Founded in 1945, the Mahindra Group is one of the largest and most admired multinational federation of companies with 260,000 employees in over 100 countries. For over 75 years, the Mahindra Group has remained resilient and vibrant. It has thrived by staying true to its core values and high standards of corporate governance.
Mahindra & Mahindra Ltd. is the flagship company of the Mahindra Group. Its core business is mobility products and farm solutions. Since assembling the first vehicle in 1947, Mahindra has grown rapidly. Today, the OEM offers a wide range of products and solutions ranging from SUVs, pickups, commercial vehicles and tractors, to electric vehicles, two-wheelers, and construction equipment. Mahindra commenced its exports in the 1960s, and today, its vehicles and tractors can be found in all six habitable continents of the world.
Lead ESG Globally
For over 75 years, Mahindra has helped people Rise – by providing the right opportunities, sharing wealth equitably, manufacturing responsibly and approaching business conscientiously. In essence, it embraced the tenets of Environment, Social & Governance (ESG) long before it gained currency as a concept. The company aspires to ‘lead ESG globally’ through sustained, focused programs.
“Each one of our own corporate milestones is accompanied by a more human one: whether it be the creation of a truly inclusive workplace, or a reduced environmental impact; whether it’s a deeper engagement with our communities, or providing the freedom to experiment (and, even fail) to all our employees. So, the occasion of our 75 anniversary represents an opportune moment to participate in what I believe is the most important conversation of the decade”, says Anand Mahindra, Executive Chairman, Mahindra Group.
Manufacturing Capabilities
Mahindra has always led the way in transforming automotive manufacturing in India. Its facilities have accelerated the incorporation of technologies towards adopting the Industry 4.0 framework. This includes using cutting-edge technologies, digital interventions from machines with sensors and edge analytics to sort relevant data. Mahindra uses telemetry-based solutions and segregated networks for machine and process security towards optimizing industrial network use. It has reduced energy utilisation, and thereby carbon footprint, through digital monitoring of energy used by manufacturing devices and scrutinising vehicle-wise energy consumption trends.
New Asset Installations
Given the changing customer preferences and high expectations for quality, the company had embarked on a journey to use digital technologies like Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT) to improve its quality, increase throughput and reduce downtime in factories. These first-of their kind projects have yielded exponential results and are being scaled up across M&M.
Connected Factories
Critical machines connected across 8 Mahindra plants pan-India through the in-house developed Drona platform, ensure better productivity by increasing machine availability and improving efficiency. With higher energy sustainability, improved machine uptime and based on Industry 4.0 guidelines of data interoperability, its value chains are getting more tightly integrated.
Using advanced AI models that capture over 1,000 data points, ranging from supplier parts to on-road performance, Mahindra could predict the performance of its engines which helped reduce the testing time and improve quality. The models developed were over 99.6% accurate and can be used to score engines on their performance.
Painting is a critical process in automotive manufacturing. They are currently running AI models in their paint shops to help set the right conditions in the paint booth to achieve the best possible output.
Key Manufacturing Milestones
Since its inception, Mahindra’s Rudrapur tractor plant has rolled out 7.5 lac+ tractors, while its Zaheerabad tractor plant has rolled out 2.5 lac+ tractors. Even in pandemic situation and against all odds, Mahindra’s state-of-the-art tractor plant at Nagpur achieved the milestone of rolling out its millionth tractor. Mahindra Nagpur is the first integrated tractor plant to achieve this feat.
23 new products by CY 2026
The much-awaited all-new global SUV of Mahindra, built on the W601 platform, has been branded as the XUV700. It is set to redefine the SUV segment with its spirited performance, best-in-class features, and world-class safety standards. The XUV700 will be manufactured at its automotive facility at Chakan in Maharashtra.
For the commercial vehicle portfolio, its proposition is to build tough products with the least cost of ownership. They are planning to launch 14 new CV (commercial vehicle) products by 2026 to strengthen their leadership position in the LCV <3.5T category.
Future-ready EV Strategy
EV presents a huge market opportunity, and Mahindra remains committed to capitalize on the same. In the short-term, its immediate focus is on Last Mile Mobility which is ripe for scaling up. The journey into EV Tech would start with a new portfolio of ICE (Internal Combustion Engine) derived SUVs leading to a Born Electric portfolio. Mahindra’s focus would be on driving partnerships along with leveraging internal capabilities through MRV (Mahindra Research Valley), EV Tech Centre, MNATC (Mahindra North American Technical Centre), and UK Design Centre (M.A.D.E.) to create an exciting EV portfolio in the SUV space.
