INTEGRATED ANNUAL REPORT 2024-25 MAHINDRA & MAHINDRA LTD.
CHAIRMAN’S MESSAGE Dear Shareholders, If I were to look for a single sentence that describes the world today, I would quote the American folk singer Bob Dylan and say, “The times, they are a-changing.” The old order — social, political, and economic — has been rudely shaken, and a new one has not quite emerged. At the time of writing, the world is in a state of flux, like the great Samudra Manthan. The legend goes that the gods and the asuras united to churn the great cosmic ocean to obtain the Amrit, the nectar of eternal life. As the ocean roiled however, what initially emerged was a deadly poison — so toxic that it could wipe out all of creation. Lord Shiva saved the situation by swallowing all the poison, and after that, many positive elements emerged, including Lakshmi, the goddess of prosperity, and of course, the precious Amrit. If we zoom out and adopt a broader perspective, it becomes clear that over the course of history, the world has undergone many such churnings. Mega-trends — forces so powerful they reshape political, economic, and social landscapes — have defined human progress. From the industrial revolution to globalisation, from the digital age to climate change, these tectonic shifts have tested resilience, inspired innovation, and compelled businesses to evolve. Today’s turmoil is another such churning, another such mega-trend. A growing wave of protectionism is challenging decades of liberal trade order, dramatically highlighted by the Trump administration’s tariffs. These measures are sparking global responses, including retaliatory tariffs, disrupted supply chains, shifting political alliances, and economic groupings. The situation remains fluid. Recent US-China tariff talks and strengthened trade ties with the UK suggest a pragmatic layer to US trade policy, combining protectionism with strategic global engagement. However, there remains a strong likelihood of significant decoupling between the US and China. Whatever the outcome, it is apparent that many nations will have to swallow some “poison”. International trade has already slowed amidst heightened uncertainty and dampened investor confidence. Industries reliant on global supply chains — like electronics and consumer goods — will bear the brunt of rising input costs. Countries deeply integrated into global trade networks must rethink dependencies and diversify sourcing. Established geopolitical alliances are being realigned, ushering in a new era of economic nationalism. Businesses worldwide will adapt by localising operations, re-engineering supply chains, and exploring alternate markets. India, too, will face challenges. Our large trade deficit, vulnerabilities in certain sectors, increased competition among nations, and uncertainties affecting GDP aspirations are all challenges that must be met. Key industries, such as steel and aluminium, could face headwinds, and export volumes may be impacted. The challenge will be to minimise the adverse effects, akin to how Lord Shiva confined the poison to his throat without letting it spread. However, focusing solely on mitigation reflects a reactive mindset. Instead, we can proactively view this as an opportunity to enable some Amrit to emerge. What if we seize this challenge as an opportunity to accelerate economic growth? Private enterprise can play a pivotal role in this transformation. China’s adversarial stance may create opportunities for India to position itself as a supply chain alternative — a long-term goal for Indian business. Innovation and R&D could receive renewed focus, while manufacturing could once again take centre stage. Restrictions on China and high tariffs for other competing countries could open new markets for Indian goods. The potential exists, but achieving it will require a concerted focus on manufacturing and a palpable increase in private investment. Speed and agility are essential, as countries like the Philippines and Vietnam are already touting themselves as future manufacturing hubs. We must act swiftly and strategically to secure our share of the Amrit. In a scenario with so many moving parts, it is difficult to predict outcomes. However, two significant implications of the current manthan offer opportunities that India must leverage: MAHINDRA & MAHINDRA LTD.
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
GROUP CEO & MD’S MESSAGE Dear Shareholders, A banyan tree does not rise in haste. It anchors. It listens. It grows … deliberately, boldly … until it becomes a world that creates value for everyone around it. At Mahindra, we have spent 80 years doing the same. As we mark this milestone year, it is both gratifying and uplifting to reflect on how far we’ve come … and how boldly we are charting the road ahead. Our journey, much like the banyan tree, has been one of strong foundations, deliberate growth, and a vision of creating shared value for all. Built for Scale FY25 was an exceptional year for the Mahindra Group, reflecting strong, broad-based growth and stellar execution across businesses. Revenue grew by 14%, reaching ₹1,59,211 crore, while profit after tax (PAT) soared 20% to ₹12,929 crore. Our Auto and Farm sectors continued to gain market share, expanding their profitability, and reinforcing their leadership positions. The launch of our Electric Origin SUVs redefines quality standards and marks a significant milestone in India’s EV journey. At Tech Mahindra, we strengthened client relationships and improved operational margins, and Mahindra Finance enhanced stability while achieving an impressive 33% profit growth. Meanwhile, our Growth Gems are scaling rapidly, establishing a strong presence in their respective markets and well on track to delivering the promise of 5x growth. Our Lifespaces business is developing greener buildings, Susten and our renewables InvIT are driving the transition to renewable energy, while our Last Mile Mobility venture is driving electrification of passenger and cargo 3 wheelers to reduce pollution in cities. Mahindra Logistics and Club Mahindra are delivering greater customer value, while Trucks & Buses and Aerostructures are charting an even more aggressive growth path. Additionally, our emerging growth gems (Accelo, Classic Legends, Car & Bike) are well poised to MAHINDRA & MAHINDRA LTD.
