Mahindra bets on execution as global uncertainty becomes 'structural'

Mumbai: Mahindra Group believes global uncertainty is no longer a temporary disruption but a permanent feature of the business landscape, prompting the conglomerate to focus on faster execution and calibrated investments as it enters its next phase of growth.

In their letters to shareholders in the FY26 annual report, Chairman Anand Mahindra and Group CEO & Managing Director Anish Shah said the group was positioning itself to capitalise on volatility rather than wait for conditions to stabilise.

"Uncertainty today is no longer cyclical... it is structural," Shah wrote, citing geopolitical shifts, rapid technological change and climate imperatives as forces reshaping industries. "Uncertainty will remain a constant. But we have never waited for certainty to act."


Echoing that sentiment, Anand Mahindra urged the group to move into "Attack Mode"—a strategy borrowed from Formula E racing where drivers deploy an extra burst of power at carefully chosen moments. He said competitive advantage would come from accelerating during periods of disruption rather than waiting for ideal conditions.

The forward-looking commentary comes after the group reported its strongest-ever financial performance in FY26. Consolidated revenue rose 25% year-on-year to ₹1,98,639 crore, while consolidated profit after tax increased 32% to a record ₹17,099 crore.

The performance was broad-based across businesses. SUV volumes grew 20%, tractor sales crossed the five lakh mark, while the group retained a 40% share of the electric three-wheeler market. Tech Mahindra improved its EBIT margin to 12.6%, and Mahindra Finance reported a 60% rise in operational profit after tax.

Among newer businesses, Mahindra Lifespaces posted a seven-fold jump in profit, the aerospace business built an order book exceeding $1 billion, and Mahindra Logistics returned to profitability after 11 consecutive quarters of losses.

Looking ahead, the group said it will continue investing in new technologies, including artificial intelligence, while expanding its manufacturing footprint. Anand Mahindra highlighted the planned ₹15,000-crore investment in Nagpur over the next decade as one of the group's largest commitments, describing it as a reflection of confidence in the company's long-term growth trajectory.