And for the sake of brevity, are not being repeated again. In case members wish to seek any other further clarification, they may raise it at the question and answer session. I will now take you through the flow of AGM proceedings. The chairman will first address the shareholders. Then, in accordance with Section 108 of the Companies Act 2013 and the rules made there read with MCA circulars, I will order for e-voting to be conducted on every business to be transacted at this AGM as set forth in the notice, followed by question and answer session. The company has received requests from some shareholders to register them as speakers at the meeting. Accordingly, the floor will be open for those members to ask questions or express their views. I will facilitate this session once the chairman opens the floor for question and answer. Those shareholders who have not registered as speakers but still desire to raise any question may use the chat box provided on the screen. I now request our chairman to kindly address the shareholders.
Before I continue with our official business, I'd very much like to take this opportunity to share a few of my thoughts with you. Last year, in my letter to shareholders, I had described the global situation as a samudra manthan, a great churning. And I had said then that every country and every company would have to swallow some of the proverbial poison thrown up by that churning. But I also said that the winners would be those who didn't merely survive the poison but had the resilience and the skill to extract some amrit from it. I'm very happy to say that both India and your company have done exactly that. India has held its own in a very unpredictable world. The global economy is moving from old-style globalization to more selective partnerships. Supply chains are being reconfigured. Countries are looking for scale, stability, manufacturing capability, talent, and trust. And India is increasingly being seen as a credible answer. It has scale. It has a large internal market. It has talent. It has political stability, and it has the strategic flexibility to work across divides. In fact, today approximately a quarter of all iPhones are manufactured right here in India. And that's not just a statistic. It tells us something about how India's role in global manufacturing is changing. In an uncertain world, India is not merely coping. India is gaining relevance.
And your company too has extracted its share of the amrit from the manthan. The results for the year gone by have been outstanding. We have hit historical highs. We are rewriting the rules of mobility and comfort through the revolutionary new IQ platform. Our innovation engine is gaining force. I know there's a widespread perception that Indian companies do not spend enough on R&D and are not investing enough. But on the contrary, I'm very happy to tell you that the patents granted to your company have gone from 56 to over 1,300 in the last decade. And apart from this, we've announced one of the largest prospective investments in our history: 15,000 crores over 10 years in Nagpur. That's a very strong statement of confidence in our future. These achievements have also been recognized externally. We were named the outstanding company of the year at the India Business Leadership Awards, and we were listed amongst the world's top 50 companies by Time magazine.
So all this is very heartening, but let me be clear: the mountain isn't over. Recent events, especially in West Asia, remind us that uncertainty has not receded. It's just become the norm. Black swan events may be obsolete because the pond now seems just full of black swans. What once looked like temporary disruption now looks like a longer-term reset of supply chains, geopolitics, technology, and business models. So frankly, Manthan 2.0 is upon us, and the question is: can India and Mahindra continue to extract amrit from this new churning? For India, I believe the stars are favorable. The next global order may not be built around very rigid blocs. It may be built around multiple coalitions, around countries that can connect rather than divide. And that creates a major opportunity for India to become what I call a connector economy. We were once pioneers of what was called non-alignment. But today the opportunity is different. It's not about being non-aligned, but it's about being multi-aligned, about being a trusted partner across the world. The question for India is no longer whether it will rise. The question is how fully it will convert this moment into enduring advantage.
Coming to Mahindra, the opportunity is equally significant. This is not a time to stand still. It is a time to move from navigation to acceleration. I would describe this moment as one that calls for an attack mode. And let me explain that. Those who follow Formula E racing, where we participate very significantly, know what the attack mode means. Attack mode is not aggression for its own sake. It's when a driver makes a deliberate choice to accelerate at precisely the right moment, even when conditions are imperfect. In ideal conditions, overtaking is difficult. Everyone's already moving at speed. But when the road is rainy, hazy, or uncertain, the prepared driver can use that moment to gain decisive advantage. So attack mode isn't reckless speed. It is strategic acceleration. It is speed backed by preparation, confidence backed by capability, ambition backed by execution. And that is the spirit in which your company is moving forward. As the mist of uncertainty billows around us, we are not going to wait for perfect visibility. We will accelerate through the fog, confident in the strength of our vision, the clarity of our strategy, and the effectiveness of our execution.
Thank you for listening to me. I now would like to invite the shareholders who have registered their names as speakers and who wish to seek clarifications on the financial statements and the proposed resolutions. Shareholders can share their questions and comments arising from the agenda of the AGM in the chat box provided on the screen. Keeping in mind the time of all the shareholders who are present, we will respond to all the questions received through the chat box provided on the screen in the next few days. The company has indeed made all efforts feasible under the circumstances to enable members to participate and vote on the items being considered in the meeting. Before the floor is...
There are no algorithms here. There are no set strategies that you follow and get complete outcomes. It's about people. It's about you. It's about what you set for yourself, what targets that you stretch for yourself to do. And then last year, as all of you know, we created an even more outrageous ambition, more outrageous aspiration, that in the next 10 years, we would be one of the top 50 most admired brands in the world. It still sounds almost surreal, but that's where we want to be.
Good afternoon, ladies and gentlemen. I want to welcome you all to the 80th annual general meeting of the shareholders of the company. And it's my privilege to address all of you as chairman of Mahindra and Mahindra Limited. Since the requisite quorum is present through video conferencing for the annual general meeting, I, as the chairman, call the meeting to order. Now let me introduce the directors of your company. Lead independent director and chairperson of the governance, nomination, and remuneration committee and risk management committee, Miss Shikha Sharma. Chairman of the audit committee, Mr. M.P. Vijay Kumar. Chairman of the stakeholders relationship committee and the corporate social responsibility committee, Mr. Mutaya Murugapan. Other independent directors, Miss Nisaba Godridge and Miss Samina Hammed. Non-executive, non-independent directors, Mr. Ranjan Pant, Mr. Satpal Bhanu, nominee director from the LIC of India. And whole-time directors, group CEO and managing director, Dr. Anish Sha. Executive director and CEO, auto and farm sector, Mr. Rajesh Jurkar. Miss Padmashri Warrior, independent director of the company, is unable to attend the annual general meeting today. Mr. Kusal Leheri, authorized representative from BSR and Company LLP, the statutory auditors. Miss Akriti Sha, authorized representative from Paric and Associates, the secretarial auditors, and Mr. Duchan Dav, partner, M/s D.C. Dav and Company, the cost auditor, are also present at the meeting. Mr. Sesh Kumar Daga, the company secretary of the company, is also participating in the meeting through video conferencing. And now I would like to invite Sesh to take us through the regulatory matters and general instructions pertaining to this annual general meeting. Over to you, Sesh.
Thank you, Mr. Mahindra. Good afternoon, ladies and gentlemen. I welcome you all to this 80th annual general meeting of Mahindra and Mahindra Limited. Shareholders may note that this AGM is being held through video conferencing in accordance with the Companies Act 2013 and circulars issued by the Ministry of Corporate Affairs and SEBI. Facility for joining this meeting is made available through video conferencing for the members. The company has also provided webcast facility to view the live proceedings of this AGM on the company's website. Now an advisory for shareholders. All the members who have joined this meeting are by default placed in mute mode by the host to avoid any disturbance arising from the background noise and to ensure smooth and seamless conduct of the meeting. Once the name of the speaker shareholder is called out, the person will be unmuted by the host to enable him or her to speak. Before speaking, the shareholder is requested to click on the video as well as audio icon appearing on the screen to switch it on. And if for some reason the shareholder is not able to join through video mode, he or she can still speak using the audio mode. While speaking, we request shareholders to use earphones so that they are clearly audible and it would also minimize any noise in the background. They are also requested to ensure that Wi-Fi is not connected to any other devices, no other background applications are running, and proper light is available to have clarity in video and audio. If there is any connectivity problem at the speaker's end, the host will mute such a speaker and the next speaker will be invited to speak.
