169 STATUTORY REPORTS | Management Discussion and Analysis Mahindra Last Mile Mobility (’MLMML’) In the Last Mile Mobility business, MLMML sold 1,36,855 units (domestic and exports) in FY26, as against 1,08,661 units in FY25, registering a strong growth of 25.9%. During the year, MLMML launched UDO, a category-redefining product in the L5M EV segment, offering best-in-class design, range and performance. Alongside, it introduced multiple product refreshes, including Zor Grand Range+ and eAlfa Hard Top, further strengthening its portfolio and value proposition to customers. 1,36,855 Units sold (domestic and exports) in FY26 with 25.9% YoY growth For the first time, MLMML crossed the 1 lakh mark in EV sales, delivering 1,07,157 units (domestic and exports), a 36.5% YoY growth. The business crossed a significant milestone this year, with over 3.4 lakh commercial electric vehicles now on the road and retaining its position as India’s No. 1 E-3W player. 1,07,157 EV units delivered (domestic and exports) in FY26 with 36.5% YoY growth MLMML’s achievements were recognised with the Zor Grand Range+ winning the Apollo CV 3W of the Year award, and six awards from Manufacturing Today for excellence in HR, Supply Chain Management, and Sustainability. Automotive Sector - Truck & Bus Division With the positive impact of the GST rate cut, the CV industry experienced a surge in H2 FY26, creating a favourable environment. Your Company demonstrated commendable resilience, posting solid growth over the previous year. The volumes reached 14,832 units, reflecting a growth of 13.3%. While the industry experienced a substantial recovery in the second half of the year, with an annual growth of 13.0%, your Company kept pace with the industry, showcasing its robust strategic execution and market adaptability. Overall, your Company has successfully maintained its market share at 2.9% while achieving noteworthy volume growth. 14,832 Units sold with a growth of 13.3% in FY26 A significant milestone was achieved as your Company posted consecutive EBITDA-positive results for FY26. The Blazo X 28 Transit Mixer has been a cornerstone of innovation, winning the 'Construction CV Application of the Year' at the Apollo CV Awards 2026. This prestigious accolade underscores the Company’s commitment to engineering excellence, efficiency, and meeting the rigorous demands of construction applications. Looking ahead, your Company remains focused on driving continued growth through multiple strategic initiatives. These include product enhancements, elevating customer experience, and improving operational efficiencies. The Company believes that these efforts will further solidify the Company’s market presence and deliver sustainable value to the stakeholders. SML Mahindra Limited On 26th April 2025, the Company entered into agreements to acquire a 58.96% stake in SML Isuzu Limited. In addition, the Company made an open offer for acquisition of up to 26% stake from eligible public shareholders of SML Isuzu Limited in accordance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. On 1st August 2025, your Company completed the acquisition of majority stake in SML Isuzu Limited and renamed the company SML Mahindra Limited (‘SML’) and increased the combined market share (Mahindra Truck & Bus Division and SML) to 6% in >3.5T segment, with a goal of elevating this to 10-12% by FY31 and over 20% by FY36.
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