Mahindra & Mahindra Ltd. · NSE:M&M
Mahindra & Mahindra — Investor Day (November 2025)
182 slides from Mahindra & Mahindra's investor day presentation, Nov 20, 2025
Slide 1: Forward-looking statements disclaimer
“Certain statements in this meeting with regard to our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.”
Slide 2: Bold By Design… Accelerating Growth
Bold By Design…. …Accelerating Growth
Slide 3: Agenda
Agenda OUR JOURNEY STRATEGIC IMPERATIVES GROWTH VECTORS
Slide 4: Our Journey
Our Journey PURPOSE LED PERFORMANCE DRIVEN PERFORMANCE DRIVEN FUTURE READY
Slide 5: RISE Philosophy
RISE Philosophy Drive positive change in the lives of our communities. Only when we enable others to rise will we rise. #Together we rise
Slide 6: Slide 6
Slide 7: Purpose: Education & Employment
PURPOSE : Education & Employment SUPPORTED SUPPORTED 1,79,175 2,44,485 Girls in FY25 Women in FY25
Slide 8: Purpose: Planet Positive
PURPOSE : Planet Positive Journey Commenced in 2008 GREENING DECARBONISING REJUVENATING \ 100% EP (Energy) | 100% WP (Water) 11% Green Revenue Biodiversity | >25M Trees RECOGNITION
Slide 9: Purpose: Governance
PURPOSE : Governance ▪Controllership dashboards to monitor risks proactively VALUES ACTIONS ▪Improved technology: mCompliance 2.0, RPT monitoring, consolidation, intercompany reconciliations GOLDEN PEACOCK GLOBAL AWARD Recognized in Leadership Category National Award for Excellence in for 4 consecut
Slide 10: Performance: Our Journey
PERFORMANCE : Our Journey FY25 – FY30 FY22 – FY24 FY21 DELIVER SCALE PIVOT TO GROWTH Audacity Market Leadership | Auto, Farm Entities with clear path to 18% RoE Quantifiable Strategic Impact Unclear Path to Profitability…Exit Operating Excellence Achieve Full Potential | Finance, TechM Courage to sa
Slide 11: Performance: EPS
PERFORMANCE : EPS CAGR 63% EPS (INR/share) 115.7 100.7 11.2 80.72 58.8 48.7 80.7 16.2 1.0 FY19 FY20 FY21 FY22 FY23 FY24 FY25 ROE 14% 0% 4% 15% 20% 2 18% 18% 1 Considering continuing and discontinued operations; 2 Driven by gains from SEL and Susten, offset by Trucks and Buses impairment Note: Data r
Slide 12: Performance: PAT & Net Cash Generated
PERFORMANCE : PAT & Net Cash G enerated Post Capex and Investments FY21 - 25 25% Auto 29% Auto CASH 36% Services 39% Services PAT 1 GENERATED 39% Farm 32% Farm 1. PAT numbers excl. the transaction amount from the Ssangyong sale
Slide 13: Performance: Impact of Growth Gems
PERFORMANCE : Impact Of Growth Gems Market Cap (INR K Cr) 7X 561 35 22 8 Mar’20 Mar’22 Mar’24 Nov’25 M&M Share ~48 1. F26 includes Market Cap for SML
Slide 14: Performance: Shareholder Returns
PERFORMANCE : Shareholder Returns Apr’20 – Nov’25 Indexed Share Price1,2 M&M 14x 59% Nifty 50 23% 3x Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 Apr-25 Nov-253 Capital Allocation Pivot to Growth Deliver Scale 1. Share Price & Indices as of Apr‘20 (start of FY21) indexed to 100 ; 2. For each month, the share
Slide 15: Future Ready: Talent
FUTURE READY : Talent VALUES LED CARING PERFORMANCE DRIVEN
Slide 16: Future Ready: Talent
FUTURE READY : Talent LEADERSHIP DEVELOPMENT TOP TALENT FROM LEADING COMPANIES DIVERSITY, EQUITY AND INCLUSION 105 Future shapers over last 4 yrs 22 Women in top 100 leaders 131 Mahindra Accelerated Leadership Track 54% Leaders hired at Corporate in 5 yrs are women 87 Mahindra Leadership Program 5-y
Slide 17: Future Ready: Technology
FUTURE READY : Technology Customer and Employee experience AI Efficiency.ai • Contact center • 15% more emails handled by agents • Loan verification • 500+ free up of resources • Vehicle GPT • 6000+ customer queries answered Experience.ai • Hyper personalized campaigns • 15% reduction in cost Enterp
Slide 18: Future Ready: Technology (Manufacturing AI)
FUTURE READY : Technology Manufacturing AI Agility.ai AI-Enabled Digital Twin for Dynamic Debottlenecking 10% increase in productivity Quality.ai AI-based weld spot integrity prediction Enhances vehicle safety Uptime.ai Gen-AI based maintenance assistant for shopfloor executives 15-20% reduction in
Slide 19: Future Ready: Our Culture
mahindra™ FUTURE READY : Our Culture as,
Slide 20: Big Think, Do Less, Execute Flawlessly
mahindra™* ws BIG THINK DOLESS EXECUTE flawlessly
Slide 21: Agenda
Agenda OUR JOURNEY STRATEGIC IMPERATIVES GROWTH VECTORS
Slide 22: World Around Us
World Around Us INDIA OPPORTUNITY GEOPOLITICS CLIMATE CHANGE SUPPLY CHAIN TECH
Slide 23: Anchored to India, Ready for the World
Anchored to India, Ready for the World
Slide 24: We Play in 70% of Indian GDP Growth
We Play in 70% of Indian GDP Growth SECTOR CONTRIBUTION TO GDP SECTORS GROWTH ($ BN) Consumer, lifestyle and e-commerce 903 1020 1,644 Agriculture solutions 669 243 912 2024 2030 (Incremental) Manufacturing and capital goods 529 350 810 879 Financial services 221 180 401 Mahindra Presence Logistics
