I was talking to your team. Highest revenue share in SUVs, highest revenue share in PVs, a bunch of other things turning around. You must be happy with the results.
I am very happy with the results. But more importantly, it is the group that has done everything. It is the people that have done everything. And it's a group with a wonderful culture with a great set of people. And that's really been the highlight of the journey from my standpoint, is the values of the group, the trust that we have, and that enables everything else. And we always say that we will focus on our values and our purpose, and profits will follow.
And profits have followed, that's true. Profits have followed, ROIs have followed, EBITDA growth has followed. In some sense, when I look at the quantum of FI investments across various companies, etc., in your case, the downturn also has been minimal, if you will, right in some sense. So all of that is great. Before I talk about the quarter, just one more thing. You're setting the bar higher with every passing year on multiple metrics of interest to financial investors, right? You said 18% ROE, kind of gone beyond that as well. What is in store for FY27, 28, 29, or whatever year number of targets you want to give?
So we have given a target of 18% and we had set 15 to 20% EPS growth. In the last 5 years, we have delivered 57% annualized EPS growth. And as I look forward, yes, we will continue to raise the bar. Our businesses are performing at a very high level right now. In terms of, are we... our investors would not want us to go more than 18%, because we're putting capital back in for growth. And yes, we are at 20% right now, but I've always maintained we will be slightly higher or lower than 18% as we continue our growth journey. And that's the more important part. It's about each of our businesses becoming large businesses, and many are on a very strong path to do that. That's what is a highlight of this year in particular, where many businesses have had a breakthrough year and all our businesses have contributed to growth for this year. So for me, it is about as a leader ensuring we have a higher threshold that we set every time. And the teams have responded very well to that, and that's what we will continue to do.
Okay. Maybe get into the minor share a bit, and before that I'll ask you about the investments as well, because with the kind of oodles of cash that you have, you may be able to do capex, invest in the business without having to raise a dime from external markets. I'll come to that also, but first the performance. SUVs did well, and essentially the PV segment has done well, say for maybe one, if I want to pick, I can pick I don't know, April etc., but by and large, FY26 that segment has done very well. Tractors was fabulous in FY26. Are you getting into that single-digit growth because of a high base, or is it that the market is looking skittish because of the monsoon? And then I'll weave into the other businesses.
I think it's some aspect due to monsoon at this point. If the monsoon fears are not there, it will likely grow faster. We saw April grow very well for the tractor industry. But that said, the tractor industry has always had a mind of its own and no one has been able to really predict what happens. So we will continue to see some challenge on that front, but on a conservative basis, we feel that it will be likely to be mid-single digit at this point.
Okay. And what about the car, I mean the PV/SUV market? How is that looking? Because the GST benefits would have helped as well, I presume, to an extent. At some point of time, that will catch in. At a point of time, a lot of people will argue that some high-frequency indicators are indicating some moderation in demand because of the conflict.
The PV industry has grown relatively slowly for the past many years, and we think that pace will pick up now. But for us, more important is Mahindra's growth, which has been at a very strong pace. Even for this year, despite possibly a slightly conservative PV industry growth forecast that we would have, we would expect our SUVs to grow mid to high teens.
As we said, last year we closed the year at 20% growth year-over-year, and this year again we expect mid to high teens in terms of growth rate. Non-SUV will depend on the industry growth rate because in tractors we have a 44% share, in LCVs we have a 52% share, so it's difficult to grow much faster than industry in that case. So with tractors at a mid-single-digit, LCVs at a high single-digit, we are hoping that with market share gains we would grow faster than that.
Okay, is it also a good problem to have? Because I think from what my colleague Punit tells me, a large capacity increase comes in in Nagpur in 2028, if I'm not wrong, right?
So you are already operating at fairly high utilization levels, so...
We are putting more capacity in right now as well, both for ICE and for EV, right. So we are essentially in line with the growth that we see.
And with Nagpur coming in and our range of subcompact SUVs coming in, we'd expect a further inflection point and growth at that point.