Our journey, much like the banyan tree, has been one of strong foundations, deliberate growth, and a vision of creating shared value for all. create value. Collectively, they tell a compelling story … a story of a Group built for synergy, resilience, and value creation. Grounded in Realism, Driven by Ambition At 80 years, Mahindra remains deeply anchored in its values and steadfast in its commitment to performance, even amid global uncertainty. Our growth is propelled by the India story … we operate in 70% of the country’s GDP and we are aligned with the opportunities this dynamic economy offers. The current geopolitical and economic landscape is challenging, with persistent headwinds across continents. Yet, India stands uniquely poised to emerge as a global manufacturing powerhouse. With its growing infrastructure, young workforce, and favourable policies, India’s opportunity to lead the world in manufacturing has never been greater. We aspire to be a globally recognised brand and have made significant strides. Rooted in Purpose In ancient India, the banyan was more than a tree, it was a place where communities gathered, where conversations flourished, where wisdom was shared. Today, the Mahindra Group is so much more than just a collection of companies. It is a platform for possibilities … a space where people, businesses, and partners come together to Rise. At the core of this platform are our associates — the people who bring our vision to life every single day. Their agility, boldness, and collaborative spirit drive everything we do. For Mahindra, growth is not just about profits, it is about impact. Our associates are the champions of this belief. Just as the banyan tree nurtures life beneath its vast canopy, we are committed to creating opportunities that help individuals and communities rise. Our programs - Kaabil, Nanhi Kali, our initiatives with local communities and high impact sustainability efforts are living examples of this philosophy. Through Kaabil, we empower women with the skills they need to secure meaningful livelihoods. Through Nanhi Kali, we uplift underprivileged girls by ensuring access to holistic education so they can shape their own futures. These efforts have earned us global recognition, including leadership status in the Dow Jones Sustainability Index and the prestigious Golden Peacock Global Award for Excellence in Corporate Governance. Amidst these achievements, one recognition stands out as a defining moment in our journey … winning the Company of the Year Award at the Economic Times Awards for Corporate Excellence 2024. This prestigious accolade is more than an acknowledgment of our success … it is a celebration of our ethos, our bold vision, and the foundation laid by our leaders over the past eight decades. To our shareholders, partners, and stakeholders: thank you for believing in our design, our direction, and our purpose. We do not take your trust lightly. And we don’t grow by chance. We grow, as always, Bold by Design. Warm regards, Dr. Anish Shah Group CEO & Managing Director Integrated Annual Report 2024-25
MAHINDRA & MAHINDRA LTD. COMPANY OVERVIEW RISE TO CREATE VALUE RISE TO BE FUTURE READY RISE FOR A MORE EQUAL WORLD CORPORATE INFORMATION STATUTORY REPORTS FINANCIAL STATEMENTS Announcement In FY17, Mahindra & Mahindra Ltd. embarked on the journey towards Integrated Reporting in keeping with the commitment to transparency and the highest standards of corporate governance. Since then, our reporting structure has continued to evolve. While staying true to the principles of the IFRS foundation’s International Integrated Reporting <IR> Framework, we have enhanced the format, clarity, and accessibility of the report to offer a more reader-friendly and connected experience. Integrated Reporting takes corporate disclosures beyond financial performance. It recognises that sustainable value creation relies on multiple interconnected resources. This report outlines how Mahindra & Mahindra Ltd. creates value by managing the interplay between these six capitals: Financial, Manufactured, Intellectual, Human, Social & Relationship, and Natural. This year’s report is shaped by the theme Bold by Design, which reflects our deliberate and future-focused approach to building resilient businesses, embracing innovation, and delivering inclusive growth through purpose-led strategies and responsible leadership. To improve understanding and engagement, we have used charts, infographics, and visual frameworks throughout the report. These design elements help convey complex ideas more intuitively and support integrated thinking. Some IR related data might be management estimates and could be updated in subsequent publications, like the Mahindra Sustainability Report. For any other information please visit www.mahindra.com Contents 01 17 35 47 75 76 269
HOW TO READ THE REPORT Integrated Annual Report 2024-25 Scope of the Report The reporting period of Mahindra & Mahindra Limited apropos this Integrated Report is 1st April, 2024 to 31st March, 2025. The scope includes our core operations across the Automotive Sector, Farm Equipment Sector, Spares Business Unit, Mahindra Research Valley, Two-Wheeler Division, Construction Equipment Division, and Powertrain Business Division. We have also included performance highlights and strategy discussion from other Mahindra Group company businesses to present a more comprehensive view of the Group’s impact and reach. This Report aligns with the nine principles of the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business, as articulated by the Ministry of Corporate Affairs. This Integrated Report offers a cohesive perspective on our performance and our capability to generate long-term value by design, spanning six interconnected capitals: Each section of the Report reflects how bold thinking, strategic design, and operational resilience power our journey and stakeholder value creation Integrated Report <IR> We believe value creation is not limited to financial performance but is about delivering sustained outcomes for all stakeholders. This Integrated Report outlines how we generate, preserve, and grow value by strategically managing financial and non-financial capital. We remain committed to the principles of integrated reporting, mapping the relationships between inputs, value-creating activities, outputs, and outcomes across six capitals: Financial, Manufactured, Intellectual, Human, Social and Relationship, and Natural. A visual value creation model, supported by key performance indicators (KPIs), illustrates these connections clearly. The detailed Statutory Statements and Financial Reports are also part of this document and are in line with the requirements of the Companies Act, 2013 (including the Rules made thereunder), Indian Accounting Standards, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the applicable Secretarial Standards. This report draws reference from internationally recognised frameworks such as the Integrated Reporting <IR> Framework, GRI Standards, and BRSR guidelines. Please note that certain statements in this report with regard to our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. Throughout the Report, the terms ‘Mahindra’, ‘Mahindra & Mahindra’, ‘M&M’, and ‘M&M Ltd.’ are used interchangeably to refer to Mahindra & Mahindra Limited. Financial Manufactured Intellectual Human Social & Relationship Natural .
