Mahindra & Mahindra (M&M) Investor Presentation summary

Strategic imperatives and growth vision

• Focus on audacity and operating excellence to deliver scale, capitalizing on market leadership in core businesses and scaling up emerging growth areas.

• Ambitious targets for each business: 8X revenue growth in SUVs and LCVs, 3X in farm equipment, 5X in financial services, 12X in aerostructures, and 5X in renewables by 2030 compared to FY20.

• Emphasis on organic growth, leadership in current markets, and expansion into new areas, with a projected 15-40% organic growth across businesses from FY26E to FY30E.

• Strong governance, sustainability, and talent development underpin the strategy, with a focus on diversity, inclusion, and technology adoption.

Financial performance and shareholder returns

• EPS grew at a 63% CAGR from FY19 to FY25, with ROE improving to 18% in FY25.

• Market capitalization increased 7X from Mar'20 to Mar'24, driven by strategic growth initiatives.

• Shareholder returns outperformed the Nifty 50, with a 14X increase in indexed share price from Apr'20 to Nov'25.

• Strong cash generation post capex and investments, with significant contributions from auto, farm, and services segments.

Business segment highlights and future plans

• Automotive: Aims to be the world's fastest-growing SUV brand and #1 in LCVs, targeting 8X revenue growth by FY30, with global expansion and new product launches.

• Farm equipment: Largest global tractor manufacturer, targeting 3X revenue growth, expanding internationally, and scaling farm machinery and technology solutions.

• Tech Mahindra: Turnaround to be completed by FY27, with a goal of profitable, sustainable growth above peer average and ~1.3X revenue growth from FY20 to FY27.

• Financial services: Targeting 5X AUM growth, maintaining leadership in tractor financing, diversifying into mortgages and SME, and enhancing operational excellence with AI.

• Lifespaces: Plans to achieve >14X sales growth by FY30, focusing on strong business development, superior design, and robust financial discipline.

• Holidays: Aspires to be India's #1 leisure hospitality player, aiming for 3X keys, 3X revenue, and 4X PAT growth in this decade.

• Last Mile Mobility: Targeting 6X revenue growth, 50% electrification by FY30, and a million EVs on the road by 2031.

• Renewable energy: Aims for 5X portfolio growth, leveraging high-quality solar/hybrid assets and capital-light models.

• Truck & Bus: Seeks top 3 position in ILCV, 6X revenue growth, and expanded market share across segments.

• Aerostructures: Targeting top 10 global supplier status, 12X revenue growth, and deeper OEM engagement.