Advanced Design Centre for Mobility Products
The Mahindra Group would set up Mahindra Advanced Design Europe (M.A.D.E) in the West Midlands, UK, to significantly enhance its design capabilities to global scale. This new Centre of Excellence (CoE) will be a part of the Mahindra Global Design Network that includes the Mahindra India Design Studio (MIDS) in Mumbai, India, and Pininfarina Design in Turin, Italy.
M.A.D.E and MIDS will contribute to all future automotive and mobility products, including Born EV SUVs, entire range of light & heavy commercial vehicles, small commercial vehicles including pickups, products of Last Mile Mobility (LMM), Peugeot Scooters (France), and tractors & farm machines, and also act as a resource available to Mahindra Group companies.
Delivering on the Promise of Electric Mobility
Electric Vehicles
M&M is a pioneer in bringing EVs to the Indian market, and its growing focus on EVs highlights its endeavour towards making commute more sustainable. They are addressing GHGs through Last Mile Mobility (Treo & Treo Zor), Electric Powertrain offerings on ICE platforms, and Born Electric Platform. Mahindra is one of the pioneers of electric mobility in India. Its EV (electric vehicle) journey started over 20 years ago when it introduced Bijlee, considered India’s first commercial and roadworthy electric vehicle. Mahindra EVs have already completed over 295 million electric kilometres on Indian roads and have saved over 29,500 metric tons of CO2 emissions in India, an equivalent of planting 1.35 million trees.
Several steps have been taken in the reporting year to accelerate the pace of EV penetration in Indian markets. This includes consolidation of structure, MoU, partnerships, and new launches.
Digital Capabilities
Mahindra rolled out an integrated automotive web-based platform ‘auto.mahindra.com’ to enable customers to browse through its range of vehicles across various auto segments (such as personal vehicles, commercial vehicles, trucks & buses, and electric vehicles), locate dealers, purchase and exchange a Mahindra SUV online, book test drives, book service appointments, etc. The platform has been enabled with an innovative chatbot feature for swift query resolution and transactions.
FY21 Performance Review
Automotive Sector
Mahindra’s Automotive Sector posted total sales of 3,48,621 vehicles (3,31,384 Passenger vehicles, commercial vehicles and 17,237 three-wheelers) in FY21 as against a total of 4,71,141 vehicles (4,11,345 four-wheelers and 59,796 three-wheelers) in the previous year, registering a de‑growth of 26.0%.
In the domestic market, the company sold a total of 3,30,271 vehicles in FY21 as compared to 4,44,218 vehicles in the previous year, resulting in a de-growth of 25.7%. In the PV segment, it sold 1,57,215 vehicles [including 1,55,530 Utility Vehicles (UVs), 1,676 Vans and 9 Cars] during the last fiscal registering a de-growth of 15.9%, as compared to the previous year’s volume of 1,86,942 vehicles [including 1,79,405 UVs, 6,679 Vans and 858 Cars].
In the Commercial Vehicle (CV) segment, Mahindra sold 1,56,159 vehicles [including 23,789 vehicles <2T GVW, 1,28,100 vehicles between 2-3.5T GVW, 1,160 Light Commercial Vehicles (LCVs) in the LCV > 3.5T segment, 684 vehicles in the 7.5-16.2T GVW segment and 2,426 Heavy Commercial Vehicles (HCVs)] in FY21, registering a de‑growth of 21.6% over the previous year’s volume of 1,99,131 vehicles [including 36,475 vehicles < 2T GVW, 1,51,384 vehicles between 2-3.5T GVW, 5,415 LCVs in the LCV > 3.5T segment, 760 vehicles in the 7.5-16.2T GVW segment and 5,097 HCVs].
In the three-wheeler segment, the company sold 16,897 three-wheelers in FY21, registering a de-growth of 70.9% over the previous year’s volume of 58,145 three-wheelers. For the year under review, the Indian automotive industry (except 2W) de-grew by 15.3%, with the PV industry de-growth of 2.2% and CV industry degrowth of 20.8%. The UV segment was the only segment to show growth in Financial Year 2021 with 12.1%. Within the CV industry, the LCV goods <3.5T segment de-grew by 11.0% while the HCV goods segment de-grew by 14.5%.