FINANCIAL | FY25 M&M CONSOLIDATED Income from operations ₹1,59,211 Cr. 14% increase over FY24 PAT ₹12,929 Cr. 15% increase over FY24 20% increase excluding impact of KG Mobility M&M STANDALONE Income from operations ₹1,18,625 Cr. 17% increase over FY24 PAT ₹11,855 Cr. 11% increase over FY24 17% increase excluding impact of KG Mobility Launch of Flagship Electric Origin SUVs: BE 6 & XEV 9e With class-leading range, intelligent ride dynamics, cutting-edge safety features, and a cinematic in-cabin experience, these are not just vehicles — they are expressions of a bold, authentic lifestyle. The BEVs created history with a new EV record of 30,179 bookings on Day 1. PERFORMANCE HIGHLIGHTS MAHINDRA & MAHINDRA LTD. BEVs: A BENCHMARK IN GLOBAL INNOVATION
Integrated Annual Report 2024-25 KEY ACHIEVEMENTS | FY25 SUV Revenue market share 22.5% 210 bps increase YoY MAHINDRA FINANCIAL SERVICES AUM ₹1,19,673 Cr. 17% increase YoY TECH MAHINDRA EBIT Margin 9.7% 360 bps increase YoY MAHINDRA LIFESPACES Gross Development Value Addition ₹18,100 Cr. 4.1x YoY MAHINDRA HOLIDAYS Highest Ever Inventory Addition 520 Keys 34% increase YoY MAHINDRA LOGISTICS Revenue ₹6,105 Cr. 11% increase YoY MAHINDRA SUSTEN Deals Won 2.1 GWp Including 0.4 GWp of Hybrid * With Bolero Max Pickup 2T classified under LCV 2-3.5T ELECTRIC 3 WHEELERS Market share 42.9% 4.6x volume growth in 3 years FARM EQUIPMENT Market share 43.3% 170 bps increase YoY LCV (< 3.5T*) Market share 51.9% 290 bps increase YoY
THE MAHINDRA GROUP Beginning its journey in steel trading, eight decades ago, the Mahindra Group has evolved into a dynamic federation of companies, marking its presence across the world. The Group operates in 100+ countries and offers a wide range of products, services and solutions across industries under three key portfolios – Auto, Farm and Services. As one of the largest and most admired multinational organisations, the Mahindra Group is a technology and innovation-led conglomerate with a leading position in many sectors in India. Today Mahindra offers an extensive lineup of Mahindra vehicles that include authentic SUVs, sturdy pickups and light commercial vehicles. The Group continues to hold its leadership position in the Farm segment and as the number one electric 3 wheeler manufacturer. The Group’s Service portfolio includes a diverse range of businesses such as hospitality, financial services, information technology and real estate. In November 2024, Mahindra redefined the rules of electric mobility with the launch of its flagship Electric Origin SUVs – the BE 6 and XEV 9e – a global benchmark in innovation, superlative design, state-of-the-art technology and never-seen-before performance. The Group’s purpose is to drive positive change to help communities Rise and it has a clear mandate to lead ESG globally, enabling rural prosperity and enhancing urban living. The Group also plays a leadership role in climate change, women’s empowerment, and education. Over the years, the Group has realigned its strategy by keeping sustainability at the heart of its businesses. Currently, the Mahindra Group spans sectors that cover nearly 70% of India’s GDP. From hybrid renewable energy plants (solar and hybrid), hospitality, to logistics and sustainable living, Mahindra Group is reinventing itself to cater to a changing audience while staying true to its core values and purpose. With a legacy of value creation, Mahindra’s strategic focus on growth is centred on delivering scale and actively contributing to India’s economic growth story. COMPANY OVERVIEW Company Overview | 01 MAHINDRA & MAHINDRA LTD.
MAHINDRA & MAHINDRA LTD. Mahindra & Mahindra Ltd. is the flagship Company of the Mahindra Group. Our core business is mobility products and farm solutions. Since assembling our first vehicle in 1947, we have grown rapidly. Today, we offer a wide range of products and solutions ranging from SUVs, pickups, commercial vehicles and tractors, to electric vehicles, two-wheelers, gensets and construction equipment. GROUP SNAPSHOT 80 Years of Excellence 100+ Countries $25 Bn+ Group Turnover 324k+ Number Of Employees (including global subsidiaries, associates) World’s Largest Tractor Company by Volume India’s No.1 Tractor Company India’s No.1 SUV Company by Revenue Market Share India’s No.1 < 3.5T Light Commercial Vehicles Company India’s No.1 Electric 3 Wheeler Company Leading Financial Services Provider In Rural & Semi-Urban Markets Leading Global IT Services Provider Integrated Annual Report 2024-25 | 02
Company Overview | 03 MAHINDRA & MAHINDRA LTD. 20+ INDUSTRIES Mahindra Group's operations are in the key industries forming every modern economy's foundation. The industries where we are transforming lives and shaping the contemporary world through our presence have been outlined below: AUTO SUVs & LCVs Last Mile Mobility Iconic Motorcycles Trucks and Buses FARM Tractors Farm Machinery Genset Manufacturing SERVICES Financial Hospitality Logistics Renewable Energy Technology Real Estate Auto Components Auto Recycling Pre-Owned Cars Aerospace & Advanced Technologies Agri Services Supply Chain Solutions Energy Components For more information about our Core Values, please refer to our corporate website: https://www.mahindra.com/about-mahindra-company PURPOSE Drive positive change in the lives of our communities. Only when we enable others to rise will we rise. #TogetherWeRise RISE FOR A MORE EQUAL WORLD Climate Change Inclusion Ethics RISE TO BE FUTURE-READY Customer Focused Technology Innovation RISE TO CREATE VALUE Entrepreneurship Scale Impact OUR VALUES Professionalism | Good Corporate Citizenship | Customer First | Quality Focus | Dignity of the Individual
Integrated Annual Report 2024-25 | 04 THE BOARD OF DIRECTORS MR. ANAND G. MAHINDRA Chairman DR. ANISH SHAH Group CEO & Managing Director MR. RAJESH JEJURIKAR Executive Director and CEO (Auto & Farm Sector) MR. T. N. MANOHARAN Lead Independent Director MS. SHIKHA SHARMA Independent Director MS. NISABA GODREJ Independent Director MR. MUTHIAH MURUGAPPAN Independent Director MR. SAT PAL BHANOO Non-Executive Non-Independent Director (Nominee of LIC of India) MR. RANJAN PANT Non-Executive Non-Independent Director MS. PADMASREE WARRIOR Independent Director As of 05th May, 2025
GROUP EXECUTIVE BOARD MR. PUNEET RENJHEN EVP, Group Partnerships & Alliances MR. AMIT KUMAR SINHA MD & CEO, Mahindra Lifespaces DR. ANISH SHAH Group CEO & Managing Director MR. MOHIT KAPOOR EVP, Group Chief Technology Officer MR. VINOD SAHAY President, Aerospace & Defence, MTBD & CE MS. ASHA KHARGA EVP, Group Customer & Brand MR. MANOJ BHAT MD & CEO, Mahindra Holidays MR. MOHIT JOSHI MD & CEO, Tech Mahindra MR. R. VELUSAMY President, Automotive Technology & Product Development TOP ROW (L-R) MIDDLE ROW (L-R) BOTTOM ROW (L-R) Company Overview | 05 MAHINDRA & MAHINDRA LTD.
