Mahindra & Mahindra Ltd (M&M) is the flagship company of the Mahindra Group, with its core business focused on mobility products and farm solutions. Since its inception, the company has expanded its portfolio to include SUVs, electric SUVs, pickups, light commercial vehicles, trucks and buses, electric three-wheelers, tractors, farm machinery, gensets, and construction equipment. The company serves a broad customer base comprising personal mobility customers, commercial vehicle operators, farmers, agricultural enterprises, fleet owners, construction and infrastructure businesses, and export markets. M&M holds strong position in India in SUVs by revenue market share, tractors, light commercial vehicles below 3.5 tonnes, electric SUVs by revenue market share, and electric three-wheelers. As of March 2026, the company has a presence in more than 100 countries.

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M&M continues to invest in research and development to strengthen its capabilities in automotive engineering, electric mobility, farm mechanization, advanced manufacturing, software-defined vehicles, digital technologies, and product innovation. The Group operates 29 R&D and design facilities across six countries: India, the UK, Italy, Japan, Turkey, and the US. These facilities support the development of next-generation mobility and farm solutions. In FY2026, M&M unveiled the NU_IQ platform, a modular multi-energy vehicle architecture designed to support multiple vehicle formats and powertrain options. The company also progressed development in areas such as the INGLO electric vehicle architecture, MAIA technology platform, advanced driver assistance systems (ADAS), connected vehicle technologies, software-defined vehicles, battery technologies including LFP prismatic cells for high-voltage applications, battery health prediction methods, dual-fuel tractor technology, enhanced telematics solutions, and emerging technologies such as Agentic AI, Generative AI, blockchain, and 5G applications. Mahindra Research Valley remains the Group’s primary engineering center. M&M continued to expand its intellectual property portfolio during FY2026. The company’s cumulative patents granted increased from 56 patents in FY2016 to 1,334 patents in FY2026, reflecting sustained investment in innovation and technology development. During the year, the company filed more than 305 patent applications, received more than 60 patent grants, and secured more than 115 design registrations. The patent portfolio covers vehicle platforms, electric mobility technologies, battery systems, manufacturing processes, farm equipment innovations, software solutions, and advanced engineering applications. New product introductions in FY2026 included XEV 9S, XUV 7XO, BE 6 Batman Edition, BE 6 Formula E Edition, refreshed Bolero and Bolero Neo, Bolero Camper and Pik-Up refreshes, Swaraj PRO-TEK, Naya Swaraj tractor models, Gromax Trakstar 20-50 HP tractor range, Mahindra UDO, Zor Grand EV upgrade, Furio 8, SML Hiroi buses, and GS Ambulance. In FY2026, the company incurred expenses of INR10,715.6 million on R&D, which as a percentage of revenue, stood at 0.5%.