Mahindra & Mahindra

What Mahindra & Mahindra does

Mahindra & Mahindra's Farm Equipment Sector, headquartered in Mumbai, is the world's largest tractor manufacturer by volume, having surpassed the 7 million (70 lakh) cumulative production milestone in June 2026 and sold over 526,000 tractors in FY26. The business designs, manufactures and distributes tractors across a 350+ model lineup spanning 14.9 kW (20 HP) to above 37.3 kW (above 51 HP), under multiple sub-brands including Mahindra OJA (global platform), YUVRAJ, JIVO, XP PLUS, SP PLUS, YUVO TECH+, ARJUN, and NOVO, alongside the wholly owned Swaraj and Gromax brands. The product system is differentiated by proprietary features such as mBoost three-mode power management (Diesel Saver, Normal, Power), Digisense GPS/IoT telematics, Position-Auto Control technology for paddy applications, and TREM IV emission compliance on the NOVO series. Beyond tractors, the Farm Equipment Sector sells a comprehensive Dharti Mitra implement portfolio covering land preparation, sowing, harvesting, post-harvest processing, and material handling.

The company generates revenue primarily through hardware sales of tractors and farm implements, with pricing tiered from approximately ₹4 lakh (entry-level 15-20 HP models such as YUVRAJ 215 NXT NT) up to ₹15 lakh for premium 50-74 HP models in the ARJUN and NOVO lines. The GST rate on tractors was reduced from 12% to 5% in September 2025, lowering ex-showroom prices by ₹40,000-60,000 per unit, followed by a price increase in April 2026 citing input costs. Distribution is anchored by 1,200+ dealerships and 25,000+ tractor service experts across India, complemented by rural NBFC financing partnerships, international distribution across 50+ markets (with the United States as the second-largest after India), and direct online/whatsapp enquiry channels. The Farm Equipment Sector revenue was over ₹42,500 crore in FY26; the group's Q3 FY26 total income was ₹52,958.27 crore with net profit of ₹5,021.47 crore.

The go-to-market is product-led, leveraging the 43.6% quarterly domestic market share (Q4 FY26 record) and India's No.1 brand position held for over three decades. Krish-e and Digisense telematics represent the company's pivot toward connected farm services and a recurring services layer. The Farm Equipment Sector recently restructured its international footprint, divesting three loss-making subsidiaries (Sampo Rosenlew in Finland, Erkunt in Turkey, MAM Japan) while retaining presence in US, Turkey, Mauritius and Germany. Complementary strategic moves include the HPCL/Charge_iN EV charging partnership, the Mahindra Manulife Insurance JV, and the OJA platform global launch into Australia. The company holds the unique distinction of being the sole tractor brand globally to hold both the Deming Award and the Japanese Quality Medal for quality excellence.

Name

Mahindra & Mahindra

Legal name

Mahindra and Mahindra Limited

Website

https://mahindratractor.com

Company type

Public

Founded year

1963

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Mahindra & Mahindra's Farm Equipment Sector is the world's largest tractor manufacturer by volume, designing and distributing 350+ tractor models (15-74 HP) under the Mahindra, Swaraj and Gromax brands, alongside Dharti Mitra farm implements, supported by 1,200+ dealers and serving farmers across India and 50+ international markets.

Ownership category

akta.pro rank

Product category

Agricultural Tractors

NAICS

Farm Machinery and Equipment Manufacturing (333111), Farm and Garden Machinery and Equipment Merchant Wholesalers (423820), Agricultural Implement Manufacturing (33311)

SIC

Farm Machinery & Equipment (3523)

akta.pro primary industry

Agricultural Tractor & Field Machinery Vehicle Manufacturing (IMACAFAB)

akta.pro secondary industries

Tractors (Utility, Row-Crop, Articulated, Specialty) (AFAAAAAA), Farm Machinery Parts, Service & Maintenance Equipment (Spare Parts, Diagnostics, Workshop Tools) (AFAAAAAH), Agricultural Processing Equipment (On-farm) (IMAHACAL)

