Quick Facts / Company Snapshot
- Company Name: Mahindra & Mahindra Limited
- Incorporation Year: 1945
- Headquarters: Gateway Building, Apollo Bunder, Mumbai, India
- Chairman: Mr. Anand G. Mahindra
- Group CEO & Managing Director: Dr. Anish Shah
- Consolidated Revenue (FY25): ₹1,59,211 crore
- Consolidated Profit After Tax (FY25): ₹12,929 crore
- Standalone Income from Operations (FY25): ₹1,18,625 crore
- Standalone Profit After Tax (FY25): ₹11,855 crore
- Total Automotive Sales Volume (FY25): 9,41,115 units
- Total Tractor Sales Volume (FY25): 4,24,641 units
- SUV Revenue Market Share: 22.5%
- Tractor Market Share (Domestic): 43.3%
- Light Commercial Vehicle (<3.5T) Market Share: 51.9%
- Electric 3-Wheeler Market Share: 42.9%
- Dividend Per Share (FY25): ₹25.30 (506%)
- Net Capital Expenditure (Standalone): ₹4,649 crore
- Total Assets (Consolidated): ₹2,77,586.27 crore
- Permanent Employees: 25,222 (as of March 31, 2025)
- Global Presence: Operates in over 100 countries
Company Overview
Mahindra & Mahindra Ltd. (M&M), the flagship company of the Mahindra Group, stands as a colossus in the global industrial landscape with a legacy spanning eight decades. Founded in 1945, the company has evolved from a steel trading enterprise into a diversified federation of companies with a commanding presence in mobility, farm equipment, technology, and financial services. The organization is driven by a core purpose: to drive positive change in the lives of communities, enabling them to Rise.
The company operates under a federated structure, often symbolized by the banyan tree, where the core businesses of Auto and Farm form the trunk, and new ventures—termed “Growth Gems”—act as aerial roots, anchoring themselves independently to expand resilience and reach. This structure allows for independent decision-making and agility, ensuring that the group can navigate global economic uncertainties effectively.
In Financial Year 2025, the company reinforced its position as a “Planet Positive” business, deeply integrated into India’s economic story. It operates in sectors that drive nearly 70% of India’s GDP. The company’s strategic theme for the year, “Bold by Design,” reflects a deliberate and future-focused approach to building resilient businesses, embracing innovation, and delivering inclusive growth through purpose-led strategies. M&M is not just a vehicle manufacturer; it is a technology and innovation-led conglomerate with leadership positions in SUVs, tractors, light commercial vehicles, and electric 3-wheelers in India.
Business Segments and Revenue Breakup %
Mahindra & Mahindra’s operations are categorized into distinct reporting segments that reflect its diverse portfolio. The segment-wise performance indicates the operational scope and financial contribution of each vertical.
Automotive Segment
The Automotive segment creates a wide range of mobility solutions, including SUVs, commercial vehicles, and electric vehicles.
- Revenue Contribution: This segment reported external revenue of ₹90,424.08 crore in FY25.
- Operational Scope: Includes the sale of automobiles, two-wheelers, spares, construction equipment, and related services. It has achieved the number one position in SUVs by revenue market share and in the Light Commercial Vehicle (LCV) segment under 3.5 tons.
Farm Equipment Segment
This segment is the backbone of the company’s rural engagement, providing tractors and farm machinery.
- Revenue Contribution: The segment generated external revenue of ₹35,315.81 crore in FY25.
- Operational Scope: Comprises the sale of tractors, implements, spares, Powerol (power backup solutions), and related services. The company has maintained its market leadership in the domestic tractor industry for 42 consecutive years.
Financial Services
Operating primarily through its subsidiary, Mahindra & Mahindra Financial Services Limited (MMFSL), this segment provides crucial financial access to rural and semi-urban markets.
- Revenue Contribution: The segment reported external revenue of ₹18,295.83 crore in FY25.
