IN 2023, when the Indian men’s 4x400-metre relay team qualified for the World Athletics Championships final for the first time, Anand Mahindra cheered them on social media, comparing the racers to cheetahs. Mahindra has never been particularly attached to relay races — where teammates hand over the baton, one runner to the next, to reach a common goal — but it’s hard to miss the analogy with how his flagship company, Mahindra & Mahindra (M&M), delegates responsibilities. In that sense, Anish Shah (MD & CEO, Mahindra Group) and Rajesh Jejurikar (executive director & CEO, auto and farm sectors, M&M) are the dynamic anchors of Mahindra’s relay — one stops where the other begins.

The credit for M&M’s rebound through its classic SUV play and electric transition, therefore, goes to both. If Shah set the foundation by focussing on the core ‘authentic SUV’ business, Jejurikar took the baton to engineer, design, and manufacture marquee ICE vehicles, including the XUV700, Thar Roxx, Scorpio-N, and the XUV 3XO — alongside the eSUVs BE6 and XEV 9e. The company has also created two dedicated platforms — INGLO for EVs and NU_IQ for multi-energy vehicles.

The numbers bear proof. In FY25, the company’s SUV volumes grew 20% to 5,51,487 units. During the April–September period, 24,575 EVs were sold — an increase of 858%. This surge lifted Mahindra’s EV share to about 27.7% in the first half of FY26, up from 9.6% in H1 FY25. The rising share boosted the company’s standalone revenues to ₹1.18 lakh crore (up 17% YoY), and profit after tax (PAT) to ₹11,855 crore (up 11.39%), in FY25.

According to Shah, 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 says.

The brand’s historical identity was tied to a certain growth presence and adventure capability, with customers valuing its ruggedness, toughness, and usability anywhere, says Jejurikar. Post-Covid market trends, however, showed a shift. Vehicles were increasingly seen as a form of self-expression, rather than mere status symbols. “There was a much greater desire for the vehicle as an expression,” Jejurikar explains. “In the Indian context, it became a key driver.”

The shift aligned perfectly with Mahindra’s DNA. “Vehicles with presence and adventure-ready capability — which was our core — fitted well with this emerging trend,” Jejurikar adds.

Then came the question — was it just a premiumisation mindset, or something more? Mahindra’s leadership realised premiumisation wasn’t merely about technology or features, but road presence as well. “It’s premiumisation, but with a certain kind of vehicle form — specific tyre size, ground clearance — that made the vehicle look like what Mahindra is known for,” Jejurikar says. To deliver the experience, the company honed refinement, sophistication, and technology.

The result: Shah and Jejurikar are now gearing up for the next phase of launches — seven ICE SUVs and five EVs by 2030. M&M is currently in a ₹27,000-crore investment cycle for FY25-27, of which ₹12,000 crore is allocated for EVs and ₹8,500 crore for ICE vehicles. The remaining ₹6,500 crore is directed towards commercial vehicles and other auto businesses.

Mahindra’s renaissance in the automotive space is a story of conviction and discipline. After several uneven years before and during the pandemic, the company rebuilt itself around focus, design excellence, and execution precision. Jejurikar feels the revival was based on two or three pillars. “One important pillar has been the thinking around where we should play,” he says. That was driven by two factors — emerging customer insights and how well that matched the brand.

By aligning evolving customer expectations with Mahindra’s adventurous DNA, the company sharpened its identity. “Engines and vehicles became more refined, and the quality perception of products changed,” Jejurikar notes. This transformation was captured in the firm’s internal ‘brand gym’, shaped around the idea of ‘exploring the impossible’. Defined in 2020-21, it codified Mahindra’s personality and product attributes visible today in the BE6 and XEV 9e, and the Thar Roxx.

Execution was demanding though. “The organisation was used to doing one big project at a time,” Jejurikar recalls. “In the last three years, we’ve been doing six or seven big projects simultaneously.”

Scaling up capability, building new design centres, and managing multiple vehicle programmes required capital, speed, and teamwork. The leadership nucleus—R. Velusamy, president, automotive technology and product development, and Rajeev Goyal, CFO, auto and farm sectors—worked relentlessly. “The five or six of us were putting in disproportionate efforts to execute with speed,” Jejurikar says. “We didn’t bring in much new senior talent. Most of us were already in the company, except Pratap,” he adds, referring to Pratap Bose, who joined Mahindra as chief design officer in 2021. New energy also flowed into the product and power-train teams, with a new design centre at Banbury, U.K., and the strengthened Mumbai studio.

