STATUTORY REPORTS | Board’s Report 101 the previous year, registering a decrease of 45.3%, driven by the impact of EUR/INR on international business. Mahindra Logistics Limited, the listed subsidiary in the logistics business, reported a consolidated operating revenue of Rs. 6,999 crore as compared to Rs. 6,105 crore in the previous year registering an increase of 14.6%. The consolidated profit after tax after non-controlling interests for the year is Rs. 2 crore as compared to loss of Rs. 36 crore in the previous year, registering an increase of 105.6%. Swaraj Engines Limited, the listed subsidiary in the business of manufacturing of Diesel Engines and its components, reported operating revenue of Rs. 2,007 crore as compared to Rs. 1,682 crore in the previous year registering an increase of 19.3%. The profit after tax for the year is Rs. 196 crore as compared to Rs. 166 crore in the previous year, registering an increase of 18.1%. SML Mahindra Limited (‘SML’) (formerly known as SML Isuzu Limited), the listed subsidiary primarily in the business of manufacturing and sale of Light Commercial Vehicles and Medium Commercial Vehicles in the automobile industry and has a product portfolio comprising buses, trucks, and specific application vehicles, reported operating revenue of Rs. 2,838 crore as compared to Rs. 2,399 crore in the previous year registering an increase of 18.3%. The profit after tax for the year is Rs. 160 crore as compared to Rs. 122 crore in the previous year, registering an increase of 31.1%. SML became subsidiary of the Company with effect from 1st August 2025. Mahindra EPC Irrigation Limited, a listed subsidiary in the business of Micro Irrigation Systems such as Drip and Sprinklers, Agricultural Pumps, Greenhouses and Land Scape Products, reported a consolidated operating revenue of Rs. 312 crore as compared to Rs. 273 crore in the previous year, registering an increase of 14.3%. The consolidated profit after tax for the year is Rs. 13 crore as compared to Rs. 7 crore in the previous year, registering an increase of 85.7%. During the year under review, there have been significant changes concerning the Subsidiaries and Associates (including Joint Ventures) of your Company. Mahindra Advanced Technologies Limited (‘MATL’), Shreyas Stones Private Limited, Keskinäinen Kiinteistö Oy Salla Star, SML Mahindra Limited, PSL Media & Communications Limited, New Democratic Electoral Trust and Mahindra Blossom Developers Limited have become Subsidiaries of your Company. Additionally, Mahindra & Mahindra Contech Limited and Kota Farms Services Limited have transitioned from being Associates to Subsidiaries of your Company. Conversely, MLL Global Logistics Limited, Sampo Rosenlew Oy, Finland and Mahindra Aerospace Australia Pty. Limited have ceased to be Subsidiaries of your Company. During the year under review, the name of Bristlecone India Limited was changed to Bristlecone India Private Limited following its conversion to a private limited company. Further, pursuant to the restructuring process, Mahindra Defence Systems Limited (‘MDSL’) ceased to be direct wholly owned subsidiary of the Company and became a wholly owned subsidiary of MATL. Additionally, Mahindra Telephonics Integrated Systems Limited and Mahindra Emirates Vehicle Armouring FZ LLC (‘MEVA’) also ceased to be the subsidiaries of MDSL and became direct subsidiaries of MATL. Mahindra Armored Vehicles Jordan, LLC, a subsidiary of MEVA also ceased to be a step-down subsidiary of MDSL and became a step down subsidiary of MATL. Mahindra BT Investment Company (Mauritius) Limited became a wholly owned subsidiary of the Company on account of acquisition of its balance stake by the Company from BT Holdings Limited. Subsequently, its name has been changed to Mahindra Investment Company Mauritius Limited. Further, Gelos Solren Private Limited ceased to be a wholly owned subsidiary of Mahindra Susten Private Limited (‘MSPL’), a step-down subsidiary of the Company and continues to be a Subsidiary of MSPL and that of the Company. Mahindra Last Mile Mobility Limited ceased to be a wholly owned subsidiary and continues as a subsidiary of the Company consequent to dilution of its stake. During the year, Mahindra Racing UK Limited ceased to be a subsidiary but was re-acquired later and is now again a subsidiary of your Company. Pursuant to execution of Agreement between the Company and Tech Mahindra Limited, a listed Associate of the Company, Tech Mahindra Foundation has been classified as the Associate of the Company. Further, Mahindra Ideal Lanka Private Limited and Blue Planet Integrated Waste Solutions Private Limited ceased to be Associates of your Company. A Report on the performance and financial position of each of the subsidiaries, associates and joint venture companies included in the Consolidated Financial Statements and their contribution to the overall performance of the Company, is provided in Form AOC-1 and forms part of this Annual Report.
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