‘It is the courage to accelerate through uncertainty that determines how far institutions go,’ Anish Shah wrote in M&M’s FY26 Annual Report, arguing that long-term value is created by building enduring businesses rather than responding to short-term market cycles. Photo by Special Arrangement
Dr. Anish Shah, Group CEO and Managing Director of the Mahindra Group, has outlined a strategy to build the conglomerate’s next phase of growth around a diversified portfolio of businesses, saying investments made over several years beyond its traditional automotive and farm equipment operations are beginning to deliver tangible results.
“It is the courage to accelerate through uncertainty that determines how far institutions go,” Shah wrote in Mahindra & Mahindra’s FY26 Annual Report, arguing that long-term value is created by building enduring businesses rather than responding to short-term market cycles.
Shah said Mahindra’s strategy remains focused on creating institutions capable of sustaining growth over the long term despite an uncertain global environment.
“Uncertainty will remain a constant. But we have never waited for certainty to act,” he wrote, signalling that the Group would continue investing in new businesses and technologies even as geopolitical and economic volatility persists.
‘Incubation bets begin to mature’
He points out that the evidence of that strategy came from Mahindra’s portfolio of ‘Growth Gems’—businesses nurtured over the past decade to become future growth platforms.
Mahindra Logistics broke even after 11 quarters of losses, Mahindra Aerospace built an order book exceeding $1 billion, while Mahindra Lifespaces reported a seven-fold increase in profit, signalling that several long-term investments are reaching commercial scale.
Tech, finance recover
Shah also highlighted improving performance in two of the Group’s largest businesses outside manufacturing.
Tech Mahindra improved its EBIT margin to 12.6 per cent, while Mahindra Finance posted a 60 per cent increase in operational profit after tax and reduced Gross Stage 3 assets to 3.41 per cent, reflecting an improvement in asset quality.
Taken together, the performance points to a broader earnings base for the Group, reducing reliance on any single business to drive growth.
Beyond financial performance, Shah identified artificial intelligence as the next strategic priority for the Group.
“This is not a moment for incremental experimentation at the margins, but for meaningful integration at scale,” he wrote, urging businesses to embed AI into core operations rather than treat it as a standalone technology initiative.
“Those who move early and decisively will lead. We are determined to be among them,” Shah added, positioning AI as a competitive differentiator for the Group.
Mahindra reported its strongest-ever financial performance in FY26, with consolidated revenue rising 25 per cent to ₹1,98,639 crore from ₹1,59,210 crore in FY25 and consolidated profit after tax increasing 32 per cent to ₹17,099 crore from ₹12,929 crore. Shah said the performance reflected contributions from businesses across the Group.
Published on July 6, 2026