Since this AGM is being held through video conferencing pursuant to the applicable circulars of Ministry of Corporate Affairs and SEBI, physical attendance of members has been dispensed with. Accordingly, the facility for appointment of proxies is not available for the meeting. The register of directors and KMP and their shareholdings, register of contracts, the memorandum and articles of association of the company, and the certificate from the company's secretarial auditor relating to the implementation of company's ESOP scheme as required to be kept at the AGM are available electronically for inspection by the members. Members seeking to inspect such documents can send an email to
[email protected], which is also mentioned in the AGM notice. The notice of the 80th AGM along with the copies of the audited financial results for the financial year ended 31st March 2026, together with the directors' and auditors' reports, have been emailed within the statutory day period to all those shareholders whose email addresses are registered with the company or KIN technology or their depository participants.
With the permission of the members, I am now taking the notice of 80th annual general meeting and the board reports which are circulated to all the shareholders as read. As the statutory auditor's report on the audited financial statements of the company for the financial year ended 31st March 2026 and the secretarial auditor's report for the financial year ended 31st March 2026 do not contain any qualifications, observations, comments, or other remarks, the same are also taken as read. Your company had provided the facility of remote e-voting to the shareholders to enable them to cast their votes electronically. As per the timeline mentioned in the AGM notice, the remote e-voting facility was provided for 5 days, which concluded at 5:00 p.m. yesterday. E-voting commenced on Saturday, 25th July 2026 at 9:00 a.m. IST and concluded on Wednesday, 29th July at 5:00 p.m. IST.
Further, in compliance with the rules on e-voting, the voting at the AGM will also be concluded by the same e-voting system of KIN technology which was used during e-voting. The shareholders who have not cast their vote through remote e-voting process and otherwise not barred from doing so shall be eligible to vote through e-voting system during the AGM. Once I announce commencement of e-voting, the vote tab on the screen will be activated to enable such holders to cast their votes. They can vote by clicking on the vote tab. Shareholders may please note that there will be no voting by show of hands. The results of the e-voting along with the scrutinizer report shall be communicated to BSE Limited and NSE Limited, where the equity shares of company are listed, and will also be placed at the company's website and on the website of KIN technology within 48 hours from the conclusion of the meeting. Mr. Delearia, practicing company secretary, has been appointed as the scrutinizer to scrutinize the e-voting process in a fair and transparent manner.
There are nine agendas for approval of shareholders today. Five agenda items of ordinary business are: adoption of audited standalone financial statements and the reports of the board and auditors thereon; adoption of audited consolidated financial statements and the report of auditors thereon; declaration of dividend; reappointment of Mr. Satpal Bhanu as a director liable to retire by rotation; reappointment of Mr. Ranjan Pant as a director liable to retire by rotation. There are four agenda items of special business which are: ratification of remuneration to cost auditors, to be passed as an ordinary resolution; payment of remuneration to Mr. Anand G. Mahindra as a non-executive chairman of the company, to be passed as a special resolution; approval of material related party transaction between the company and Mahindra Electric Automobile Limited, a subsidiary of the company, to be passed as an ordinary resolution; approval of material related party transaction between Mahindra USA Inc., a wholly owned subsidiary of the company, and Mahindra Finance USA LLC, an associate of Mahindra and Mahindra Financial Services Limited, a subsidiary of the company, to be passed as an ordinary resolution.
The objectives and implications of the resolutions proposed at the AGM are already set out in the notice of the AGM and explanatory statement, and for the sake of brevity are not being repeated again. In case members wish to seek any other further clarification, they may raise it at the question and answer session. I will now take you through the flow of AGM proceedings. The chairman will first address the shareholders. Then, in accordance with Section 108 of the Companies Act 2013 and the rules made there read with MCA circulars, I will order for e-voting to be conducted on every business to be transacted at this AGM as set forth in the notice, followed by question and answer session. The company has received requests from some shareholders to register them as speakers at the meeting. Accordingly, the floor will be open for those members to ask questions or express their views. I will facilitate this session once the chairman opens the floor for question and answer. Those shareholders who have not registered as speakers but still desire to raise any question may use the chat box provided on the screen. I now request our chairman to kindly address the shareholders.
Before I continue with our official business, I'd very much like to take this opportunity to share a few of my thoughts with you. Last year, in my letter to shareholders, I had described the global situation as a samudra manthan, a great churning. And I had said then that every country and every company would have to swallow some of the proverbial poison thrown up by that churning. But I also said that the winners would be those who didn't merely survive the poison but had the resilience and the skill to extract some amrit from it. I'm very happy to say that both India and your company have done exactly that. India has held its own in a very unpredictable world. The global economy is moving from old-style globalization to more selective partnerships. Supply chains are being reconfigured. Countries are looking for scale, stability, manufacturing capability, talent, and trust. And India is increasingly being seen as a credible answer. It has scale. It has a large internal market. It has talent. It has political stability, and it has the strategic flexibility to work across divides. In fact, today approximately a quarter of all iPhones are manufactured right here in India. And that's not just a statistic. It tells us something about how India's role in global manufacturing is changing. In an uncertain world, India is not merely coping. India is gaining relevance.
And your company too has extracted its share of the amrit from the manthan. The results for the year gone by have been outstanding. We have hit historical highs. We are rewriting the rules of mobility and comfort through the revolutionary new IQ platform. Our innovation engine is gaining force. I know there's a widespread perception that Indian companies do not spend enough on R&D and are not investing enough. But on the contrary, I'm very happy to tell you that the patents granted to your company have gone from 56 to over 1,300 in the last decade. And apart from this, we've announced one of the largest prospective investments in our history: 15,000 crores over 10 years in Nagpur. That's a very strong statement of confidence in our future. These achievements have also been recognized externally. We were named the outstanding company of the year at the India Business Leadership Awards, and we were listed amongst the world's top 50 companies by Time magazine.
So all this is very heartening, but let me be clear: the mountain isn't over. Recent events, especially in West Asia, remind us that uncertainty has not receded. It's just become the norm. Black swan events may be obsolete because the pond now seems just full of black swans. What once looked like temporary disruption now looks like a longer-term reset of supply chains, geopolitics, technology, and business models. So frankly, Manthan 2.0 is upon us, and the question is: can India and Mahindra continue to extract amrit from this new churning? For India, I believe the stars are favorable. The next global order may not be built around very rigid blocs. It may be built around multiple coalitions, around countries that can connect rather than divide. And that creates a major opportunity for India to become what I call a connector economy. We were once pioneers of what was called non-alignment. But today the opportunity is different. It's not about being non-aligned, but it's about being multi-aligned, about being a trusted partner across the world. The question for India is no longer whether it will rise. The question is how fully it will convert this moment into enduring advantage.
Coming to Mahindra, the opportunity is equally significant. This is not a time to stand still. It is a time to move from navigation to acceleration. I would describe this moment as one that calls for an attack mode. And let me explain that. Those who follow Formula E racing, where we participate very significantly, know what the attack mode means. Attack mode is not aggression for its own sake. It's when a driver makes a deliberate choice to accelerate at precisely the right moment, even when conditions are imperfect. In ideal conditions, overtaking is difficult. Everyone's already moving at speed. But when the road is rainy, hazy, or uncertain, the prepared driver can use that moment to gain decisive advantage. So attack mode isn't reckless speed. It is strategic acceleration. It is speed backed by preparation, confidence backed by capability, ambition backed by execution. And that is the spirit in which your company is moving forward. As the mist of uncertainty billows around us, we are not going to wait for perfect visibility. We will accelerate through the fog, confident in the strength of our vision, the clarity of our strategy, and the effectiveness of our execution.
Thank you for listening to me. I now would like to invite the shareholders who have registered their names as speakers and who wish to seek clarifications on the financial statements and the proposed resolutions. Shareholders can share their questions and comments arising from the agenda of the AGM in the chat box provided on the screen. Keeping in mind the time of all the shareholders who are present, we will respond to all the questions received through the chat box provided on the screen in the next few days. The company has indeed made all efforts feasible under the circumstances to enable members to participate and vote on the items being considered in the meeting. Before the floor is...
There are no algorithms here. There are no set strategies that you follow and get complete outcomes. It's about people. It's about you. It's about what you set for yourself, what targets that you stretch for yourself to do. And then last year, as all of you know, we created an even more outrageous ambition, more outrageous aspiration, that in the next 10 years, we would be one of the top 50 most admired brands in the world. It still sounds almost surreal, but that's where we want to be.