Mahindra’s UV volumes for the year stood at 1,55,530 units, a de-growth of 13.3%. The UV market share for the company stood at 14.7%. For the year under review, Mahindra’s PV volume stood at 1,57,215 units with a market share of 5.8%. The stylish and off-roader New Thar launched in 2020, performed well in the UV segment with a volume of 14,186 units for the Financial Year 2021. Scorpio, XUV500 and Bolero continued to be strong brands in the UV segment.
In the LCV<3.5T segment, the company retained its No.1 position with a 41.5% market share. It sold a total of 1,51,889 vehicles in this segment, has a market share of 56.8% in the LCV 2-3.5T segment, which is the Pik-UP segment.
In the Medium and Heavy Commercial Segment (MHCV) segment, the company sold 3,110 trucks in FY21 as against 5,857 in the previous year. This is a de-growth of 46.9%, and its market share in the HCV segment stands at 2.8%.
Mahindra is the pioneer for Electric Vehicles (EVs) in India, and for the year under review, sold (along with its subsidiary Mahindra Electric Mobility Limited) 5,418 EVs (27 four wheelers and 5,391 three-wheelers) as against 14,602 EVs (966 four wheelers and 13,636 three wheelers) in the previous year.
During the year under review, the company posted an export volume of 18,350 vehicles as against the previous year’s exports of 26,923 vehicles. This is a de-growth of 31.8%. The spare parts sales for the year stood at Rs. 2,165.3 crores (including exports of Rs. 133.5 crores) as compared to Rs. 2,494.5 crores (including exports of Rs. 230.8 crores) in the previous year, registering a de-growth of 13.2%.
Construction Equipment Business
In FY21, Mahindra (under the Mahindra EarthMaster brand) sold 681 Backhoe Loaders (BHLs) as compared to 880 in the FY20, a de-growth of 22.6%. The Construction Equipment industry recovered in the second quarter onwards. With the increasing focus and spend in infrastructure sector by the Government, the BHL market in India grew by 21% over the previous year. It also has presence in the road construction equipment business through motor graders (under the Mahindra Road Master brand). During the year under review, the company sold 82 motor graders.
Farm Equipment Sector
Mahindra’s Farm Equipment Sector recorded total sales of 3,54,498 tractors (domestic + export) in FY21 as against 3,01,915 tractors sold in the previous year, registering a growth of 17.4%. This includes 3,067 tractors sold under the Trakstar brand, which is the third brand of the company under the subsidiary Gromax Agri Equipment Limited. For the year under review, the tractor industry in India recorded highest ever sales of 8,99,407 tractors, a growth of 26.9%. Tractor Industry recorded growth in FY21 after a de-growth in FY20.
Mahindra Powerol
Under the Powerol brand, Mahindra has been a leader in providing power back-up solutions to the telecom industry for over a decade. To cater to the changing customer needs, the company continues to consolidate its presence in tele-infra management and in the energy management solutions space. In the overall genset business, Mahindra is the No. 2 brand by volume, offering a wide range of solutions from Lower KVA range to mid to higher KVA range.
Mahindra is also focusing on Gas Powered Gensets and presently offers solutions in 25 to 125 KVA range. In addition to lowering emission, these gensets offer a significantly lower operating cost. This segment will be the future growth area. With a focus on green energy solutions, it also offers Energy Storage Solutions powered with Lithium-ion batteries. These are for application in telecom towers and bank ATMs. With the evolving BS IV engine demands, the company’s industrial equipment vertical has already taken the first mover advantage and introduced various nodes to its customers. Despite the pandemic, Powerol was offering relentless service and support to emergency services like healthcare, telecom, etc.
Exports – Automotive Sector
The Automotive Sector of Mahindra exported a total of 18,350 vehicles in FY21, a degrowth of 31.8% over the previous year. Despite the pandemic, exceptional growth was recorded in South Central America, Australia and New Zealand. The drop in total exports is a result of degrowth in South Asia and South Africa. The company continues its efforts to strengthen its on-ground presence, expand its product portfolio, and grow its digital reach in key international markets.
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BorgWarner
Congratulations Mahindra & Mahindra Limited on your 75th company anniversary. What a successful history! Thank you for being such an amazing partner. We appreciate our joint business and we are happy about the successful relationship with you. It has been an exciting experience for us to collaborate during the past decade, on the journey to now BS-VI. We look forward to also supporting your electrification business in the future to get closer to our vision of a clean and energy efficient world. Thank you for your trust in BorgWarner.
