Mahindra and Mahindra Ltd

What Mahindra and Mahindra Ltd does

Mahindra and Mahindra Limited, founded in 1945 and listed on BSE (since 1956) and NSE under ticker M&M, is the flagship parent of the Mahindra Group federation operating across 20+ industries and 100+ countries with 324,000+ employees and group turnover exceeding $23 billion. Its core businesses span automotive (XUV700, Scorpio-N, Thar/Thar ROXX, Bolero, BE 6 and XEV 9e EVs on the proprietary INGLO platform, upcoming Vision S on the NU_IQ monocoque architecture, pick-ups, trucks & buses, last-mile electric three-wheelers, and Classic Legends motorcycles including Jawa and Yezdi), farm equipment (Mahindra and Swaraj tractors — the world's largest tractor manufacturer by volume with 70 lakh+ cumulative production and 43.6% Indian market share — plus Sampo Rosenlew, Hisarlar, Erkunt, Trakstar and farm machinery), financial services (Mahindra Finance NBFC with a Rs 82,770 crore loan book, 9M+ customers and 1,386 branches), technology services (Tech Mahindra at $6.5B+ revenue and 158,000+ professionals; Bristlecone AI-powered supply chain), hospitality (Club Mahindra with 140+ resorts), real estate (Mahindra Lifespaces, Mahindra World City integrated townships), logistics (Mahindra Logistics), and renewable energy (Mahindra Susten with 1.55 GWp+ solar IPP portfolio).

The federation generates revenue through multiple hardware and services channels: transactional vehicle and tractor sales via a pan-India dealer network, interest and fee income from financial services, multi-year managed services contracts from Tech Mahindra serving 1,100+ global enterprise clients, subscription-based vacation ownership through Club Mahindra, real estate unit sales, renewable power sale and asset management fees, and 3PL logistics contracts. The technology stack combines the INGLO born-electric platform, NU_IQ modular monocoque architecture, Mahindra 2.2L mHawk diesel engine, Heartcore Design philosophy, Mahindra Digital Engine on Google Cloud, Bristlecone's AI/GenAI supply chain platform, and Tech Mahindra's netOps.ai 5G automation platform. FY26 consolidated revenue reached Rs 54,982 crore with Rs 4,669 crore PAT and 20.1% annualized ROE; the company is India's #2 passenger vehicle OEM (15.3% market share, May 2026), #2 EV maker (23.3% EV PV share), and the largest tractor manufacturer globally.

Name

Mahindra and Mahindra Ltd

Legal name

Mahindra & Mahindra Limited

Website

https://mahindra.com

Company type

Public

Founded year

1945

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Mahindra and Mahindra Ltd is the publicly listed flagship of the $23B+ Mahindra Group federation, serving Indian and global customers with SUVs and electric vehicles, the world's largest tractor business, financial services, IT services via Tech Mahindra, hospitality, real estate, logistics and renewable energy across 100+ countries.

Ownership category

akta.pro rank

Product category

Diversified Conglomerate

NAICS

Management of Companies and Enterprises (5511), Offices of Other Holding Companies (551112)

SIC

Agricultural Production-Crops (100), Farm Machinery & Equipment (3523)

akta.pro primary industry

Agricultural Tractor & Field Machinery Vehicle Manufacturing (IMACAFAB)

Keywords

• Automotive manufacturing
• Farm equipment
• Financial services
• Technology services
• Conglomerate operations

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices13 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Automotive Vehicle Sales: Sale of SUVs, electric SUVs, pick-ups, LCVs, trucks & buses, last-mile electric three-wheelers and 2-wheelers (Classic Legends). Includes XUV700, Thar, Scorpio-N, BE 6, XEV 9e, Bolero and the Treo. Transactional, one-time hardware revenue per unit.
2. Farm Equipment Sales: Sale of tractors under Mahindra, Swaraj, Trakstar, Hindustan, Erkunt, MAM brands; farm machinery (MITRA, Hisarlar, Sampo Rosenlew, Earthmaster, Roadmaster); agri inputs (Saboro, Samriddhi Seeds, Crop Care, Mahindra HZPC). FY26 tractor segment revenue grew 32% to ₹1,354 crore; overall FEB business generated over ₹42,500 crore.
3. Financial Services (Mahindra Finance): Non-banking financial company offering vehicle loans, SME loans, housing finance, leasing, mutual funds (Mahindra Mutual Fund), fixed deposits (CRISIL AAA/Stable), and insurance broking (Mahindra Insurance Brokers). Loan book of ₹82,770 crore with 9M+ cumulative customer contracts as of FY23 across 1,386 branches in 34 states/UTs. Predominantly interest income and fee-based revenue.
4. Technology Services (Tech Mahindra): USD 6.5+ billion technology services revenue from consulting, IT, BPS, network services, digital engineering, AI, cloud infrastructure, design services for 1,100+ clients across 90+ countries. Project-based and multi-year managed services revenue.
5. Hospitality / Vacation Ownership: Mahindra Holidays & Resorts India Ltd (Club Mahindra) sells vacation ownership memberships and resorts access across 140+ destinations in India and abroad (including Holiday Club Resorts Oy). Recurring membership and per-stay revenue.
6. Real Estate Development: Mahindra Lifespaces generates revenue through sale of residential apartments, villas, integrated townships (Mahindra World City Chennai & Jaipur), and industrial clusters (Origins by Mahindra). Includes Happinest affordable housing and premium projects; transaction-based real-estate sales.
7. Renewable Energy (Mahindra Susten): Utility-scale solar IPP projects (1.55 GWp+ portfolio), residential/commercial solar via Mahindra Solarize, and tech-enabled renewable asset management through Mahindra Teqo. Power sale, project execution and asset management fees.
8. Logistics Services: Mahindra Logistics Limited offers contract logistics, B2B express (Rivigo), cross-border freight forwarding (Lords), last-mile delivery (eDeL), and corporate mobility (Alyte). Contract-based and per-shipment revenue.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Core offering