Slide 25: Power of a Federation
Power of a Federation Governance Talent Empowerment Technology Scale & Access Trust Enables Market-leading Returns
Slide 26: Our Businesses
Our Businesses AUTO SERVICES FARM
Slide 27: Our Businesses
Our Businesses AUTO & FARM FINANCE & TECH M GROWTH GEMS
Slide 28: Market Leadership
Market Leadership In India AUTO & FARM FINANCE & TECH M GROWTH GEMS #1 EV SUVs*# #1 NBFC #1 Electric 3W #1 3PL Provider #1 SUVs* Rural & Semi-urban #1 Vacation Ownership Net Zero Residential Project #1 LCVs #1 Auto Recycling (Industry First) Top 5 IT Services #1 Tractors (Globally by Volume) #1 Used
Slide 29: Accelerating Momentum
Accelerating Momentum What We Delivered since July’24 AUTO & FARM FINANCE & TECH M GROWTH GEMS 30,000 EVs on Achieved <4% GNPA $1.1 Bn backlog for Aero EV 3Wh growth of ~48% Indian roads consistently for last 1 year Added 968 keys Completed SML acquisition Market share up and 6 new 390 bps* for ICE
Slide 30: Drivers of Growth
Drivers of Growth 1 ORGANIC GROWTH 2 LEADERSHIP IN CURRENT FOOTPRINT 3 NEW AREA
Slide 31: Our Organic Trajectory
Our Organic Trajectory Organic growth of F26E – F30E with 15- 40% ~25% during F22-F251 organic growth across businesses 1 Includes Auto Consolidated (including CLPL), Farm Consolidated (including Farm Machinery), and Growth Gems: Hospitality, Real Estate, Logistics, Susten, Accelo, Aero & Defence, L
Slide 32: Strategic Imperatives
Strategic Imperatives Audacity and Operating Excellence to Deliver Scale CAPITALIZE ON MARKET LEADERSHIP ACHIEVE FULL POTENTIAL SCALABLE GROWTH GEMS EMERGING GROWTH GEMS • Product Leadership • Service “Fortress” Lagging → Above Average • International Growth Ambitious Yet Realistic $2+ bn each by 20
Slide 33: One New Opportunity
One New Opportunity Strong Right to Win Meaningful Potential Market-leading Returns Ability to Execute
Slide 34: Agenda
Agenda OUR JOURNEY STRATEGIC IMPERATIVES GROWTH VECTORS
Slide 35: Automotive Business: SUVs
Automotive Business : SUVs ASPIRATION To be world’s fastest growing SUV brand GROWTH VECTORS Authentic ‘Adventure Ready’ Build on Brand DNA Go Global Products 4G, Monocoque Spirit of Exploration NU_IQ, INGLO, Global Pik Up NU_IQ, INGLO Head-turning Design RHD (UK, ANZ, SA), LHD (EU) Democratising Te
Slide 36: Automotive Business: LCVs
Automotive Business : LCVs ASPIRATION To be the #1 Trusted Brand for LCVs across segments & applications 1 GROWTH VECTORS Best-in-class TCO LCV for every application Customer Centricity Higher earnings capability2 Full market coverage3 in <3.5T to >80% rural penetration Better resale value enable ca
Slide 37: Farm Equipment Business
Farm Equipment Business ASPIRATION Transform Lives Of Farmers Globally By Democratising Technology GROWTH VECTORS Domestic Tractors International Farm Machinery Technology Fortify Building Momentum Continue to scale Next Growth Horizon * Farm Consolidated Revenue Growth from FY20 to FY30 3X Growth i
Slide 38: Mahindra Finance
Mahindra Finance ASPIRATION Most Trusted Financial Services provider for Bharat GROWTH VECTORS Relevance Reach Reputation 5X Growth in AUM in this decade
Slide 39: Tech Mahindra
Tech Mahindra ASPIRATION Turnaround to be completed by FY27 Long-term aspiration is to drive profitable and sustainable growth higher than peer average GROWTH VECTORS Growth Strategy Operations Strategy Organization Strategy ~1.3x Growth in Revenue during FY20 to FY27
Slide 40: Truck & Bus Business
Truck & Bus Business ASPIRATION Top 3 in India’s ILCV Trucks & Buses Focused play in HCVs GROWTH VECTORS New & Differentiated Products New Opportunities Unlock Synergy Benefits Portfolio depth powered by wide range of Combined network → New Markets Combining efforts of R&D, Sourcing & aggregates, ad
Slide 41: Mahindra Holidays
Mahindra Holidays ASPIRATION India’s #1 leisure hospitality player GROWTH VECTORS Scaling the core Building the new Enhancing member experience Creating a luxury leisure hospitality brand Numbers are for India Business 3X Keys, 3X Revenue & 4X PAT in this decade
Slide 42: Mahindra Lifespaces
Mahindra Lifespaces ASPIRATION Top 5 across our priority markets GROWTH VECTORS Strong BD Superior Best-in-class Customer Preferred Industrial Robust Financial Engine Designs Experience Master Developer Discipline >14X Growth in Sales in this decade
Slide 43: Mahindra Aerostructures
Mahindra Aerostructures ASPIRATION Amongst the Top 10 Global Suppliers with exceptional delivery, quality & operational excellence GROWTH VECTORS Market Demand Outruns Operational Excellence & Long Industry Lifecycles Aircraft Supply Robustness 8-year order books in backlog → OEMs’ emphasis on suppl
Slide 44: Mahindra Last Mile Mobility