MS. ABANTI SANKARANARAYANAN EVP, Group Public Affairs MR. ANAND G. MAHINDRA Chairman MR. RAUL REBELLO MD & CEO, Mahindra Finance MR. LAKSHMANAN CHIDAMBARAM President, Tech Mahindra Americas - Strategic Vertical Business MR. AMARJYOTI BARUA President & Group Chief Financial Officer MR. HEMANT SIKKA MD & CEO, Mahindra Logistics MR. NAVEEN RAJU EVP, Group Legal MR. VEEJAY RAM NAKRA President, Farm Equipment Business MR. RAJESH JEJURIKAR Executive Director and CEO (Auto & Farm Sector) MR. RUZBEH IRANI President, Group HR Integrated Annual Report 2024-25 | 06
AWARDS AND ACCOLADES CORPORATE AWARDS • Featured in TIME Magazine’s ‘World's Most Sustainable Companies 2024 list’ and ranked as the 5th most sustainable automotive company. Tech Mahindra was also ranked 1st in the list of top sustainable Indian companies and 16th in the global Top sustainable IT companies on the same list. • Mahindra Group recognised as the ‘Most Sustainable Organisation’ by TIMES NOW at the Global Sustainability Alliance Summit. Tech Mahindra and Mahindra Susten were also honoured. • Featured in the ‘Leadership’ category of the Corporate Governance Scorecard 2024 by Institutional Investor Advisory Services India Limited in partnership with International Finance Corporation and Bombay Stock Exchange Limited. • Received the Golden Peacock Global Award for Excellence in Corporate Governance in the Automobile Sector, for the year 2024. • Recognised as ‘Masters of Risk Management in Automotive OEM category’ at the CNBC TV18 India Risk Management Awards. • Mahindra Group and Mahindra Leadership University won the ‘ET HRWorld Future Skills Awards’. • Recognised as India’s ‘Top Value Creator 2024 – Automobile’ at Dun & Bradstreet India and G7 CR Technologies Summit. • Retained its Leadership Status in the prestigious ‘Dow Jones Sustainability World Index 2024’ in the Auto Sector, with 12-point increase from last year. This marks our 4th consecutive year on the index and we are now the first and only Indian company to attain DJSI World Leader status and ranked #2 globally in the Automobile Industry. Tech Mahindra ranked #1 in the Software & Services Segment on DJSI World Index 2024 and #2 globally in the segment. M&M received the ‘Company of the Year Award’ at the Economic Times Corporate Excellence Awards. Company Overview | 07 MAHINDRA & MAHINDRA LTD.
