Mahindra & Mahindra Share Price

Mahindra and Mahindra Ltd

Mahindra & Mahindra Limited (M&M) is the flagship unit of the Mahindra Group, a multi-national conglomerate with diversified business interests. Having combined revenues of approximately USD 19.4 billion, the company has global operations and produces SUVs, multi-utility vehicles, pickups, lightweight and heavyweight commercial vehicles, and tractors.

Founding and Early History

Mahindra & Mahindra Limited was incorporated on 2nd October 1945 as Mahindra Mohammed Limited. The company was renamed Mahindra & Mahindra Limited in 1948. Its initial business was steel trading in collaboration with UK suppliers.

M&M started its maiden business in 1950 with Mitsubishi Corporation with the import of 5,000 tons of wagon-construction plates from Yawata Iron & Steel. During the next few decades, the group ventured into several lines of businesses with strategic joint ventures and associations.

Manufacturing Facilities

M&M has a strong manufacturing presence in India, with facilities located in Kandivali, Nashik, Igatpuri, Nagpur, Chakan, Zaheerabad, Jaipur, Rudrapur, Haridwar, Mohali, and Pithampur. These plants support its diversified production of automobiles, tractors, and commercial vehicles.

Key Milestones and Expansions

• 1953: Established Otis Elevator Company (India).

• 1958: Commenced its Machine Tools Division.

• 1960: Set up Mahindra Sintered Products Limited in collaboration with Bir Field (GKN Group, UK).

• 1962: Formed Mahindra Ugine Steel Company with Ugine Kuhlmann, France.

• 1963: Established International Tractor Company of India in partnership with International Harvester Company, USA.

• 1965: Entered the light commercial vehicles segment and formed Vickers Sperry of India Ltd, a JV with Sperry Rand Corporation, USA.

• 1969: Entered the global market by exporting utility vehicles and spare parts.

• 1977: International Tractor Company of India merged with M&M, forming its Tractor Division.

• 1982: Launched the Mahindra brand of tractors, which soon became the market leader in India.

• 1991: Introduced the Commander range of vehicles and established Mahindra Financial Services Ltd as a wholesale fund provider.

• 1995: Established Mahindra Holding Finance Limited as a subsidiary for investment business.

• 1996: Formed Mahindra Ford India Limited, a JV with Ford Motor Company, USA, to manufacture passenger cars.

• 1999: Acquired Gujarat Tractors, renaming it Mahindra Gujarat Tractors Ltd. Mahindra & Mahindra Financial Services Ltd also became a subsidiary.

• 2000:

1. Set up the first satellite tractor plant at Rudrapur.

2. Launched Mahindra Arjun 605 DI (60 HP) tractor.

3. Introduced Bolero GLX, a utility vehicle tailored for urban consumers.

• 2001:

1. Launched Champion, a 3-wheeler diesel vehicle.

2. Introduced Mahindra MaXX, a multi-utility vehicle with the tagline Maximum Space, Maximum Comfort.

3. Partnered with Renault for petrol engines.

• 2002: Launched Scorpio, a world-class sports utility vehicle.

• 2003:

1. Introduced Invader, a sporty open-top vehicle, and MaXX Pik Up.

2. Set up its second tractor assembly plant in the USA.

3. Ventured into the industrial engine business.

4. Launched India’s first Turbo tractor, Mahindra Sarpanch 595 DI Super Turbo.

Global Expansion and Strategic Joint Ventures

In 2004, Mahindra & Mahindra diversified its international presence by introducing the Bolero and Scorpio in Latin American, Middle Eastern, and South African markets. It also entered into an MoU to form a joint venture with Jiangling Motor Company Group (JMCG) of China for acquiring the tractor manufacturing assets of Jiangling Tractor Company, a subsidiary of JMCG.

In the next year, M&M consolidated its manufacturing strength by acquiring a 51% interest in SAR Transmission Private Limited, a gear and transmission shaft company. It was the first Indian automaker to launch the Common Rail Diesel Engine (CRDe) in the Scorpio, establishing new standards for performance and fuel efficiency. M&M also acquired an 80% interest in Mahindra (China) Tractor Company, consolidating its position in the Chinese market.

In the same year, Mahindra established Mahindra Renault Ltd in collaboration with Renault to manufacture and market the Logan, a mid-sized sedan, in India. It also set up Mahindra International Ltd, a joint venture with International Truck and Engine Corporation, to manufacture commercial trucks and buses in India.