Keywords

• Agricultural tractors
• Farm equipment
• Farm mechanization
• Tractor implements
• Precision agriculture

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices10 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Tractor Sales: Mahindra & Mahindra generates the majority of its Farm Equipment Sector revenue from domestic and export tractor sales. The company sold over 526,000 tractors in FY26 and crossed the 70 lakh (7 million) cumulative tractor production milestone, making it the world's largest tractor maker by volume. The tractor segment generated revenues of ₹1,354 crore in FY26.
2. Farm Equipment (Beyond Tractors): Beyond tractors, Mahindra is expanding into broader farm mechanisation including harvesters, balers, seed drills, rotavators, implements, and telematics-enabled services under the Krish-e platform. The overall farm-equipment business generated over ₹42,500 crore in FY26.
3. Electric Three-Wheeler Sales: Mahindra leads India's electric three-wheeler market with 10,292 units sold in April 2026, up 82.71% YoY, competing with Bajaj Auto and TVS in the e-auto segment.
4. Electric Passenger Vehicle Sales: Mahindra & Mahindra sold 5,413 electric passenger vehicles in April 2026, ranking second in India's EV passenger vehicle market after Tata Motors.
5. Aftermarket Services and Parts: Revenue generated from service centres, spare parts, and after-sales support through a network of over 25,000 tractor experts across India.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels9 records

Core offering

Mahindra & Mahindra's Farm Equipment Sector designs, manufactures, and sells a broad range of tractors from 15 HP to 60+ HP under the Mahindra, Swaraj, and Gromax brands, along with a comprehensive suite of farm implements such as rotavators, cultivators, laser levellers, ploughs, harvesters, and balers. It supports these products with the Digisense telematics platform, the Krish-e digital farming services platform, owned dealer and service networks, and tied financing for end customers. Sales are generated through 1,200+ Indian dealerships and exports to over 50 countries.

Product overview

Mahindra & Mahindra operates its Farm Equipment Sector as a multi-brand, multi-product portfolio spanning tractors across multiple horsepower segments and farm implements. The tractor lineup is organized into distinct sub-brands including Mahindra OJA (global advanced series), YUVRAJ (specialty), JIVO (compact), XP PLUS (premium), SP PLUS (value premium), YUVO TECH+ (technology advanced), ARJUN (heavy duty), and NOVO (premium high-tech). These are complemented by a comprehensive range of Dharti Mitra branded implements covering the full crop cycle: land preparation (Rotavator, Cultivator, MB Plough, Laser Leveller, Minivator), sowing (Super Seeder, Seed Drill), and post-harvest processing (Harvester, Thresher, Straw Reaper, Round Baler). Technology features include Digisense telematics, mBoost multi-mode power systems, and the Krish-e digital agriculture platform. The company holds the unique distinction of being the only tractor brand globally to receive both the Deming Award and Japanese Quality Medal for quality excellence.

Differentiator

Problem solved

Functional benefit

Brands

• Mahindra OJA: Newly launched tractor platform positioned globally, including launch in Australia
• Mahindra YUVRAJ
• Mahindra JIVO
• Mahindra XP PLUS
• Mahindra SP PLUS
• Mahindra YUVO TECH +
• Mahindra ARJUN
• Mahindra NOVO
• Dharti Mitra
• Charge_iN
• Krish-e

