Mahindra & Mahindra will look to accelerate its growth and investment push despite growing geopolitical, supply-chain and technology uncertainty, Chairman Anand Mahindra said, describing the company’s approach as entering an “Attack Mode”.
Mahindra said the group sees the present disruption as an opportunity to build a lasting competitive advantage rather than a reason to delay decisions.
“For M&M, the opportunities are even more significant than the last Manthan. This is not a time to stand still or to rest on our laurels,” Mahindra said in his address to shareholders in the company’s FY26 annual report. “It is time to move from navigation to acceleration. As the mist of uncertainty billows around us, we will look for enduring advantage by going into Attack Mode.”
The comments signal that Mahindra intends to maintain its investment, manufacturing and technology push even as the operating environment becomes less predictable.
Supply-Chain Reset
Mahindra said temporary disruptions were increasingly becoming long-term changes in global supply chains, geopolitical relations and technology.
“Uncertainty is no longer the exception; it is the rule,” he said, adding that companies were moving from occasional shocks to what he described as “continuous earthquakes”.
Recent events in West Asia showed that the period of global disruption was far from over, he said. Companies would therefore need greater agility and resilience as forecasting future changes becomes more difficult.
Group Managing Director and Chief Executive Officer Anish Shah echoed the view, saying uncertainty was now structural rather than cyclical.
Energy and infrastructure constraints, volatile commodity prices and higher logistics and foreign-exchange costs were reshaping business costs, Shah said. Companies were also facing uneven availability of critical materials and manpower shortages across supplier networks.
“In this context, our response is not to slow down, but to move forward with greater clarity and discipline,” Shah said.
The group is now setting its sights on global leadership across its businesses, marking a shift from strong operating performance to a wider growth ambition, he added.
Nagpur Investment Underlines Expansion Plan
Mahindra pointed to the group’s planned ₹15,000-crore investment in Nagpur over 10 years as evidence of its willingness to commit capital during a volatile period.
The integrated manufacturing facility, announced in February 2026, will have annual production capacity of more than 500,000 vehicles and 100,000 tractors when fully operational.
The project is one of the largest planned investments in the group’s history and is aimed at supporting its “Make in India for the World” strategy.
Mahindra is also increasing its technology and product-development capabilities. The number of patents granted to the company increased from 56 to more than 1,300 over the past decade, according to the chairman.
He also highlighted the development of the NU_IQ platform as part of the company’s efforts to reshape its mobility portfolio.
Record FY26 Performance
The acceleration strategy follows a record year for the Mahindra Group. Its consolidated revenue increased 25% year on year to ₹1,98,639 crore in FY26, while profit after tax rose 32% to ₹17,099 crore.
SUV volumes grew 20%, while tractor sales crossed 500,000 units. Mahindra also retained a 40% share of India’s electric three-wheeler market.
The group said its other businesses also improved. Mahindra Finance’s operational profit rose 60%, Mahindra Logistics broke even after 11 quarters of losses, while Mahindra Aerospace built an order book of more than $1 billion.
The acquisition of SML also strengthened Mahindra’s position in the trucks and buses market.
India as a Connector Economy
Anand Mahindra also said the changing global order could provide a wider opportunity for India.
As globalisation gives way to selective partnerships and multiple coalitions, countries that can connect competing political and economic blocs may gain importance, he said.
“The next global order may well be built by those who can become ‘connectors’ in a fragmented world. This opens up an opportunity for India to be a ‘connector economy’ that works across divides,” he said.
India’s large domestic market, political stability, manufacturing scale and ability to maintain relations across ideological blocs could help it attract investment, talent and supply chains, Mahindra added.
He said India should move beyond its traditional non-aligned position and emerge as a “multi-aligned” and trusted partner.
For Mahindra, the aim is to use that wider shift to expand its manufacturing, technology and global ambitions.
“As the cover symbolises, we are accelerating through the fog, confident in the strength of our vision, the clarity of our strategy, and the effectiveness of our execution,” Mahindra said.