The Mahindra Group delivered its highest-ever annual financial performance in FY26, with consolidated revenue rising 25% year-on-year to ₹1,98,639 crore and profit after tax climbing 32% to a record ₹17,099 crore, Group CEO and Managing Director Dr. Anish Shah told shareholders.
Addressing the company’s annual general meeting, Shah said the performance was broad-based, spanning the automotive, farm equipment, financial services, technology and emerging-business portfolios.
“FY26 has been an exceptional year for the Mahindra Group, with broad-based performance across our businesses,” Shah said. “Despite a challenging global environment we delivered our highest ever annual performance.”
The group strengthened its leadership in both automobiles and farm equipment during the year. Sport utility vehicle volumes grew 20%, while tractor sales crossed the five-lakh-unit mark. Mahindra also retained its leadership in the electric three-wheeler market with a 40% share.
The results came amid what Shah described as an environment in which uncertainty was no longer merely cyclical but structural, driven by geopolitical changes, technological disruption, climate-related pressures and shifting consumer expectations.
“In a world defined by volatility and disruption, the ability to create direction sets institutions apart,” he said. “And it is the courage to accelerate through uncertainty that determines how far they go.”
Tech Mahindra Margin Improves
Tech Mahindra, the group’s information technology services business, improved its EBIT margin to 12.6%, continuing what Shah described as a steady recovery.
Mahindra Finance also reported a stronger operating performance, with operational profit after tax rising 60%. Its gross stage-three assets, a measure of stressed loans, improved to 3.41%.
Project Udaan, the company’s business-transformation initiative, achieved full adoption, which Shah said positioned Mahindra Finance for future growth.
The results offered signs of improvement across businesses that had previously required more patient attention — proof, perhaps, that corporate turnarounds rarely arrive with a drumroll but are noticeable once the numbers begin behaving themselves.
Growth Businesses Gather Momentum
Mahindra’s portfolio of “Growth Gems” also recorded progress during the year.
Profit at Mahindra Lifespaces increased sevenfold, while the aerospace business built an order book of more than $1 billion. Mahindra Logistics broke even after 11 consecutive quarters of losses.
The group’s advanced technologies business remained on a strong growth trajectory, while its trucks and buses division was positioned for expansion following the acquisition of SML.
“This breadth of performance reflects a portfolio that is both resilient and future ready,” Shah said.
Mahindra also pointed to external recognition received during the year. The group was ranked 44th on TIME’s World’s Best Companies list and was the only Indian company among the top 100.
It also received CNBC’s Outstanding Company of the Year honour and the Golden Peacock Global Award for Governance for the fifth consecutive year.
Shah recalled that more than a decade ago, Mahindra Group Chairman Anand Mahindra had set an aspiration for the organisation to become a globally “admired” company.
Mahindra Plans AI Integration at Scale
Artificial intelligence emerged as a central theme of Shah’s address, with the group seeking to embed the technology across its operations, decision-making processes and customer services.
“Artificial Intelligence is one of the most defining shifts shaping our world today,” he said. “Its impact is redefining industries, decision-making, and the nature of work itself.”
Shah said the group would move beyond limited pilot projects and adopt AI more meaningfully across its businesses.
“This is not a moment for incremental experimentation at the margins, but for meaningful integration at scale,” he said. “Across the Group, we are embedding AI into how we think, operate, and serve our customers.”
He added that early and decisive adopters were likely to lead the transition, requiring continuous learning and a willingness to challenge established working methods.
Focus on Building a Global Talent Base
Alongside technology, Mahindra plans to strengthen its ability to attract, develop and retain talent globally.
Shah said the group’s ambition was to build a “global talent powerhouse” supported by a vibrant workplace culture, diverse perspectives and what he called a “caring meritocracy.”
“It means building a caring meritocracy where performance is recognised and people feel supported to do their best work,” he said.
He also emphasised the importance of maintaining the group’s values while pursuing faster growth, particularly when employees and businesses were required to make decisions amid uncertain conditions.
“At the heart of every enduring institution lie its people,” Shah said.
Supply Chains and Costs Remain Key Risks
Despite the record financial performance, Shah cautioned that the operating environment remained difficult.
Energy and infrastructure constraints, fluctuating commodity prices, rising logistics expenses and foreign-exchange costs were reshaping business cost structures, he said.
The availability of critical materials, including aluminium, remained uneven, while delays involving time-sensitive imports continued to affect supply chains. Manpower shortages across partner networks were adding another layer of pressure.
“Across industries, uncertainty is no longer abstract, it is operational,” Shah said.
Rather than slowing investment or expansion, Mahindra would respond with greater discipline and clarity, he added.
“In this context, our response is not to slow down, but to move forward with greater clarity and discipline.”
Global Leadership Becomes the Next Target
Shah said Mahindra’s businesses were now setting their sights on global leadership, marking a shift from delivering strong financial results to pursuing a broader international ambition.
“This marks a shift from strong performance to a more expansive ambition, one that demands we think bigger, act with conviction and move together as one organisation,” he said.
While global volatility, cost pressures and technological disruption are likely to remain persistent features of the business landscape, Mahindra’s record FY26 results provide it with a stronger financial and operational base from which to pursue expansion.
“Uncertainty will remain a constant. But we have never waited for certainty to act,” Shah said.
“We will continue to create direction, act with conviction, and build with purpose…guided by our values and strengthened by our people.”
For Mahindra, the next phase will be measured not only by whether it can protect its domestic leadership, but also by how effectively it converts financial momentum, artificial intelligence and talent into sustainable global scale.
