Mumbai-headquartered conglomerate Mahindra Group has unveiled an ambitious long-term roadmap across its core mobility and equipment businesses, detailing plans for accelerated growth in the automotive, farm equipment, commercial vehicle and last-mile mobility segments.

The strategy, presented at its Investor Day 2025, underscores the Group’s intent to leverage India’s expanding economy while deepening global market participation.

Mahindra expects its consolidated automotive business to grow 8x between FY2020 and FY2030, driven primarily by a stronger push in sports utility vehicles (SUVs) and light commercial vehicles (LCVs).

The company aims to become the world’s fastest-growing SUV brand. Its product strategy is rooted in new-age platforms such as INGLO and NU_IQ, enhanced digital architecture under MAIA and Adrenox, and continued investment in safety and performance.

At present, Mahindra holds more than 26 percent revenue share in India’s SUV segment as of the first half of FY2026. Strong consumer traction for models including the Thar, XUV700, XUV3XO and the Born Electric (BE) series is expected to support the company’s international expansion to right-hand-drive and left-hand-drive markets across Europe, Australia, Africa and other regions.

Strengthening leadership in LCV segment

The LCV business, where Mahindra commands 54.1 percent volume share in vehicles under 3.5 tonnes (as of H1 FY2026), is set to be another pillar of growth. The product range has broadened through the Supro, MaXX and Veero platforms, including CNG and electric variants. The company is also preparing for wider adoption of lifestyle pickups, led by the upcoming Global Pik Up.

Mahindra’s LCV strategy emphasises best-in-class total cost of ownership, reduced downtime, enhanced comfort and technology integration, with the segment also targeted for eightfold revenue growth during the decade.

Farm business

Mahindra, the world’s largest tractor manufacturer by volume, has outlined plans for threefold revenue growth in its farm equipment division between FY2020 and FY2030.

The Indian tractor market has continued to shift towards higher horsepower models, particularly in the 40–50 HP range. Mahindra aims to consolidate share in this segment through newer platforms including Yuvo Tech+, Swaraj Protek and Next-Gen ranges. Improvements in crop profitability and a more favourable price environment for tractors are expected to support industry expansion.

Mechanisation levels in India remain uneven, with significant headroom in sowing, crop care and harvesting equipment. Mahindra is expanding its farm machinery portfolio while leveraging its extensive dealer network and manufacturing footprint. The division, already a business exceeding INR 10 billion, is poised for rapid scaling.

Mahindra continues to build presence in key global markets:

• Brazil: 8 percent share in the sub-120 HP category, and about 20 percent in sub-50 HP
• North America: more than 10 percent share in sub-20 HP; upcoming launches to deepen penetration
• ASEAN: early progress with about 4 percent share in pilot territories

Electrification, autonomy, precision agriculture and pay-per-use technology services form the next frontier for Mahindra’s farm business.

Targeting Top-Three Position in ILCVs

Following the acquisition of SML Isuzu, Mahindra is advancing a strategy to be among the top-three player in India’s intermediate and light commercial vehicle (ILCV) market. The domestic CV industry is projected to grow from approximately INR 15,000 billion in FY2025 to nearly INR 20,000 billion by FY2031, supported by infrastructure development, logistics modernisation and GST-driven reforms.

Mahindra aims to expand its presence in ILCVs, while pursuing a selective play in the heavy commercial vehicle category. The strategy benefits from combined advantages across product development, sourcing, aggregates, telematics and network coverage. The company expects up to sixfold revenue growth in its CV business during the decade.

Last-Mile Mobility

Mahindra Last Mile Mobility (MLM) is shaping an aggressive electrification-led growth plan, targeting sixfold revenue expansion and a cumulative one million electric vehicles on the road by 2031. EV sales climbed to 78,678 units in FY2025, led by the Treo series, which remains India’s top-selling electric three-wheeler.