- Operational Scope: Offers financial products ranging from retail and other loans, SME finance, housing finance, mutual funds, and life and non-life insurance broking services.
Industrial Businesses and Consumer Services
This segment aggregates the company’s diverse investments in high-potential sectors outside of the core Auto and Farm verticals.
- Revenue Contribution: It contributed ₹15,175.10 crore to the external revenue in FY25.
- Operational Scope: Includes IT services (Tech Mahindra), Real Estate (Mahindra Lifespaces), Hospitality (Mahindra Holidays), Logistics, Steel trading and processing, Renewables, After-market, Defence, and Agri businesses. These entities are often referred to as “Growth Gems” due to their potential for 5x growth.
History and Evolution
The Mahindra journey began in 1945, initially established as a steel trading company. Over the last 80 years, it has transformed into a dynamic multinational federation.
- 1947: The company assembled its first vehicle.
- Post-Independence: It played a vital role in nation-building, producing steel for industries and vehicles for Indian roads.
- Green Revolution: The company entered the tractor manufacturing business to drive India’s agricultural transformation.
- 1990s and 2000s: Diversified into IT services and financial services to power India’s growth in the services sector.
- Current Era: The company has pivoted to a “Bold by Design” strategy, focusing on SUVs, EVs, and global expansion. It has demonstrated resilience through major global shifts, including the 2008 financial crash and the COVID-19 pandemic, by adapting and transforming its business models.
Products and Services
Mahindra offers an extensive portfolio of products and services designed to meet the aspirations of a rising India and global customers.
Automotive Products
- SUVs: The portfolio includes iconic brands such as the Scorpio, Bolero, XUV700, XUV 3XO, and the Thar family.
- Electric Vehicles (EVs): The company launched its “Electric Origin” SUVs, the BE 6 and XEV 9e, built on the INGLO architecture. It also markets the XUV400 and is the number one player in electric 3-wheelers with products like the Treo and Zor Grand.
- Commercial Vehicles: Includes the Bolero Pik-Up range, Supro, Jeeto, and the newly launched Mahindra Veero in the <3.5T LCV category. It also manufactures Heavy Commercial Vehicles (HCVs) like the Blazo X and Furio trucks.
Farm Equipment Products
- Tractors: Offers a wide range of tractors under the Mahindra, Swaraj, and Trakstar brands. Recent launches include the OJA global tractor platform and the Swaraj Target compact tractor.
- Farm Machinery: Includes rotavators, cultivators, harvesters (like the Swaraj 8200 and Mahindra 2100 Crawler Harvester), rice transplanters, balers, and sprayers.
Services
- Financial Services: Vehicle financing, SME loans, housing finance, and insurance broking.
- Hospitality: Vacation ownership memberships and resort services under Club Mahindra.
- Real Estate: Development of residential projects and integrated cities.
- Logistics: Third-party logistics (3PL), express logistics, and mobility services.
- Technology: IT services, consulting, and business re-engineering through Tech Mahindra.
- Renewable Energy: Solar power generation and EPC services through Mahindra Susten.
Brand Portfolio
Mahindra manages a powerful portfolio of brands that command significant equity in their respective markets.
- Mahindra: The master brand representing trust, reliability, and “Rise.” It is the market leader in tractors and SUVs.
- Swaraj: A highly respected brand in the agricultural sector, celebrating its Golden Jubilee with limited-edition tractors.
- Club Mahindra: The flagship brand for vacation ownership, offering differentiated holiday experiences.
- Tech Mahindra: A global brand in digital transformation and consulting.
- Mahindra Finance: A leading NBFC brand in rural and semi-urban India.
- Classic Legends: Re-introduced iconic motorcycle brands like Jawa, Yezdi, and BSA to the market.
- Mahindra Lifespaces: A pioneer in green homes and sustainable urban development.
Geographical Presence
The Mahindra Group has a global footprint with business presence in over 100 countries.