Acquisitions, New Model Launches, and Expansions

Mahindra & Mahindra greatly enhanced its international presence and product lineup during 2006-2011 through major acquisitions, joint ventures, and new model launches. In 2006, it acquired Stokes Group and launched the Scorpio V-series. By 2007, it had launched the Mahindra PikUp (double cab) in Chile and collaborated with Navistar International Corporation to manufacture diesel engines for medium and heavy commercial vehicles in India.

The firm achieved significant technological progress in 2008 by launching the FuelSmart system in the Bolero and Scorpio for enhanced fuel efficiency. It also forayed into Australia through a joint venture with TMI Pacific. In 2009, Mahindra unveiled the Xylo, which is a solid player in the MPV category, and launched the Mighty Muscular Scorpio, solidifying its leadership in the SUV space. Also, during this time, it also reorganized its defence business by setting up Mahindra Defence Land Systems Pvt Ltd and partnered with BAE Systems Plc. to have a joint venture for defence land system products. Mahindra also streamlined its portfolio by disposing of 46.66% of Mahindra Gears & Transmissions Pvt Ltd and merging the Agri Inputs Business of Mahindra Shubhlabh Services Ltd with the company.

One of the key milestones arrived in 2010-11 when Mahindra bought Ssangyong Motor Company (SYMC), further consolidating its global SUV lineup. The company ventured into precision farming by acquiring 38% in EPC Industrie Ltd. In February 2010, Mahindra introduced the Maxximo, a light cargo truck aimed at the 0.75-ton category. Bristlecone International AG was made a subsidiary by June 2011, enhancing Mahindra's presence in business consulting and supply chain solutions. These strategic steps solidified Mahindra's dominance in various sectors and global markets.

Expansion, Innovations, and Strategic Partnerships

Between 2012 and 2018, Mahindra & Mahindra (MM) expanded quite strongly in global markets, diversified its portfolio with new products, and emphasized digitalization and sustainability. In 2012, it entered the Kenyan passenger car market with the introduction of the XUV500 and Scorpio, and the Genio pickup and Maxximo mini-truck. It expanded further into defence electronics through a joint venture with Telephonics Corporation.

In 2013, MM made a path-breaking move in online retailing by entering into an alliance with Snapdeal.com to retail two-wheelers online. The company also launched important products such as the Verito Executive Edition, Maxximo Plus Mini Truck, and Bolero Maxi Truck Plus, besides strengthening its dealership network for improved market reach.

By 2016, Mahindra also intensified its pursuit of electric mobility and digital products. It showcased the e-Alfa Mini, an all-electric three-wheeler, for last-mile connectivity and offered SmartBranch, a digital business by Mahindra Finance. It also signed an agreement with Uber to understand EV deployment opportunities and updated its Thar CRDe off-road vehicle with new features.

Mahindra expanded further in 2017 with the Supro Minivan launch in the commercial passenger vehicle segment and enhanced its agribusiness with a majority acquisition of OFD Holding, an international fruit processing firm. Mahindra demonstrated EV concepts at the Geneva Motor Show and introduced the Mahindra JIVO, an economical tractor for intensive farming. MM also launched Mahindra SYOUV, a digital platform for vehicle booking and financing, and introduced Jeeto CNG and the Mojo XT300 motorcycle. Strategic partnerships included tie-ups with Ford for connected mobility solutions and Zoomcar for shared EV mobility.

Mahindra's global expansion made significant strides in 2017 by acquiring Erkunt Traktor Sanayi A.S. in Turkey. It also introduced a range of models such as the Jeeto Minivan, Bolero Power+, and an electric rickshaw (e-Alfa Mini). Driverless tractor technology was also introduced by the company, which saw mechanized farming reach a milestone.

In 2018, Mahindra strengthened its commitment to electric and sustainable mobility by introducing the Treo electric three-wheeler and partnering with LG Chem for lithium-ion battery technology. Mahindra expanded in North America with the launch of the Mahindra Roxor off-road vehicle, produced in Auburn Hills, Michigan. New products introduced were the Mahindra Marazzo MPV, Alturas G4 SUV, and Furio line of Intermediate Commercial Vehicles (ICVs).

Through aggressive market expansion, technology adoption, and strategic partnerships, Mahindra strengthened its position as a leader in automobiles, agriculture, defense, and electric mobility, setting the foundation for future innovation.

Key Announcements by Mahindra & Mahindra

EV 2.0 Initiative (May 24, 2017) – MM announced its roadmap for investing in globally competitive electric vehicle technology.

Price Revisions Post-GST (July 4, 2017) – Prices of large UVs/SUVs were reduced by 6.9%, small cars by 1.4%, small commercial vehicles by 1.1%, LCVs/HCVs by 0.5%, while hybrid vehicle prices increased slightly.