The division has:

• Strengthened its engineering capabilities with a 400-member product development team
• Commissioned a new state-of-the-art manufacturing plant in Telangana
• Expanded production capacity two-fold
• Developed proprietary battery, motor and telematics systems

The product roadmap includes advanced electric three-wheelers and electric four-wheelers tailored for last-mile applications, along with plans to expand exports to more than ten markets. Mahindra’s EV fleet has cumulatively saved over 300 million litres of fuel and prevented more than 185 kilo tonnes of carbon dioxide emissions.

Across all mobility segments, Mahindra’s plan is anchored in product leadership, technology integration, capital discipline and global expansion. A stronger focus on electrification, platform consolidation, digital interfaces, manufacturing efficiency and customer-centric service models is expected to underpin the Group’s growth trajectory.

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Recreatives Industries, the manufacturer behind the legendary MAX 6×6 Amphibious All-Terrain Vehicles, is broadening its sales network by welcoming two new authorised dealers. The company has added Cart Guys Inc., based in Gastonia, North Carolina, alongside Globalsoft Equipment in Rochester, New York, which operates as Global MAX ATV. With Cart Guys Inc. coming on board as the second new dealer added in 2026, the United States dealer network now encompasses nine locations.

This expansion marks a strategic step in rebuilding what was once a robust North American dealer network that historically included over 200 active sites. Management views this legacy as proof of the platform’s long-term scalability as efforts continue to reestablish and grow the company’s retail presence. The focus remains on cultivating a high-quality, geographically diverse network capable of supporting rising demand across recreational, hunting and commercial sectors.

Commercial adoption of MAX ATVs is already evident, with vehicles being utilised by aqua management firms and the U.S. Army Corps of Engineers, alongside a loyal customer base in hunting and recreation. Upcoming models, including the MAX 4 and Buffalo, are expected to further extend the brand’s footprint into utility, industrial and commercial markets. Production of the MAX 2 is currently active and additional models are scheduled to launch in the summer of 2026, with the dealer network being aligned to support both current sales and these new introductions.

Recent operational developments include a truckload delivery of vehicle bodies to sustain ongoing MAX 2 production following the completion of the initial manufacturing run. Concurrently, the company is converting the existing MAX 4 and Buffalo moulds into its 3D CAD system, preparing for the initial production of next-generation vehicle bodies. This overall momentum reflects Recreatives Industries’ broader strategy to strengthen market presence, enhance customer access and build a scalable distribution network positioned for future growth.

Andrew Lapp, CEO, Recreatives Industries said, “Expanding our dealer network is a core priority as we continue building momentum behind the MAX brand. Adding Cart Guys in North Carolina, along with Globalsoft Equipment in New York, strengthens our regional coverage and positions us to better serve customers across key markets.”

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Vedanta Aluminium has deployed its first cohort of 30 women crane pilots at the Bharat Aluminium Company  (BALCO) unit in Korba, Chhattisgarh. The group includes 20 Pot Tending Machine (PTM) pilots and 10 beam-raising operators, marking a shift toward women-led operations as the facility enters the ‘million tonne club’.

The pilots operate in a smelting environment, executing tasks for stable metal production. These responsibilities include: anode changing & covering, tapping of molten aluminium and beam raising activities across all potlines.

The deployment followed a training programme involving classroom instruction, simulator sessions and on-the-job exposure. Currently, beam-raising activities at the plant are led by women designated as Beam Raising In-Charge in each room.

The initiative is part of a broader strategy to automate core manufacturing roles and make them gender-agnostic. Vedanta Aluminium has previously implemented:

• Jharsuguda: India’s first fully women-operated potline.
• Lanjigarh: An all-women team managing the digital command centre at the alumina refinery.
• Logistics: An all-women locomotive crew for in-plant rail operations.

BALCO also integrates transgender professionals into functions such as forklift operations and security, supported by policies including financial assistance and paid leave for gender reaffirmation.

