33 RISE TO CREATE VALUE | Group Strategic Overview Mahindra Aerostructures Mahindra Aerostructures (Aero) manufactures metallic parts and assemblies for leading global aerospace OEMs and their major Tier 1 suppliers. The business has earned sustained recognition for delivery, quality and execution standards, establishing itself as a trusted partner for top global OEMs. Aero targets 12x revenue growth this decade and is on the path to become one of the top 10 global aerostructures suppliers. Growth Vectors • The business is deepening its capabilities in machining, complex assemblies and industrialisation to enable participation in larger, higher-value work packages. • Ranked by Airbus as a ‘Challenger’ among its top 21 global suppliers of detail parts and recognised by Boeing as a ‘Premier Bidder’, the business is now at the forefront of global sourcing opportunities. • Industry-leading delivery performance and rigorous quality systems continue to differentiate Aero in a sector where reliability is paramount. Key Highlights • FY26 saw continued momentum in winning new business with the order book now standing at approximately $1.13 billion. The business secured the second fuselage contract from Airbus Helicopters, becoming the global sole-source for its two most popular platforms — H130 and H125. • Retained Airbus ‘D2P Challenger’ & Airbus SQIP ‘Accredited’ rankings and Boeing ‘Premier Bidder’ rating. • Ranked among top 4 in global ‘Aero Excellence’ assessments at Paris Air Show 2025, becoming the only Indian and the highest-ranked non-European company to do so. Trucks & Buses Mahindra’s Trucks & Buses (MTB) business had a defining year, marked by the strategic acquisition of a 58.97% stake in SML Isuzu by M&M Ltd. The integration of SML has doubled the combined market share of Mahindra Group in trucks & buses to 6% and strengthened Mahindra’s presence across ILCV buses and ILCV trucks. The Trucks & Buses business aspires to be a Top 3 player in India’s ILCV trucks and buses with a focused play in HCVs. Growth Vectors • New and Differentiated Products Portfolio depth powered by a wide range of aggregates, advanced telematics, industry-best fluid efficiency, next-gen cabins and in-house Bus Body facility will enable differentiation and cost of ownership advantages. • New Opportunities Unlock Expanded network reach, along with platform and aggregate sharing, will open access to new markets and segments. • Synergy Benefits The integration unlocks efficiencies across sourcing, manufacturing, and distribution. Consolidated efforts in R&D will result in a more competitive cost structure. Key Highlights • Combined market share of 22.9% in ILCV buses, achieving third position in the segment. • ILCV trucks grew 38% YoY with 7% market share, significantly ahead of industry growth. FY26 Achievements 31,464 MTB Division + SML volumes, including exports, up 15% 6.0% MTB Division + SML combined market share
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