163 STATUTORY REPORTS | Management Discussion and Analysis Mahindra & Mahindra Limited (‘M&M’ or ‘Mahindra’) is the flagship Company of the Mahindra Group, a globally renowned, diversified federation of companies that operates across diverse industries and geographies. As a leader in innovation, technology and purpose-led growth, Mahindra continues to push boundaries in delivering world-class products and technology-enabled services that deliver value and enable its customers, partners, and stakeholders to Rise. With a strong emphasis on customer centricity, the Company strives to provide accessible and impactful solutions tailored to evolving customer needs. Innovation remains at the core of Mahindra’s philosophy, enabling the Company to adapt to changing market dynamics and capitalise on emerging opportunities in a rapidly evolving world. People capability development remains a critical pillar of Mahindra’s growth agenda. Ongoing investments in talent and future-ready skills support organisational agility and preparedness to address domestic and global challenges, while enabling the Company to pursue opportunities in a structured and calibrated manner. In FY26, your Company sold 11,17,698 vehicles* (domestic and exports from India), a growth of 18.8% over the previous year, and 5,26,403 tractors** (domestic and exports from India), a growth of 24.0% over the previous year. These numbers represent the highest ever sales of vehicles and tractors by Mahindra in a given financial year. The Automotive and Farm Sectors, along with their subsidiaries, associate companies and joint ventures, achieved global sales# of 1.65 million vehicles and tractors (11,19,960 vehicles and 5,34,507 tractors), a growth of 20.4% over the previous year. Mahindra’s consistent performance over time underscores the strength of its business fundamentals and disciplined execution reinforcing customer confidence and deeper stakeholder trust. *Includes sales made by Mahindra Last Mile Mobility Limited and Mahindra Electric Automobile Limited but excludes sales made by SML Mahindra Limited (SML) (The acquisition of SML Isuzu Limited was completed in August 2025 and hence the numbers of FY26 herein exclude SML volumes to ensure consistency and comparability with prior periods) **Includes sales made by Mahindra, Swaraj and Trakstar brands #Includes domestic sales and sales by subsidiaries, associate companies and joint ventures, but excludes sales made by SML Domestic and Exports Volume 11,17,698 Units* 18.8% YoY Increase in total automotive volume 5,26,403 Units** 24.0% YoY Increase in total tractor volume Global Volume 11,19,960 Units 19.1% YoY Increase in total automotive volume 5,34,507 Units 23.3% YoY Increase in total tractor volume MANAGEMENT DISCUSSION AND ANALYSIS
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