CSR AWARDS • CII Sustainability award for ‘CSR Domain Excellence’ Category. • Received the ‘One Decade Excellence in CSR Award’ by the Honourable Governor of Maharashtra. • Mahindra and Mahindra Ltd. & Centum Foundation won the ‘Mahatma Award for Gender Equality’ for Project Kaabil. AUTO • Thar ROXX received the esteemed ‘Indian Car of the Year (ICOTY) 2025 award’, marking a significant milestone in its journey. Beyond this prestigious accolade, the Thar ROXX garnered a remarkable total of 36 awards, including 15 titles for ‘Car of the Year’ from various publications, showcasing its dominance in the market. • The XUV 3XO also made waves by winning 9 distinguished awards, including the ‘Autocar India Compact SUV of the Year’. As a company, Mahindra was recognised as ‘Manufacturer of the Year’ by three publications: Autocar India, Acko Drives and Car India Magazine. • Additionally, the Mahindra Veero received accolades at the ‘Apollo CV Awards 2025’, further adding to the Company’s growing list of honours. FARM • OJA won the ‘ITOTY – Launch of the year’, ‘Best Design Tractor’, ‘Best Tractor in 41-45 HP - 475 XP Plus’, and the ‘Shining Star of India’s tractor industry’. • Swaraj Division Foundry became the 1st Indian foundry to get a ‘Zero Waste to Landfill Certificate’. • Swaraj Division also won the ‘Golden Peacock Award for Energy Efficiency’. • Swaraj 855 won the ‘Indian Tractor of the Year’ and Project Prerna won the ‘Women Empowerment at the ITOTY Award 2024’. MAHINDRA AGRI • Mahindra EPC won the ‘TIMES NOW Global Sustainability Alliance award for Product Innovation’, while its fruits business won the ‘FICCI Award for Farm Level Sustainability Initiatives’. Integrated Annual Report 2024-25 | 08
MAHINDRA LIFESPACES • Received the ‘Real Estate Company of the Year – West’ at the Construction Week Awards 2024. • Mahindra Citadel received Gold for ‘Best Use of Experiential Marketing Events’ and Silver for ‘Marketing in the Real Estate category’ for India’s 1st home-buying experience on the Metaverse by ET Brand Equity - Brand Disruption Awards 2024. MAHINDRA LOGISTICS • Won the ‘Overall Excellence Award’ for five consecutive years at the CII SCALE Awards. Won the ‘CII Overall Supply Chain & Logistics Excellence Award’ across 3PL, Express Logistics, and E-commerce Logistics categories. • Received the ‘CII Industry Transformation Award’ in the Green Logistics category for pioneering innovations in sustainable logistics and developing India’s Green Logistics Ecosystem. MAHINDRA FINANCE • Mahindra Finance was recognised as the ‘Best NBFC in Talent & Workforce’ at the 29th edition of Best Banks and NBFCs Awards organised by Business Today. • Recognised as one of the best workplaces in the categories of ‘Top Rated Large Company’ and ‘Top Rated Financial Services Company’ at the AmbitionBox Employee Choice Awards 2024. TECH MAHINDRA • Recognised as ‘The Leading Sustainable Organisations in 2024’ at the 3rd edition of Sustainable Organisations 2024; ranked #1 in the Business World’s ‘Most Sustainable Companies Sectoral List 2024’ and 4th amongst ‘India’s Top 50 Most Sustainable Companies of 2024’. • Recognised amongst ‘Best Brands of 2024’ and ‘Progressive Places to Work 2024’ by ET NOW, and also recognised amongst ‘India’s Best Organisations for Women 2024’ by ET Edge. Company Overview | 09 MAHINDRA & MAHINDRA LTD.
CLASSIC LEGENDS • BSA Goldstar 650 won the ‘Motorcycle of the year (up to 700cc)’ at the BBC Top Gear Awards 2025; the ‘2025 Modern Classic Motorcycle’ by AckoDrive Awards TOTM; the ‘Retro Bike of the year 2025’ by Motoring World Awards 2025; the ‘Modern Classic/Retro Bike of the year’ at the Jagran HiTech Awards 2024; Design of the Year (Two-wheeler) at the DNA Auto Awards 2024. • Jawa 42 FJ won the ‘Viewer’s Choice Bike of the year’ at the DNA Auto Awards 2024 and the ‘Viewer’s Choice Motorcycle of the year 2025’ at the Times Drive Auto Summit. • Yezdi Adventure won the ‘2025 Adventure Motorcycle of the Year’ at the AckoDrive Awards TOTM. MAHINDRA SUSTEN • Conferred ‘Brand of Decade’ by BARC Asia for Mahindra Susten’s decade-long contribution in the renewable energy sector. • Recognised as ‘Best Sustainable Ground-Mounted Bifacial PV Solar Power’ initiative at the 24th CII India Design Awards. MAHINDRA ACCELO • Mahindra Accelo received the ‘Zero Waste to Landfill certificate’ from Eurofins in October 2024 for all plants in India. MAHINDRA HOLIDAYS • First-ever international winner of the ‘Resort Condominium International Green Awards Gold Category’ for leading sustainable resort operations. • 20 Club Mahindra resorts received the 'TripAdvisor Travellers Choice Award' and 14 resorts received the IGBC Platinum certificate. MAHINDRA LAST MILE MOBILITY • The Mahindra ZEO won the ‘EV of the Year in the 4W SCV category’ at the Apollo CV Awards 2025. • The Zaheerabad manufacturing facility awarded the ‘Best Water Conservation Plant in Telangana’ by the World Water Day awards. Integrated Annual Report 2024-25 | 10
48 02 01 01 01 01 01 01 01 01 01 01 01 01 01 02 02 04 GLOBAL FOOTPRINT The Group has business presence in 100+ Countries MRV - Mahindra Research Valley, Chennai & Detroit MSPT - Mahindra SUV Proving Track, Chennai MIDS - Mahindra India Design Studio, Mumbai M.A.D.E. - Mahindra Advanced Design Europe SDVC - Software Defined Vehicle Centre, Coimbatore Business presence and R&D facilities Business Presence 71 INDIA ALGERIA AUSTRALIA BENIN BRAZIL ETHIOPIA FINLAND INDONESIA JAPAN KENYA MALI NIGERIA SOUTH AFRICA SRI LANKA TUNISIA TURKEY UAE USA UK Global Design Centre with M.A.D.E., Electric Racing Technology with Mahindra Racing & Two-Wheeler Technology with BSA USA Automotive & EV Technologies with MRV, Detroit ITALY Luxury Car Design Facility Manufacturing facilities around the world Company Overview | 11 MAHINDRA & MAHINDRA LTD.