Mahindra Last Mile Mobility ASPIRATION To electrify India’s last mile and be the #1 e-CV company with a million EVs on road by 2031 GROWTH VECTORS Electrification Product Category Expansion Scale Exports 50% Electrification by FY30 2X Industry Growth (E - 3W + 4W) Expand to 10+ markets FY23 to FY30
Slide 45: Renewable Energy Business
Renewable Energy Business ASPIRATION Be a leading developer and manager of high quality RE assets GROWTH VECTORS High quality solar / hybrid Connectivity and land Efficient structure 5.1GWp (exec. + new wins) 7GWp (++ BESS, peak/RTC) Capital light 5X Growth in Portfolio this decade
Slide 46: What The Future Of Mahindra Will Be
What The Future Of Mahindra Will Be SUVs : To be world’s fastest growing SUV brand LCVs : #1 Trusted Brand for LCVs 8X India’s #1 leisure hospitality player 3X Transform Lives Of Farmers Globally By Democratising Technology 3X Top 5 across our priority markets 14X To be in top 10 Global Suppliers wi
Slide 47: Slide 47
Slide 48: Mahindra Group
mahindra GROUP
Slide 49: Automotive Business
mahindra™* INVESTOR Day AUTOMOTIVE BUSINESS
Slide 50: Strong Market Performance
Consolidated Auto Sector Strong Market Performance QUARTERS QUARTERS QUARTERS #1 SUV Revenue Market Share 1 #2 PV Revenue Market Share 2 >50% LCV (<3.5T) Volume Market Share 3 1. Since Q3 FY24 2. Since Q3 FY24 3. Since Q1 FY25 Source: JATO Dynamics, SIAM
Slide 51: Robust Growth with Industry Leading Margins
Robust Growth with Industry Leading Margins Auto Standalone Volume Auto Conso. Revenue Auto Conso. PBIT 928k units 90,825 Cr 7,797 Cr 2X 3.2X 6X FY20 FY25 FY20 FY25 FY20 FY25 Volume is for Auto standalone including MLMML
Slide 52: Automotive Business: LCVs
Automotive Business : LCVs ASPIRATION To be the #1 Trusted Brand for LCVs across segments & applications 1 GROWTH VECTORS Best-in-class TCO LCV for every application Customer Centricity Higher earnings capability2 Full market coverage3 in <3.5T to >80% rural penetration Better resale value enable ca
Slide 53: Automotive Business: SUVs
Automotive Business : SUVs ASPIRATION To be world’s fastest growing SUV brand GROWTH VECTORS Authentic ‘Adventure Ready’ Build on Brand DNA Go Global Products 4G, Monocoque Spirit of Exploration NU_IQ, INGLO, Global Pik Up NU_IQ, INGLO Head-turning Design RHD (UK, ANZ, SA), LHD (EU) Democratising Te
Slide 54: Light Commercial Vehicles / Sports Utility Vehicles
LIGHT COMMERCIAL SPORTS UTILITY VEHICLES VEHICLES
Slide 55: Light Commercial Vehicles
LIGHT COMMERCIAL VEHICLES
Slide 56: LCV <3.5T – All-weather Superstar
LCV <3.5T – All - weather Superstar Growing 1.7X faster than the industry 54.1%1 51.7% 49.0% 5.28 FY26P2 45.7% 4.95 45.5% FY25 41.5% 5.09 4.11 FY24 40.3% FY20 3.66 5.25 FY21 FY23 4.23 Source: SIAM FY22 1. Market share as of H1FY26 2. P = Projected M&M Market Share XX Industry Volume (lakhs)
Slide 57: Turning White Spaces into Growth Engines
Turning White Spaces into Growth Engines 50% M.S. 1 in Small Pikup ~60% M.S. 1 in CNG 2 - 3.5T VEERO | Sept 2024 VEERO CNG | Jan 2025 MAXX HD 1.9T CNG | Jan 2025 1. Market share as of YTD Oct’25
Slide 58: Harnessing the Winds of Transformation
Harnessing the Winds of Transformation 1.6X M&M Growth in LCV<3.5T (FY25 to FY30) Preference shift Post GST 2.0 Growing share Accelerated towards replacement of organized infrastructure comfort, safety cycle trade build-out & tech features Source: FY25 SIAM, FY30 M&M Analysis
Slide 59: LCVs for Every Journey
Usage Lifestyle Dual Commercial Global Pik Up Camper Double Gold 2WD,4WD Z121 Cabin LCVs for Industry Large Compact Pikup 1.7T, 2T Classic Pikup G3 MaXX range 2WD,4WD Segment (1.7-2T PL) Every Journey! Compact City Veero range 1.3T, 1.5T Single Medium G2 Cabin (1.3-1.5T PL) G1 Small N/A (1T PL) Fuel
Slide 60: Global Pik Up
Global Pik Up
Slide 61: Global Pik Up Video
mahindea” _ Global Pik Up Video
Slide 62: Automotive Business: LCVs
Automotive Business : LCVs ASPIRATION To be the #1 Trusted Brand for LCVs across segments & applications 1 GROWTH VECTORS Best-in-class TCO LCV for every application Customer Centricity Higher earnings capability2 Full market coverage3 in <3.5T to >80% rural penetration Better resale value enable ca
Slide 63: Sports Utility Vehicles
a SF a mahinele : = SPORTS UTILITY. VEHICLES
Slide 64: Unmissable Presence in the SUV Space
Unmissable P resence in the SUV Space The most loved SUV brand portfolio 26.4%1 22.7% 20.4% 30.0 19.2% FY26P2 17.6% 28.0 FY25 15.4% 25.2 9.5 FY24 FY20 13.6% 20.0 FY23 14.9 10.6 FY22 FY21 Source: SIAM 1. Market share as of H1FY26 2. P = Projected M&M Revenue Share XX Industry SUV Volume (lakhs)
Slide 65: Head Turners to Headlines
Head Turners to Headlines Blockbuster Launches Impactful Refreshes Special Editions THAR ROXX XUV 3XO BE 6 Batman Edition 15 car of the year awards Fastest Mahindra vehicle 999 vehicles gone in 135 including the ICOTY award to cross 1 Lakh volumes seconds
Slide 66: mahindra
mahindra *From start of delivery in Mar'25 till 315 Oct'25.
