• Strategic portfolio expansion: The electric three-wheeler division achieved unicorn status following a fundraise valuing it at ₹10,800 crore, while the merger of the truck and bus business into majority-owned SML Mahindra creates a ₹6,000 crore revenue commercial vehicle player with a 6% market share.
• SUV capacity expansion: Monthly SUV capacity is set to increase from 56,000 units to 82,000 units by March, with long-term plans to nearly double capacity by 2030 backed by a new greenfield facility in Nagpur and two major SUV launches scheduled for the next calendar year.
• Margin and pricing: To counteract elevated commodity inflation, M&M implemented price hikes of 1% in January, 1.3% in April, and 2.7% in July, with Q2 auto margins projected to remain flat to slightly better compared to Q1.
• Rural tractor demand: Tractor segment growth of 18% is supported by healthy Rabi cash flows and improving Kharif sowing as the monsoon rainfall deficit narrowed to 14%, despite ongoing monitoring of the El Niño weather phenomenon.