Good afternoon, ladies and gentlemen. I want to welcome you all to the 80th annual general meeting of the shareholders of the company. And it's my privilege to address all of you as chairman of Mahindra and Mahindra Limited. Since the requisite quorum is present through video conferencing for the annual general meeting, I, as the chairman, call the meeting to order. Now let me introduce the directors of your company. Lead independent director and chairperson of the governance, nomination, and remuneration committee and risk management committee, Miss Shikha Sharma. Chairman of the audit committee, Mr. M.P. Vijay Kumar. Chairman of the stakeholders relationship committee and the corporate social responsibility committee, Mr. Mutaya Murugapan. Other independent directors, Miss Nisaba Godridge and Miss Samina Hamid. Non-executive, non-independent directors, Mr. Ranjan Pant, Mr. Satpal Bhanu, nominee director from the LIC of India. And whole-time directors, group CEO and managing director, Dr. Anish Sha. Executive director and CEO, auto and farm sector, Mr. Rajesh Jedurkar. Miss Padmashri Warrior, independent director of the company, is unable to attend the annual general meeting today. Mr. Kusal Leheri, authorized representative from BSR and Company LLP, the statutory auditors. Miss Akriti Sha, authorized representative from Paric and Associates, the secretarial auditors, and Mr. Duchan Dav, partner, M/s D.C. Dav and Company, the cost auditor, are also present at the meeting. Mr. Sesh Kumar Daga, the company secretary of the company, is also participating in the meeting through video conferencing. And now I would like to invite Sesh to take us through the regulatory matters and general instructions pertaining to this annual general meeting. Over to you, Sesh.
Thank you, Mr. Mahindra. Good afternoon, ladies and gentlemen. I welcome you all to this 80th annual general meeting of Mahindra and Mahindra Limited. Shareholders may note that this AGM is being held through video conferencing in accordance with the Companies Act 2013 and circulars issued by the Ministry of Corporate Affairs and SEBI. Facility for joining this meeting is made available through video conferencing for the members. The company has also provided webcast facility to view the live proceedings of this AGM on the company's website. Now an advisory for shareholders. All the members who have joined this meeting are by default placed in mute mode by the host to avoid any disturbance arising from the background noise and to ensure smooth and seamless conduct of the meeting. Once the name of the speaker shareholder is called out, the person will be unmuted by the host to enable him or her to speak. Before speaking, the shareholder is requested to click on the video as well as audio icon appearing on the screen to switch it on. And if for some reason the shareholder is not able to join through video mode, he or she can still speak using the audio mode. While speaking, we request shareholders to use earphones so that they are clearly audible and it would also minimize any noise in the background. They are also requested to ensure that Wi-Fi is not connected to any other devices, no other background applications are running, and proper light is available to have clarity in video and audio. If there is any connectivity problem at the speaker's end, the host will mute such a speaker and the next speaker will be invited to speak.
Since this AGM is being held through video conferencing pursuant to the applicable circulars of Ministry of Corporate Affairs and SEBI, physical attendance of members has been dispensed with. Accordingly, the facility for appointment of proxies is not available for the meeting. The register of directors and KMP and their shareholdings, register of contracts, the memorandum and articles of association of the company, and the certificate from the company's secretarial auditor relating to the implementation of company's ESOP scheme as required to be kept at the AGM are available electronically for inspection by the members. Members seeking to inspect such documents can send an email to
[email protected], which is also mentioned in the AGM notice. The notice of the 80th AGM along with the copies of the audited financial results for the financial year ended 31st March 2026, together with the directors' and auditors' reports, have been emailed within the statutory day period to all those shareholders whose email addresses are registered with the company or KIN technology or their depository participants.
With the permission of the members, I am now taking the notice of 80th annual general meeting and the board reports which are circulated to all the shareholders as read. As the statutory auditor's report on the audited financial statements of the company for the financial year ended 31st March 2026 and the secretarial auditor's report for the financial year ended 31st March 2026 do not contain any qualifications, observations, comments, or other remarks, the same are also taken as read. Your company had provided the facility of remote e-voting to the shareholders to enable them to cast their votes electronically. As per the timeline mentioned in the AGM notice, the remote e-voting facility was provided for 5 days, which concluded at 5:00 p.m. yesterday. E-voting commenced on Saturday, 25th July 2026 at 9:00 a.m. IST and concluded on Wednesday, 29th July at 5:00 p.m. IST.
Further, in compliance with the rules on e-voting, the voting at the AGM will also be concluded by the same e-voting system of KIN technology which was used during e-voting. The shareholders who have not cast their vote through remote e-voting process and otherwise not barred from doing so shall be eligible to vote through e-voting system during the AGM. Once I announce commencement of e-voting, the vote tab on the screen will be activated to enable such holders to cast their votes. They can vote by clicking on the vote tab. Shareholders may please note that there will be no voting by show of hands. The results of the e-voting along with the scrutinizer report shall be communicated to BSE Limited and NSE Limited, where the equity shares of company are listed, and will also be placed at the company's website and on the website of KIN technology within 48 hours from the conclusion of the meeting. Mr. Delearia, practicing company secretary, has been appointed as the scrutinizer to scrutinize the e-voting process in a fair and transparent manner.
There are nine agendas for approval of shareholders today. Five agenda items of ordinary business are: adoption of audited standalone financial statements and the reports of the board and auditors thereon; adoption of audited consolidated financial statements and the report of auditors thereon; declaration of dividend; reappointment of Mr. Satpal Bhanu as a director liable to retire by rotation; reappointment of Mr. Ranjan Pant as a director liable to retire by rotation. There are four agenda items of special business which are: ratification of remuneration to cost auditors, to be passed as an ordinary resolution; payment of remuneration to Mr. Anand G. Mahindra as a non-executive chairman of the company, to be passed as a special resolution; approval of material related party transaction between the company and Mahindra Electric Automobile Limited, a subsidiary of the company, to be passed as an ordinary resolution; approval of material related party transaction between Mahindra USA Inc., a wholly owned subsidiary of the company, and Mahindra Finance USA LLC, an associate of Mahindra and Mahindra Financial Services Limited, a subsidiary of the company, to be passed as an ordinary resolution.
The objectives and implications of the resolutions proposed at the AGM are already set out in the notice of the AGM and explanatory statement, and for the sake of brevity are not being repeated again. In case members wish to seek any other further clarification, they may raise it at the question and answer session. I will now take you through the flow of AGM proceedings. The chairman will first address the shareholders. Then, in accordance with Section 108 of the Companies Act 2013 and the rules made there read with MCA circulars, I will order for e-voting to be conducted on every business to be transacted at this AGM as set forth in the notice, followed by question and answer session. The company has received requests from some shareholders to register them as speakers at the meeting. Accordingly, the floor will be open for those members to ask questions or express their views. I will facilitate this session once the chairman opens the floor for question and answer. Those shareholders who have not registered as speakers but still desire to raise any question may use the chat box provided on the screen. I now request our chairman to kindly address the shareholders.
Before I continue with our official business, I'd very much like to take this opportunity to share a few of my thoughts with you. Last year, in my letter to shareholders, I had described the global situation as a samudra manthan, a great churning. And I had said then that every country and every company would have to swallow some of the proverbial poison thrown up by that churning. But I also said that the winners would be those who didn't merely survive the poison but had the resilience and the skill to extract some amrit from it. I'm very happy to say that both India and your company have done exactly that. India has held its own in a very unpredictable world. The global economy is moving from old-style globalization to more selective partnerships. Supply chains are being reconfigured. Countries are looking for scale, stability, manufacturing capability, talent, and trust. And India is increasingly being seen as a credible answer. It has scale. It has a large internal market. It has talent. It has political stability, and it has the strategic flexibility to work across divides. In fact, today approximately a quarter of all iPhones are manufactured right here in India. And that's not just a statistic. It tells us something about how India's role in global manufacturing is changing. In an uncertain world, India is not merely coping. India is gaining relevance.