Slide 67: Turning Tailwinds into Head Room for Growth
Turning Tailwinds into Head Room for Growth Indian PV Market FY25 70% of market white space YET Others Core SUV TO BE TAPPED INTO 70% 30% Core SUV = Total UV – Hatchback Crossovers - MPVs
Slide 68: The 5% Club – Time to Open the Gates
The 5% Club – Time to Open the Gates Global SUV Market FY25 Premium SUV 5% GLOBAL MAINSTREAM SUV MARKET waiting to be disrupted Mainstream SUV 95%
Slide 69: World-Beating Products Starting 2027
WORLD - BEATING PRODUCTS STARTING 2027
Slide 70: ZAM
NG ZAM SCR: ELECTRIC geous, weer 8 DAY .*
Slide 71: Teasers
mahindra™* Teasers
Slide 72: Automotive Business: SUVs
Automotive Business: SUVs ASPIRATION To be world’s fastest growing SUV brand GROWTH VECTORS Authentic ‘Adventure Ready’ Build on Brand DNA Go Global Products 4G, Monocoque Spirit of Exploration NU_IQ, INGLO, Global Pik Up NU_IQ, INGLO Head-turning Design RHD (UK, ANZ, SA), LHD (EU) Democratising Tec
Slide 73: Rise
Rise mahindra mahindra“
Slide 74: Farm Equipment Business
Rise mahindra FARM EQUIPMENT BUSINESS
Slide 75: World's Largest Farm Tractor Manufacturer
We are the World’s Largest Farm Tractor Manufacturer Series 1 Mahindra FY25 433,000 tractors
Slide 76: Robust Growth with Industry Leading Margins
Robust Growth with Industry Leading Margins Global Tractor Volume Dom. Market Share Farm Conso. Revenue Farm Conso. PBIT 433k units 43.3% 35,375 Cr 4,947 Cr 1.4X +2.2pp 1.7X 2.6X FY20 FY25 FY20 FY25 FY20 FY25 FY20 FY25
Slide 77: Farm Equipment Business
Farm Equipment Business ASPIRATION Transform Lives Of Farmers Globally By Democratising Technology. GROWTH VECTORS Domestic Tractors International Farm Machinery Technology Fortify Building Momentum Continue to scale Next Growth Horizon * Farm Consolidated Revenue Growth from FY20 to FY30 3X Growth
Slide 78: Future Farms
mahindra™ FUTURE FARMS small and smart Qe
Slide 79: Farm Equipment Business Growth Vectors
Farm Equipment Business GROWTH VECTORS Domestic Tractors International Farm Machinery Technology Fortify Building Momentum Continue to scale Next Growth Horizon
Slide 80: Domestic Tractors
Domestic Tractors International Farm Machinery Technology Domestic Tractors
Slide 81: Tractor Industry Outlook
Domestic Tractors International Farm Machinery Technology Tractor Industry Outlook Industry to grow faster Penetration Upside Shift to Bigger Tractors FY25-FY30 CAGR 24.0Mn + 9% 17.0Mn >50HP 2.3% 7% 12.2Mn ++ 11Mn 40-50HP 64.3% <40HP 33.4% Earlier Current FY30 earlier FY30 current Tractor Req. Tract
Slide 82: Farm Equipment Business To Gain in 40-50HP Segment
Domestic Tractors International Farm Machinery Technology Farm Equipment Business To Gain in 40 - 50HP Segment #1 & #2 Brands Widest & Leading Products Strongest Brands Average Endorsement Swaraj Mahindra +1.4% MS in last 3 years* in 40-50HP segment 28 32 36 40 46 59 Yuvo Tech + Need Importance Reli
Slide 83: International
Domestic Tractors International Farm Machinery Technology International
Slide 84: Substantial Global Footprint
Domestic Tractors International Farm Machinery Technology Substantial Global Footprint TURKEY NEPAL JAPAN USA INDIA BANGLADESH Product Development THAILAND Manufacturing Facilities SRI LANKA On-Ground Presence BRAZIL S. AFRICA AUSTRALIA
Slide 85: Brazil
Domestic Tractors International Farm Machinery Technology Brazil: 8% MS <120HP; ~20% MS <50HP • Upcoming launches - OJA, NOVO and new High HP platform • Established manufacturing plant with 40%+ localisation • New manufacturing facility planned • 87 dealers - Growing Sales & Service network Brazil <
Slide 86: North America
Domestic Tractors International Farm Machinery Technology North America: 10.4% MS <20HP in Q4 - FY25 • Launched 1100 Sub Compact & 2100 Compact series in Q4 FY25 • Future launches - OJA Small Utility, OJA Large Utility, High HP platform • 440+ dealers & scaling up North America <110HP market ~2L tra
Slide 87: North America Video 1
Domestic Tractors International Farm Machinery Technology North America Video 1
Slide 88: North America Video 2
Domestic Tractors International Farm Machinery Technology North America Video 2
Slide 89: ASEAN: Promising Prospects
Domestic Tractors International Farm Machinery Technology ASEAN : Promising Prospects • Entered Thailand in Q4 FY25 • ~16% Geographical Coverage • Q2 FY26 retail MS ~4% in covered geographies ASEAN market 50k+ tractors
Slide 90: Farm Machinery
Domestic Tractors International Farm Machinery Technology Farm Machinery
Slide 91: Farm Machinery
Domestic Tractors International Farm Machinery Technology Farm Machinery 1000 Cr+ Business with Substantial Upside Mechanisation Level (%) in India On track to scale-up Strong Mahindra & Swaraj Product Portfolio Brands Seedbed Sowing/ Harvesting & Overall Crop Care Preparation Transplanting Threshin
Slide 92: Technology: Next Growth Horizon
Domestic Tractors International Farm Machinery Technology Technology: Next Growth Horizon
Slide 93: Technology: Tractors & Farm Machinery
Domestic Tractors International Farm Machinery Technology Technology: Tractors & Farm Machinery Electrification Autonomy Alternative fuels • Mahindra OJA • Level 2 Autonomy for • Diesel-Biodiesel blends Electric Tractors Precision, Productivity & • CNG Comfort • Ethanol (Flex-Fuel)
Slide 94: Technology: Precision Ag & Technology as a Service
Domestic Tractors International Farm Machinery Technology Technology: Precision Ag & Technology as a Service Telematics Satellite Imagery Drones Pay as you use services
Slide 95: An Abundance of Opportunities
