177 STATUTORY REPORTS | Management Discussion and Analysis Farm Machinery Your Company has aggressive growth plans for its Farm Machinery business, supported by the introduction of ‘Made in India’ farm machinery solutions across the farm mechanisation value chain. In FY26, the revenue of Farm Machinery grew by 32% to reach Rs. 1,354 crore (including MITRA Agri Equipments Private Limited, a subsidiary of the Company). Your Company has a focus on expanding its presence through higher-value farm machinery categories such as harvesters, balers, seed drills etc. International Operations Your Company continues to focus on expanding its international operations strategically in key markets. This includes launching products from its new lightweight OJA range of tractors. During the year, your Company exited a number of international subsidiaries, all of which align with its broader capital allocation framework and portfolio optimisation strategy, enabling your Company to focus on opportunities that best position us for long-term success. This is also aimed at streamlining the Group’s portfolio and reallocating capital towards core and higher-return segments. Your Company withdrew from the agricultural machinery business of Mitsubishi Mahindra Agricultural Machinery Co., Ltd. (’MAM’), which is an associate of the Company operating in Japan, with a phased wind-down planned by H1 FY27. The Company also signed and executed an agreement to divest its stake in Sampo Rosenlew Oy, Finland and announced the sale of its stake in Erkunt Foundry in Turkey. The ongoing tractor business in Turkey remains unaffected and continues to be part of the Mahindra Group. Your Company remains focused on key markets — the United States, Brazil and Turkey — where it holds a strong presence and market share. Despite an industry-wide slowdown in FY26, fundamentals remain robust, positioning the Company well as conditions improve. Your Company aspires to Transform Lives of Farmers Globally by Democratising Technology, growing its revenue 3X in this decade through the below vectors. Domestic Tractors – Fortify International Business - Build Momentum Farm Machinery - Continue to Scale Technology - New Growth Horizon Mahindra Last Mile Mobility Limited MLMML continues to maintain its leadership position in the E-3W segment, with a market share of 40% (as per SIAM). Driven by a commitment towards advancing India’s transition to electric last-mile mobility, it remains focused on differentiated product innovation, scalable and disciplined execution, ecosystem enablement and deep customer engagement. MLMML’s strategic priorities are centred around the following pillars: • Passenger Segment MLMML continues to drive electrification in the 3W passenger (L5M) segment through innovative product offerings. With products such as UDO, featuring segment-first technologies along with best-in-class performance, safety, and comfort, the Company aims to further strengthen its position in the segment. • Cargo Segment The business has a wide cargo EV portfolio spanning multiple use cases and payload requirements, with offerings ranging from e-Cart and L5N platforms to N1-category products. Through tailored solutions addressing various customer segments, the Company seeks to accelerate electrification of last-mile cargo transportation. • Ecosystem Enablement MLMML remains focused on establishing an EV ecosystem, including expanding distribution and service reach, enabling access to affordable financing, strengthening charging infrastructure, and building strategic partnerships for battery recycling and EV lifecycle management.
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