New Vehicle Launches:

• Jeeto Minivan (July 13, 2017) – A passenger vehicle developed on the Jeeto platform.

• e-Alfa Mini (Sep 8, 2017) – An all-electric rickshaw priced at ₹1.12 lakh.

• e2oPlus (Sep 19, 2017) – Electric CitySmart car launched in Nepal.

• TUV300 T10 (Sep 25, 2017) – A luxury SUV variant.

• eSupro Passenger Van (Sep 28, 2017) – 50 units delivered to HRTC for public transport.

• RoadMaster G75 (Oct 3, 2017) – MM’s first motor grader for road construction.

• XUV500 W9 Variant (Oct 4, 2017).

• KUV100 NXT (Oct 10, 2017).

• Mahindra Pik Up (South Africa) (Oct 12, 2017).

• Scorpio SUV (6 Variants) (Nov 14, 2017) – Priced from ₹9.97 lakh, featuring higher power, new transmission, and enhanced comfort.

• XUV500 Automatic (Dubai) (Nov 15, 2017).

• XUV500 Petrol Variant (Dec 5, 2017) – Priced at ₹15.49 lakh.

International Expansion:

• Bhutan Entry (July 29, 2017) – MM entered truck, bus, and construction equipment businesses in Bhutan.

• Turkey Acquisition (Sep 20, 2017) – MM acquired Erkunt Traktor, Turkey’s 4th largest tractor brand, and a foundry unit.

• Bangladesh Assembly Plant (Sep 22, 2017) – CKD plant set up with Rangs Motors Ltd.

• North American HQ & Factory (Nov 20, 2017) – New off-highway vehicle manufacturing unit in Metro Detroit.

Technology & Strategic Collaborations:

• Driverless Tractor (Sep 19, 2017) – Showcased in India, commercial launch planned for 2018.

• Ford Alliance (Sep 18, 2017) – Three-year collaboration exploring mobility, electrification, and product development.

• Uber EV Partnership (Nov 24, 2017) – MM’s e2oPlus and eVerito to be deployed on Uber’s platform.

Agricultural Innovations & Investments:

• Tromph Insecticide (Aug 24, 2017) – Launched by MM’s subsidiary, Mahindra Agri Solutions Ltd.

• Dewulf Licensing Agreement (Nov 14, 2017) – Partnership to manufacture and market potato planting equipment in India.

• MITRA Agro Equipment Stake (Jan 30, 2018) – Acquired 26% in Maharashtra-based AgTech firm.

Financial & Corporate Moves:

• Bonus Share Issue (1:1) (Nov 10, 2017).

• Price Hike Announcement (Dec 14, 2017) – Up to 3% increase from Jan 1, 2018, due to rising commodity prices.

Technological Innovation, Restructuring, and Financial Growth

Mahindra & Mahindra (MM) carried on its digital growth and transformation by introducing "Bring the Showroom Home" in January 2018, an industry first virtual reality (VR)-based auto retail program. Simultaneously, Mahindra First Choice Wheels (MFCWL) raised $15 million in funding, increasing its valuation to $265 million.

In FY2018-19 (FY19), MM achieved strong sales growth with 607,548 vehicles (+10.8%) and 330,436 tractors (+3.4%), retaining a 40.2% market share in the domestic tractor industry for the 36th year running. Key vehicle launches were the Marazzo, Alturas G4, and XUV300, bolstering its SUV line. The company also expanded internationally, establishing subsidiaries in Bangladesh, Australia, Indonesia, and the USA, among others. Still, MM made its operations leaner by exiting businessed such as Merakisan Private Limited and Mahindra Sanyo Special Steel Private Limited.

During FY2019-20 (FY20), MM experienced industry-wide slowdowns with vehicle sales dropping by 22.5% to 471,141 units and tractor sales falling by 8.6% to 298,927 units. However, MM introduced BS6-ready buses with FuelSmart Technology for improved efficiency and spent ₹29.3 crore on energy conservation initiatives. Some corporate restructuring actions were undertaken, such as the exit of Orizonte Business Solutions Limited and Cleansolar Renewable Energy Private Limited and the addition of Mahindra Finance CSR Foundation and Mahindra Bangladesh Private Limited as subsidiaries.

Mahindra First Choice Wheels (MFCWL) made its digital and used-vehicle business stronger by acquiring Fifth Gear Ventures Limited (FGVL) in a cash-and-share combination deal worth ₹30.45 crore.