An Abundance of Opportunities 433k Tractors Rs 35,375 Cr Revenue Rs 3,792 Cr PAT FY25 Domestic 40-50HP market International Farm Tech as a Potential Consolidated Industry growth share gain Machinery Service
Slide 96: Farm Equipment Business
Farm Equipment Business ASPIRATION Transform Lives Of Farmers Globally By Democratising Technology. GROWTH VECTORS Domestic Tractors International Farm Machinery Technology Fortify Building Momentum Continue to scale Next Growth Horizon * Farm Consolidated Revenue Growth from FY20 to FY30 3X Growth
Slide 97: Rise
Rise mahindra mahindra“
Slide 98: Tech Mahindra
INVESTOR Day TECH MAHINDRA
Slide 99: Tech Mahindra
Tech Mahindra ASPIRATION Turnaround to be completed by FY27 Long-term aspiration is to drive profitable and sustainable growth higher than peer average GROWTH VECTORS Growth Strategy Operations Strategy Organization Strategy ~1.3x Growth in Revenue during FY20 to FY27
Slide 100: FY27 Goals: Recap
FY27 Goals : Recap Revenue EBIT ROCE Capital Growth Margin Return Topline growth > Peer 15% > 30% > 85% of FCF average Company Confidential | Copyright © 2025 Tech Mahindra. All rights reserved. 100
Slide 101: 3-Year Roadmap: Stabilization Phase Underway
3 - Year Roadmap : Stabilization Phase Underway Q4 FY24 FY25 FY26 FY27 The The Beginning Beginning Turnaround TurnaroundPhase Phase Stabilization Phase Reaping ReapingReturns Returns Structure and Ground the new org Continue above Improved long term strategy definition normal investments structural
Slide 102: Tech Mahindra: Growth Strategy
Tech Mahindra : Growth Strategy Revenue y-o-y (in CC) Vectors Key Metrics • Prioritized Markets • Narrowing growth gap with peers Actuals Stated Goal • Balanced Industry Mix / • NPS Score –Top Quartile Peer Average Focussed Verticals FY24 FY25 FY26 FY27 • Built verticalized sales team within regions
Slide 103: AI Delivered Right
AI Delivered Right Right Foundation Right Strategy Right Acceleration One of the first SIs to launch Productivity Tech Mahindra AI Comprehensive platform for Agentic AI development–TechM Orion - July 2025 Transformation Tech Mahindra named Emerging Leader in Gartner® GenAI Services Magic Quadrant In
Slide 104: Tech Mahindra: Operations Strategy
Tech Mahindra : Operations Strategy Earnings Before Interest & Taxes Vectors Key Metrics (EBIT%) • Deepen Capabilities • Consistent margin expansion towards FY27 target . • Delivery Excellence • Delivery led growth . . . . • Productivity Gains • Operational rigor → high FCF and dividend expansion .
Slide 105: Transforming Tech Mahindra into a Learning Organization
Transforming Tech Mahindra into a Learning Organization High-Impact Learning Interventions in FY26: Future Leadership Future Skilling Impact Zenith : Immersive, Personalized Leadership Program at INSEAD, France AI Skilling Fulfilment : Accelerated ‘re-purposing’ of talent Velocity : Sales Leadership
Slide 106: Tech Mahindra: Organization Strategy
Tech Mahindra : Organization Strategy Talent Management & Culture Group Synergy ESG Leadership Building • Stable Leadership team • TechM x Mahindra University – R&D Facility/ Makers • Only Indian IT company to receive the highest "A" rating Lab/ Research Projects/ Latest Technology across all three
Slide 107: Comprehensive Brand Refresh
Comprehensive Brand Refresh : Unmistakably Mahindra, Uniquely Tech Mahindra Brand Architecture Orbit Model A Bold Evolution Designed for Tomorrow Master Brand Sub Brands • Reinforce positioning as a future-ready Endorsed Brands EVP Limitless Together transformation partner Independent Brands • Inspi
Slide 108: Next months journey
Next months journey … Deepening Client Drive automation and Delivery Consistent policy of returning cash to Relationships to expand excellence for continued shareholders > 85% of FCF wallet share margin expansion Consulting and Gen AI Scaling High-Growth are the significant areas Service Lines: Engi
Slide 109: Tech Mahindra
Tech Mahindra ASPIRATION Turnaround to be completed by FY27 Long-term aspiration is to drive profitable and sustainable growth higher than peer average GROWTH VECTORS Growth Strategy Operations Strategy Organization Strategy ~1.3x Growth in Revenue during FY20 to FY27
Slide 110: Rise
Rise mahindra mahindra“
Slide 111: Mahindra Finance
INVESTOR Day MAHINDRA FINANCE
Slide 112: Mahindra Finance
Mahindra Finance ASPIRATION Most Trusted Financial Services provider for Bharat Relevance Reach Reputation 5X Growth in AUM in this decade
Slide 113: Our Journey (1/2)
Our Journey (1/2) FY 2005 – 2015 FY 2015 – 2022 FY 2022 – 2025 RUSU Leadership: Challenges: Rebuild: Strong and Differentiated Technology and Risk Asset Quality, Ops, Tech, Controls • Rural and semi-urban acumen • Volatility in asset quality • Strengthened asset quality • Pan India distribution • Te
Slide 114: Our Journey (2/2)
Our Journey (2/2) FY 2005 – 2015 FY 2015 – 2022 FY 2022 – 2025 Legacy: Challenges: Rebuild: Asset Quality, Strong and Differentiated Technology and Risk Ops, Tech, Controls AUM CAGR: 27% AUM CAGR: 9% AUM CAGR: 23% 18.8 15.7 15.1 14.8 14.2 14.0 13.8 12.7 10.7 10.7 119 8.4 7.7 7.6 6.4 9.0 103 90+ DPD
Slide 115: Today
Today Leadership Stabilized Asset Quality Revamped CX Strong Management 7.7 95%+ Pin codes served 8.0 7.5 7.0 Digital onboarding 6.5 6.0 5.5 5.0 4.5 3.7 2.5M+ Live customers 4.0 3.5 GS-3 % Straight through 3.0 2.5 2.0 processing 1.5 1.0 0.5 0.0 FY22 FY23 FY24 FY25
Slide 116: Pivot to Profitable and Stable Growth – Priorities
