170 Integrated Annual Report 2025-26 SML demonstrated commendable resilience, posting solid growth over the previous year. The volumes reached 16,632 units, reflecting a growth of 17.0%, while the industry grew by 13.0%. Overall, SML has successfully increased its market share to 3.1% while achieving noteworthy volume growth. 16,632 Units sold reflecting a growth of 17.0% in FY26 Furthermore, Hiroi by SML was awarded the 'CV Staff Bus of the Year Award' at the Apollo CV Awards 2026. This recognition highlights its excellence in providing reliable and efficient transportation for staff, emphasising comfort and operational efficiency. Similarly, the GS Ambulance by SML secured the 'CV Special Application Vehicle of the Year' at the Apollo CV Awards 2026, underscoring its specialised design and functionality, making it a standout choice for emergency medical services. Mahindra Construction Equipment (’MCE’) Your Company sold 763 backhoe loaders (‘BHLs’) under the Mahindra EarthMaster brand; sold 236 motor graders under the RoadMaster brand; and sold 77 haulage tractors under HaulMaster brand, totalling 1,076 construction equipment units for FY26. Moreover, your Company achieved a milestone in the export markets by recording a significant growth of 95.6% 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. Exports from India Automotive Sector The Automotive Sector of your Company exported a total of 41,030* units in FY26, registering a growth of 18.2% over the previous year. FY26 also witnessed the highest ever SUV exports, growing by 19% over FY25, led by strong global acceptance of the XUV3X0, which was successfully launched across multiple international markets. The year marked a new high for your Company’s International Business, with record volumes driven by sustained momentum across regions. 41,030* Units exported registering a growth of 18.2% in FY26 *includes exports from MLMML The Company’s subsidiaries continued to deliver strong performance. Mahindra and Mahindra South Africa (Proprietary) Limited (‘MSA’) and Mahindra Automotive Australia Pty. Ltd. (‘MAAPL’) recorded robust growth in retail volumes, with MSA growing by 18% over FY25 and MAAPL by 11% over FY25, reflecting sustained customer demand and improved network reach. In South Africa, your Company consolidated its position as a Top 10 automotive OEM (among over 50 brands), supported by continued product success and network expansion. During the year, MSA commissioned a new assembly facility in Durban, doubling local production capacity, and expanded its footprint to 100 sales and service touchpoints. The XUV3X0 emerged as a key growth driver, receiving the ‘Motor Enthusiast’s Choice’ award at the 2025 South Africa Car of the Year awards, achieving approximately 10% share in its segment, and breaking into South Africa’s Top 10 bestselling passenger vehicles in March 2026. The subsidiary also demonstrated strong brand engagement through initiatives such as Fusion Fest 2026, while celebrating a milestone of 10,000 XUV3X0 customers in the country. In Australia, MAAPL strengthened its nationwide presence with 70 sales and service touchpoints across major metropolitan markets. The business delivered growth, supported by the successful introduction of the XUV3X0. The product’s strong market acceptance was further reinforced by its recognition as a Top 5 finalist at the prestigious ‘Wheels Car of the Year Awards 2025-26’, marking a significant milestone for an Indian-manufactured vehicle. During the year, your Company also achieved a strategic breakthrough by securing its largest ever export order for the supply of 35,000 units of Scorpio Pik Up vehicles to Agrinas Pangan Nusantara, an Indonesian state-owned enterprise. This landmark order underscores your Company’s growing relevance in global markets and its ability to participate in large-scale institutional opportunities. Your Company remains committed to strengthening its global footprint through focused product actions, network expansion and enhanced customer engagement, while continuing to build sustainable and scalable international business.
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