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NPL BlueSky Automotive
Being a part of Mahindra & Mahindra’s glorious journey has been a truly rewarding experience for us. Our shared values of ‘Customer first’ and ‘Quality focus’ has enabled our strong partnership with the industry leader. Congratulating the entire team of Mahindra & Mahindra on the wonderful accomplishment of 75 years.
– Nandan Agrawaal, Managing Director, NPL Bluesky Automotive
Team NPL is privileged to be associated with Mahindra. We take this opportunity to congratulate all the members of the Mahindra family for achieving this milestone of 75 glorious years. We wish them many more years of success in the automotive industry.
– Dr. Sudhir Chhabra, Vice President, NPL Bluesky Automotive
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ZF WABCO
We take this opportunity on behalf of the ZF Group in India to congratulate the Mahindra Group on their 75th anniversary – a momentous milestone. The Mahindra Group has proudly placed our country on the global map as a shining example of “Made in India” for the world through its success stories across the automotive and other sectors. The group continues to positively impact partners, stakeholders, communities and the world at large.
ZF shares a unique partnership with the Mahindra Group, as the “Official Technology Partner” of the Mahindra Racing Formula E Team in the fully electric FIA Formula E. This special partnership built upon mutual understanding and collaboration between Mahindra Racing and ZF Group is delivering the very best in the domain of electrification, a huge step in achieving the sustainable development goals. ZF WABCO has an enduring relationship with Mahindra Group that has been built on strong foundations and has been nurtured and enriched over the years. ZF WABCO continues to strengthen this partnership, anchored in ZF‘s vision for Next Generation Mobility. As we move ahead, I on behalf of my team once again wish the leadership and the teams at Mahindra Group, a long and successful growth journey and an enduring partnership with ZF Group.
– P Kaniappan, Managing Director, WABCO India
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Eaton
“We are proud to congratulate Mahindra on reaching the major milestone of 76 years in business and for bringing India pride to the world stage. Mahindra and Eaton have had a long-standing relationship dating back to 1999.
Eaton has been a technology partner for Mahindra in many areas including commercial vehicle transmissions, engine valves and valve actuation, mechanical locking differentials and hydraulic lash adjusters. These products and technologies ensure that they lend a differentiated value to the customer as well as to the end-users. Eaton’s products stand to their promise of being robust, reliable, and efficient and thus help reduce emissions, enhance safety and reduce the total cost of ownership. Eaton is glad to be partnering and applicated on some of Mahindra’s new and important platforms and also for future generation launches.
Happy 76th anniversary, Mahindra & Mahindra! May the years to come be as exhilarating and fulfilling as the previous ones. We look forward to many more years of strong collaboration.”
– Shailendra Shukla, Managing Director, Vehicle Group, India, Eaton
Eaton’s Vehicle Group is a strategic technology partner for customers in India and globally. With more than 110 years of experience in vehicle development, tuning and calibration, Eaton provide customers with an unrivalled combination of quality, reliability and engineering expertise.
Eaton helps create power from a variety of propulsion methods, from gasoline and diesel engines to battery-electric and fuel cells, by providing innovative solutions that improve the safety and efficiency of the next generation of passenger and commercial vehicles. Our entire product range optimizes power through smart, highly efficient, integrated solutions, making us a trusted partner for leading global vehicle manufacturers.
Our technology leadership is backed by dedicated Research and Development centers, and Innovation centers, in India and globally. These centers like Eaton India Innovation center, focus on enhancing our organizational capabilities by leveraging high-end engineering talent and best-in-class infrastructure. They are an integral part of Eaton’s global growth strategy and align with our commitment to organic growth and achieving global technology leadership through a focus on innovation and also region-specific customizations. Through these centers, our technologists, engineers and designers provide strategic value creation in sustainable engineering, product development, application engineering and advanced technology through cutting-edge innovation.
Our Vehicle Group, eMobility and Electrical business continues to play a significant role in shaping the e- mobility sector in India. We also are committed to reducing the environmental footprint of our facilities in India through initiatives such as the Zero-Waste-To-Landfill and Zero Water Discharge programs, the adoption of onsite renewables and by using more connected, digital tools to prevent waste across our manufacturing ecosystem.