Mahindra and Mahindra Ltd is the flagship of the Mahindra Group, a diversified federation operating across automotive manufacturing (SUVs, EVs, commercial vehicles, last-mile mobility), farm equipment (tractors, farm machinery), financial services (vehicle/SME/home loans, insurance, mutual funds), technology services (Tech Mahindra IT consulting and Bristlecone supply chain services), hospitality (Club Mahindra vacation ownership), real estate (Mahindra Lifespaces), logistics, and renewable energy (Mahindra Susten). The Group employs 324,000+ people across 100+ countries, operates 71 manufacturing plants, and generated Rs 54,982 crore in FY26 consolidated revenue.

Product overview

Mahindra and Mahindra Ltd is the flagship company of the Mahindra Group, a federation of over 100+ subsidiaries operating across 20+ industries in 100+ countries. The product portfolio is organised as a federation of semi-autonomous business verticals rather than a single platform: the Automotive vertical spans the XEV 9E and BE 6 born-electric SUVs on the INGLO platform, the XUV 700, Scorpio-N, Thar/Thar ROXX, Bolero and XUV400 SUVs, Mahindra Pick-Ups and Small Commercial Vehicles, Mahindra Trucks & Buses including the Tipper range and Vajra Van/Dog Van, Last Mile Mobility (Treo electric 3-wheeler and Quiklyz leasing), and the Roxor for North America, with motorcycles via Classic Legends (Jawa, Yezdi, BSA, Peugeot); the Farm Equipment vertical centres on Mahindra Tractors (world's largest by volume), Swaraj Tractors, Trakstar/Gromax/Hindustan tractors, and Mahindra Farm Machinery (Sampo, Hisarlar, MITRA); the Financial Services vertical is led by Mahindra Finance (vehicle, SME, housing, leasing, mutual funds, insurance) with rural housing and overseas arms; the Technology Services vertical is delivered through Tech Mahindra (5G, cloud, AI, digital engineering, BPS, consulting) and Bristlecone (AI-powered supply chain transformation); the Hospitality vertical operates Club Mahindra (140+ resorts under MHRIL) and Holiday Club Resorts Oy; Real Estate is delivered through Mahindra Lifespaces (Happinest affordable housing, Origins industrial clusters, Mahindra World City integrated townships in Chennai and Jaipur); Logistics via Mahindra Logistics (Contract, Cross-Border, B2B Express, Last Mile, Alyte mobility); Renewable Energy via Mahindra Susten, Solarize and Teqo; and Emerging Businesses include Agri (Crop Care, Saboro, Samriddhi, EPC Irrigation, HZPC), Steel (Accelo, Cero), Aerospace & Defence, Digital platforms (FirstCry, Porter), and Classic Legends motorcycles.

Differentiator

Problem solved

Functional benefit

Brands

• Tech Mahindra: Global IT services and digital transformation company with 158,000+ professionals across 90+ countries
• Mahindra Finance
• Club Mahindra
• Mahindra Lifespaces
• Mahindra Logistics
• Mahindra Susten
• Mahindra Solarize
• Mahindra Teqo
• Swaraj Tractors
• Bristlecone
• Yezdi
• Jawa
• BSA
• Automobili Pininfarina
• SML Mahindra
• Mahindra EPC Irrigation
• Mahindra OJA
• Trakstar