Automotive Tractors & Farm Machinery Two Wheelers Others Our R&D and Design Facilities are set up in 21 Centres across 7 Countries Map not to scale. For illustrative purposes only. India, Finland, Italy, Japan, Turkey, UK, USA FINLAND Harvester Technology with Sampo-Rosenlew TURKEY Farm Mechanisation Technology with Erkunt INDIA Automotive, Farm, Two-Wheeler Engineering & Design, Connected Cars & Electric Vehicle Technology, Genset & Agri, Digitisation, AI, IOT with MRV-led R&D centres, 4X4 COE with MSPT, Design studio MIDS & SDVC. JAPAN Rice Value Chain & Tractor Technologies with Mitsubishi Integrated Annual Report 2024-25 | 12
Company Overview | 13 MAHINDRA & MAHINDRA LTD. Automotive Tractors & Farm Machinery Electric Vehicles Aero & Advanced Technologies Accelo Agri Farm Machinery Two Wheelers MANUFACTURING PLANTS IN INDIA Manufacturing plants include: M&M Ltd., Mahindra Agri Solutions Limited, Mahindra EPC Irrigation Limited, Mahindra HZPC Pvt. Ltd., Mahindra Advanced Technologies Limited, Mahindra Aerostructures Pvt. Ltd., Mahindra Accelo (Mahindra Accelo Ltd., Mahindra Steel Service Centre Ltd., Mahindra Auto Steel Pvt. Ltd., Mahindra MSTC Recycling Pvt. Ltd.), Gromax Agri Equipment Ltd., MITRA Agro Equipments Private Ltd. Manufacturing Plants presence *Including contract manufacturing For illustrative purposes only. The map not to scale, may not exactly depict political map of India. 48 9,41,115 (Units) Automotive Sector Sales Volume 4,24,641 (Units) Farm Equipment Sector Sales Volume As on 31st March 2025, property, plant and equipment (including capital work-in-progress) at M&M Ltd. stood at Rs. 17,725 crores. We incurred a net capital expenditure of Rs. 4,649 crores in FY25, and the major focus was on new product development. 1 Mohali 4 Mohali, Chapperchiri, Sialba Majri Humayunpur 1 Faridabad 1 Haridwar 1 Indore 1 1 Pithampur 1 Nagpur 1 Bhopal 1 1 Zaheerabad 2 Chennai 1 1 1 Bengaluru 1 Supa 1 Hyderabad 1 Guwahati 2 Greater Noida 1 Rudrapur 1 1 1 Vadodara 1 Jaipur 1 Rajkot 1 Ahmedabad 1 3 Pune 1 Ankleshwar 1Igatpuri 1 1 Kandivali 2 1 Chakan 2 1 1 2 Nashik Manufacturing Plants* across the Country (of which 24 are of AS & FES, including subsidiaries)
Integrated Annual Report 2024-25 | 14 MANUFACTURING CAPABILITIES Efficient and effective operations are indispensable to manufacturing in the present global scenario. As a leading OEM, we are continuously invested in embedding Industry 4.0 principles and techniques deeper into our processes, to build more resilient, adaptive and efficient operations. We are steadfast in our pursuit of digital transformation and technologically agile manufacturing. AUTO SECTOR With the launch of our first set of EVs in FY25, Mahindra is now set to scale up its manufacturing operations, preparing for a stacked launch pipeline till 2030. We have implemented what we envisaged regarding our eUV facilities’ capabilities and built a state-of-the-art factory to propel our electric-origin UVs. A state-of-the-art battery manufacturing facility is also ready, comprising the latest technology in the manufacturing domain for battery manufacturing with 98% automation. Our eUV facility uses the Vision AI process, which reinforces our process robustness. We have also made significant additions to production capacity during the year which puts us in good stead to hit our FY26 capacity targets. DIGITAL MANUFACTURING Smart Sequencing Digital Twin • Enables productivity improvement, faster risk assessment, real-time monitoring • eGEMBA - The ‘Vision Solution’ implemented enables remote viewing of shop floor Digital Manufacturing & Sustainable Tech Implementation • Creation of ergonomics postures library for ~15 critical BEVs processes • Warehouse simulation models for space optimisation • VR – AR model creation for Nashik. New TCF for process optimisation • VR – AR model creation for LMM TCF MATRIX (Mfg.AI) • 112 potential AI use cases identified • Key AI initiatives ongoing: ◦ Energy.AI – Leveraging AI to improve energy efficiency of Chakan plant by 8-10% ◦ AI-enabled weld spot integrity ◦ Maintenance GPT Advanced AI Techniques Leveraged RAG (Retrieval-Augmented Generation), vector search, dynamic prompt engineering, Vision AI and Edge analytics on IIOT data to drive productivity across assembly lines and deliver impact.
Scalability • We have also developed a framework that can help us assess the digital maturity of our factories. This framework helps us evaluate and develop factory-specific digital roadmaps to deploy AI at scale. • By merging cutting-edge techniques with deep manufacturing domain expertise, we have transformed AI from a buzzword into a driver, setting a new benchmark for intelligent, future-ready factories. Manufacturing Milestones – Auto Chakan Plant Chakan Plant produced highest-ever 3.9 Lakh vehicles in FY25, increment of 5% over FY24. Nashik Plant Nashik Plant surpassed highest-ever production of 2.7 Lakh vehicles, 32% increment over FY24. Igatpuri Plant Igatpuri Plant achieved 50 Lakh engines produced milestone since inception FARM SECTOR Backed by decades of market leadership, Mahindra is committed to transforming farming and enriching the lives dependent on it. FY26 is expected to be a promising year for the farm sector driven by above average monsoon outlook, high reservoir levels and healthy cash flows. We aim to meet this boost in demand and further our market leadership by outperforming our FY25 benchmarks. Other Key Initiatives • Automation & No Fault Forward Increase automation and implement measures for defect-free manufacturing. • AI-based Decision Making Leverage analytics based on machine data for informed decision-making. • Cobot/Robot Applications Enhance efficiency by integrating collaborative robots and robotic applications. • Components Genealogy/Traceability Double the traceability of critical components across all factories, connecting 50+ vendor parts. • QR Code on Components Ensure the right part fitments in the factory through QR codes on components. • Digital Platform for APQP Utilise digital platforms for Advanced Product Quality Planning to expedite product lifecycle management. Company Overview | 15 MAHINDRA & MAHINDRA LTD.
