171 STATUTORY REPORTS | Management Discussion and Analysis Tractors FY26 marks one of the strongest years for Mahindra’s Farm Equipment Sector. During the year, your Company’s market share in the domestic tractor industry stood at 43.6%, a gain of 0.3% over FY25. During the year under review, your Company sold a total of 5,26,403 tractors (domestic and exports from India), under the Mahindra, Swaraj and Trakstar brands, as against 4,24,641 tractors sold in the previous year, registering a growth of 24.0%. 5,26,403 Total units of tractors sold registering a growth of 24.0% (domestic and exports from India) Your Company sold 5,05,930 tractors, as compared to 4,07,094 tractors in the previous year in the domestic market (these figures for the current year sales and previous year sales include tractors sold by Gromax Agri Equipment Limited, a subsidiary of the Company), reflecting a growth of 24.3%, as against the industry growth of 23.5%. Your Company achieved its highest ever market share in FY26 at 43.6% and maintained its position as the domestic market leader for the 43rd consecutive year. Your Company’s performance was supported by good performance of all products in the portfolio across all three brands viz. Mahindra, Swaraj and Trakstar. Exports of tractors from your Company out of India in FY26 also improved by 16.7% at 20,473 tractors as compared to FY25. Farm Machinery Farm mechanisation plays a pivotal role in enhancing agricultural productivity while addressing the increasing scarcity of farm labour. During the year, your Company’s Farm Machinery business (self-propelled and tractor propelled products) clocked the highest ever revenue of Rs. 1,354 crore (including MITRA Agri Equipments Private Limited, a subsidiary of the Company) as compared to Rs. 1,024 crore in the previous year, registering a growth of 32.2%. The Farm Machinery business introduced several new Made in India products during the year to establish a comprehensive portfolio across the complete agri machinery value chain. During the year, it continued to gain momentum in the harvester category with wheeled, crawler and tractor-mounted harvesters, achieving the highest ever volume in both wheeled and crawler harvesters. The popular Swaraj 8200 Wheel Harvester was also upgraded in FY26. Your Company fortified its position in the rotary tiller category by launching new products across geographies, and remains the 2nd largest rotary tiller manufacturer in India. Other launches included Mahindra Loaders, Paddy Walker, variants of the MB plough, over half a dozen cultivator models, land levellers, square balers, hay rakes, mulchers, and slashers. Your Company also expanded its sprayer portfolio and introduced a multi-crop seeding solution. Exports From India Farm Equipment Sector For the year under review, in spite of a challenging global environment, your Company exported 20,473 tractors, a growth of 16.7% over the last year. Your Company’s exports were driven by a strengthened presence in international markets, deeper consolidation in existing geographies, entry into new geographies, and the introduction of new products across its award-winning OJA, Yuvo, and Novo platforms. Your Company further strengthened its strategic position in the Sri Lanka, Nepal and Bangladesh markets. In Sri Lanka, it had the highest ever tractor billing, while retaining and consolidating its No. 1 position in Nepal with a market share in excess of 40%. It also ramped up exports to Algeria. During the year, your Company expanded its global footprint through the successful penetration of the future-ready, lightweight OJA tractor range across key markets in North and South America, Australia, Africa, and Asia, along with product and country specific implements reinforcing its commitment to global market growth and diversified product deployment.
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