187 STATUTORY REPORTS | Management Discussion and Analysis Swaraj Engines Limited, the listed subsidiary in the business of manufacturing of Diesel Engines and its components, reported operating revenue of Rs. 2,007 crore as compared to Rs. 1,682 crore in the previous year registering an increase of 19.3%. The profit after tax for the year is Rs. 196 crore as compared to Rs. 166 crore in the previous year, registering an increase of 18.1%. SML Mahindra Limited (’SML’) (formerly known as SML Isuzu Limited), the listed subsidiary primarily in the business of manufacturing and sale of light commercial vehicles (‘LCVs’) and medium commercial vehicles (‘MCVs’) in the automobile industry and has a product portfolio comprising buses, trucks, and specific application vehicles, reported operating revenue of Rs. 2,838 crore as compared to Rs. 2,399 crore in the previous year registering an increase of 18.3%. The profit after tax for the year is Rs. 160 crore as compared to Rs. 122 crore in the previous year, registering an increase of 31.1%. SML became a subsidiary of M&M with effect from 1st August 2025. Mahindra EPC Irrigation Limited, a listed subsidiary in the business of micro-irrigation systems such as drip and sprinklers, agricultural pumps, greenhouses and landscape products, reported a consolidated operating revenue of Rs. 312 crore as compared to Rs. 273 crore in the previous year, registering an increase of 14.3%. The consolidated profit after tax for the year is Rs. 13 crore as compared to Rs. 7 crore in the previous year, registering an increase of 85.7%. Segment Results After Share of Profit/(Loss) of Associates And Joint Ventures The results achieved by business segments of the Group are given below: (Rs. in crore) Disclaimer Certain statements in the Management Discussion and Analysis describing the Company’s objectives, projections, estimates, expectations or predictions may be ‘forward-looking statements’ within the meaning of applicable securities laws and regulations. Actual results could differ from those expressed or implied. Important factors that could make a difference to the Company’s operations include raw material availability and prices, cyclical demand and pricing in the Company’s principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries in which the Company conducts business and other incidental factors. Segments Automotive Farm Equipment Financial Services Industrial Businesses and Consumer Services Total FY26 10,383 5,517 3,779 3,705 23,384 FY25 7,797 4,947 3,002 2,718 18,464
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