Pivot to Profitable and Stable Growth – Priorities Capitalize on leadership in Balance growth and Diversify into Cross-sell with focus Enhance Ops tractor financing margins for Auto and CV Mortgages and SME on fee income excellence with AI
Slide 117: Capitalize on Leadership in Tractor Financing
Capitalize on Leadership in Tractor Financing Grow leaderboard dominance Plan: Expand share profitably Leverage ecosystem synergies Grow used / refinance #1 Expand geography coverage Improve implements/agri machinery lending
Slide 118: Balance Growth and Margins for Auto and CV
Balance Growth and Margins for Auto and CV Auto & CV* leadership Plan: Balance growth and margins Grow profitable customer segments Leverage distribution for Co-lending Top 4 ease Used/Refinance U, servicing capabilities Top 3 Increase Used/Refinance Improved U/W, servicing capabilities * CV include
Slide 119: Diversify into Mortgage and SME
Scale Affordable housing Scale Affordable housing Diversify into Mortgage and SME Mortgages [H1F26 AUM: ~INR 7K cr] SME Lending [H1F26 AUM: ~INR 7K cr] Scale affordable housing Secured led product growth Build profitable prime mortgage Loan against property (LAP) dominant in mix Leverage M&M and MMF
Slide 120: Cross-sell with Focus on Fee Income
Cross - sell with Focus on Fee Income Insurance Investments Personal Loan Life Fixed Deposits Live base Motor Mutual funds Mature base Health Propensity D2C journey Branch, Call Partnerships models center
Slide 121: Enhance Ops Excellence with AI
Enhance Ops Excellence with AI Deepening.AI CPC.AI Collections.AI 8 vernacular voice agents Deploy Vision AI toolkits AI assisted allocation and outreach strategy Hyper personalized offer discovery AI led document classification, extraction & validation 11 vernacular voice agents for reminders Agent
Slide 122: Pivot to Profitable and Stable Growth
Pivot to Profitable and Stable Growth 18% - 20% 1.3% - 1.7% 2.2% - 2.5% AUM Growth Credit Cost RoA Capitalize on leadership in Balance growth and Diversify into Cross-sell with focus Enhance Ops tractor financing margins for Auto and CV Mortgages and SME on fee income excellence with AI
Slide 123: Seasoned Leadership
Seasoned Leadership Group Expertise MAHESH RAJARAMAN PRADEEP AGRAWAL SANDEEP MANDREKAR DEEPA RANJEET PARAG RAO Chief Risk Officer CFO CBO– Wheels Chief Digital Officer Growth Leader MOHIT KAPOOR MANISH SINHA MOD NARAYAN SINGH KETAKI SUKLIKAR Group CTO CHRO Chief Compliance Officer Chief Legal Office
Slide 124: Mahindra Finance
Mahindra Finance ASPIRATION Most Trusted Financial Services provider for Bharat Relevance Reach Reputation 5X Growth in AUM in this decade
Slide 125: Rise
Rise mahindra mahindra“
Slide 126: Mahindra Lifespaces
mahindra™* INVESTOR Day MAHINDRA LIFESPACES
Slide 127: Mahindra Lifespaces
Mahindra Lifespaces ASPIRATION Top 5 across our priority markets GROWTH VECTORS Strong BD Superior Best-in-class Customer Preferred Industrial Robust Financial Engine Designs Experience Master Developer Discipline >14X Growth in Sales in this decade
Slide 128: About Mahindra Lifespaces
About Mahindra Lifespaces Industrial business Residential business Industrial Developer since 1994 (2 World Cities, 3 Industrial parks) Resi: 50+ projects since1996 (53.3 million sqft); 21K+ satisfied customers Industrial: Strategic partnerships with TIDCO, RIICO, IFC, Sumitomo Resi: Cumulative GDV
Slide 129: Our Journey So Far (Last 5 years)
Our Journey So Far (Last 5 years) Total Sales Gross Development Value Free Cash Flow1 Net Debt2 INR Cr 832 734 18,100 610 3,299 4.2x 18.3x 5.1x 778 163 991 FY20 FY25 FY20 FY25 FY20 FY25 FY20 FY25 1 Free Cash flow excluding cash outflow towards land acquisitions. 2 Net Debt (consolidated) across all
Slide 130: Aggressive Scale-up Planned
Aggressive Scale - up Planned (Resi 14x in 10 years); INR ~10K Cr by FY30 INR Cr 10,000 • Plan to achieve INR 10K Cr of sales by FY30 • Operating plans will be calibrated based on market conditions 3,299 859 FY20 FY25 FY30
Slide 131: We have a Strong Right to Win
We have a Strong Right to Win Strong BD Superior Best-in-class Customer Preferred Industrial Robust Financial Engine Designs Experience Master Developer Discipline Supersize deals Contemporary First-time right Full potential from MWC-C/J Rigorous IRR tracking Premium play Pragmatic On-time delivery
Slide 132: Key Highlights
Key Highlights S ince we met last time in June 2024 1. ~28K Cr of GDV additions including our largest project (Bhandup) including 6 society redevelopment wins against stiff competition 2. Significantly augmented our CX initiatives - Re-launch of new brand identity (HOPE), along with augmented apps (
Slide 133: Bottom-up Execution Plan (by project, by year)
We have Bottom - up Execution Plan (by project, by year) INR Cr Major contributors FY25 FY26 FY27 FY28 FY29 FY30 9,500 ✓Ivy Lush ✓NewHaven •Bhandup Ph 1.2 •Thane Ph1.1 Sustenance ✓Vista Ph2 ✓Marina64 •Hopefarm Ph2 •Lokhandwala 2 •Bhandup Ph2 •Thane Ph2 •Thane Ph1.2 •Bhandup Ph3 New Launches ✓Zen •Ho
Slide 134: Our IC Business Continues to Provide Steady Profits
Our IC Business Continues to Provide Steady Profits We are looking to bring More IC Assets to Market Soon Gross area Net Leasable area Net Leased area Available for Our value proposition IC&IC Locations (acres) (acres) (acres) lease net (acres) (A) (B) (C) (D = B-C) MWC Jaipur 2,946 1,917 1,142 775
Slide 135: Across our Scale-up Plan, Our Focus is on Financial Returns