And your company too has extracted its share of the amrit from the manthan. The results for the year gone by have been outstanding. We have hit historical highs. We are rewriting the rules of mobility and comfort through the revolutionary new IQ platform. Our innovation engine is gaining force. I know there's a widespread perception that Indian companies do not spend enough on R&D and are not investing enough. But on the contrary, I'm very happy to tell you that the patents granted to your company have gone from 56 to over 1,300 in the last decade. And apart from this, we've announced one of the largest prospective investments in our history: 15,000 crores over 10 years in Nagpur. That's a very strong statement of confidence in our future. These achievements have also been recognized externally. We were named the outstanding company of the year at the India Business Leadership Awards, and we were listed amongst the world's top 50 companies by Time magazine.
So all this is very heartening, but let me be clear: the mountain isn't over. Recent events, especially in West Asia, remind us that uncertainty has not receded. It's just become the norm. Black swan events may be obsolete because the pond now seems just full of black swans. What once looked like temporary disruption now looks like a longer-term reset of supply chains, geopolitics, technology, and business models. So frankly, Manthan 2.0 is upon us, and the question is: can India and Mahindra continue to extract amrit from this new churning? For India, I believe the stars are favorable. The next global order may not be built around very rigid blocs. It may be built around multiple coalitions, around countries that can connect rather than divide. And that creates a major opportunity for India to become what I call a connector economy. We were once pioneers of what was called non-alignment. But today the opportunity is different. It's not about being non-aligned, but it's about being multi-aligned, about being a trusted partner across the world. The question for India is no longer whether it will rise. The question is how fully it will convert this moment into enduring advantage.
Coming to Mahindra, the opportunity is equally significant. This is not a time to stand still. It is a time to move from navigation to acceleration. I would describe this moment as one that calls for an attack mode. And let me explain that. Those who follow Formula E racing, where we participate very significantly, know what the attack mode means. Attack mode is not aggression for its own sake. It's when a driver makes a deliberate choice to accelerate at precisely the right moment, even when conditions are imperfect. In ideal conditions, overtaking is difficult. Everyone's already moving at speed. But when the road is rainy, hazy, or uncertain, the prepared driver can use that moment to gain decisive advantage. So attack mode isn't reckless speed. It is strategic acceleration. It is speed backed by preparation, confidence backed by capability, ambition backed by execution. And that is the spirit in which your company is moving forward. As the mist of uncertainty billows around us, we are not going to wait for perfect visibility. We will accelerate through the fog, confident in the strength of our vision, the clarity of our strategy, and the effectiveness of our execution.
Thank you for listening to me. I now would like to invite the shareholders who have registered their names as speakers and who wish to seek clarifications on the financial statements and the proposed resolutions. Shareholders can share their questions and comments arising from the agenda of the AGM in the chat box provided on the screen. Keeping in mind the time of all the shareholders who are present, we will respond to all the questions received through the chat box provided on the screen in the next few days. The company has indeed made all efforts feasible under the circumstances to enable members to participate and vote on the items being considered in the meeting. Before the floor is...
There are no algorithms here. There are no set strategies that you follow and get complete outcomes. It's about people. It's about you. It's about what you set for yourself, what targets that you stretch for yourself to do. And then last year, as all of you know, we created an even more outrageous ambition, more outrageous aspiration, that in the next 10 years, we would be one of the top 50 most admired brands in the world. It still sounds almost surreal, but that's where we want to be.
Good afternoon, ladies and gentlemen. I want to welcome you all to the 80th annual general meeting of the shareholders of the company. And it's my privilege to address all of you as chairman of Mahindra and Mahindra Limited. Since the requisite quorum is present through video conferencing for the annual general meeting, I, as the chairman, call the meeting to order. Now let me introduce the directors of your company. Lead independent director and chairperson of the governance, nomination, and remuneration committee and risk management committee, Miss Shikha Sharma. Chairman of the audit committee, Mr. M.P. Vijay Kumar. Chairman of the stakeholders relationship committee and the corporate social responsibility committee, Mr. Mutaya Murugapan. Other independent directors, Miss Nisaba Godridge and Miss Samina Hammed. Non-executive, non-independent directors, Mr. Ranjan Pant, Mr. Satpal Bhanu, nominee director from the LIC of India. And whole-time directors, group CEO and managing director, Dr. Anish Sha. Executive director and CEO, auto and farm sector, Mr. Rajesh Jurkar. Miss Padmashri Warrior, independent director of the company, is unable to attend the annual general meeting today. Mr. Kusal Leheri, authorized representative from BSR and Company LLP, the statutory auditors. Miss Akriti Sha, authorized representative from Paric and Associates, the secretarial auditors, and Mr. Duchan Dav, partner, M/s Dav and Company, the cost auditor, are also present at the meeting. Mr. Sesh Kumar Daga, the company secretary of the company, is also participating in the meeting through video conferencing. And now I would like to invite Sesh to take us through the regulatory matters and general instructions pertaining to this annual general meeting. Over to you, Sesh.
Thank you, Mr. Mahindra. Good afternoon, ladies and gentlemen. I welcome you all to this 80th annual general meeting of Mahindra and Mahindra Limited. Shareholders may note that this AGM is being held through video conferencing in accordance with the Companies Act 2013 and circulars issued by the Ministry of Corporate Affairs and SEBI. Facility for joining this meeting is made available through video conferencing for the members. The company has also provided webcast facility to view the live proceedings of this AGM on the company's website. Now an advisory for shareholders. All the members who have joined this meeting are by default placed in mute mode by the host to avoid any disturbance arising from the background noise and to ensure smooth and seamless conduct of the meeting. Once the name of the speaker shareholder is called out, the person will be unmuted by the host to enable him or her to speak. Before speaking, the shareholder is requested to click on the video as well as audio icon appearing on the screen to switch it on. And if for some reason the shareholder is not able to join through video mode, he or she can still speak using the audio mode. While speaking, we request shareholders to use earphones so that they are clearly audible and it would also minimize any noise in the background. They are also requested to ensure that Wi-Fi is not connected to any other devices, no other background applications are running, and proper light is available to have clarity in video and audio. If there is any connectivity problem at the speaker's end, the host will mute such a speaker and the next speaker will be invited to speak.
Since this AGM is being held through video conferencing pursuant to the applicable circulars of Ministry of Corporate Affairs and SEBI, physical attendance of members has been dispensed with. Accordingly, the facility for appointment of proxies is not available for the meeting. The register of directors and KMP and their shareholdings, register of contracts, the memorandum and articles of association of the company, and the certificate from the company's secretarial auditor relating to the implementation of company's ESOP scheme as required to be kept at the AGM are available electronically for inspection by the members. Members seeking to inspect such documents can send an email to
[email protected], which is also mentioned in the AGM notice. The notice of the 80th AGM along with the copies of the audited financial results for the financial year ended 31st March 2026, together with the directors' and auditors' reports, have been emailed within the statutory day period to all those shareholders whose email addresses are registered with the company or KIN technology or their depository participants.
Members. Members seeking to inspect such documents can send an email to
[email protected], which is also mentioned in the AGM notice. The notice of the 80th AGM along with the copies of the audited financial results for the financial year ended 31st March 2026, together with the directors and auditors reports, have been emailed within the statutory period to all those shareholders whose email addresses are registered with the company or KFIN technology or their depository participants. With the permission of the members, I am now taking the notice of 80th annual general meeting and the board reports which are circulated to all the shareholders as read. As the statutory auditor's report on the audited financial statements of the company for the financial year ended 31st March 2026 and the secretarial auditor's report for the financial year ended 31st March 2026 do not contain any qualifications, observations, comments, or other remarks, the same are also taken as read.
Your company had provided the facility of remote e-voting to the shareholders to enable them to cast their votes electronically. As per the timeline mentioned in the AGM notice, the remote e-voting facility was provided for 5 days which concluded at 5:00 p.m. yesterday. E-voting commenced on Saturday 25th July 2026 at 9:00 a.m. IST and concluded on Wednesday 29th July at 5:00 p.m. IST.
Further, in compliance with the rules on e-voting, the voting at the AGM will also be conducted by the same e-voting system of KFIN technology which was used during e-voting. The shareholders who have not cast their vote through remote e-voting process and otherwise not barred from doing so shall be eligible to vote through e-voting system during the AGM. Once I announce commencement of e-voting, the vote tab on the screen will be activated to enable such shareholders to cast their votes. They can vote by clicking on the vote tab.
