Time for 'attack mode': Anand Mahindra says M&M will 'accelerate through the fog'

Mahindra Group will shift into "Attack Mode" despite an increasingly uncertain global environment, Chairman Anand Mahindra said on Thursday, outlining an aggressive growth strategy even as the company reported record earnings for the June quarter.

Addressing shareholders at the company's 80th Annual General Meeting, Mahindra said the world had moved beyond temporary disruptions to a phase where uncertainty had become the norm, but argued that the environment presented an opportunity rather than a reason to turn cautious.

"This is not a time to stand still. It is time to move from navigation to acceleration," Mahindra said.

"I would describe this moment as one that calls for Attack Mode... Attack Mode is not reckless speed. It is strategic acceleration. It is speed backed by preparation. Confidence backed by capability. Ambition backed by execution."

Record quarter despite headwinds

The remarks came as Mahindra & Mahindra reported a 33.6% year-on-year rise in consolidated net profit to ₹5,454.54 crore for the quarter ended June, while revenue from operations climbed 27.8% to ₹58,187.57 crore. Operational EBITDA rose 28.4% to ₹10,564.95 crore, with the EBITDA margin improving marginally to 18.16% from 18.07% a year earlier.

Management said the performance was achieved despite extraordinary commodity cost inflation of 400-500 basis points in the automotive business and 300-400 basis points in the farm equipment segment during the quarter. Even so, the auto business posted a 21% increase in profit, while the farm business reported a 15% rise.

"We are delighted to report a strong start to F27, despite a quarter marked by macro headwinds. The strength of our diversified portfolio coupled with proactive actions to navigate through this challenging environment has enabled us to deliver strong results," Group CEO and Managing Director Anish Shah said.

Betting on EVs, AI and manufacturing

The investor presentation underscored that Mahindra's "Attack Mode" would be backed by investments across electric vehicles, artificial intelligence and manufacturing capacity.

The company said its electric SUV penetration reached 12% during the quarter, with the XEV 9S emerging as India's highest-selling electric passenger vehicle by wholesale volumes. Its battery electric vehicle business swung to a PBIT profit of ₹288 crore from a loss a year ago, reflecting improving scale and operating leverage.

Mahindra also reiterated plans to expand monthly SUV production capacity to 82,000 units by the second half of FY27 and 92,000 units by the end of FY28, while its proposed ₹15,000 crore investment in Nagpur is expected to support future product launches.

The company is simultaneously accelerating the use of artificial intelligence across businesses, with more than 50 AI experts, 19 proprietary AI models and over 15 AI transformation projects already underway. Applications range from AI-assisted manufacturing quality checks and service operations to loan processing, marketing and collections.

Summing up the group's strategy, Mahindra said the company would not wait for uncertainty to fade before investing for growth.

"As the mist of uncertainty billows around us, we will not wait for perfect visibility. We will accelerate through the fog, confident in the strength of our vision, the clarity of our strategy, and the effectiveness of our execution," he said.