STATUTORY REPORTS | Board’s Report 97 Farm Equipment Sector Your Company’s Farm Equipment Sector recorded total sales (domestic and exports) of 5,26,403 tractors as against 4,24,641 tractors sold in the previous year, registering a growth of 24.0%. These figures include tractors sold under the Trakstar brand, which is the third brand of your Company under the subsidiary Gromax Agri Equipment Limited. For the year under review, the tractor industry in India recorded sales of 11,60,231 tractors, a growth of 23.5%. Tractor Industry recorded growth in FY26 on account of favourable monsoon, good reservoir levels, GST rate cut for tractors leading to positive terms of trade for farmers and a broad-based GST rate cut resulted in a strong income effect for rural consumption. In the domestic market, your Company sold 5,05,930 tractors, as compared to 4,07,094 tractors in the previous year (these figures include tractors sold by Gromax Agri Equipment Limited), recording a growth of 24.3%. It is the highest ever volume sold by your Company. With a market share at 43.6%, a gain of 0.3% over previous year, your Company remains the Market Leader for the 43rd consecutive year. Your Company continues to focus on growing the farm mechanisation space, by offering affordable mechanisation solutions. The portfolio comprises of Rotavators, Cultivators, Harvesters, Rice Transplanters, Balers and Sprayers. For the year under review, your Company exported 20,473 tractors which is a growth of 16.7% over the previous year. Net Sales of Spare parts for the FY26 stood at Rs. 1,440.4 crore (including exports of Rs. 131.4 crore) as compared to Rs. 1,328.6 crore (including exports of Rs. 171.8 crore) in the previous year, registering a growth of 8.4%. Please refer to the Management Discussion and Analysis section of this Annual Report for detailed analysis. Other Businesses Powerol Mahindra Powerol has been a leading player in the power back-up industry for over two decades and ranks among the top two players by volume in India’s power generation market. Its strong footprint includes more than 1,000 sales and service touchpoints across India and operations in over 12 international locations. The Company’s balanced business model draws equal strength from products and services. Beyond telecom, Powerol is expanding its retail presence through higher kVA range extensions. Leveraging its network, reach and focus on Green Energy Solutions, Powerol emerged as a Strong Player in EV Charger services with over 50,000 home chargers installations across the nation. Growing infrastructure and power needs offer significant expansion opportunities. Construction Equipment Your Company sold 763 Backhoe Loaders (BHLs) under the Mahindra EarthMaster brand; sold 236 Motor Graders under the RoadMaster brand; and sold 77 Haulage tractor under HaulMaster brand, totalling to 1,076 construction equipment units for FY26. Moreover, your Company achieved an exceptional milestone in the export markets by recording a significant growth of 96% year-on-year. A total of 446 units of construction equipment were exported, reflecting the growing acceptance of Mahindra products in international markets and the success of strategic efforts to expand the global footprint. Two-Wheeler Business Your Company, through its subsidiary Classic Legends Private Limited, reintroduced the Jawa and Yezdi brands in FY19 and FY22 respectively. New launches included the Jawa 42 Bobber in FY23 and the Jawa 350 in FY24, along with the addition of the Jawa 42 FJ. In FY26, the Yezdi portfolio was revived and scaled 3.6x with the Yezdi Adventure Dual Headlamp and the new Yezdi Roadster, supported by a GST reduction on sub-350cc motorcycles. The Company also expanded internationally via the BSA brand in the UK and Europe. In FY25, BSA was introduced in India with the BSA Gold Star 650. Global offerings expanded with the BSA Bantam and Scrambler. Current Year’s review During the period 1st April 2026 to 4th May 2026, 87,910 vehicles were produced as against 85,821 vehicles and 86,500 vehicles were dispatched as against 81,660 vehicles during the corresponding period in the previous year. During the same period, 51,184 tractors were produced and 49,505 tractors were dispatched as against 44,182 tractors produced and 43,788 tractors dispatched during the corresponding period in the previous year.
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