Five years into his tenure, Anish Shah has redefined leadership at the Mahindra Group, steering the conglomerate through one of the most transformative phases in its history. When he took over as Group CEO and managing director in April 2021, succeeding a long lineage of promoter leadership, the transition itself marked a historic shift, it was the first time the Group had placed a non-family professional at the helm. He inherited a sprawling portfolio at a time of Covid-led global uncertainty, but his response was defined by clarity, discipline, and an unwavering focus on purpose-led growth.

A big part of that shift is reflected in the financials. Over the past five years, Mahindra has delivered a remarkable surge in shareholder value, with the Group’s market capitalisation expanding nearly 14 times between April 2020 and December 2025 to cross the ₹5 lakh crore-mark, while the M&M share price touched an all-time high of ₹3,840. It has overtaken other major competitors like Tata Motors and Hyundai Motor Company in market value to secure the second position, trailing only Maruti Suzuki India.

PAT jumps 4x, revenue more than doubles over five years

Profitability tells a similar story, with profit after tax from continuing operations surging from ₹3,347 crore in FY21 to ₹12,929 crore in FY25, while revenues more than doubled from ₹74,278 crore to ₹1,59,211 crore.

Notably, this growth came with consistency: return on equity stayed in the 18-20% range, and dividends climbed steadily from ₹8.75 per share (FY21) to ₹25.3 per share (FY25), reflecting both confidence and strong cash flows.

In a recent interaction with Fortune India, Shah said Mahindra’s SUV strategy had two parts—first, a philosophy of focussing on one core area, doing it exceptionally well, and then moving on to the next, which gave the team clear direction; and second, the bet on SUVs and their build quality. “We recognised the growing demand for larger SUVs... Vehicle quality shapes consumer trends, and we plan to explore this further,” he said.

Building on core strengths

This conviction led to a renewed emphasis on “authentic SUVs,” a segment that accounted for just 19% of the passenger vehicle market at the time but held immense potential. The company launched products like the Mahindra XUV700, which became a turning point for the brand. Internally, the benchmark was audacious—deliver the quality of a BMW X5 at a fraction of the cost. The result was not just a successful product launch, but a repositioning of Mahindra itself—from a rugged, rural-focussed automaker to a credible lifestyle brand.

Core businesses such as SUVs and tractors gained market leadership, while financial services saw improved asset quality. Simultaneously, the Group invested aggressively in future-facing sectors like electric vehicles and renewables, building scalable platforms for long-term growth.

The SUV segment emerged as a standout, with the company ranking No.1 in revenue market share in FY25 at 22.5%, underscoring its success in premiumisation and pricing power. The tractor business also delivered strong performance, achieving a record 43.3% market share and helping stabilise Group earnings across cycles.

In financial services, the focus on de-risking led to a significant improvement in asset quality, with stable Stage 3 (GS3) assets declining from 9% in FY21 to 3.4% in FY24 and remaining stable at 3.7% in FY25, even as assets under management continued to grow. Meanwhile, the Group’s growth businesses are beginning to show signs of a turnaround, with Mahindra Logistics reaching key profitability milestones and Mahindra Lifespaces delivering strong earnings momentum.

Shah’s transformation story goes beyond strategy and numbers; it is equally about culture. He has pushed for a culture that rewards both performance and collaboration. One telling example is the introduction of a 20% key responsibility area focussed on helping others, an unusual metric that signals how seriously the Group takes collective success.