystem. Like the banyan tree that endures storms and thrives in diverse conditions, the Mahindra Group is poised not just to survive but to flourish, even in turbulent times. As we embrace the opportunities and challenges ahead, I am confident that your company, as an integral part of the Mahindra Group’s banyan tree, will continue to grow and navigate this Samudra Manthan successfully. Sincerely, Anand G. Mahindra Chairman Make (Your Country) Great Again Inspired by the US, countries are likely to adopt a more self-centred approach, raising economic nationalism to unprecedented levels. Even before these shifts, India was moving in this direction through initiatives such as PLI and Make in India. Continued government support is vital to power our transition to a manufacturing economy. Companies can greatly benefit from aligning their strategies with national objectives. Renewable energy, defence, and digital infrastructure are becoming sunrise industries in India. At the Mahindra Group, we say that India’s horoscope and ours are closely intertwined. From producing steel for Indian industries to vehicles for Indian roads, tractors to drive the Green Revolution, and IT services to power India’s growth in the 1990s and 2000s, the Mahindra Group has always aligned national interest with business interest. Our current thrusts into EVs, defence, renewable energy, and logistics continue that tradition. Globalisation 2.0 Economic nationalism does not spell the death of globalisation but heralds its rebirth. Globalisation is evolving: US market centrality and China-centric supply chains are being replaced by multi-polar, regional collaborations. As structural and political uncertainties diminish US dominance, alternative capital destinations are emerging. Similarly, global supply chains are diversifying away from China, creating new trade partnerships. Lower tariff barriers among regional partners may emerge, boosting free trade and reshaping international trade centres of gravity. Ironically, the US shift toward de-globalisation may lead to a new avatar of globalisation — multi-polar, regional, and driven by domestic imperatives. In such shifting sands, I believe India is well-positioned to emerge as one of the new centres of gravity. We are a stable democracy, generally regarded as a trustworthy partner, and are bolstered by a strong military that is not politicised. Whether it be a country or a business, the winners will be the ones who can successfully navigate uncertainty and ambiguity – the ones who are resilient. Integrated Annual Report 2024-25
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