Shareholders may please note that there will be no voting by show of hands. The results of the e-voting along with the scrutinizer report shall be communicated to BSE Limited and NSE Limited where the equity shares of company are listed and will also be placed at the company's website and on the website of KFIN technology within 48 hours from the conclusion of the meeting. Mr. Delearia, practicing company secretary, has been appointed as the scrutinizer to scrutinize the e-voting process in a fair and transparent manner.
There are nine agendas for approval of shareholders today. Five agenda items of ordinary business are: adoption of audited standalone financial statements and the reports of the board and auditors thereon; adoption of audited consolidated financial statements and the report of auditors thereon; declaration of dividend; reappointment of Mr. Satpal Bhanu as a director liable to retire by rotation; reappointment of Mr. Ranjan Pant as a director liable to retire by rotation. There are four agenda items of special business which are: ratification of remuneration to cost auditors to be passed as an ordinary resolution; payment of remuneration to Mr. Anand G Mahindra as a non-executive chairman of the company to be passed as a special resolution; approval of material related party transaction between the company and Mahindra Electric Automobile Limited, a subsidiary of the company, to be passed as an ordinary resolution.
Approval of material related party transaction between Mahindra USA Inc, a wholly owned subsidiary of the company, and Mahindra Finance USA LLC, an associate of Mahindra and Mahindra Financial Services Limited, a subsidiary of the company, to be passed as an ordinary resolution. The objectives and implications of the resolutions proposed at the AGM are already set out in the notice of the AGM and explanatory statement and for the sake of brevity are not being repeated again. In case members wish to seek any further clarification, they may raise it at the question and answer session.
I will now take you through the flow of AGM proceedings. The chairman will first address the shareholders. Then, in accordance with Section 108 of the Companies Act 2013 and the rules made thereunder read with MCA circulars, I will order for e-voting to be conducted on every business to be transacted at this AGM as set forth in the notice, followed by question and answer session. The company has received requests from some shareholders to register them as speakers at the meeting. Accordingly, the floor will be open for those members to ask questions or express their views. I will facilitate this session once chairman opens the floor for question and answer.
Those shareholders who have not registered as speakers but still desire to raise any question may use the chat box provided on the screen. I now request our chairman to kindly address the shareholders.
Before I continue with our official business, I'd very much like to take this opportunity to share a few of my thoughts with you. Last year in my letter to shareholders, I had described the global situation as a samudra manthan, a great churning. And I had said then that every country and every company would have to swallow some of the proverbial poison thrown up by that churning. But I also said that the winners would be those who didn't merely survive the poison but had the resilience and the skill to extract some amrit from it. I'm very happy to say that both India and your company have done exactly that.
India has held its own in a very unpredictable world. The global economy is moving from old style globalization to more selective partnerships. Supply chains are being reconfigured. Countries are looking for scale, stability, manufacturing capability, talent and trust. And India is increasingly being seen as a credible answer. It has scale, it has a large internal market. It has talent. It has political stability and it has the strategic flexibility to work across divides.
In fact, today approximately a quarter of all iPhones are manufactured right here in India. And that's not just a statistic. It tells us something about how India's role in global manufacturing is changing. In an uncertain world, India is not merely coping. India is gaining relevance. And your company too has extracted its share of the amrit from the manthan. The results for the year gone by have been outstanding. We have hit historical highs. We are rewriting the rules of mobility and comfort through the revolutionary new IQ platform. Our innovation engine is gaining force.
I know there's a widespread perception that Indian companies do not spend enough on R&D and are not investing enough. But on the contrary, I'm very happy to tell you that the patents granted to your company have gone from 56 to over 1,300 in the last decade. And apart from this, we've announced one of the largest prospective investments in our history: 15,000 crores over 10 years in Nagpur. That's a very strong statement of confidence in our future.
These achievements have also been recognized externally. We were named the outstanding company of the year at the India Business Leadership Awards and we were listed amongst the world's top 50 companies by Time magazine. So all this is very heartening but let me be clear: the mountain isn't over. Recent events especially in West Asia remind us that uncertainty has not receded. It's just become the norm. Black swan events may be obsolete because the pond now seems just full of black swans.
What once looked like temporary disruption now looks like a longer term reset of supply chains, geopolitics, technology and business models. So frankly, manthan 2.0 is upon us and the question is: can India and Mahindra continue to extract amrit from this new churning? For India, I believe the stars are favorable. The next global order may not be built around very rigid blocs. It may be built around multiple coalitions, around countries that can connect rather than divide. And that creates a major opportunity for India to become what I call a connector economy.
We were once pioneers of what was called non-alignment. But today the opportunity is different. It's not about being non-aligned but it's about being multi-aligned, about being a trusted partner across the world. The question for India is no longer whether it will rise. The question is how fully it will convert this moment into enduring advantage. Coming to Mahindra, the opportunity is equally significant. This is not a time to stand still. It is a time to move from navigation to acceleration.
I would describe this moment as one that calls for an attack mode. And let me explain that. Those who follow Formula E racing, where we participate very significantly, know what the attack mode means. Attack mode is not aggression for its own sake. It's when a driver makes a deliberate choice to accelerate at precisely the right moment, even when conditions are imperfect. In ideal conditions, overtaking is difficult. Everyone's already moving at speed. But when the road is rainy, hazy, or uncertain, the prepared driver can use that moment to gain decisive advantage.
So attack mode isn't reckless speed. It is strategic acceleration. It is speed backed by preparation, confidence backed by capability, ambition backed by execution. And that is the spirit in which your company is moving forward. As the mist of uncertainty billows around us, we are not going to wait for perfect visibility. We will accelerate through the fog, confident in the strength of our vision, the clarity of our strategy and the effectiveness of our execution.
Thank you for listening to me. I now would like to invite the shareholders who have registered their names as speakers and who wish to seek clarifications on the financial statements and the proposed resolutions. Shareholders can share their questions and comments arising from the agenda of the AGM in the chat box provided on the screen. Keeping in mind the time of all the shareholders who are present, we will respond to all the questions received through the chat box provided on the screen in the next few days. The company has indeed made all efforts feasible under the circumstances to enable members to participate and vote on the items being considered in the meeting. Before the floor is...
Good afternoon, ladies and gentlemen. I want to welcome you all to the 80th annual general meeting of the shareholders of the company and it's my privilege to address all of you as chairman of Mahindra and Mahindra Limited. Since the requisite quorum is present through video conferencing for the annual general meeting, I as the chairman call the meeting to order. Now let me introduce the directors of your company.
Lead independent director and chairperson of the governance, nomination and remuneration committee and risk management committee, Miss Shikha Sharma. Chairman of the audit committee, Mr. MP Vijay Kumar. Chairman of the stakeholders relationship committee and the corporate social responsibility committee, Mr. Mutaya Murugapan. Other independent directors, Miss Nisaba Godridge and Miss Samina Hamid. Non-executive non-independent directors, Mr. Ranjan Pant, Mr. Satpal Bhanu, nominee director from the LIC of India. And whole-time directors: group CEO and managing director, Dr. Anish Sha; executive director and CEO auto and farm sector, Mr. Rajesh Jedurkar.
Miss Padmashri Warrior, independent director of the company, is unable to attend the annual general meeting today. Mr. Kusal Leheri, authorized representative from BSR and Company LLP, the statutory auditors. Miss Akriti Sha, authorized representative from Paric and Associates, the secretarial auditors, and Mr. Duchan Di, partner, Mrs. DC Davian Company, the cost auditor, are also present at the meeting. Mr. Sesh Kumar Daga, the company secretary of the company, is also participating in the meeting through video conferencing. And now I would like to invite Sesh to take us through the regulatory matters and general instructions pertaining to this annual general meeting. Over to you, Sesh.
Thank you, Mr. Mahindra. Good afternoon ladies and gentlemen. I welcome you all to this 80th annual general meeting of Mahindra and Mahindra Limited. Shareholders may note that this AGM is being held through video conferencing in accordance with the Companies Act 2013 and circulars issued by the Ministry of Corporate Affairs and SEBI. Facility for joining this meeting is made available through video conferencing for the members. The company has also provided webcast facility to view the live proceedings of this AGM on the company's website.
