178 Integrated Annual Report 2025-26 Supporting these strategic pillars are MLMML’s strong in-house product development capabilities, enabling continuous innovation and the delivery of fit-for-market products with differentiated features and solutions designed to enhance overall customer experience. Trucks and Buses The Trucks & Buses business stands at an inflection point, competing at a meaningful scale on the back of the SML acquisition — which has doubled the combined market share and network, and strengthened manufacturing and bus body-building capacity. SML brings a complementary product portfolio in the ILCV segment and continued leadership in school buses, a position your Company is committed to protecting and building upon. The business holds a commanding share in ILCV Buses and a strong position in LCV Trucks, with a clear aspiration to be a Top 3 player in the ILCV segment and a focused play in HCVs. This growth aspiration is powered by three vectors. First, new and differentiated products built on a wide range of aggregates, industry-best fluid efficiency, advanced telematics, next-gen cabins, and an in-house bus body facility. Second, new opportunities unlocked through the combined network, enabling entry into new geographies and, through platform and aggregate sharing, access to adjacent segments. Third, meaningful synergies from integrating R&D, sourcing and production across SML and Mahindra Truck & Bus Division, unlocking capital to reinvest in the business. A commitment to service excellence underpins these growth vectors — with superior uptime, reliability and post-sales delight, and a technology-led differentiation anchored in iMAXX, the intelligent fleet telematics and prognostics platform. AI/ML is an additional enhancer that is deployed to further sharpen the TCO proposition and accelerate your Company’s move up the competitive ladder. With this foundation, the Trucks & Buses business aspires to become a formidable player with the portfolio depth, network reach, and technology edge to earn lasting customer loyalty. Material Developments In Human Resources • Mahindra Leadership University (’MLU’): MLU continues to play a crucial role in honing a future-ready leadership pipeline for the Mahindra Group. Rooted in the Group’s core values of Integrity, Quality, and Care, MLU is adept at adapting to evolving business priorities while staying committed to fostering leaders who are Collaborative, Agile and Bold. Throughout the year, MLU delivered more than 90 learning interventions, positively impacting over 2,200 learners across various businesses and levels. These programmes were meticulously designed to enhance critical capabilities such as leadership effectiveness, digital and AI fluency, functional depth, and future skills, ensuring talent is well-prepared to navigate complexities and drive sustainable growth. • Mahindra Accelerated Leadership Track (’MALT’): In partnership with Carnegie Mellon University, MALT blends academic rigour with real-world application. Participants engage with complex leadership challenges, enterprise problem solving, and cross-business exposure, thereby fostering the mindset required to lead at scale. A defining feature of MALT is the significant involvement of senior leaders, with over 100 hours invested by Mahindra’s leaders, driven by a shared commitment to developing future leadership. The programme has empowered 161 participants across batches. • Future Shapers: This is our senior leadership programme, designed to enhance enterprise leadership capabilities and prepare participants to lead Mahindra’s growth agenda, in partnership with Oxford University and top-tier global professional firms, institutions, and leaders. Over cohorts, the programme has been empowering 130 individuals to innovate, inspire teams, and drive the Company’s evolution into the future.
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