Mahindra & Mahindra Ltd. stands as a cornerstone of India’s industrial landscape, embodying innovation, sustainability, and global reach. As a leading multinational conglomerate, Mahindra & Mahindra excels in diverse sectors, driving economic growth and community development.
Business Segments of Mahindra & Mahindra with Comprehensive Details and Revenue Breakup %
Mahindra & Mahindra operates through three primary business segments: Auto, Farm, and Services. Each segment contributes uniquely to the company’s overall success, leveraging technology, innovation, and market leadership to deliver value. In FY25, the company’s consolidated revenue reached ₹1,59,211 crore, marking a 14% increase from the previous year. While exact revenue breakup percentages per segment are not specified in granular detail, the Auto and Farm segments collectively drove 15% revenue growth, with Services showing strong performance through subsidiaries like Mahindra Financial Services (17% AUM growth) and Tech Mahindra (EBIT margin improvement of 360 bps).
Auto Segment
The Auto segment is a powerhouse for Mahindra & Mahindra, focusing on vehicles that combine authenticity, durability, and cutting-edge technology. This segment includes SUVs, pickups, light commercial vehicles (LCVs), electric vehicles (EVs), trucks, buses, and motorcycles. Mahindra & Mahindra holds market leadership in several sub-categories, such as India’s No. 1 SUV by revenue market share (22.5%, up 210 bps YoY) and No. 1 in LCVs < 3.5T (51.9% market share, up 290 bps YoY). The segment also dominates electric 3-wheelers with a 42.9% market share, achieving 4.6x volume growth over three years.
Key initiatives include capacity augmentation for SUVs to 49,000 units per month and launches like the flagship Electric Origin SUVs – BE 6 and XEV 9e – in November 2024. These vehicles set global benchmarks in innovation, design, technology, and performance, with 30,179 bookings on Day 1. The Thar ROXX achieved 1,76,000+ bookings in 60 minutes, highlighting strong consumer demand. Open bookings for SUVs stood at 220,000 as of May 1, 2024, indicating robust production and delivery capabilities.
In FY25, the Auto segment’s sales volume reached 9,41,115 units, contributing significantly to the company’s growth. Mahindra Last Mile Mobility’s ZEO won ‘EV of the Year in the 4W SCV category’ at the Apollo CV Awards 2025, and the Zaheerabad facility was awarded ‘Best Water Conservation Plant in Telangana’. The segment’s focus on electric mobility, with additions of 5K per month for ICE SUVs and 7.5K per month for BEVs (5K operationalized), positions it for future expansion.
Revenue contribution from the Auto segment is a major driver of the overall 14% growth, emphasizing Mahindra & Mahindra’s strategy to deliver scale through market dominance and innovation.
Farm Segment
The Farm segment underscores Mahindra & Mahindra’s commitment to rural prosperity and agricultural advancement. As the world’s largest tractor company by volume and India’s No. 1 tractor company (43.3% market share, up 170 bps YoY), this segment includes tractors, farm machinery, and genset manufacturing. Despite a 7.4% YoY decline in the Indian tractor industry (annual sales volume of 876,000 units), Mahindra & Mahindra maintained its top position, with long-term growth outlook remaining positive.
Key products include the Oja range, Swaraj 855, and Yuvo Tech+, with initiatives like automation, AI-based decision-making, and export-ready cabin manufacturing enhancing efficiency. The segment’s sales volume in FY25 was 4,24,641 units. Manufacturing milestones include Nagpur (14 lakh units), Rudrapur (9.5 lakh), Zaheerabad (4 lakh), and Jaipur (3.5 lakh) plants reaching production benchmarks.
The Farm segment contributes to Mahindra & Mahindra’s core values of enabling rural prosperity, with revenue growth aligned to the company’s 15% increase in Auto and Farm combined. Investments in sustainable farming solutions and digital tools like Tractor Stockyard Management further strengthen this segment’s role in India’s agricultural economy.
Services Segment
The Services segment diversifies Mahindra & Mahindra’s portfolio, encompassing hospitality, financial services, information technology, real estate, logistics, and renewable energy. This segment drives positive change through innovative solutions, with key businesses including Mahindra Financial Services (AUM ₹1,19,673 crore, 17% YoY increase), Tech Mahindra (EBIT margin 9.7%, 360 bps YoY increase), Mahindra Lifespaces (Gross Development Value Addition ₹18,100 crore, 4.1x YoY), Mahindra Logistics (revenue ₹6,105 crore, 11% YoY increase), and Mahindra Susten (deals won 2.1 GWp, including 0.4 GWp hybrid).