Now an advisory for shareholders. All the members who have joined this meeting are by default placed in mute mode by the host to avoid any disturbance arising from the background noise and to ensure smooth and seamless conduct of the meeting. Once the name of the speaker shareholder is called out, the person will be unmuted by the host to enable him or her to speak. Before speaking, the shareholder is requested to click on the video as well as audio icon appearing on the screen to switch it on. And if for some reason the shareholder is not able to join through video mode, he or she can still speak using the audio mode.
While speaking, we request shareholders to use earphones so that they are clearly audible and it would also minimize any noise in the background. They are also requested to ensure that Wi-Fi is not connected to any other devices, no other background applications are running and proper light is available to have clarity in video and audio. If there is any connectivity problem at the speaker's end, the host will mute such a speaker and the next speaker will be invited to speak.
Since this AGM is being held through video conferencing pursuant to the applicable circulars of Ministry of Corporate Affairs and SEBI, physical attendance of members has been dispensed with. Accordingly, the facility for appointment of proxies is not available for the meeting. The register of directors and KMP and their shareholdings, register of contracts, the memorandum and articles of association of the company and the certificate from the company's secretarial auditor relating to the implementation of company's ESOP scheme as required to be kept at the AGM are available electronically for inspection by the members.
Members seeking to inspect such documents can send an email to
[email protected], which is also mentioned in the AGM notice. The notice of the 80th AGM along with the copies of the audited financial results for the financial year ended 31st March 2026, together with the directors and auditors reports, have been emailed within the statutory period to all those shareholders whose email addresses are registered with the company or KFIN technology or their depository participants. With the permission of the members, I am now taking the notice of 80th annual general meeting and the board reports which are circulated to all the shareholders as read. As the statutory auditor's report on the audited financial statements of the company for the financial year ended 31st March 2026 and the secretarial auditor's report for the financial year ended 31st March 2026 do not contain any qualifications, observations, comments, or other remarks, the same are also taken as read.
Your company had provided the facility of remote e-voting to the shareholders to enable them to cast their votes electronically. As per the timeline mentioned in the AGM notice, the remote e-voting facility was provided for 5 days which concluded at 5:00 p.m. yesterday. E-voting commenced on Saturday 25th July 2026 at 9:00 a.m. IST and concluded on Wednesday 29th July at 5:00 p.m. IST. Further, in compliance with the rules on e-voting, the voting at the AGM will also be conducted by the same e-voting system of KFIN technology which was used during e-voting.
The shareholders who have not cast their vote through remote e-voting process and otherwise not barred from doing so shall be eligible to vote through e-voting system during the AGM. Once I announce commencement of e-voting, the vote tab on the screen will be activated to enable such holders to cast their votes. They can vote by clicking on the vote tab. Shareholders may please note that there will be no voting by show of hands. The results of the e-voting along with the scrutinizer report shall be communicated to BSE Limited and NSE Limited where the equity shares of company are listed and will also be placed at the company's website and on the website of KFIN technology within 48 hours from the conclusion of the meeting. Mr. Delearia, practicing company secretary, has been appointed as the scrutinizer to scrutinize the e-voting process in a fair and transparent manner.
There are nine agendas for approval of shareholders today. Five agenda items of ordinary business are: adoption of audited standalone financial statements and the reports of the board and auditors thereon; adoption of audited consolidated financial statements and the report of auditors thereon; declaration of dividend; reappointment of Mr. Satpal Bhanu as a director liable to retire by rotation; reappointment of Mr. Ranjan Pant as a director liable to retire by rotation. There are four agenda items of special business which are: ratification of remuneration to cost auditors to be passed as an ordinary resolution; payment of remuneration to Mr. Anand G Mahindra as a non-executive chairman of the company to be passed as a special resolution; approval of material related party transaction between the company and Mahindra Electric Automobile Limited, a subsidiary of the company, to be passed as an ordinary resolution.
Approval of material related party transaction between Mahindra USA Inc, wholly owned subsidiary of the company, and Mahindra Finance USA LLC, an associate of Mahindra and Mahindra Financial Services Limited, a subsidiary of the company, to be passed as an ordinary resolution. The objectives and implications of the resolutions proposed at the AGM are already set out in the notice of the AGM and explanatory statement and for the sake of brevity are not being repeated again. In case members wish to seek any further clarification, they may raise it at the question and answer session.
I will now take you through the flow of AGM proceedings. The chairman will first address the shareholders. Then, in accordance with Section 108 of the Companies Act 2013 and the rules made thereunder read with MCA circulars, I will order for e-voting to be conducted on every business to be transacted at this AGM as set forth in the notice, followed by question and answer session. The company has received requests from some shareholders to register them as speakers at the meeting. Accordingly, the floor will be open for those members to ask questions or express their views. I will facilitate this session once chairman opens the floor for question and answer.
Those shareholders who have not registered as speakers but still desire to raise any question may use the chat box provided on the screen. I now request our chairman to kindly address the shareholders.
Before I continue with our official business, I'd very much like to take this opportunity to share a few of my thoughts with you. Last year in my letter to shareholders, I had described the global situation as a samudra manthan, a great churning. And I had said then that every country and every company would have to swallow some of the proverbial poison thrown up by that churning. But I also said that the winners would be those who didn't merely survive the poison but had the resilience and the skill to extract some amrit from it. I'm very happy to say that both India and your company have done exactly that.
India has held its own in a very unpredictable world. The global economy is moving from old style globalization to more selective partnerships. Supply chains are being reconfigured. Countries are looking for scale, stability, manufacturing capability, talent and trust. And India is increasingly being seen as a credible answer. It has scale, it has a large internal market. It has talent. It has political stability and it has the strategic flexibility to work across divides.
In fact, today approximately a quarter of all iPhones are manufactured right here in India. And that's not just a statistic. It tells us something about how India's role in global manufacturing is changing. In an uncertain world, India is not merely coping. India is gaining relevance. And your company too has extracted its share of the amrit from the manthan. The results for the year gone by have been outstanding. We have hit historical highs. We are rewriting the rules of mobility and comfort through the revolutionary new IQ platform. Our innovation engine is gaining force.
I know there's a widespread perception that Indian companies do not spend enough on R&D and are not investing enough. But on the contrary, I'm very happy to tell you that the patents granted to your company have gone from 56 to over 1,300 in the last decade. And apart from this, we've announced one of the largest prospective investments in our history: 15,000 crores over 10 years in Nagpur. That's a very strong statement of confidence in our future.
These achievements have also been recognized externally. We were named the outstanding company of the year at the India Business Leadership Awards and we were listed amongst the world's top 50 companies by Time magazine. So all this is very heartening but let me be clear: the mountain isn't over. Recent events especially in West Asia remind us that uncertainty has not receded. It's just become the norm. Black swan events may be obsolete because the pond now seems just full of black swans.
What once looked like temporary disruption now looks like a longer term reset of supply chains, geopolitics, technology and business models. So frankly, manthan 2.0 is upon us and the question is: can India and Mahindra continue to extract amrit from this new churning? For India, I believe the stars are favorable. The next global order may not be built around very rigid blocs. It may be built around multiple coalitions, around countries that can connect rather than divide. And that creates a major opportunity for India to become what I call a connector economy.
We were once pioneers of what was called non-alignment. But today the opportunity is different. It's not about being non-aligned but it's about being multi-aligned, about being a trusted partner across the world. The question for India is no longer whether it will rise. The question is how fully it will convert this moment into enduring advantage. Coming to Mahindra, the opportunity is equally significant. This is not a time to stand still. It is a time to move from navigation to acceleration.
I would describe this moment as one that calls for an attack mode. And let me explain that. Those who follow Formula E racing, where we participate very significantly, know what the attack mode means. Attack mode is not aggression for its own sake. It's when a driver makes a deliberate choice to accelerate at precisely the right moment, even when conditions are imperfect. In ideal conditions, overtaking is difficult. Everyone's already moving at speed. But when the road is rainy, hazy, or uncertain, the prepared driver can use that moment to gain decisive advantage.