Products and services

• Mahindra OJA Tractors Mahindra's sub-compact and compact tractor platform designed for specialized applications including orchard, inter-culture and specialty-crop farming, exported globally including Australia.
• Mahindra YUVO TECH+ Tractors Mahindra YUVO TECH+ range of tractors positioned for hard soil and heavy-duty applications across multiple horsepower segments.
• Mahindra YUVRAJ Tractors Entry-level compact Mahindra tractor aimed at small and marginal farmers; supports basic tillage, sowing and inter-cultivation applications.
• Mahindra JIVO Tractors Mahindra's compact four-wheel-drive small-tractor range suited to inter-cultivation and haulage on small farms.
• Mahindra ARJUN Tractors Mahindra ARJUN is a higher-horsepower heavy-duty tractor range used for heavy tillage, haulage and large-acre applications.
• Mahindra NOVO Tractors Mahindra NOVO is a premium higher-horsepower tractor range offering advanced features for large and commercial farmers.
• Mahindra XP PLUS and SP PLUS Tractors Mahindra XP PLUS and SP PLUS tractor ranges for specialty applications, including XP PLUS for spraying, haulage and inter-culture and SP PLUS for orchard and specialty-crop use.
• Swaraj Tractors Swaraj is Mahindra's mid-segment tractor brand offering value-priced tractors targeted at Indian farmers across multiple HP ranges.
• Gromax Tractors Gromax is Mahindra's value-segment tractor brand focused on small and marginal farmers; sold through dedicated 'Champion' rural outlets and supported by Gromax-branded implements.
• Farm Implements (Rotavator, Cultivator, Laser Leveller, MB Plough, Super Seeder, Harvester, Thresher, Straw Reaper, Round Baler, Front End Loader) Mahindra's range of tractor-operated farm implements covering tillage, land-levelling, sowing, harvesting, threshing, baling and material-handling operations on Indian farms.
• Krish-e Digital Farming Services Platform Krish-e is Mahindra's digital farming services platform offering soil testing, crop advisory, equipment rentals, and precision agriculture services to farmers.
• Tricolour Limited-Edition Tractors (Commemorative Republic Day edition) Limited-edition Mahindra tractors finished in tricolour livery to commemorate Republic Day; sold as special collector/commemorative tractor units.
• Mahindra YUVO TECH+ 475 DI Tractor A specific 47.5 HP model in the YUVO TECH+ range targeted at heavy-duty tillage and large-acre Indian farming.

Quantifiable outcome

• 43.6% quarterly tractor market share in Q4 FY26 — highest ever
• +7 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

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

• Manulife Financial CorporationcoreStrategic or Co-development Partner · 4 June 2026Mahindra Manulife Insurance Limited (MMIL), a 50:50 joint venture between Mahindra Group and Manulife Financial Corporation, has been formally incorporated after receiving approval from the Ministry of Corporate Affairs. The new insurer will operate as a digital-first, AI-native life insurance company, combining Mahindra's distribution reach with Manulife's global product innovation and agency-led expertise. The venture aims to address India's protection gap by targeting rural and semi-urban markets while leveraging data and AI.
• Detroit Engineered Products (DEP)strategicTechnology or Integration · 11 May 2026Detroit Engineered Products (DEP), a Michigan-based engineering software company, has deployed its AIWorks AI simulation platform with major Indian OEMs including Mahindra & Mahindra and Maruti Suzuki. DEP is targeting a market share increase from under 20% to 35-40% over the next three years, with over 95% of its platform development carried out in India.
• Argentine Government / Argentine FarmersstrategicGTM or Marketing Partner · 30 April 2026Indian agricultural products including Mahindra tractors are gaining traction among Argentine farmers as part of the India-Argentina strategic partnership on edible oil security and agricultural cooperation. The collaboration follows PM Modi's 2025 visit to Argentina and includes drone technology and sorghum genetics sharing.
• Hindustan Petroleum Corporation Limited (HPCL)coreStrategic or Co-development Partner · 21 March 2026Mahindra & Mahindra, through its EV charging subsidiary Charge_iN, entered into a strategic partnership with HPCL to deploy electric vehicle charging stations across India using HPCL's network of over 24,400 fuel stations. The collaboration will deploy advanced 180 kW dual-gun chargers at highway and urban locations, significantly expanding HPCL's existing footprint of more than 5,400 EV charging stations and 150 battery swapping stations.
• Prime Minister Narendra Modi / Government of IndiaflagshipStrategic or Co-development Partner · 1 October 2025Honourable Prime Minister Shri Narendra Modi inaugurated the Mahindra Tractors Skill Development Centre in Gadchiroli, reflecting the company's engagement with government on rural skill development and farmer empowerment initiatives.
• Gangamai IndustriesminorStrategic or Co-development Partner · 1 April 2025Gangamai Industries partnered with Mahindra for AI-driven sugarcane harvesting, demonstrating Mahindra's expansion into precision agriculture and smart farming technology partnerships.
• Swaraj Tractors and Mahindra SustenstrategicStrategic or Co-development Partner · 1 April 2025Swaraj Tractors (a Mahindra Group company) and Mahindra Susten partnered to develop Punjab's largest solar group captive project, reflecting the group's commitment to sustainability and renewable energy in farm operations.