Rajiv Kumar, CEO, Vedanta Aluminium, said, “Automation and advanced technologies are reshaping how modern aluminium operations function across all our units. This transformation is creating space for a new generation of highly skilled professionals to lead critical, technology-enabled roles. At Vedanta Aluminium, we are proud to see women stepping confidently into these specialised positions across our operations. This milestone at BALCO reflects our commitment to building a future-ready workforce while fostering greater participation of women in core manufacturing.”

Naaz Fatima, a PTM pilot, commented, “Working as a PTM pilot is both challenging and deeply rewarding. What I value most is that the company trusts us with these critical operations and invests in our growth. It feels empowering to know that our work directly contributes to BALCO’s progress and that we are shaping a new future for women in industrial roles.”

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KKR, Allfleet India and PMI Electro Mobility Solutions have announced definitive agreements for a strategic partnership. KKR-managed funds will commit up to USD 310 million to scale Allfleet’s electric bus platform and enhance PMI Electro’s manufacturing capabilities.

As part of the transaction, KKR will acquire a majority stake in Allfleet and a minority stake in PMI Electro. This represents the eighth investment globally under KKR’s Global Climate Transition strategy and its first in India.

Established in 2022, Allfleet serves as the e-bus platform for PMI Electro, focusing on the ownership and operation of public transport fleets. The company is currently deploying over 5,000 electric buses under long-term service agreements with various state transport authorities across India.

The partnership will see an integrated model covering manufacturing led by PMI Electro, ownership and operations by managed by Allfleet and lifecycle support by technical maintenance and infrastructure management.

KKR’s investment is drawn from its Global Climate Transition strategy, which has committed over USD 44 billion to sustainability initiatives since 2010. The firm’s global portfolio in this sector includes transport electrification specialist Zenobe in the UK and solar developer Avantus in the US.

The capital will be used to expand Allfleet’s presence in Indian cities and support the national transition toward decarbonised urban mobility.

Neil Arora, Partner and Head, of KKR’s Climate Transition strategy for Asia-Pacific, said, “Transport electrification is a critical pillar of the energy transition, and India – with its scale, urbanisation trends and decarbonisation ambitions – represents one of the most significant opportunities for the sector globally. The differentiated combination of Allfleet’s proven, scalable platform and PMI’s manufacturing and service expertise stands out as a full-service solution in this market. We look forward to supporting Allfleet’s next phase of growth by working together with PMI and leveraging KKR’s global operational expertise and experience investing across climate transition.”

Aanchal Jain, CEO, PMI Electro and Director, Allfleet, said, “This investment by KKR marks a defining milestone in our journey and is a powerful endorsement of the integrated electric mobility platform we have built at Allfleet. PMI Electro’s vision is to create a scalable, reliable, and future-ready ecosystem that can transform public transport in India. As our cities grow and mobility needs evolve, clean, efficient, and accessible public transport will play a central role in shaping a more sustainable future.”

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Navi General Insurance has launched its motor insurance product, expanding its portfolio into the automotive sector. The offering provides a digital, app-led process for car and two-wheeler insurance with instant policy issuance and a zero-commission structure.

The company’s business model removes intermediary commissions traditionally associated with agent and dealer-led distribution. This direct-to-customer approach is intended to pass cost efficiencies to the policyholder.

Motor insurance currently accounts for approximately 30-35 percent of total premiums in the Indian general insurance market. The sector is supported by mandatory third-party cover requirements and increasing vehicle ownership.

The company’s service includes digital integration, comprehensive coverage options, electric vehicle-specific plans, add-on covers and underwriting & claims.

Vaibhav Goyal, Managing Director & CEO, Navi General Insurance, stated, “Motor insurance is one of the most widely held financial products in India, yet the buying and claims experience remains complicated. We see a tremendous opportunity to change that. As a digital-first, direct-to-customer insurer, we are cutting out commissions entirely, thus passing those savings directly to customers through competitive pricing. Simplifying finance for every Indian is at the heart of what we do at Navi, and with motor insurance, we're extending that promise to a product that touches millions of vehicle owners every year.”

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