- India: The home market and manufacturing base, with facilities in Kandivali, Nashik, Igatpuri, Nagpur, Chakan, Zaheerabad, Jaipur, Rudrapur, Haridwar, Mohali, and Pithampur.
- North America: Presence through Mahindra USA Inc. and Mahindra Automotive North America for tractors and off-road vehicles.
- Europe: Operations include Mahindra Europe s.r.l. (Italy) and Automobili Pininfarina (Germany/Italy).
- Asia Pacific: Presence in Australia through Mahindra Automotive Australia Pty. Limited and Japan through Mitsubishi Mahindra Agricultural Machinery Co., Ltd.
- Africa: Strong market presence in South Africa via Mahindra and Mahindra South Africa (Proprietary) Limited.
- Brazil: Operations through Mahindra do Brasil Industrial Ltda.
- Turkey: Manufacturing presence through Erkunt Traktor Sanayii A.S.
Region-wise Revenue (Consolidated):
- Domestic (India): Revenue from external customers stood at ₹1,13,359.10 crore in FY25.
- Overseas: Revenue from external customers stood at ₹5,265.43 crore in FY25.
Financial Performance Analysis
In FY25, Mahindra & Mahindra delivered an exceptional financial performance, characterised by broad-based growth across its core businesses.
- Consolidated Performance:
- Revenue from Operations: Grew by 14% to reach ₹1,59,211 crore, up from ₹1,39,078 crore in the previous year.
- Profit After Tax (PAT): Increased by 15% to ₹12,929 crore. Excluding the impact of KG Mobility, the growth was 20%.
- Standalone Performance:
- Income from Operations: Increased by 17% to ₹1,18,625 crore, compared to ₹1,01,336 crore in the previous year.
- Profit After Tax (PAT): Rose by 11% to ₹11,855 crore, up from ₹10,642 crore in FY24.
- Earnings Per Share (Basic): Stood at ₹98.80, reflecting robust value creation for shareholders.
Profit and Loss Analysis (Consolidated)
- Total Income: Reached ₹1,61,391.87 crore, driven by strong sales volumes and improved realizations.
- Total Expenses: Amounted to ₹1,43,849.67 crore.
- Cost of Materials Consumed: ₹88,111.05 crore, reflecting the scale of manufacturing operations.
- Employee Benefits Expense: ₹11,126.17 crore.
- Finance Costs: ₹9,083.39 crore.
- Depreciation and Amortization: ₹6,073.65 crore.
- Profit Before Tax: Stood at ₹19,079.62 crore, registering an 18% growth over the previous year.
- Tax Expense: The total tax expense for the year was ₹5,006.45 crore.
Balance Sheet Analysis (Consolidated)
- Total Assets: The total asset base strengthened to ₹2,77,586.27 crore as of March 31, 2025.
- Non-Current Assets: ₹1,51,013.00 crore, including Property, Plant and Equipment of ₹25,834.82 crore.
- Current Assets: ₹1,26,573.27 crore, with cash and cash equivalents of ₹4,923.89 crore.
- Total Equity: Stood at ₹89,098.00 crore, with Other Equity (Reserves and Surplus) at ₹76,480.71 crore.
- Total Liabilities: Amounted to ₹1,88,488.27 crore.
- Borrowings: Long-term borrowings were ₹79,707.19 crore, while short-term borrowings stood at ₹41,465.76 crore.
- Trade Payables: Current trade payables were ₹30,855.30 crore.
Cash Flow Analysis (Consolidated)
- Operating Activities: The company generated a net cash flow from operating activities of ₹3,175.81 crore, driven by operating profits before working capital changes of ₹22,049.84 crore.
- Investing Activities: Net cash used in investing activities was ₹18,626.11 crore. This included payments to acquire property, plant, and equipment amounting to ₹10,391.95 crore and net investment in securities.
