22 Integrated Annual Report 2025-26 Mahindra Group’s businesses play at the core of India's growth story. Built on strong fundamentals and powered by structural tailwinds, they are well-positioned to accelerate and deliver sustained value. The Group's journey over the past 6 years has been shaped by three distinct phases of evolution. • Phase 1 — Disciplined Capital Allocation (FY21) We adopted an objective approach to evaluate our portfolio, identifying businesses with a clear right to win and a credible path to long-term value creation. Businesses that did not meet the bar were exited. The Group refocused its strategy on three sets of businesses — strong market leaders in Auto and Farm, large businesses like Mahindra Finance and Tech Mahindra that needed to lift their operating performance, and a set of high-potential businesses, called the Growth Gems. Our core businesses in Automotive and Farm sectors are well-established market leaders, backed by scale and consistently strong execution. We aim to consolidate this leadership through customer centric brands anchored in innovation and guided by a bold global vision. We are building a high-quality, long-term value creation engine that delivers compelling growth at scale. • Phase 2 — Pivot to Growth (FY22–FY24) This phase was marked by laying out a clear strategic roadmap for the 3 sets of businesses. ▪ Capitalize on market leadership in Auto and Farm ▪ Achieve full potential for Mahindra Finance and Tech Mahindra ▪ Scale up the Growth Gems rapidly • Phase 3 — Deliver Scale (FY25 onwards) This three-pronged approach set the stage for bold, innovation-led growth, designed to build resilient businesses. FY26 was marked by strong execution and breakthrough performance across Group businesses. We reported 25% revenue growth over FY25, 20% ROE, and an EPS of ₹152 (57% CAGR since FY21), despite geopolitical headwinds & disruptions. In February 2026, we announced our largest ever integrated manufacturing facility in Nagpur with an investment of ₹15,000 crore over ten years. This is a significant step forward in our manufacturing journey, reinforcing our commitment to ‘Make in India for the World’. Once fully operational, the facility will have an annual production capacity of over 5 lakh vehicles and 1 lakh tractors. Capitalize on Market Leadership Achieve Full Potential Capitalize on Market Leadership SUVs E-SUVs LCVs Tractors Scale Up Growth Gems
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