Mahindra & Mahindra is the Mumbai-based flagship of the Mahindra Group, whose companies reported about $30.2 billion (₹2.6 lakh crore) in group turnover in FY26. M&M itself is best known for rugged SUVs such as the Scorpio, Thar and Bolero and for tractors sold under the Mahindra and Swaraj brands. The parent company had 26,765 permanent employees on its rolls on March 31, 2026. The company is headquartered in Mumbai, India.
M&M makes money in three buckets. 1. Auto: SUVs (Thar, Thar Roxx, Scorpio-N, XUV 7XO, XUV 3XO, Bolero), pickups and light commercial vehicles, electric SUVs (BE 6, XEV 9e) and Last Mile Mobility electric three-wheelers. Consolidated Auto revenue was ~$13.7 billion (₹1,17,834 crore) in FY26 with ~$910 million (₹7,842 crore) profit. 2. Farm: Mahindra and Swaraj tractors plus implements, with FY26 consolidated revenue of ~$4.94 billion (₹42,568 crore) and a standalone PBIT margin of 19.9%. 3. Services: stakes in Mahindra Finance (vehicle and rural lending), Tech Mahindra (IT services), Mahindra Lifespaces, Club Mahindra and Mahindra Logistics, which together produced ~$5.07 billion (₹43,698 crore) of FY26 consolidated revenue. Auto and Farm generate most of the cash, while the services stakes add earnings and dividends. Management runs the portfolio on a capital allocation rule targeting an 18% return on equity, and reported an FY26 RoE of 20.1%.