In FY2020-21, MM expanded its farm equipment business by making Sampo Rosenlew Oy (a Finnish agricultural machinery company) a subsidiary, increasing its stake from 49.04% to 79.13% through a €8.5 million investment. MM also acquired BSA Motorcycles Limited and strengthened its motorcycle and renewable energy presence.

In June 2020, Mahindra Trucks and Buses Limited and Mahindra Automobile Distributor Private Limited were merged into Mahindra Two Wheelers Limited, streamlining its operations. MM also sold Mahindra FirstChoice Services Limited (MFCS) and Auto Digitech Private Limited (ADPL) to TVS Automobile Solutions for ₹35 crore, further refining its business focus.

MM increased its stake in Carnot Technologies Private Limited from 22.9% to 48.05% and completed the acquisition of Meru, increasing its stake to 43.2% in January 2021 and 100% by May 2021 for ₹97 crore, solidifying its position in mobility solutions.

These strategic moves reinforced MM’s presence in automotive, farm equipment, and mobility solutions while ensuring exits from non-core areas, positioning the company for long-term sustainability and innovation.

Key Developments and Launches

In the financial year 2021-22, Mahindra introduced the All-New XUV700 on August 14, 2021. Moreover, the company, under its subsidiary Classic Legends Private Limited, continued to bring back legendary brands by introducing Yezdi motorcycles, complementing the already reintroduced Jawa and Jawa Forty-Two. In July 2021, Mahindra launched the Bolero Neo and introduced a new line of Supro Profit Trucks. The firm also became the first Indian automotive OEM to venture into the NFT market with the introduction of Non-Fungible Tokens (NFTs).

Several structural changes took place during this period. Carnot Technologies Private Limited transitioned from being an associate to a subsidiary of the company. Other new subsidiaries included Mahindra Solarize Private Limited, Mahindra Ideal Finance Limited, and Bristlecone Internacional Costa Rica Limited. However, certain entities like Mahindra Vehicle Manufacturers Limited, Hisarlar Makina Sanayi, Mahindra Publications Limited, and others ceased to be subsidiaries. ReNew Sunlight Energy Private Limited became an associate of the company.

In 2022, Mahindra also raised its holdings in M.I.T.R.A Agro Equipments Private Limited from 39.02% to 47.33% and in Carnot Technologies Private Limited from 48.05% to 68.97%. Approval for the merger of Mahindra Vehicle Manufacturers Limited (MVML) into the company, effective from July 1, 2021, was granted by different authorities, enhancing Mahindra's hold further. The company also sold its shares in various entities such as Hisarlar, MahindraTsubaki Conveyor Systems Private Limited, and Mahindra Sanyo Special Steel Private Limited.

Mahindra continued expanding its footprint in FY 2022-23. Mahindra Holidays & Resorts Harihareshwar Limited, Swaraj Engines Limited, Mahindra Electric Automobile Limited, and others became subsidiaries. The company also acquired 100% stake in Sampo Rosenlew Oy, Finland, and increased its holding in Mahindra Aerospace Private Limited (MAPL) to 100%. Mahindra also sold an 80% stake in Mahindra Waste to Energy Solutions Limited (MWTESL) and 60.88% of Mahindra Consulting Engineers Limited (MCEL).

Another key development was the acquisition of a 17.41% additional stake in Swaraj Engines Limited, making it a subsidiary. The company also sold its 91.59% stake in Merakisan Private Limited, marking a strategic exit from this entity.

In 2024, Mahindra introduced next-generation product platforms such as Mahindra OJA, Swaraj Target, and Naya Swaraj, reinforcing its leadership in the agricultural machinery sector. It also acquired 2,11,43,000 equity shares of RBL Bank Limited (3.53% stake) for approximately ₹417 crores. Structural consolidations continued with the merger of Mahindra Heavy Engines Limited (MHEL), Mahindra Two Wheelers Limited (MTWL), and Trringo.Com Limited (TCL) with the company effective from April 1, 2023.

Mahindra also expanded globally, launching rotary tillers, loaders, and backhoes in North America and introducing India’s first intelligent harvester. Furthermore, the company divested its stake in Sanyo Special Steel Manufacturing India Private Limited (SSSMIPL) and CIE Automotive India Limited, leading to the cessation of its promoter status in CIE India.

Brief Overview

Over the past few years, Mahindra has consistently strengthened its portfolio through strategic acquisitions, mergers, and new product launches, driving innovation across the automotive, financial, and agricultural sectors. The company's global expansion, focus on advanced technology, and structural streamlining have positioned it for sustained growth and leadership in the coming years, benefiting the Mahindra and Mahindra share price.