- Financing Activities: Net cash generated from financing activities was ₹15,834.11 crore, largely from proceeds of borrowings and issue of preference shares, offset by dividend payments and interest costs.
- Net Increase in Cash: There was a net increase in cash and cash equivalents of ₹383.81 crore for the year.
Management Discussion & Analysis (MD&A)
Operating Results The management reported that FY25 was an exceptional year, reflecting strong, broad-based growth and stellar execution. The Auto and Farm sectors continued to gain market share, expanding profitability and reinforcing leadership positions. The launch of Electric Origin SUVs was highlighted as a significant milestone in India’s EV journey.
Macro Environment The management described the global environment as being in a state of flux, akin to a “Samudra Manthan” (great churning). A growing wave of protectionism and economic nationalism is challenging the liberal trade order. However, the management views this as an opportunity for India to position itself as a global manufacturing hub, aided by initiatives like PLI and “Make in India.”
Future Projections The company is focused on “Delivering Scale.” It aims to capitalize on market leadership in Auto and Farm sectors. For “Growth Gems” like Mahindra Lifespaces and Mahindra Logistics, the target is 5x growth by FY30. The company projects India to be a $7 trillion economy by 2030, and Mahindra’s portfolio is aligned with sectors driving 70% of this growth.
Board of Directors and Leadership Team
- Mr. Anand G. Mahindra: Chairman
- Dr. Anish Shah: Group CEO & Managing Director
- Mr. Rajesh Jejurikar: Executive Director and CEO (Auto & Farm Sector)
- Mr. T. N. Manoharan: Lead Independent Director
- Ms. Shikha Sharma: Independent Director
- Ms. Nisaba Godrej: Independent Director
- Mr. Muthiah Murugappan: Independent Director
- Ms. Padmasree Warrior: Independent Director
- Mr. Ranjan Pant: Non-Executive Non-Independent Director
- Mr. Sat Pal Bhanoo: Non-Executive Non-Independent Director (Nominee of LIC)
- Mr. Amarjyoti Barua: President & Group Chief Financial Officer
Subsidiaries, Associates, Joint Ventures
The consolidated financial statements include 122 subsidiaries, 22 joint ventures, and 30 associates. Key entities include:
- Tech Mahindra Limited (Associate): A global IT services provider with a consolidated revenue of ₹52,988 crore.
- Mahindra & Mahindra Financial Services Limited (Subsidiary): A leading NBFC with revenue of ₹18,463 crore and AUM of ₹1,19,673 crore.
- Mahindra Lifespace Developers Limited (Subsidiary): Real estate arm with consolidated revenue of ₹372 crore.
- Mahindra Holidays & Resorts India Limited (Subsidiary): Vacation ownership business with consolidated revenue of ₹2,781 crore.
- Mahindra Logistics Limited (Subsidiary): Logistics provider with consolidated revenue of ₹6,105 crore.
- Mahindra Electric Automobile Limited (Subsidiary): Dedicated EV subsidiary with an approved investment of ₹12,000 crore.
- Mahindra Accelo Limited (Subsidiary): Engaged in steel processing and recycling, achieved revenue of over ₹5,000 crore.
- Swaraj Engines Limited (Subsidiary): Manufactures diesel engines, reported revenue of ₹1,682 crore.
- Classic Legends Private Limited (Joint Venture): Manufactures iconic motorcycles like Jawa and BSA.
- Mahindra Susten Private Limited (Joint Venture): Renewable energy player with a target to scale capacity to 7.0 GWp by FY30.
Physical Properties
The company operates a vast network of manufacturing plants and R&D facilities.
- Automotive Plants: Located in Chakan (Maharashtra), Nashik (Maharashtra), Kandivali (Maharashtra), Zaheerabad (Telangana), and Haridwar (Uttarakhand).
- Farm Equipment Plants: Located in Mumbai, Nagpur, Rudrapur, Jaipur, Zaheerabad, and Mohali.
