32 Integrated Annual Report 2025-26 Mahindra Susten Mahindra Susten is the Group’s renewable energy platform and a leading renewable independent power producer, driving India’s renewable energy transition. Susten exemplifies the Group’s steadfast commitment to ESG principles and delivering operational excellence. Susten aspires to be a leading developer and manager of high-quality renewable energy assets, growing its portfolio 5x this decade to 7.0 GWp by FY31. Growth Vectors • High-quality Solar and Hybrid In addition to solar projects, the business is enhancing its competitive edge through capabilities in Hybrid (solar and wind) and Round-the-Clock projects, integrated with Energy Storage Solutions. • Connectivity and Land This lays the foundation for Susten to scale further and make inroads into emerging solutions such as Battery Energy Storage Systems. • Efficient Structure With a Build–flip model, the business has an efficient capital structure, keeping the balance sheet light and releasing capital to build the next tranche of assets. Key Highlights • In FY26, Susten successfully commissioned solar projects of 560 MWp for GUVNL and RUVITL, the state discoms of Gujarat and Rajasthan respectively, reinforcing its strong execution track record. • Under the group captive structure, Susten commenced construction for two projects — one of Maharashtra’s first co-located solar plus wind projects and one of Punjab’s largest group captive solar projects. FY26 Achievements 560 MWp Commissioned capacity of solar projects With more than 3.4 lakh electric vehicles sold to date, LMM remains the only commercial EV player to achieve this scale. Adoption is accelerating sharply, with the most recent one lakh units delivered in just 15 months. The business is evolving beyond vehicles into a full-stack last mile mobility ecosystem. Dedicated financing partnerships, expanded charging access and structured driver welfare programmes are strengthening customer viability, all while deepening LMM’s reach across semi-urban and rural India. LMM aspires to place one million EVs on Indian roads by 2031 and sustain its leadership in the electric commercial vehicle category. Growth Vectors • Electrification: A compelling total cost of ownership, aided by strong policy support in E-3Ws, reinforces LMM’s ability to consolidate its category leadership. • Product Category Expansion: LMM continues to build differentiated products and offerings backed by deep understanding of customer requirements. • Scale Exports: LMM plans to scale up export potential and grow to 10+ global markets. Key Highlights • LMM became the first commercial manufacturer in India to achieve 1 lakh EV sales in a single financial year. • Its portfolio completed 6+ billion e-kilometres cumulatively, reducing ~240 kilo MT of carbon emissions and supporting India’s sustainability goals. • The Mahindra UDO, launched in February 2026, marked a major platform upgrade, delivering 200+ km in real-world range. It has seen strong momentum early on with 7,500+ units billed within two months. FY26 Achievements 1,36,425 Total domestic volumes, up 26% 1,06,744 Domestic EV volumes, up 36%
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