Products and services

• XEV 9e Electric SUV Mahindra's flagship born-electric premium SUV built on the INGLO pure-electric platform, offering advanced connected car technology, premium interior and long-range electric powertrain for Indian consumers seeking premium EV mobility.
• BE 6 Electric SUV Born-electric C-segment SUV on the INGLO platform positioned as a fun-to-drive performance electric SUV for Indian consumers entering the EV market.
• XUV700 SUV Mahindra's flagship ICE (internal combustion engine) SUV with sci-fi engineering, spirited performance and world-class safety features; one of the highest-volume passenger utility vehicles in India.
• Mahindra Scorpio / Scorpio-N Rugged body-on-frame SUV combining advanced technology, superior comfort and intuitive safety features; positioned as the 'Big Daddy of SUVs' for consumers seeking rugged off-road capability.
• Mahindra Thar / Thar ROXX Iconic lifestyle off-roader available in 3-door and 5-door (ROXX) variants built on the M_GLYDE platform, featuring Level 2 ADAS, dual 10.25-inch displays and a panoramic sunroof for lifestyle and adventure buyers.
• Mahindra Bolero Rugged, utilitarian SUV that has been India's largest-selling SUV for ten consecutive years, targeting rural, commercial fleet and budget-conscious buyers.
• Mahindra Tipper Range

Quantifiable outcome

• World's largest tractor manufacturer by volume — 70 lakh+ tractors produced and 526,000+ units sold in FY26
• +7 more outcomes

Named customers8 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability11 records

Feature7 records

Partnerships

14 partnerships are on record, tiered strategic, minor, flagship and core.

• Ministry of Road Transport and Highways (Government of India) — Vehicle Replacement & Scrappage MoUstrategicStrategic or Co-development Partner · 24 June 2026Mahindra signed MoU with MoRTH to implement vehicle replacement and scrappage program in Delhi-NCR region, joining Ashok Leyland, Switch Mobility, Tata Motors and SML Mahindra — collectively representing 85% market share in truck and bus segments. Mahindra offers scrappage/replacement discounts and benefits from central 5% interest subvention and state motor vehicle tax concessions.
• Schbang & 1947 Films (Mahindra Rise Father's Day campaign partners)minorGTM or Marketing Partner · 24 June 2026Mahindra Rise launched the 'Ask Dad About Dad' Father's Day campaign developed with creative partner Schbang and produced by 1947 Films, featuring seven real employee families instead of actors.
• Telefónica GermanyflagshipStrategic or Co-development Partner · 23 June 2026Multi-year engagement to build a next-generation private cloud platform for Telefónica Germany, providing Platform-as-a-Service (PaaS) with Compute, Storage, Backup, Containers, GPU and Ransomware Protection as a Service. Expands Tech Mahindra's footprint as a strategic telecom transformation partner in Europe, enabling infrastructure sovereignty and B2B monetization.
• We Mean Business Coalition and Global Renewables Alliance (with 112 global businesses)strategicGTM or Marketing Partner · 22 June 2026Mahindra Group joined 112 global businesses (Nestle, IKEA, Iberdrola, Volvo Cars, Uber, Nikon, Levi Strauss, H&M) in an open statement urging governments to make electrification central to economic strategies. Combined revenues of ~$1.5 trillion; statement released at London Climate Action Week aligning with COP31 goals.
• Aditatva Estates (Acquired by Mahindra Holidays & Resorts India)minorOthers · 15 June 2026Mahindra Holidays & Resorts India (MHRIL) acquired 100% equity stake in Aditatva Estates for Rs 37.5 crore in June 2026; the target operates a coffee plantation on ~50 acres in Chikmagalur, Karnataka, intended for development of a leisure resort.
• Embraer (Brazilian aerospace)flagshipStrategic or Co-development Partner · 11 June 2026Mahindra Group partnered with Embraer to manufacture the C-390 Millennium transport aircraft in India and establish Maintenance, Repair, and Overhaul (MRO) capabilities for the Indian Air Force Medium Transport Aircraft programme (up to 80 aircraft, RFP expected within months). Embraer plans to set up its only overseas military aircraft production facility in India contingent on winning the order.
• Adani Defence & AerospacestrategicStrategic or Co-development Partner · 11 June 2026Strategic partnership with Embraer (alongside Mahindra) to develop an integrated regional transport aircraft ecosystem in India, including a proposed Final Assembly Line for the E175 regional jet at Dholera Special Investment Region in Gujarat.
• Zee Entertainment Enterprises (FIFA World Cup 2026 broadcaster)flagshipGTM or Marketing Partner · 10 June 2026Mahindra signed as Co-Presenting Sponsor of Zee's FIFA World Cup 2026 broadcast (eight-year FIFA media rights deal worth approximately $30-35M); bundled sponsorship packages range from Rs 15.6 crore for associate sponsors to Rs 25 crore for co-presenting sponsors covering TV, digital, CTV, social and on-ground activations.
• SML Isuzu (Acquisition)strategicOthers · 1 August 2025Mahindra completed strategic acquisition of SML Isuzu on 1 August 2025, enhancing its position in the commercial vehicle sector; combines strengths, drives innovation and expands product offerings domestically and internationally.
• Tenneco (US auto component maker)coreTechnology or IntegrationTenneco's DaVinci DCx suspension technology was first deployed on Mahindra & Mahindra's XUV 7XO; Tenneco India is designating India as its fastest-growing mega region targeting 20% export share of sales and considering a new 13th Indian manufacturing plant.
• Kinaxis (Canada-based supply chain software firm)coreTechnology or IntegrationKinaxis serves Mahindra Group (among other Indian enterprises including Lupin, Sun Pharma, Dr Reddy's, Madison Group) for AI-led supply chain planning systems; India accounts for 23% of Kinaxis's global workforce.
• Pininfarina (Italy)flagshipStrategic or Co-development PartnerStrategic design and engineering partnership for the Mahindra Automotive and Tech Mahindra Industrial Design portfolio, including the Battista electric hypercar (Cinquantacinque) and broader automotive design programs. Mahindra Group acquired Pininfarina stake in 2015-16.
• Google CloudflagshipTechnology or IntegrationGoogle Cloud infrastructure powers the Mahindra Digital Engine (MDE), Mahindra Group's digital, data and cloud centre of excellence, enabling advanced data analytics and innovation across multiple business units.
• Government of Gujarat (Gromax Agri Equipment JV)coreStrategic or Co-development PartnerGromax Agri Equipment Ltd. is a 60:40 joint venture between Mahindra & Mahindra Ltd. and the Government of Gujarat, operating from Vadodara as maker of the Trakstar and Hindustan range of tractors; India's No.1 regional tractor brand.