The leadership re-architectured Mahindra’s engineering backbone around scalable platforms to increase volumes. The INGLO platform became the foundation for EVs, while the NU_IQ platform was designed to support petrol, diesel, and electric variants alike. In August, the company revealed four NU_IQ-based concept models — Vision S, Vision T, Vision SXT, and Vision X — targeting new segments in India and abroad. These SUVs are slated for launch from 2027 onwards.

At the group level, Shah navigated an equally complex terrain. When the pandemic struck, Mahindra’s strength lay in its purpose-driven culture. “We had a robust entrepreneurial spirit and talented people,” Shah says. “Our confidence came from not forgetting the core strengths.” Shah believed exiting loss-making businesses like SsangYong would free the leadership to focus on growth. “We exited 15 businesses across the group,” he says. “That allowed sharper focus.”

A central decision was to reclaim Mahindra’s identity around authentic SUVs. “Authentic SUVs accounted for 19% of the passenger vehicle market then, but we saw their importance,” Shah says. That conviction gave birth to the XUV700. “For the XUV700 launch, Velusamy’s goal was to match the quality of a BMW X5 at a fraction of the cost,” he recalls. “We encouraged leaders to think big, focus on fewer priorities, and execute flawlessly.”

Design and marketing proved decisive. “Previous Mahindra vehicles showed us the need to improve design further,” Shah points out. Delivering a refined and sophisticated vehicle like the XUV was the need of the hour. The combination of sharper design, digital marketing, and disciplined pricing reshaped Mahindra’s image from a rugged rural brand to a credible lifestyle marquee brand.

“Playing to win is critical — mediocrity is no longer sustainable,” Shah asserts. “Agility is not about changing the long-term strategy, but adapting quickly while staying on course.”

The broader transformation went beyond products. Under Shah, Mahindra institutionalised collaboration, agility, and boldness. “We’ve formalised a 20% KRA [key responsibility area] for helping others,” Shah says. “When someone becomes known as the go-to person for help without saying so, it truly stands out.” The idea of collective success became a core leadership metric.

Behind the resurgence stands the quiet but formidable presence of Anand Mahindra — chairman and cultural compass of the group. Both Shah and Jejurikar speak of him with a blend of respect and affection, describing a leader who empowers and inspires in equal measure.

“Every time he calls, the first question he asks is — ‘Is this a good time for you to talk?’” Jejurikar says. “It shows how much respect he has for the other person’s time.”

He praises Anand Mahindra’s prodigious memory and faith in delegation. “He doesn’t forget names or faces. And he has an incredible ability to delegate,” he adds. Jejurikar recalls Anand Mahindra’s candour during the Chakan plant inauguration in 2010. “He said, ‘I’m actually coming here for the first time,’ and had no problem admitting that.”

For Shah, it’s this humility and empowerment that define Mahindra’s leadership ethos. “Anand’s role was pivotal — offering full empowerment to do what was right for the company. ‘You should do what is right for the company’ is his constant advice. That trust became the cornerstone of Mahindra’s renewal.”

Shah recalls a defining moment from 2014. “A colleague presented a board matter. Anand asked for my opinion even though it wasn’t my area… After I shared my views, he encouraged me to present them to the board.” The openness to diverse perspectives, Shah notes, has shaped Mahindra’s decision-making culture. “At Mahindra, we don’t view discussions as disagreements but as opportunities to make the right decisions,” he says. “This culture, built by Anand and earlier leaders, encourages everyone — whether with two or 20 years of experience — to speak up.”

Mahindra’s roadmap — eSUVs, global expansion, and digital transformation — draws strength from Anand Mahindra’s long-term vision. “The goal is to remain India’s trusted group and a key driver of economic growth,” Shah affirms. “We want to build multiple large businesses and become a truly global firm.”

“The challenges for CEOs have intensified,” Shah adds. “Beyond Covid, we faced semiconductor shortages and supply shocks. Navigating them is like driving on Mumbai roads — if you can handle that, you can handle anything.”

As the group accelerates into its next phase — electric, connected, and global — it continues to draw strength from the values Anand Mahindra has instilled — humility in leadership, respect for every voice, and the conviction that a purpose-driven enterprise can outlast every storm.

Mahindra’s resurgence is thus more than a corporate turnaround — it’s the story of a culture where focus, collaboration, and empowerment intersect. Or as Shah succinctly puts it, “Agility, boldness, and purpose — that’s how we build the future.”