Hospitality under Club Mahindra added 520 keys (34% YoY increase), while renewable energy initiatives focus on hybrid plants and sustainable living. The segment’s revenue supports the company’s overall 14% growth, emphasizing ESG leadership, women’s empowerment, education, and climate action.
Mahindra & Mahindra’s business segments collectively cover sectors contributing to nearly 70% of India’s GDP, positioning the company as a key player in national economic development.
Details of Products or Services Offered by Mahindra & Mahindra and List with Revenue Breakup %
Mahindra & Mahindra offers an extensive array of products and services tailored to meet diverse needs across mobility, agriculture, and services. In FY25, the company’s consolidated revenue was ₹1,59,211 crore, with products like SUVs and tractors driving major contributions. While specific revenue breakup % for individual products is not detailed, the Auto segment’s SUV revenue market share of 22.5% and Farm’s tractor dominance indicate substantial shares.
Products in Auto Segment
- SUVs: Authentic and innovative models including Scorpio, Bolero, XUV700, XUV 3XO, Thar family, Thar ROXX, BE 6, and XEV 9e. The BE 6 and XEV 9e, launched in November 2024, are flagship Electric Origin SUVs with state-of-the-art technology. Revenue from SUVs forms a core part, with 22.5% market share.
- Pickups and LCVs: Sturdy vehicles like Mahindra Veero and Bolero MaXX Pik-Up HD, holding 51.9% market share in LCVs < 3.5T.
- Electric 3-Wheelers: Market leader with 42.9% share, including models like ZEO (EV of the Year).
- Iconic Motorcycles: BSA Goldstar 650, Jawa 42 FJ, Yezdi Adventure.
- Trucks and Buses: Comprehensive range for commercial transport.
Revenue breakup from Auto products is integral to the segment’s 15% growth, with EVs and SUVs leading innovation.
Products in Farm Segment
- Tractors: World’s largest by volume, including Oja range (multiple awards for launch, design), Swaraj 855, Yuvo Tech+.
- Farm Machinery: Tools for efficient agriculture.
- Genset Manufacturing: Reliable power solutions.
Farm products contribute to the segment’s revenue, with tractor sales volume of 4,24,641 units in FY25.
Services Offered
- Financial Services: Loans, AUM ₹1,19,673 crore.
- Hospitality: Club Mahindra, 520 keys added.
- Information Technology: Tech Mahindra’s global IT services, EBIT margin 9.7%.
- Real Estate: Mahindra Lifespaces, ₹18,100 crore Gross Development Value.
- Logistics: Mahindra Logistics, ₹6,105 crore revenue.
- Renewable Energy: Mahindra Susten, 2.1 GWp deals.
Services revenue supports diversified growth, with financial and IT leading.
Mahindra & Mahindra’s products and services emphasize sustainability and innovation, aligning with global trends.
Company History of Mahindra & Mahindra
Mahindra & Mahindra’s history is a tale of evolution from humble beginnings to global prominence. Founded on October 2, 1945, in Ludhiana as Mahindra & Mohammed by brothers Kailash Chandra Mahindra, Jagdish Chandra Mahindra, and Malik Ghulam Muhammad, the company started as a steel trading firm. Following India’s partition in 1947, Muhammad emigrated to Pakistan, and the company was renamed Mahindra & Mahindra in 1948.
The 1950s marked entry into vehicle manufacturing with a license to assemble Willys Jeeps, establishing a foundation in automotive. By 1956, it listed on the Bombay Stock Exchange and began exporting utility vehicles by 1969. The 1960s saw diversification, including a joint venture for tractor production.
In the 1970s, Mahindra & Mahindra expanded into alloy steel manufacturing and international collaborations. The 1980s brought sintered products and further international ventures. The 1990s witnessed reorganization into strategic business units, including automotive, farm equipment, infrastructure, and IT.
The 2000s ushered in a new logo and the launch of the indigenous Scorpio in 2002, boosting competitiveness. Acquisitions like Punjab Tractor Limited in 2007 made it the world’s largest tractor manufacturer. The 2010s included stakes in REVA Electric (renamed Mahindra Electric), SsangYong Motor, and Peugeot Motocycles.
In the 2020s, Mahindra & Mahindra launched electric SUVs like BE 6 and XEV 9e in 2024, reinforcing its commitment to innovation and sustainability. Today, operating in 100+ countries with 324,000+ employees and $25 billion+ turnover, the company spans 70% of India’s GDP sectors, driven by its purpose to help communities Rise.
Brands Details and List of Mahindra & Mahindra with Revenue Breakup %
Mahindra & Mahindra’s brands represent authenticity, innovation, and leadership across segments. While specific revenue breakup % for brands is not detailed, the company’s FY25 revenue of ₹1,59,211 crore is bolstered by iconic brands like Scorpio and Swaraj.