Manufacturing Milestones – FES (Tractor Production Milestones in FY25) Nagpur 14 Lakh Rudrapur 9.5 Lakh Zaheerabad 4 Lakh Jaipur 3.5 Lakh • Digital Tractor Stockyard Management Manage a diverse inventory of 500+ tractor varieties across multiple locations in India. • Supply Chain Control Tower Implement a control tower to optimise supply chain operations and improve productivity. Key Highlights • Established a robust and efficient facility for export-ready cabin manufacturing line to meet global quality standards. • DEI at Grassroots: Two production cells are now fully operated by 100% women-led teams. • Introduced the Metallic Red Yuvo Tech+ to a strong market demand and rapid customer acceptance. Awards • Gold & Silver Award for Digitisation & Automation to Rudrapur team at CII Champions Trophy • Zaheerabad team received awards from Government of Telangana: ◦ Best Manufacturing Company & Best Export Performance under Mega Category ◦ Water Award by Ground Water Department for water conservation within and beyond the plant • Nagpur team awarded by IMEXi for 2 consecutive years under Distinguished Plus category • Bhamashah Award for Gyandeep (Education) projects to Jaipur team by the Education Department, Government of Rajasthan Integrated Annual Report 2024-25 | 16
RISE TO CREATE VALUE GROUP STRATEGIC OVERVIEW Over the last 10 years, as the world GDP saw uneven growth, India’s economy stood out. India’s GDP doubled from $2.1 trillion in 2015 to estimated $4.2 trillion. By 2030, India is projected to be a $7 trillion economy, which would make it the world’s third-largest economy. As one of the fastest growing nations in the world, India is poised to play an increasingly pivotal role in the global economic landscape. India’s growth is fueled by four key factors. First, India’s favourable demographics and robust talent base positions the country as a global workforce hub. This workforce is also experiencing upward mobility in income levels which is accelerating growth across consumption categories. Second, the government’s substantial investments in manufacturing, infrastructure and logistics capabilities has allowed Indian businesses to scale. Third, continued key policy reforms and various initiatives such as India Technology Stack and Tax reforms bring value creation at the forefront by enhancing ease of doing business. Lastly, India’s strong tech ecosystem is fostering innovation, creating job opportunities and driving productivity across sectors, enabling well-rounded economic growth. Amid this vibrant economic story, the Mahindra Group has established itself as one of India's most trusted brands. With a legacy spanning over 80 years, Mahindra’s strategic portfolio of businesses operate in sectors projected to drive over 70% of India’s growth in the coming years. This positions the Group well to pursue scale in these sectors. MAHINDRA IS PRESENT IN SECTORS DRIVING 70% OF INDIA’S GROWTH Sector contribution to India’s GDP ($ Bn) Consumer, lifestyle and e-commerce Agriculture Solutions Manufacturing & Capital Goods Technology Solutions Financial Services Renewable Energy Logistics & Mobility Health & Wellness Others (Utilities, Education, Telecom, etc) Infrastructure Development 50 900 100 1,650 200 400 300 600 900 900 750 1,200 Rise To Create Value | 17 MAHINDRA & MAHINDRA LTD. Existing presence of Mahindra Group 2025 Estimated 2030 Estimated Source: IMF & Oxford Economics 750 550 350 650 450 200 200 100
Over the last 5 years, the Mahindra Group’s performance has been underpinned by 3 distinct phases of evolution: 1. Disciplined Capital Allocation Spurred by uneven performance, in FY21, we adopted an objective approach to evaluate our businesses. Under this approach, our businesses were looked at from two lenses. Businesses that had a clear “right to win” and businesses that had clear plans to translate that “right to win” into long term value creation based on return on equity. Based on this evaluation, the group refocused on 3 sets of businesses. The first set are the market leaders - our Auto and Farm businesses. These businesses have significant aspirations, are already operating well at scale today and have established a clear right to win. The second set of businesses are those which have scale but are not operating at the level they should be operating at. The third set of businesses, called the Growth Gems, are lacking scale but have tremendous growth potential. Through this process, the Group also exited several businesses where it could not see itself creating compelling value for shareholders. 2. Pivot to Growth This phase (FY22-FY24) was marked by laying out a clear strategic roadmap across the 3 sets of businesses. • Capitalize on market leadership: Our Auto and Farm businesses are leaders in the space they are operating in. Auto is the revenue market share leader in SUVs while Farm is the leader in Tractors in India. These businesses aim to strengthen and expand their leadership by building customer-centric brands that are driven by industry-leading technology and a bold global vision. We realised that Product innovation will be key for these businesses which is why, the Auto and Farm businesses delivered some of their strongest product launches like the XUV 700, Thar, Scorpio N and Oja range of tractors during this phase. • Achieve Full Potential: The next set of businesses are Mahindra Finance and Tech Mahindra. These two businesses are large scale businesses where due to a variety of reasons, their operating performance has been below those of peers. The focus in these businesses is to improve their operating performance so as they scale, it results in significant value creation for shareholders. At Mahindra Finance this has translated into a focus on asset quality even as the business looks to have a more diversified portfolio to deliver consistent business performance across cycles. At Tech Mahindra, the focus is on improving service delivery while improving the service mix across new age service offerings and geographies. • Growth Gems: These third set of businesses will propel the Group’s growth for decades to come. These are businesses like Last Mile Mobility where Mahindra is already the market leader in Electric 3 wheelers. Another example is our Lifespaces business, which has aspirations to grow to Rs. 10K crores of residential pre sales by FY30 which will be 5 times the pre sales in FY23. There are 10 such identified businesses. Each of the Growth Gems is focused on a segment of the Indian economy which is expected to deliver outsized growth over the next decade. Due to the opportunity in these segments, the businesses have taken on a challenge to achieve 5X their FY23 scale by FY30. 