Mahindra Group: CEO Anish Shah maps out plan for a decade of hyper-growth

The Mahindra Group has delivered record performance over the past five years, but its next phase of growth is set to be far more aggressive — defined not by percentages but by “multiples.”

In an exclusive panel discussion with CNBC-TV18 at the company’s Investor Day, Group CEO and Managing Director Dr. Anish Shah outlined a sweeping 2030 vision anchored in multi-fold revenue and profit expansion across nearly all major businesses.

Calling his leadership team “an incredible set of leaders” driving the Group’s current momentum, Shah presented a clear scorecard: Mahindra’s “growth gems” have grown 7x in value since 2020, contributions from non-auto businesses now exceed the once-dominant auto segment, and multiple verticals are entering a hyper-scale phase.

“We have delivered incredible performance, but our aspirations are even greater,” he said, laying out bold decadal targets — from 8x growth in sport utility vehicles (SUVs) and light commercial vehicle (LCVs), to 14x growth in Mahindra Lifespaces pre-sales, 12x in Aerostructures, 5x in Mahindra Finance’s asset under management (AUM), and 65x growth already achieved in electric three-wheelers.

Auto & Farm: The Engine Powering an 8x Ambition

Rajesh Jejurikar, Executive Director & CEO (Auto & Farm), said the next decade will be defined by “growth in multiples,” not incremental expansion.

• SUVs and LCVs: 8x top-line growth targeted by 2030


• Farm Division: 3x growth aspiration driven by tractors, farm machinery and global expansion


• “We are not going to lose market share. We’ll grow at least as much as the industry,” Jejurikar asserted.

On the auto side, CEO Nalinikanth Gollagunta said FY26 will be a “must-do” year, targeting mid- to high-teens growth in SUVs and high single-digit growth in LCVs, before accelerating toward the 8x decadal ambition.

In Farm Equipment, President Veejay Nakra highlighted four core vectors: fortify domestic leadership, scale international markets, expand farm machinery, and pioneer technology. The segment is targeting 3x revenue growth while driving productivity for farmers globally.

Tech Mahindra: From Takeoff to “Supersonic”

Tech Mahindra CEO & MD Mohit Joshi said the IT services arm has moved from “taxiing to takeoff” as growth and margins begin to strengthen.

“We put out a bold FY27 plan that many analysts doubted. Six quarters later, the wheels have left the ground. Beyond FY27 is when we go supersonic,” he said.

In Q2FY26, Tech Mahindra posted a net profit of ₹1,195 crore, a QoQ rise of 4.8% from ₹1,141 crore, though lower than ₹1,250 crore YoY.

Mahindra Finance: Hard Work Done, Growth Pivot Begins

MD & CEO Raul Rebello said the financial services business, targeting 5x AUM by 2030, is ready to shift gears.

“We’ve got the difficult part behind us — asset quality, technology, customer experience,” he said. The growth pivot rests on three pillars:

1. Defending the core vehicle finance franchise


2. Expanding fee-based income


3. Building adjacencies in mortgages and small and medium enterprises (SME) lending

Real Estate, Holidays, Susten: The Consumer & Clean Energy Bet
Mahindra Lifespaces: ₹10,000 crore pre-sales in sight

MD & CEO Amit Sinha said the company has already crossed half its decadal goal.

• FY27 pre-sales: ₹4,500–₹5,000 crore


• FY30 target: ₹10,000 crore, part of a 14x decade-long expansion

Mahindra Holidays: Double Revenue, Triple Profits

MD & CEO Manoj Bhat said the plan is to:

• Double keys


• Double revenues


• Triple profits over the next five years

A new premium vertical, Mahindra Signature Resorts, will anchor the upscale push while enhancing value for Club Mahindra members.

Also Read | Mahindra Holidays shares rise 3% after ₹1,000 crore foray into leisure hospitality

Susten: 5x Capacity Expansion

Avinash Rao, MD & CEO of Mahindra Susten, said the focus is on executing large projects, winning more complex battery-backed bids, and rapidly recycling capital for reinvestment.

Mahindra Susten, the renewable energy arm of the group, has 1.6 GigaWatt (GW) of commissioned projects and a 3.6 GW development pipeline spanning solar, wind, hybrid and commercial and industrial (C&I) solutions.

Electric Mobility & Last-Mile Disruption

Suman Mishra, MD & CEO of Mahindra Last Mile Mobility, highlighted Mahindra’s dominance in electric three-wheelers:

• EV 3W volumes up 65x in three years


• 300,000 Mahindra EVs now on the road


• 1 million EVs by 2030 targeted across all categories

Mahindra is already the largest electric three-wheeler manufacturer in India “by a good margin,” Shah added.

Aerospace & Defence: A 12x Opportunity

President (A&D, Trucks, Buses & CE) Vinod Sahay said Mahindra Aerostructures is now “one of the most promising businesses,” validated by global OEM demand.

Airbus orders averaged $150 million annually for years. Last year alone, Mahindra secured $1.13 billion.

“We’re doing industrialisation, execution and delivery simultaneously — without compromising the reputation we’ve built,” Sahay said.

The CFO’s Lens: Growth + Discipline

Group CFO Amarjyoti Barua stressed that profitability and capital efficiency will drive the next decade.

• Earnings per share (EPS) growth commitment: 15–20%


• Return on equity (RoE) commitment: 18%

“For us, the growth momentum is already there. The discipline is preserving profitability while building a globally admired Indian brand,” he said.

The Road Ahead: Growth in Multiples, Market Cap Beyond That

Summing up the Group’s 10-year outlook, Shah said Mahindra is thinking in “multiples, not percentages”:

• SUVs & LCVs: 8x revenue


• Intermediate Light Commercial Vehicles (ILCVs): 6x revenue


• Electric three-wheelers: 6x revenue


• Mahindra Finance: 5x AUM


• Susten: 5x installed capacity


• Aerostructures: 12x revenue


• Lifespaces: 14x pre-sales

“Profit growth will be higher than revenue growth, and market cap hopefully higher still,” Shah said.

With half the decade already gone, the Mahindra Group is “building on a strong foundation,” preparing for a transformational second half as it attempts one of the most ambitious multi-business scale-ups in Indian corporate history.

Also Read | Mahindra Group sets ambitious 2030 playbook across autos, EVs, tech and finance