- Research & Development:
- Mahindra Research Valley (MRV): Located in Chennai, this is the hub for automotive and farm equipment research.
- Mahindra North American Technical Center (MNATC): Located in the USA.
- Mahindra Advanced Design Europe (M.A.D.E): Global design center in the UK.
- Mahindra India Design Studio (MIDS): Located in Mumbai.
Segment-wise Performance
Automotive Sector
- Operational Performance: Sold 9,41,115 vehicles in FY25.
- Market Share: Achieved 22.5% revenue market share in SUVs, a 210 bps increase YoY.
- LCV Segment: Maintained leadership in LCVs <3.5T with a 51.9% market share.
- Electric 3-Wheelers: No. 1 player with 42.9% market share.
- Financials: Segment result was ₹8,277.23 crore (Standalone).
Farm Equipment Sector
- Operational Performance: Sold 4,24,641 tractors in FY25.
- Market Share: Reached a record 43.3% domestic market share, a gain of 170 bps YoY.
- Financials: Segment result was ₹5,371.02 crore (Standalone).
- Exports: Tractor exports grew by 27% YoY.
Founders
The Mahindra Group was founded in 1945 by brothers J.C. Mahindra and K.C. Mahindra, along with Malik Ghulam Muhammad. Originally established as a steel trading company named Mahindra & Mohammed, it was renamed Mahindra & Mahindra in 1948.
Shareholding Pattern
As of March 31, 2025, the shareholding pattern of the company is as follows:
- Promoters and Promoter Group: 18.14%
- Foreign Portfolio Investors (FPIs): 37.66%
- Mutual Funds: 15.11%
- Insurance Companies: 11.46%
- Resident Individuals: 7.93%
- Others: 4.47%
- GDR Holders: 1.69%
- Employee Benefit Trusts: 3.54%
Parent
Mahindra & Mahindra Limited is the flagship company of the Mahindra Group and does not have a parent company. It acts as the holding company for its various subsidiaries and associates.
Investments and Capital Expenditure Plans
- Capital Expenditure: The company incurred a net capital expenditure of ₹4,649 crore (Standalone) and ₹5,115 crore (Consolidated) in FY25, primarily for new product development and capacity enhancement.
- EV Investment: The Board approved an investment of ₹12,000 crore in Mahindra Electric Automobile Limited (MEAL) to accelerate the 4-wheeler passenger EV business over 3 years.
- Capacity Expansion: Added capacity of 5,000 units per month for ICE SUVs and 7,500 units per month for BEVs.
- Renewable Energy: Mahindra Susten targets scaling renewable capacity from 1.5 GWp to 7.0 GWp by FY30.
Future Strategy
The company’s future strategy is anchored on the “Deliver Scale” phase of its capital allocation framework.
- Capitalize on Market Leadership: Fortify leadership in ICE SUVs and Tractors with robust brands and new launches like Thar ROXX and OJA.
- Unlock Full Potential: Focus on the turnaround and growth of Tech Mahindra and Mahindra Finance.
- Scale Growth Gems: Accelerate the growth of businesses like Mahindra Logistics, Mahindra Lifespaces, and Mahindra Holidays to achieve 5x growth by FY30.
- Electric Transition: Pioneer e-SUVs with the target of EVs forming 20-30% of the portfolio by 2027.
- Global Expansion: Scale international operations multi-fold in markets of choice like South Africa, Australia, and Brazil.
Competitive Landscape
The report identifies the competitive environment in various segments:
- Automotive: Competes with both domestic and international OEMs. Key competitors in the SUV and LCV space include players like Tata Motors, Maruti Suzuki, and Hyundai.
- Farm Equipment: Competes with other tractor manufacturers in a market dominated by numerous players, though Mahindra holds a clear leadership position.
- Financial Services: Competes with banks, NBFCs, and fintech companies in the rural and semi-urban lending space.
- IT Services: Tech Mahindra competes with global IT services firms.