Across our Scale - up Plan, Our Focus is on Financial Returns and On - ground Execution By Vintage (25 projects) By Type (25 projects) Year (no. of proj.) / Sales IRR Segment (no. of proj.) / Sales IRR Upto FY18 (6) | ~3K Cr 3% Affordable (6) | ~2.5K Cr 9% FY19 – FY22 (9) | ~3.5K Cr 10% Premium (19)
Slide 136: Post Rights Issue, Stronger Balance Sheet
Post Rights Issue, we have a Stronger Balance sheet Net Debt / Average Equity 0.39 • Net debt to Equity maintained under 0.5x over the last 5 years 0.34 • Rights issue proceeds used for – Long term debt repayment – Future acquisitions • Gives the foundation to manage the cycle and scale-up based on
Slide 137: Strong Leadership Team driving Execution
Strong Leadership Team driving Execution Strong second - in - line team in Place Vimalendra Singh, Chief Vikram Goel, Chief Sudharshan KR, Chief Project Officer Business Officer – Residential Business Officer – IC&IC Banking & Real estate Banking & New Business Led 38 msft of resi & commercial Amit
Slide 138: Stay Tuned for our Launches
Stay Tuned for our Launches in Mumbai, Pune, and Bangalore soon! Whitefield Mahalaxmi Bhandup Borivali Bengaluru Mumbai Mumbai Mumbai Mahindra Citadel Ph3 Navrat Lokhandwala Santacruz Pune North Bengaluru Mumbai Mumbai
Slide 139: Mahindra Lifespaces
Mahindra Lifespaces ASPIRATION Top 5 across our priority markets GROWTH VECTORS Strong BD Superior Best-in-class Customer Preferred Industrial Robust Financial Engine Designs Experience Master Developer Discipline >14X Growth in Sales in this decade
Slide 140: Rise
Rise mahindra mahindra“
Slide 141: Mahindra Holidays
INVESTOR Day MAHINDRA HOLIDAYS
Slide 142: Mahindra Holidays
Mahindra Holidays ASPIRATION India’s #1 leisure hospitality player GROWTH VECTORS Scaling the core Building the new Enhancing member experience Creating a luxury leisure hospitality brand Numbers are for India Business 3X Keys, 3X Revenue & 4X PAT in this decade
Slide 143: Scaling the Core: Enhancing Member Experience
Scaling the Core : Enhancing Member Experience Wider Network Resort Transformation New Product: Keystone Accelerated Portfolio of Revamped with enhanced Inventory Addition Premium Resorts privileges Refreshed identity Club Mahindra → Club M 10k keys by FY30
Slide 144: Scaling the Core: Privileged Access Program
Scaling the Core : Key tenets of Keystone: Privileged Access Program Simplicity Privileges Flexibility Plans: 23 → 12 Concierge Services Booking Seasons: 4 → 3 Complimentary Breakfast Buyback
Slide 145: The Opportunity: $4 Billion Branded Leisure by FY30
The Opportunity : $4 Billion Branded Leisure by FY30 Leisure Segments Growing Demand & Low Branded Penetration Emerging Trends Leisure CAGR 2X vs in-city; Only 14% branded keys ~80% preferred experiential travel 92% CAGR ^ 8% 56% book a week before travel ~13% Increasing affluence: Growth in Luxury
Slide 146: Building the New: Luxury Leisure Hospitality Brand
Building the New : Luxury Leisure Hospitality Brand Family & Tribe A Sense of Place Experience-led Build meaningful connections Inspired by local character & Authentic & Immersive & moments that matter narratives discoveries New Brand Mahindra Signature Resorts 2k keys by FY30
Slide 147: Video: Mahindra Signature Resorts
Video : Mahindra Signature Resorts
Slide 148: Mahindra Holidays
Mahindra Holidays ASPIRATION India’s #1 leisure hospitality player GROWTH VECTORS Scaling the core Building the new Enhancing member experience Creating a luxury leisure hospitality brand Numbers are for India Business 3X Keys, 3X Revenue & 4X PAT in this decade
Slide 149: Rise
Rise mahindra mahindra“
Slide 150: Mahindra Last Mile Mobility
mahindra™* MAHINDRA LAST MILE MOBILITY
Slide 151: Mahindra Last Mile Mobility
Mahindra Last Mile Mobility ASPIRATION To electrify India’s last mile and be the #1 e-CV company with a million EVs on road by 2031 GROWTH VECTORS Electrification Product Category Expansion Scale Exports 50% Electrification by FY30 2X Industry Growth (E - 3W + 4W) Expand to 10+ markets FY23 to FY30
Slide 152: Our Journey to Scale EV Volumes
Our Journey to Scale EV Volumes 78678 66190 43693 16945 FY 25 REVENUE PAT FY22 FY23 FY24 FY25 ₹ 3783 CR ₹ 247 CR
Slide 153: Purpose Drives Progress
Purpose Drives Progress Covered more than Saved more than 5 Billion+ e-KMs 300 Mn+ Liters of fuel (Cumulative) Equivalent to planting Saved more than 4.9 Million + Trees 185 kilo MT of CO2
Slide 154: Scaling Up Delivery
Scaling Up Delivery Product Development Manufacturing Pan India Reach Advanced 400+ product New state of the art 2X Production Covering 92% TIV Innovative formats testing facilities development team plant in Telangana capacity
Slide 155: Democratizing Technology
Democratizing Technology Proprietary Technology #1 Selling eAuto in India Best Space & Performance 140 KMS+ Range Best in class Best in class power and range (160 kms+) gradeability Fast Charging Deep Expertise in battery, motor & embedded system Custom Telematics Platform
Slide 156: Sneak Peek: Pushing The Boundaries
Sneak Peek : Pushing The Boundaries
Slide 157: Mahindra Last Mile Mobility
Mahindra Last Mile Mobility ASPIRATION To electrify India’s last mile and be the #1 e-CV company with a million EVs on road by 2031 GROWTH VECTORS Electrification Product Category Expansion Scale Exports 50% Electrification by FY30 2X Industry Growth (E - 3W + 4W) Expand to 10+ markets FY23 to FY30
Slide 158: Rise
Rise mahindra mahindra“
Slide 159: Renewable Energy Business
mahindra™* RENEWABLE ENERGY BUSINESS
Slide 160: Renewable Energy Business
