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Anish Shah

Group CEO & Managing Director, Mahindra & Mahindra Limited

Search every verified Anish Shah interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Dr. Anish Shah, Group CEO and Managing Director of Mahindra & Mahindra, recently discussed the company's performance and strategy during its Q1 FY27 earnings call. He reported a 34% increase in consolidated profit after tax and a 23% return on equity, attributing the results to resilient performance in the auto and farm sectors despite significant commodity price inflation. Shah noted that the businesses navigated 400-500 basis points of cost pressure through price increases and operational actions. He also highlighted the company's progress in electric vehicles, stating that EV sales have grown from 1% to 12% of the business, with expectations to reach 20% in the short term and 30% soon after. Shah also addressed the restructuring of the company's truck and bus division, which was transferred to SML Mahindra following its acquisition. He described this as a "big step forward" that provides a platform for growth and value accretion for shareholders. Regarding the government's production-linked incentive (PLI) scheme, Shah stated that its objective of transitioning to EVs and maintaining price parity with internal combustion engines has been achieved, and he expects PLI benefits to reduce as scale increases. Additionally, Shah was named Business Leader of the Year (Non-PSU) at the NDTV Profit Business Leadership Awards 2026, where he credited his team and the company's culture for its success.

Recent appearances

Verified interview transcripts

Notable quotes

“We've actually gone through every single aspect of our purchases. We purchase a 106,000 crores every year. We've got 100,000 parts and 40 commodities that we buy and we put them through a screen of multiple risks including geopolitical, single supplier, technology, logistics, regulatory and identified 82 part families at a high risk, nine commodities at a high risk and taken a number of actions to mitigate the risk o”

“We've actually gone through every single aspect of our purchases. We purchase 106,000 crores every year. We've got 100,000 parts and 40 commodities that we buy and we put them through a screen of multiple risks including geopolitical, single supplier, technology, logistics, regulatory and identified 82 part families at a high risk, nine commodities at a high risk and taken a number of actions to mitigate the risk on ”

“AI spends on capex are to be able to create AI capabilities. Someone has to use AI capabilities. We are using them. We are the users. We do not want to spend on data centers. Let someone else do that. We not spending on energy infrastructure for AI. Let someone else do that. We are using AI to make a meaningful and real difference in everything we do.”

“100%. Right? We need to have options for everything. The world has gone from just-in-time to just-in-case. And therefore, there has to be a backup option, but Atmanirbharta does not mean we make everything ourselves. There is friend-shoring as well, so we will have some capacities with some of our friendly neighbors or friendly countries that are there around the world.”

“I do tell our investors that don't look at quarters for us. Right? We don't care about quarters. We're building a business here for the long term. Decisions we're making are about 15, 20 years in future, but the value creation that we will have for investors in 15, 20 years.”

“It's a good challenge to have and the problem of plenty is sometimes a tougher one. But that's part of what we got to be able to do. As I mentioned earlier, we quadruple capacity in the auto business and we still looking at adding more capacity because we see the opportunity to be able to be successful in many markets. The question though is how because each market requires a set of efforts. It's not just the product”

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