Key Strengths
- Market Leadership: Unrivaled dominance in the Indian tractor market (43.3% share) and leadership in revenue market share for SUVs (22.5%).
- Brand Equity: Strong brand recall for reliability and ruggedness (“Tough & Rugged” DNA).
- Diversified Portfolio: Presence across multiple critical sectors reduces dependency on any single revenue stream.
- R&D Capabilities: World-class R&D facilities like Mahindra Research Valley and global design studios.
- Resilient Structure: A “federated structure” that allows individual businesses to be agile while leveraging group synergies.
Key Challenges and Risks
- Commodity Prices: Volatility in global commodity prices can impact input costs and margins.
- Geopolitical Tensions: Global uncertainties and trade wars can disrupt supply chains and export volumes.
- Monsoon Dependence: The tractor and farm business is sensitive to monsoon patterns, which affect rural demand.
- Technology Transition: Managing the shift from Internal Combustion Engines (ICE) to Electric Vehicles (EVs) requires significant investment and agility.
- Regulatory Changes: Evolving safety and emission norms require continuous technology upgrades.
Conclusion and Strategic Outlook
Mahindra & Mahindra Ltd. has demonstrated exceptional resilience and strategic clarity in FY25, delivering its highest-ever sales and profitability. By strictly adhering to its capital allocation policy and focusing on “Bold by Design” strategies, the company has strengthened its core businesses while aggressively positioning itself for the future through investments in EVs and digital transformation. With a robust pipeline of 23 new automotive products by 2030 and a clear roadmap for its Growth Gems, Mahindra is poised to capitalize on India’s trajectory toward a $7 trillion economy. The company’s commitment to ESG leadership and inclusive growth ensures that it creates sustainable value for all stakeholders.
Official Site: https://www.mahindra.com/
FAQ Section
What is the shareholding of Promoters in Mahindra & Mahindra? As of March 31, 2025, the Promoters and Promoter Group hold 18.14% of the company’s equity shares.
What was Mahindra & Mahindra’s consolidated revenue for FY25? Mahindra & Mahindra reported a consolidated revenue of ₹1,59,211 crore for the financial year ended March 31, 2025, registering a growth of 14% over the previous year.
What is Mahindra’s market share in the Indian tractor industry? In FY25, Mahindra & Mahindra achieved a domestic tractor market share of 43.3%, maintaining its leadership position for the 42nd consecutive year.
How many vehicles did Mahindra sell in the automotive sector in FY25? The Automotive Sector sold a total of 9,41,115 vehicles in FY25, which includes passenger vehicles, commercial vehicles, and three-wheelers.
What is the “Growth Gems” strategy for Mahindra? The “Growth Gems” strategy focuses on scaling high-potential businesses like Mahindra Accelo, Mahindra Logistics, and Mahindra Lifespaces to achieve 5x growth by FY30.
What is the dividend declared by Mahindra & Mahindra for FY25? The Board of Directors recommended a dividend of ₹25.30 per equity share (506%) for the financial year ended March 31, 2025.
Who is the Group CEO and Managing Director of Mahindra & Mahindra? Dr. Anish Shah is the Group CEO and Managing Director of Mahindra & Mahindra Ltd.
What is Mahindra’s plan for Electric Vehicles (EVs)? Mahindra has approved an investment of ₹12,000 crore in its subsidiary, Mahindra Electric Automobile Limited, to create a world-class electric SUV portfolio, targeting EVs to form 20-30% of its SUV portfolio by 2027.
What are the key products launched by Mahindra in FY25? Key launches in FY25 included the XUV 3XO, Thar ROXX, Mahindra Veero (LCV), and the Electric Origin SUVs BE 6 and XEV 9e.
Where are Mahindra’s main R&D centers located? Mahindra’s primary R&D hub is the Mahindra Research Valley (MRV) in Chennai, India. It also has design centers in the UK (M.A.D.E) and Mumbai (MIDS).
Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.