Renewable Energy Business ASPIRATION Be a leading developer and manager of high quality RE assets GROWTH VECTORS High quality solar / hybrid Connectivity and land Efficient structure 5.1GWp (exec. + new wins) 7GWp (++ BESS, peak/RTC) Capital light 160 5X Growth in Portfolio this decade
Slide 161: Sustainable Business Model for Scalable Growth
Sustainable Business Model BUILD MANAGE FOR SCALABLE GROWTH RECYCLE TRANSFER
Slide 162: Right to Win
Right to Win ‘SUSTEN - 5X GROWTH AMBITION BY 2030’ IPP O&M, ADVISORY CAPITAL RECYCLING – InvIT EXECUTION EXPERTISE OPERATIONAL EXCELLENCE CAPITAL LIGHT • In-house EPC expertise • India’s largest, world’s 6th largest Solar O&M ISP • Co-sponsored by Mahindra and OTPP entities • Marquee equity partner
Slide 163: Growth Trajectory
Growth Trajectory 7.0 GWp 4.9 GWp 3.2 GWp 2.1 GWp 5x growth in this decade 1.5 GWp Continue dominating India’s asset management market Susten 2025 2026 2027 2028 2029
Slide 164: Renewable Energy Business
Renewable Energy Business ASPIRATION Be a leading developer and manager of high quality RE assets GROWTH VECTORS High quality solar / hybrid Connectivity and land Efficient structure 5.1GWp (exec. + new wins) 7GWp (++ BESS, peak/RTC) Capital light 164 5X Growth in Portfolio this decade
Slide 165: Rise
Rise mahindra mahindra“
Slide 166: Truck & Bus Business
mahindra™* INVESTOR Day TRUCK & BUS BUSINESS
Slide 167: Truck & Bus Business
mahindra”” ~ Truck & Bus Business — | ES
Slide 168: Truck & Bus Business
Truck & Bus Business ASPIRATION Top 3 in India’s ILCV Trucks & Buses Focused play in HCVs GROWTH VECTORS New & Differentiated Products New Opportunities Unlock Synergy Benefits Portfolio depth powered by wide range of Combined network → New Markets Combining efforts of R&D, Sourcing & aggregates, ad
Slide 169: CV Market in India: Growing, Structural Drivers
CV Market in India Growing, fuelled by structural long - term drivers Growth drivers in India Infrastructure development Europe CV Market in India: US China Government policies, GST 2.0 India ~1,50,000 Cr in FY25 ~2,00,000 Cr by FY31 E-comm, logistics boom & fleet modernization Electrification, sust
Slide 170: CV Market in India: Large Opportunity
CV Market in India Large Opportunity; Evolving Industry Dynamics Competitive Landscape (>3.5T CV) CV Industry & M&M Play FY25 TOTAL Legacy dominance of the Top 2 players declining Industry Volume % 53% 47% ~9.6 Lakh Industry Revenue Pool % 30% 70% ~INR 1,50,000 Cr Industry EBITDA Pool % 30% 70% ~INR
Slide 171: Creating INR 15,000 Cr. Business by FY31
Creating INR 15,000 Cr. Business by FY31 Where are we today Where do we want to be Outcome ILCV Buses (<12T) 20%+ 23% 30%+ share; Top 2 player 13% 7% market LCV Trucks (5-7.5T) 15% 20%+ share market share 10-12% share ICV Trucks (7.5-18.5T) 5% 10%+ share HCV Trucks (28-55T) 3% 10%+ share in focused
Slide 172: Our right to win: 1+1 > 2
Our right to win : 1+1 > 2 • Wide range of In-house aggregates • 4 Cargo and 3 Passenger Platforms • Delivering on uptime & lowest TCO • Common leadership Talent Differentiated Products • Cultural Alignment • Connected vehicle tech – iMAXX • Sourcing and aggregate synergies • Digital remote prognost
Slide 173: Truck & Bus Business
Truck & Bus Business ASPIRATION Top 3 in India’s ILCV Trucks & Buses Focused play in HCVs GROWTH VECTORS New & Differentiated Products New Opportunities Unlock Synergy Benefits Portfolio depth powered by wide range of Combined network → New Markets Combining efforts of R&D, Sourcing & aggregates, ad
Slide 174: Rise
Rise mahindra mahindra“
Slide 175: Mahindra Aerostructures
mahindra™* MAHINDRA AEROSTRUCTURES
Slide 176: Mahindra Aerostructures
Mahindra Aerostructures ASPIRATION Amongst the Top 10 Global Suppliers with exceptional delivery, quality & operational excellence GROWTH VECTORS Market Demand Outruns Operational Excellence & Long Industry Lifecycles Aircraft Supply Robustness 8-year order books in backlog → OEMs’ emphasis on suppl
Slide 177: Industry Overview
Industry Overview Global Aerospace Market Global Aerostructure Market Long product life cycle and industry timelines $ 370 Bn (2024e) $ 80 Bn (2024e) Development Production Run Still in Service 15Y 45Y 65Y Commercial Aircraft Business Jets Helicopters Levers of success Delivery, quality & Long-term
Slide 178: Our Journey, Our Right to Win
Our Journey Our Right to Win Delivery Quality Operational 10 Years of Growth Blue Chip Clientele ( >98% ) ( <450ppm ) Excellence Balanced Across Categories Balanced Across Platforms Balanced Across OEMs
Slide 179: Moving from Small Parts to Aerostructures
Moving from Small Parts H130 Helicopter Main fuselage Assembly to Aerostructures Falcon cockpit side-consoles GE Engine Inconel assemblies B737 Engine nacelle sub-assemblies Beyond 2026 A321 door skin assembly Tier 1 to Airbus, Boeing 2025-26 Avg Value Volumes Aluminum, Steel, Titanium H125 Helicopt
Slide 180: Deepening Capabilities
Deepening Capabilities Acquire step change (Inorganic) • Expand to long bed machining, larger assemblies & aerostructures Build new (Organic + Inorganic) • Acquire composites capability • Acquire design capabilities • Build machining capabilities Strengthen existing (Organic) • More complex work pac
Slide 181: Mahindra Aerostructures
Mahindra Aerostructures ASPIRATION Amongst the Top 10 Global Suppliers with exceptional delivery, quality & operational excellence GROWTH VECTORS Market Demand Outruns Operational Excellence & Long Industry Lifecycles Aircraft Supply Robustness 8-year order books in backlog → OEMs’ emphasis on suppl
Slide 182: Rise
Rise mahindra mahindra“