So attack mode isn't reckless speed. It is strategic acceleration. It is speed backed by preparation, confidence backed by capability, ambition backed by execution. And that is the spirit in which your company is moving forward. As the mist of uncertainty billows around us, we are not going to wait for perfect visibility. We will accelerate through the fog, confident in the strength of our vision, the clarity of our strategy and the effectiveness of our execution.
Thank you for listening to me. I now would like to invite the shareholders who have registered their names as speakers and who wish to seek clarifications on the financial statements and the proposed resolutions. Shareholders can share their questions and comments arising from the agenda of the AGM in the chat box provided on the screen. Keeping in mind the time of all the shareholders who are present, we will respond to all the questions received through the chat box provided on the screen in the next few days. The company has indeed made all efforts feasible under the circumstances to enable members to participate and vote on the items being considered in the meeting. Before the floor is...
Good afternoon, ladies and gentlemen. I want to welcome you all to the 80th annual general meeting of the shareholders of the company and it's my privilege to address all of you as chairman of Mahindra and Mahindra Limited. Since the requisite quorum is present through video conferencing for the annual general meeting, I as the chairman call the meeting to order. Now let me introduce the directors of your company.
Lead independent director and chairperson of the governance, nomination and remuneration committee and risk management committee, Miss Shikha Sharma. Chairman of the audit committee, Mr. MP Vijay Kumar. Chairman of the stakeholders relationship committee and the corporate social responsibility committee, Mr. Mutaya Murugapan. Other independent directors, Miss Nisaba Godridge and Miss Samina Hamid. Non-executive non-independent directors, Mr. Ranjan Pant, Mr. Satpal Bhanu, nominee director from the LIC of India. And whole-time directors: group CEO and managing director, Dr. Anish Sha; executive director and CEO auto and farm sector, Mr. Rajesh Jedurkar.
Miss Padmashri Warrior, independent director of the company, is unable to attend the annual general meeting today. Mr. Kusal Leheri, authorized representative from BSR and Company LLP, the statutory auditors. Miss Akriti Sha, authorized representative from Paric and Associates, the secretarial auditors, and Mr. Duchan Di, partner, Mrs. DC Davian Company, the cost auditor, are also present at the meeting. Mr. Sesh Kumar Daga, the company secretary of the company, is also participating in the meeting through video conferencing. And now I would like to invite Sesh to take us through the regulatory matters and general instructions pertaining to this annual general meeting. Over to you, Sesh.
Thank you, Mr. Mahindra. Good afternoon ladies and gentlemen. I welcome you all to this 80th annual general meeting of Mahindra and Mahindra Limited. Shareholders may note that this AGM is being held through video conferencing in accordance with the Companies Act 2013 and circulars issued by the Ministry of Corporate Affairs and SEBI. Facility for joining this meeting is made available through video conferencing for the members. The company has also provided webcast facility to view the live proceedings of this AGM on the company's website.
Now an advisory for shareholders. All the members who have joined this meeting are by default placed in mute mode by the host to avoid any disturbance arising from the background noise and to ensure smooth and seamless conduct of the meeting. Once the name of the speaker shareholder is called out, the person will be unmuted by the host to enable him or her to speak. Before speaking, the shareholder is requested to click on the video as well as audio icon appearing on the screen to switch it on. And if for some reason the shareholder is not able to join through video mode, he or she can still speak using the audio mode.
While speaking, we request shareholders to use earphones so that they are clearly audible and it would also minimize any noise in the background. They are also requested to ensure that Wi-Fi is not connected to any other devices, no other background applications are running and proper light is available to have clarity in video and audio. If there is any connectivity problem at the speaker's end, the host will mute such a speaker and the next speaker will be invited to speak.
Since this AGM is being held through video conferencing pursuant to the applicable circulars of Ministry of Corporate Affairs and SEBI, physical attendance of members has been dispensed with. Accordingly, the facility for appointment of proxies is not available for the meeting. The register of directors and KMP and their shareholdings, register of contracts, the memorandum and articles of association of the company and the certificate from the company's secretarial auditor relating to the implementation of company's ESOP scheme as required to be kept at the AGM are available electronically for inspection by the members.
Members seeking to inspect such documents can send an email to
[email protected], which is also mentioned in the AGM notice. The notice of the 80th AGM along with the copies of the audited financial results for the financial year ended 31st March 2026, together with the directors and auditors reports, have been emailed within the statutory period to all those shareholders whose email addresses are registered with the company or KFIN technology or their depository participants. With the permission of the members, I am now taking the notice of 80th annual general meeting and the board reports which are circulated to all the shareholders as read. As the statutory auditor's report on the audited financial statements of the company for the financial year ended 31st March 2026 and the secretarial auditor's report for the financial year ended 31st March 2026 do not contain any qualifications, observations, comments, or other remarks, the same are also taken as read.
Your company had provided the facility of remote e-voting to the shareholders to enable them to cast their votes electronically. As per the timeline mentioned in the AGM notice, the remote e-voting facility was provided for 5 days which concluded at 5:00 p.m. yesterday. E-voting commenced on Saturday 25th July 2026 at 9:00 a.m. IST and concluded on Wednesday 29th July at 5:00 p.m. IST. Further, in compliance with the rules on e-voting, the voting at the AGM will also be conducted by the same e-voting system of KFIN technology which was used during e-voting.
The shareholders who have not cast their vote through remote e-voting process and otherwise not barred from doing so shall be eligible to vote through e-voting system during the AGM. Once I announce commencement of e-voting, the vote tab on the screen will be activated to enable such holders to cast their votes. They can vote by clicking on the vote tab. Shareholders may please note that there will be no voting by show of hands. The results of the e-voting along with the scrutinizer report shall be communicated to BSE Limited and NSE Limited where the equity shares of company are listed and will also be placed at the company's website and on the website of KFIN technology within 48 hours from the conclusion of the meeting. Mr. Delearia, practicing company secretary, has been appointed as the scrutinizer to scrutinize the e-voting process in a fair and transparent manner.
There are nine agendas for approval of shareholders today. Five agenda items of ordinary business are: adoption of audited standalone financial statements and the reports of the board and auditors thereon; adoption of audited consolidated financial statements and the report of auditors thereon; declaration of dividend; reappointment of Mr. Satpal Bhanu as a director liable to retire by rotation; reappointment of Mr. Ranjan Pant as a director liable to retire by rotation. There are four agenda items of special business which are: ratification of remuneration to cost auditors to be passed as an ordinary resolution; payment of remuneration to Mr. Anand G Mahindra as a non-executive chairman of the company to be passed as a special resolution; approval of material related party transaction between the company and Mahindra Electric Automobile Limited, a subsidiary of the company, to be passed as an ordinary resolution.
Approval of material related party transaction between Mahindra USA Inc, wholly owned subsidiary of the company, and Mahindra Finance USA LLC, an associate of Mahindra and Mahindra Financial Services Limited, a subsidiary of the company, to be passed as an ordinary resolution. The objectives and implications of the resolutions proposed at the AGM are already set out in the notice of the AGM and explanatory statement and for the sake of brevity are not being repeated again. In case members wish to seek any further clarification, they may raise it at the question and answer session.
I will now take you through the flow of AGM proceedings. The chairman will first address the shareholders. Then, in accordance with Section 108 of the Companies Act 2013 and the rules made thereunder read with MCA circulars, I will order for e-voting to be conducted on every business to be transacted at this AGM as set forth in the notice, followed by question and answer session. The company has received requests from some shareholders to register them as speakers at the meeting. Accordingly, the floor will be open for those members to ask questions or express their views. I will facilitate this session once chairman opens the floor for question and answer.
Those shareholders who have not registered as speakers but still desire to raise any question may use the chat box provided on the screen. I now request our chairman to kindly address the shareholders.
Before I continue with our official business, I'd very much like to take this opportunity to share a few of my thoughts with you. Last year in my letter to shareholders, I had described the global situation as a samudra manthan, a great churning. And I had said then that every country and every company would have to swallow some of the proverbial poison thrown up by that churning. But I also said that the winners would be those who didn't merely survive the poison but had the resilience and the skill to extract some amrit from it. I'm very happy to say that both India and your company have done exactly that.
