176 Integrated Annual Report 2025-26 Strategy Automotive Sector In FY26, your Company reported a robust year-on-year growth of 19.7% in SUVs, registering its highest ever annual sales at 6,60,276 units. Additionally, in terms of revenue market share, it retained the No. 1 position in ICE SUVs, growing 260 bps over FY25, and achieved No. 1 position in electric SUVs. It ranked No. 2 among passenger vehicle manufacturers by revenue in ICE and No. 1 in EV. The Company also retained its leadership position in LCVs (<3.5T) and E-3Ws. During the year, your Company unveiled its Global Vision 2027 and showcased four world-class SUV design concepts based on the modular, multi-energy NU_IQ platform. The Company’s commitment to operational excellence and transparency was reinforced with two prestigious awards — ‘Best Auto OEM’ and ‘Best Disclosures & Transparency Leader of the Year’ by Business Today. Additionally, the XEV 9e garnered 19 awards, including the esteemed ‘Green Car of the Year’ at the India Car of the Year (‘ICOTY’) 2026 awards. Your Company is set to sustain this momentum through continued innovation, accelerated global growth, and an enhanced focus on customer experience. The Company’s strategy is anchored on the theme ‘Accelerate in Uncertainty’, balancing resilience with future-ready growth. In the near-term, the focus is on fortifying the core through capacity debottlenecking in FY27, supply chain de-risking, and a robust commodity hedging programme to protect margins and ensure growth continuity. Your Company’s outlook for FY27 remains strong, with projected mid-to-high teens growth in SUVs. The Company is well-positioned to scale efficiently, diversify risk, and lead the transition towards next-generation mobility. Looking beyond FY27, the Company is building growth engines by launching the NU_IQ portfolio, expanding international markets and accelerating EV adoption. Your Company plans a robust product roadmap till 2031, with 10 LCV launches (including new products based on the Veero platform and portfolio upgrades) and 16 SUVs (10 ICE and 6 electric SUVs), combining existing commitments with additional launches. Capacity expansion has been planned to support this roadmap, with phased NU_IQ capacity coming up in Chakan by FY28 and a new greenfield plant in Nagpur (5 lakh vehicle capacity) planned for CY28 and beyond. This will be complemented by a strong push on sales and service infrastructure, built through the addition of 450+ touchpoints over the past two years, with a continued scale-up planned ahead to strengthen market reach and accessibility. Charging infrastructure under Mahindra Charge_iN will be strengthened simultaneously to accelerate EV adoption, scaling from 30 stations with 120 charging points currently to 250 stations and 1,000 charging points by end of 2027. Farm Equipment Business (’FEB’) Your Company continues to lead the way in driving positive change with reliable and accessible mechanisation solutions across India’s growing agri sector. In FY27, your Company will launch 7 new tractors and 12 new features, including products from Mahindra’s New Tractor range and the Swaraj PRO-TEK. In FY26, your Company showcased a range of alternate fuel tractors and technologies, including the CNG/CBG tractor, an electric tractor and an ethanol flex fuel tractor engine. Developed at Mahindra Research Valley (‘MRV’), Chennai, these breakthrough alternate fuel technologies leverage decades of Mahindra’s expertise in advanced engine innovation, positioning the Company at the forefront of the country’s endeavour in developing sustainable solutions in farm mechanisation.
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