• Segment volume growth: In Q1, SUV volumes grew 15%, tractors rose 18%, and LCVs increased 20%, driving a 21% PAT rise in auto and 15% in tractors.
• Commercial vehicle restructuring: Mahindra spun off and merged its trucks and buses business into SML Mahindra, creating a combined entity with ₹6,000 crore in revenue and a 6% market share.
• EV subsidiary valuation: The last-mile electric three-wheeler business achieved a ₹10,800 crore valuation following a new fundraise, with management targeting an IPO listing toward the end of calendar 2027.
• Commodity price hikes: To counter 400 to 500 basis points of commodity inflation in auto, price increases of 1% in January, 1.3% in April, and 2.7% in July were implemented.
• Margin and volume outlook: Management expects to sustain or slightly improve Q1 auto margins in Q2, while tractor volumes will skew from Q2 into Q3 due to the delayed festive season.