Scale indicators10 records

Recent moves10 records

Expansion highlights7 records

Direct peers

• John Deere: John Deere is the global leader in agricultural machinery and tractors, competing head-to-head with Mahindra in the tractor and farm equipment category. Both target farmers across HP segments and increasingly compete in precision agriculture and autonomous tractor development.
• AGCO Corporation: AGCO owns Massey Ferguson, Fendt, and Valtra tractor brands and is one of the world's largest farm equipment manufacturers. AGCO competes with Mahindra globally on tractors, harvesters, and precision agriculture, including through its Massey Ferguson brand.
• TAFE (Tractors and Farm Equipment Limited): TAFE is one of India's largest tractor manufacturers and produces Massey Ferguson-branded tractors for the Indian market. TAFE is Mahindra's primary domestic competitor in India across multiple HP segments.
• Sonalika (International Tractors Limited): Sonalika is a leading Indian tractor manufacturer focused on the domestic and export markets. Sonalika competes with Mahindra across the same HP segments in India and is a key challenger to Mahindra's market share leadership.
• CNH Industrial: CNH Industrial owns Case IH and New Holland Agriculture, two of the world's largest farm equipment brands. CNH competes with Mahindra in tractors, harvesters, and precision agriculture and is one of the players Mahindra identifies as competing in autonomous tractor development.
• SAME Deutz-Fahr: SAME Deutz-Fahr is an Italian-German tractor and harvester manufacturer with brands including Deutz-Fahr, Lamborghini Trattori, and SAME. SDF competes with Mahindra in specialty tractors and in emerging markets including Turkey, where Mahindra is divesting Erkunt.
• Escorts Kubota Limited: Escorts Kubota is a major Indian tractor manufacturer producing Farmtrac, Powertrac, and Kubota-branded tractors. Escorts is a domestic competitor to Mahindra in India, now backed by Kubota's capital and technology.
• CLAAS Group: CLAAS is a German family-owned agricultural machinery manufacturer specializing in combine harvesters, tractors, and balers. CLAAS competes with Mahindra in harvesters, balers, and tractors, particularly in European and emerging markets.
• Kubota Corporation: Kubota is a Japanese tractor and farm equipment manufacturer with a major stake in Indian competitor Escorts Kubota. Kubota competes with Mahindra across compact and mid-HP tractors globally and is investing alongside Mahindra in electric tractor development.

Emerging players

• VST Tillers Tractors Limited: VST is an Indian manufacturer of power tillers, compact tractors, and small farm equipment targeting the smallholder segment. VST competes with Mahindra in the compact and specialty tractor segment (15-30 HP) where Mahindra's JIVO and YUVRAJ brands compete.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/TractorMahindra
• YouTubeyoutube.com/channel/UCcmHACp_jOo5-Mb3VVeDacw/videos
• Facebookfacebook.com/MahindraTractorsIndia
• Instagraminstagram.com/mahindratractorsofficial/?hl=en

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

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

M&A6 records

Investments9 records

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

Frequently asked questions about Mahindra & Mahindra