3. Deliver Scale Fast forward to FY25, this three-pronged approach to our businesses has resulted in significant growth in topline and profits. In FY25, we achieved 14% revenue growth and more than 14% growth in EPS. We also delivered an ROE of 18%. The EPS for FY25 represents a 63% CAGR since FY21 when the group embarked on its strategic pivot. During the year, the Group also further refined how it looks at the Growth Gems. The Growth Gems are now distinguished as ‘Scalable Growth Gems’ which have the potential to deliver $2-$3 Billion of valuation by FY30 while another set of Gems are classified as ‘Emerging Growth Gems’ which have the potential to achieve $1 Billion of valuation by FY30. This refinement in classification allows the Group to prioritise capital allocation according to the potential. As and when an Emerging Growth Gem lays out a clear roadmap to $2 Billion or more of value, it would move up to Scalable. Integrated Annual Report 2024-25 | 18
AUTO The Indian auto industry is a significant contributor to India’s GDP and a key to India’s Viksit Bharat 2047 mission. This industry is continuously setting new benchmarks for performance and innovation across autonomous systems, fuel efficiency and safety. In FY25, Passenger Vehicle (PV) sales in India reached 4.3 Mn units. Within PVs, the Utility Vehicle (UV) segment is growing at a faster pace with a share of 65% today vs 21% in FY15. The growth in this segment embodies the aspirations of rising India and is strongly influenced by product innovation and new launches. At Mahindra, we are committed to consistently delivering category-creating products which are bold, authentic and stand out on technology, performance and safety. We continue to be the largest SUV player by revenue and the second-largest PV manufacturer by revenue in India. As we look to the future, besides our strength in ICE SUVs, we believe there are two trends to watch. 1.CAPITALIZE ON MARKET LEADERSHIP Our core businesses in the Automotive and Farm sectors have firmly established their leadership positions, backed by scale, innovation, and executional prowess. Looking ahead, we aim to strengthen and expand the leadership by building customer-centric brands that are driven by industry-leading technology and a bold global vision. With a strong foundation already in place, our strategic focus is to sustain growth and value creation momentum. • The transition to electric vehicles is crucial to reduce dependence on oil import and meet India’s climate goals for a sustainable future. Our Born Electric Vehicles (BEVs), launched in FY25, represent a significant milestone towards contributing to this transition and a pivotal step in our journey towards leadership in electric mobility. These BEVs are built on India’s first pure electric architecture – INGLO and powered by Mahindra Artificial Intelligence Architecture (MAIA). • India’s LCV industry had a decline of 3% over past 2 years. While the industry witnessed headwinds in the recent past, the future holds promise driven by burgeoning e-commerce, industrialisation, and a shift towards sustainable transportation solutions. Mahindra has been a leader in the < 3.5T segment for the last 10 years and further strengthened its market position in FY25. The business remained resilient even amid industry-wide weakness, a true reflection of our LCVs’ compelling customer value proposition. We believe this segment will keep growing. Achieve Full Potential Scalable Growth Gems Emerging Growth Gems Capitalize on Market Leadership TRUCK AND BUS SUVs BEVs LCVs Tractors Rise To Create Value | 19 MAHINDRA & MAHINDRA LTD.
The vehicle launches across SUVs (Both ICE and EVs) and LCVs over the recent years exemplify our product and technology leadership. Going forward, we have a robust launch pipeline as we continue to invest in capacity expansion across our portfolio. Strategic Imperatives Our Auto business aims to deliver significant scale through actions focused on: • ICE SUV Leadership: Continue to fortify leadership in ICE SUV segment with robust brands like Scorpio, Bolero, XUV700, XUV 3XO and Thar family. • Product Launches: Committed to 23 new products by 2030 across SUVs and LCVs, of which 6 have been launched in FY25. • Pioneering eSUVs: Leveraging our proprietary INGLO and MAIA capabilities. eSUVs to form 20-30% of our portfolio by 2027. • Maintain LCV Leadership: With continuous innovation and product enhancements. • Scale International Operations multi-fold in markets of choice. • Strengthen Brand and Customer Obsession: Build a legacy of SUV leadership and customer-centric innovations. Key Highlights • New launches across segments and capacity addition ◦ FY25 had a series of high-impact launches - XUV 3XO, Thar ROXX, XEV 9e and BE 6. We also launched Mahindra Veero in the < 3.5T LCV category bolstering our LCV product line. ◦ We added capacity of 5K per month in ICE SUVs and 7.5K per month for BEVs (5k operationalised). • International operations: In FY25, XUV 3XO was launched in South Africa to an excellent customer response. South Africa and Australia registered highest-ever volumes, with retail growth of 40% and 27%, respectively. In South Asia, we retained leadership in the pickup segment. • Top of brand affinity and CSAT – SUV Brand Power #1 in FY23, FY24 and FY25. • RoCE at 45.2% for FY25 Achievements in FY25 22.5% #1 in SUVs by revenue market share, up 210 bps YoY 51.9% #1 in LCV < 3.5T, up 290 bps YoY 1,76,000+ Thar ROXX bookings within first 60 minutes 50,000+ XUV 3XO bookings within first 60 minutes 30,000+ BE 6 and XEV 9e bookings on Day 1 of BEV launch Integrated Annual Report 2024-25 | 20
RkJQdWJsaXNoZXIy NTE5NzY=