Scale indicators14 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Tata Motors: India's other large automotive OEM with a directly overlapping SUV, commercial vehicle and EV portfolio. Tata Motors is the principal head-to-head competitor to Mahindra in Indian passenger EVs (ranked #1 globally in ICCT 2025 EV energy efficiency) and competes for the same SUV and CV customers.
• Maruti Suzuki India: India's #1 passenger vehicle OEM and the volume leader Mahindra is directly chasing in SUVs and compact cars. Maruti Suzuki and Mahindra compete on price-sensitive Indian PV share, dealer footprint and now on EV and SUV product cadence.
• Ashok Leyland: India's leading truck and bus manufacturer and fellow MoRTH scrappage-program signatory. Ashok Leyland competes directly with Mahindra's trucks, buses and LCV portfolio (now SML Mahindra) for the same fleet and government customers.
• Bajaj Auto: India's largest 3-wheeler and one of the top 2-wheeler OEMs, competing with Mahindra's last-mile mobility (Treo electric 3-wheeler, eDeL) and with Classic Legends' 2-wheeler portfolio. Direct overlap in electric 3W and motorcycle markets.
• Hero MotoCorp: India's largest motorcycle manufacturer and direct competitor to Mahindra's Classic Legends (Jawa, Yezdi, BSA) in the domestic 2-wheeler market. Comparable in distribution reach, rural brand strength and powertrain portfolio.
• TVS Motor Company: Indian 2-wheeler and 3-wheeler OEM competing with Mahindra in commuter motorcycles, electric 2-wheelers and last-mile mobility. TVS is a comparable scale player in the segments where Mahindra Last Mile Mobility and Classic Legends operate.
• Escorts Kubota Limited: One of India's largest tractor and construction equipment manufacturers and a direct on-soil competitor to Mahindra Tractors, Swaraj, Trakstar and Hindustan in the Indian farm-equipment market. Comparable tractor and farm-machinery product breadth.

Broad incumbents

• Deere & Company (John Deere): World's largest agricultural equipment manufacturer and a global incumbent Mahindra competes with in tractors, harvesters and precision agriculture. Direct product overlap, but Deere operates at much larger global scale and a different price point than Mahindra.
• AGCO Corporation: Global tractor and farm-equipment major (Massey Ferguson, Fendt, Valtra) comparable to Mahindra's worldwide farm-machinery business. Overlaps in tractors, implements and combine harvesters but at a different geographic and price-segment focus.
• Tata Consultancy Services (TCS): India's largest IT services company and the most direct scale peer to Tech Mahindra across consulting, BPS, digital engineering and cloud. Comparable enterprise customer base, services portfolio and delivery model, but at materially larger scale.

Market position

Strengths5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/mahindrarise
• YouTubeyoutube.com/@mahindra
• Facebookfacebook.com/mahindrarise

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles32 records

Subsidiaries19 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A9 records

Investments12 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mahindra and Mahindra Ltd