Key Brands
- Scorpio: Iconic SUV brand, contributing to 22.5% SUV market share.
- Bolero: Sturdy pickup and SUV line, including Bolero MaXX Pik-Up HD.
- XUV: Premium SUVs like XUV700, XUV 3XO, with strong demand (220,000 open bookings).
- Thar: Off-road legend, Thar ROXX with 1,76,000+ bookings.
- Swaraj: Tractor brand, part of No. 1 market position (43.3% share).
- Club Mahindra: Hospitality brand, 520 keys added, 34% growth.
- Tech Mahindra: IT brand, 9.7% EBIT margin.
- Mahindra Finance: Financial brand, ₹1,19,673 crore AUM.
- Jawa and Yezdi: Motorcycle brands, reviving classics.
These brands drive revenue through market dominance and innovation, aligning with Mahindra & Mahindra’s growth strategy.
Geographical Presence of Mahindra & Mahindra with List and Revenue Breakup %
Mahindra & Mahindra has a robust geographical presence in 100+ countries, spanning Asia, Africa, Europe, Americas, and Oceania. Revenue breakup by geography is not explicitly detailed, but India remains the primary market, with international operations scaling multi-fold. Exports and subsidiaries contribute to global revenue, with focus on key regions.
List of Key Countries/Regions
- India: Core market, 13 manufacturing plants, contributing to bulk revenue.
- USA: Automotive and EV technologies, MRV Detroit.
- South Africa: 6.2% market share in SUVs.
- Australia: 5% market share.
- Turkey: Hisarlar (75.1% stake), Erkunt Traktor.
- Europe: Peugeot Motocycles (100% stake).
- Africa: Algeria, Benin, Kenya, Mali, Nigeria, South Africa, Tunisia.
- Asia: Indonesia, Japan, Sri Lanka, UAE.
- Others: Brazil, Finland.
International revenue supports 14% overall growth, with emphasis on scaling operations in South Africa, Australia, and Turkey.
Financials of Mahindra & Mahindra: Consolidated P&L, Balance Sheet, and Cash Flow Statement
Mahindra & Mahindra’s financial performance in FY25 reflects resilience and growth. Below are the consolidated statements in table format.
Consolidated Profit & Loss Statement (in ₹ crore)
| Particular | FY25 | FY24 | % Change |
|---|---|---|---|
| Income from Operations | 1,59,211 | 1,39,078 | 14% |
| Profit After Tax (PAT) | 12,929 | 10,718 | 20% (15% excl. KG Mobility) |
| Earnings Per Share (EPS) | 115.1 | N/A | >14% |
Consolidated Balance Sheet (in ₹ crore, as of March 31, 2025)
| Particular | Amount |
|---|---|
| Property, Plant & Equipment (incl. capital WIP) | 17,725 |
| Net Capital Expenditure | 4,649 |
| Total Assets | N/A (AUM for Finance: 1,19,673) |
| Stage 3 Assets (Finance) | 3.7% |
Consolidated Cash Flow Statement (in ₹ crore)
| Particular | FY25 |
|---|---|
| Net Cash Generation | ~10,000 |
| Operating Cash Flow | N/A |
| Investing Cash Flow | (4,649 net capex) |
| Financing Cash Flow | N/A |
These financials highlight Mahindra & Mahindra’s strong position, with ROE at 18.1%.
Subsidiary, Wholly-Owned Subsidiary, and Associate Details with % and Full List (Revenue Breakup %)
Mahindra & Mahindra has over 100 subsidiaries, wholly-owned subsidiaries, and associates, with ownership percentages varying. Revenue breakup % for subsidiaries is not fully detailed, but key ones contribute significantly.
Full List
- Tech Mahindra: Global IT services, majority stake, EBIT margin 9.7%, revenue part of Services.
- Mahindra Financial Services: 100% owned, financial services, AUM ₹1,19,673 crore (17% growth).
- Mahindra Lifespaces: Real estate, Gross Development Value ₹18,100 crore (4.1x growth).
- Mahindra Logistics: Logistics, revenue ₹6,105 crore (11% growth).
- Mahindra Susten: Renewable energy, deals 2.1 GWp.
- Mahindra Electric Mobility: 100% owned, EVs.
- SsangYong Motor (KG Mobility): Former subsidiary, impact excluded in PAT.
- Peugeot Motocycles: 100% stake.
- Hisarlar Makina: 75.1% stake, farm equipment.
- Erkunt Traktor: 100% stake, tractors.
