Mahindra & Mahindra Limited | Integrated Annual Report 2025-26

CHAIRMAN’S MESSAGE	4
GROUP CEO & MD’S MESSAGE	6
PERFORMANCE HIGHLIGHTS	10
GROUP OVERVIEW	12
THE MAHINDRA GROUP	12
BOARD OF DIRECTORS	17
GROUP EXECUTIVE BOARD	18
AWARDS & ACCOLADES	20
RISE TO CREATE VALUE	24
GROUP STRATEGIC OVERVIEW	24
RISK MANAGEMENT	38
OPPORTUNITIES & OUTLOOK	41
GROUP VALUE CREATION MODEL	42
RISE TO BE FUTURE-READY	44
MANUFACTURING CAPABILITIES	44
DIGITAL & AI CAPABILITIES	50
NEW PRODUCTS & MILESTONES	56
RISE FOR A MORE EQUAL WORLD	72
ESG STRATEGY	72
PEOPLE & CULTURE	82
SOCIAL IMPACT	90
CORPORATE INFORMATION	96
STATUTORY REPORTS	97
BOARD’S REPORT	97
MANAGEMENT DISCUSSION AND ANALYSIS	165
CORPORATE GOVERNANCE	191
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT	249
FINANCIAL STATEMENTS	305
STANDALONE ACCOUNTS	305
CONSOLIDATED ACCOUNTS	381
NOTICE	493

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