Mahindra after six years of Anish Shah
A key element of the strategy has been the exit from over a dozen non-core and underperforming businesses, including SsangYong Motor Company. This has freed up capital and management bandwidth, enabling increased investments in higher-return and future-facing segments such as electric vehicles and renewables.
Mahindra & Mahindra has also backed its EV platform with institutional capital and pursued acquisitions such as SML Isuzu to strengthen its core auto business.
Operationally, core businesses have delivered steady gains. The SUV segment recorded a leading revenue market share of 22.5% in FY25, while the tractor business reached a record 43.3% market share, helping stabilise earnings across cycles.
The Mahindra & Mahindra Financial Services saw asset quality improve, with GS3 declining from 9% in FY21 to around 3.7% in FY25, even as the loan book expanded.
Other businesses have also shown improvement, with profitability milestones at Mahindra Logistics and stronger earnings traction at Mahindra Lifespaces. Alongside this, the group has built capital-light platforms in renewables and logistics, incorporating structures that enable capital recycling and scaling of new businesses.