- Punjab Tractor Limited (Swaraj): 100% owned, tractors.
Other associates include joint ventures in tractors and automotive. Subsidiaries contribute to diversified revenue, with Services at 11-17% growth.
Information about Physical Properties (Offices, Plants, Factories, etc.) and List
Mahindra & Mahindra’s physical properties include 48 manufacturing plants in India, with global facilities. Property, plant, and equipment stood at ₹17,725 crore as of March 31, 2025.
List of Key Properties
- Manufacturing Plants in India: 13 main plants, including Chakan (SUVs, EVs), Nashik (vehicles), Mumbai (2 units), Zaheerabad (3-wheelers, award-winning), Igatpuri (engines, 50 lakh milestone), Nagpur (tractors, 14 lakh), Rudrapur (9.5 lakh), Jaipur (3.5 lakh), Haridwar.
- Offices: Head office in Mumbai (Mahindra Towers), research valley in Chennai, design studios in Mumbai and Detroit.
- Global Facilities: Detroit (EV tech), Turkey (tractors), South Africa, Australia.
These properties support production volumes of 9,41,115 auto units and 4,24,641 farm units in FY25.
Founders Details of Mahindra & Mahindra
Mahindra & Mahindra was founded by three visionaries who laid the foundation for a global empire.
- Kailash Chandra Mahindra (K.C. Mahindra): Co-founder, focused on industrial growth, instrumental in jeep assembly and diversification.
- Jagdish Chandra Mahindra (J.C. Mahindra): Co-founder, drove steel trading to automotive transition, grandfather of current Chairman Anand Mahindra.
- Malik Ghulam Muhammad: Initial partner, left post-partition for Pakistan, where he became finance minister.
Their legacy of resilience and innovation continues through the company’s purpose-driven approach.
Board of Directors Details and List Every Director with Details
Mahindra & Mahindra’s board comprises experienced leaders guiding strategic direction.
- Anand G. Mahindra: Chairman, visionary leader, Harvard alumnus, focuses on innovation and ESG.
- Dr. Anish Shah: Group CEO & Managing Director, oversees operations, PhD in management.
- Rajesh Jejurikar: Executive Director and CEO (Auto & Farm Sector), drives segment growth.
- T. N. Manoharan: Lead Independent Director, expertise in finance and governance.
- Shikha Sharma: Independent Director, former banking CEO, strategic advisor.
- Haigreve Khaitan: Independent Director, legal expert.
- Nisaba Godrej: Independent Director, business leader.
- Muthiah Murugappan: Independent Director, industry veteran.
- Ranjan Pant: Non-Executive Non-Independent Director.
- Sat Pal Bhanoo: Non-Executive Non-Independent Director.
- Padmasree Warrior: Independent Director, tech innovator.
- Vikram Singh Mehta: Lead Independent Director, energy expert.
The board ensures robust governance and sustainable growth.
Shareholding Details of Mahindra & Mahindra
Mahindra & Mahindra’s shareholding pattern reflects diverse ownership. Promoters hold 18.4%, with low pledges. Foreign Institutional Investors (FII) and Domestic Institutional Investors (DII) hold significant stakes, retail at balance. As of FY25, the pattern supports stable governance.
Parent Company Details of Mahindra & Mahindra
Mahindra & Mahindra is the flagship company of the Mahindra Group, with no parent company. The Mahindra Group is a federation of companies founded in 1945, headquartered in Mumbai, operating in 100+ countries with 324,000 employees and $25 billion turnover.
Investment Details and List Every Passive Investment with Details %
Mahindra & Mahindra’s passive investments include stakes in subsidiaries and associates. Specific % for passive (non-controlling) investments:
- Hisarlar Makina: 75.1% (farm equipment).
- Peugeot Motocycles: 100% (two-wheelers).
- Erkunt Traktor: 100% (tractors).
Other investments in renewables and IT, but passive details limited to strategic holdings.
Future Investment Plan of Mahindra & Mahindra
Mahindra & Mahindra’s future investment plan focuses on scale and innovation. The company plans ₹37,000 crore investment in auto sector over FY25-27, including ₹27,000 crore for auto (₹14,000 crore ICE, ₹12,000 crore EVs, ₹8,500 crore ICE vehicles). This supports 23 new vehicles by 2030 (6 launched in FY25), capacity expansion to 7.5-7.6 lakh units at Chakan, and NU_IQ platform for SUVs.
Additional ₹3,000 crore for 37 new tractors by FY25. Focus on EVs, hybrids if demanded, and global expansion in South Africa, Australia, Turkey. Vision 2027 aims for global SUV leadership, sustainability, and positive change.
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