24 Integrated Annual Report 2025-26 • In FY26, we added capacity for ICE and electric SUVs taking the total operational exit capacity to 64.5k units per month. This is being scaled up further as part of debottlenecking and adding capacity for new products. • Additionally, NU_IQ capacity is being created at Chakan, which will be operational in phases by FY28. • Production at the greenfield plant at Nagpur is planned to start in 2028. Key Highlights E-SUVs • We made substantial progress on the electric SUV roadmap in FY26, establishing Mahindra as India’s No. 1 E-SUV player by revenue market share. • EV penetration within our SUV portfolio reached 9.6% in Q4 FY26. • E-SUVs achieved positive margins in their first full year of operations, with an end-to-end (including contract manufacturing) EBITDA margin of 9.1% and EBIT margin of 2.0%. International operations: • We consolidated our position as a Top 10 automotive OEM in South Africa. The Australia business recorded strong growth supported by the successful introduction of the XUV3XO. • We won our largest ever export order — 35,000 units of Scorpio Pikup to an Indonesian state-owned enterprise. • We became India’s 5th largest auto exporter (PV + CV). FY26 Achievements 25.3% No. 1 in SUVs by revenue market share, up 260 bps NU_IQ: One Platform. Many Possibilities. The new NU_IQ architecture ushers in the next chapter of intelligent mobility, blending innovation, global design and advanced technology. With its modular, multi-energy architecture, it gives flexibility to innovate across multiple powertrains. This bold engineering furthers Mahindra’s vision of delivering class-leading SUVs to a larger audience in India, while redefining the premium SUV experience in global markets. 52.3% No. 1 in LCV <3.5T, up 60 bps 37.4% No. 1 in E-SUVs by revenue market share 10.4% EBIT % excluding E-SUV contract manufacturing, up 70 bps
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