03 MESSAGE FROM THE LEADERS GROUP CEO & MD’S MESSAGE Our Growth Gems have seen continued momentum, with Mahindra Lifespaces profit up 7x, Aerospace built a strong order book of over $1 billion, Logistics broke even after 11 quarters of losses, Advanced Technologies is on a strong growth path, and Trucks & Buses is well positioned after the SML acquisition. This breadth of performance reflects a portfolio that is both resilient and future ready. As we reflect on this progress, it is encouraging to see it recognised externally. Over a decade ago, Anand Mahindra set an aspiration for us…to be a globally ‘admired’ company. Today, it is heartening to see that the Mahindra Group is ranked #44 on TIME’s World’s Best Companies list and is the only Indian company in the Top 100. We were also honoured to receive CNBC’s Outstanding Company of the Year and the Golden Peacock Global Award for Governance for the fifth consecutive year. AI At Scale Artificial Intelligence is one of the most defining shifts shaping our world today. Its impact is redefining industries, decision-making, and the nature of work itself. Our approach is clear: we must act with courage and intent. This is not a moment for incremental experimentation at the margins, but for meaningful integration at scale. Across the Group, we are embedding AI into how we think, operate, and serve our customers. Dear Shareholders, In a world defined by volatility and disruption, the ability to create direction sets institutions apart. And it is the courage to accelerate through uncertainty that determines how far they go. Uncertainty today is no longer cyclical…it is structural. Geopolitical shifts, rapid technological change, climate imperatives, and evolving consumer expectations are reshaping industries at pace. In this environment, we have remained clear in our approach: to stay anchored to our values while accelerating growth, sharpening our portfolio while building future-ready businesses. Performance Through Conviction FY26 has been an exceptional year for the Mahindra Group, with broad-based performance across our businesses. Despite a challenging global environment we delivered our highest ever annual performance, with consolidated revenue of ₹1,98,639 crore, up 25% year-on-year. Consolidated Profit After Tax (PAT) grew 32% to ₹17,099 crore, the highest in the Group’s history. We strengthened our leadership positions both in Auto and Farm. SUVs grew 20%, while Tractor volumes crossed 5 lakh, and we continue to lead electric three-wheelers with a 40% market share. Our IT services arm Tech Mahindra improved its EBIT margin to 12.6 per cent, marking a steady recovery. Mahindra Finance delivered a strong recovery, with operational PAT up 60%, GS3 improving to 3.41%, and Project Udaan achieved full adoption, positioning the business well for growth. Dr. Anish Shah Group CEO & Managing Director
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