25 RISE TO CREATE VALUE | Group Strategic Overview Farm India's tractor industry anchors the rural economy and remains central to the country's agricultural transformation. With nearly half of India's workforce dependent on agriculture, mechanisation has become essential for improving productivity and unlocking rural prosperity. India’s growing focus on achieving food self-sufficiency and strengthening agricultural output provides significant headroom for the industry to grow. In FY26, industry volume grew 23%, supported by one of the most robust demand environments in recent years. This was enabled by a favourable monsoon, healthy reservoir levels, positive terms of trade, minimum support prices and GST rationalisation. FY26 was a significant year for our Farm business, marked by robust volume growth and best-in-class operating performance. We achieved our highest ever domestic market share of 43.6%, reinforcing our leadership through sustained strength of our core brands — Mahindra and Swaraj. We are further strengthening our leadership through product innovation, capacity enhancements, superior service quality and disciplined supply chain optimisation. Our strategy is defined by the aspiration to transform farmers' lives globally by democratising technology, anchored in four growth vectors. Growth Vectors • Fortifying domestic leadership through a strong portfolio of products, channel expansion and a continued focus on industry-leading profitability. In FY27, we have planned 7 new product launches and 12 feature upgrades. • Scaling international operations with a sharp focus on priority markets where we see a clear path to sustainable, profitable growth. • Growing Farm Machinery through investments in product development, channel efficiency and brand building. Farm Machinery revenues grew 32% in FY26 to ₹1,354 crore and is an important growth engine for the business. • Shaping the future of farm technology through investments in advanced systems, digital solutions and collaborative platforms that enhance precision, productivity and comfort. This ensures we remain at the forefront of agricultural innovation and deliver next-generation solutions to farmers. Key Highlights • In line with our capital allocation discipline, we undertook three decisive actions across our international farm portfolio in FY26. These were targeted at markets with structural weaknesses and an unclear path to profitability. ▪ The sale of Sampo Rosenlew (Finland) was concluded in FY26. ▪ Liquidation was announced for MAM Japan under Japanese law, with wind-down planned over FY27. ▪ The sale of Erkunt Foundry (Turkey) has been announced with completion expected in FY27.
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