India has held its own in a very unpredictable world. The global economy is moving from old style globalization to more selective partnerships. Supply chains are being reconfigured. Countries are looking for scale, stability, manufacturing capability, talent and trust. And India is increasingly being seen as a credible answer. It has scale, it has a large internal market. It has talent. It has political stability and it has the strategic flexibility to work across divides.
In fact, today approximately a quarter of all iPhones are manufactured right here in India. And that's not just a statistic. It tells us something about how India's role in global manufacturing is changing. In an uncertain world, India is not merely coping. India is gaining relevance. And your company too has extracted its share of the amrit from the manthan. The results for the year gone by have been outstanding. We have hit historical highs. We are rewriting the rules of mobility and comfort through the revolutionary new IQ platform. Our innovation engine is gaining force.
I know there's a widespread perception that Indian companies do not spend enough on R&D and are not investing enough. But on the contrary, I'm very happy to tell you that the patents granted to your company have gone from 56 to over 1,300 in the last decade. And apart from this, we've announced one of the largest prospective investments in our history: 15,000 crores over 10 years in Nagpur. That's a very strong statement of confidence in our future.
These achievements have also been recognized externally. We were named the outstanding company of the year at the India Business Leadership Awards and we were listed amongst the world's top 50 companies by Time magazine. So all this is very heartening but let me be clear: the mountain isn't over. Recent events especially in West Asia remind us that uncertainty has not receded. It's just become the norm. Black swan events may be obsolete because the pond now seems just full of black swans.
What once looked like temporary disruption now looks like a longer term reset of supply chains, geopolitics, technology and business models. So frankly, manthan 2.0 is upon us and the question is: can India and Mahindra continue to extract amrit from this new churning? For India, I believe the stars are favorable. The next global order may not be built around very rigid blocs. It may be built around multiple coalitions, around countries that can connect rather than divide. And that creates a major opportunity for India to become what I call a connector economy.
We were once pioneers of what was called non-alignment. But today the opportunity is different. It's not about being non-aligned but it's about being multi-aligned, about being a trusted partner across the world. The question for India is no longer whether it will rise. The question is how fully it will convert this moment into enduring advantage. Coming to Mahindra, the opportunity is equally significant. This is not a time to stand still. It is a time to move from navigation to acceleration.
I would describe this moment as one that calls for an attack mode. And let me explain that. Those who follow Formula E racing, where we participate very significantly, know what the attack mode means. Attack mode is not aggression for its own sake. It's when a driver makes a deliberate choice to accelerate at precisely the right moment, even when conditions are imperfect. In ideal conditions, overtaking is difficult. Everyone's already moving at speed. But when the road is rainy, hazy, or uncertain, the prepared driver can use that moment to gain decisive advantage.
So attack mode isn't reckless speed. It is strategic acceleration. It is speed backed by preparation, confidence backed by capability, ambition backed by execution. And that is the spirit in which your company is moving forward. As the mist of uncertainty billows around us, we are not going to wait for perfect visibility. We will accelerate through the fog, confident in the strength of our vision, the clarity of our strategy and the effectiveness of our execution.
Thank you for listening to me. I now would like to invite the shareholders who have registered their names as speakers and who wish to seek clarifications on the financial statements and the proposed resolutions. Shareholders can share their questions and comments arising from the agenda of the AGM in the chat box provided on the screen. Keeping in mind the time of all the shareholders who are present, we will respond to all the questions received through the chat box provided on the screen in the next few days. The company has indeed made all efforts feasible under the circumstances to enable members to participate and vote on the items being considered in the meeting. Before the floor is...
Good afternoon, ladies and gentlemen. I want to welcome you all to the 80th annual general meeting of the shareholders of the company and it's my privilege to address all of you as chairman of Mahindra and Mahindra Limited. Since the requisite quorum is present through video conferencing for the annual general meeting, I as the chairman call the meeting to order. Now...
Since the requisite quorum is present through video conferencing for the annual general meeting, I as the chairman call the meeting to order. Now let me introduce the directors of your company.
Let me introduce the directors of your company. Lead independent director and chairperson of the governance nomination and remuneration committee and risk management committee, Miss Shikha Sharma. Chairman of the audit committee, Mr. MP Vijay Kumar. Chairman of the stakeholders relationship committee and the corporate social responsibility committee, Mr. Mutaya Murugapan. Other independent directors, Miss Nisaba Godridge and Miss Samina Hammed. Non-executive non-independent directors, Mr. Ranjan Pant, Mr. Satpal Bhanu, nominee director from the LIC of India. And whole-time directors, group CEO and managing director, Dr. Anish Sha, executive director and CEO, auto and farm sector, Mr. Rajesh Jajurikar. Miss Padmashri Warrior, independent director of the company, is unable to attend the annual general meeting today. Mr. Kusal Leheri, authorized representative from BSR and Company LLP, the statutory auditors. Miss Akriti Sha, authorized representative from Paric and Associates, the secretarial auditors, and Mr. Duchian Dav, partner, Mess Davian Company, the cost auditor, are also present at the meeting. Mr. Sesh Kumar Daga, the company secretary of the company, is also participating in the meeting through video conferencing. And now I would like to invite Sesh to take us through the regulatory matters and general instructions pertaining to this annual general meeting. Over to you, Sesh.
Thank you, Mr. Mahindra. Good afternoon ladies and gentlemen. I welcome you all to this 80th annual general meeting of Mahindra and Mahindra Limited. Shareholders may note that this AGM is being held through video conferencing in accordance with the Companies Act 2013 and circulars issued by the Ministry of Corporate Affairs and SEBI. Facility for joining this meeting is made available through video conferencing for the members. The company has also provided webcast facility to view the live proceedings of this AGM on the company's website. Now an advisory for shareholders. All the members who have joined this meeting are by default placed in mute mode by the host to avoid any disturbance arising from the background noise and to ensure smooth and seamless conduct of the meeting. Once the name of the speaker shareholder is called out, the person will be unmuted by the host to enable him or her to speak. Before speaking, the shareholder is requested to click on the video as well as audio icon appearing on the screen to switch it on. And if for some reason the shareholder is not able to join through video mode, he or she can still speak using the audio mode. While speaking, we request shareholders to use earphones so that they are clearly audible and it would also minimize any noise in the background. They are also requested to ensure that Wi-Fi is not connected to any other devices, no other background applications are running, and proper light is available to have clarity in video and audio. If there is any connectivity problem at the speaker's end, the host will mute such a speaker and the next speaker will be invited to speak. Since this AGM is being held through video conferencing pursuant to the applicable circulars of Ministry of Corporate Affairs and SEBI, physical attendance of members has been dispensed with. Accordingly, the facility for appointment of proxies is not available for the meeting. The register of directors and KMP and their shareholdings, register of contracts, the memorandum and articles of association of the company, and the certificate from the company's secretarial auditor relating to the implementation of company's ESOP scheme as required to be kept at the AGM are available electronically for inspection by the members. Members seeking to inspect such documents can send an email to
[email protected], which is also mentioned in the AGM notice. The notice of the 80th AGM along with the copies of the audited financial results for the financial year ended 31st March 2026, together with the directors and auditors reports, have been emailed within the statutory period to all those shareholders whose email addresses are registered with the company or KFIN technology or their depository participants. With the permission of the members, I am now taking the notice of 80th annual general meeting and the board reports which are circulated to all the shareholders as read. As the statutory auditor's report on the audited financial statements of the company for the financial year ended 31st March 2026 and the secretarial auditor's report for the financial year ended 31st March 2026 do not contain any qualifications, observations, comments, or other remarks, the same are also taken as read. Your company had provided the facility of remote e-voting to the shareholders to enable them to cast their votes electronically. As per the timeline mentioned in the AGM notice, the remote e-voting facility was provided for 5 days which concluded at 5:00 p.m. yesterday. E-voting commenced on Saturday 25th July 2026 at 9:00 a.m. IST and concluded on Wednesday 29th July at 5:00 p.m. IST. Further, in compliance with the rules on e-voting, the voting at the AGM will also be conducted by the same e-voting system of KFIN technology which was used during e-voting. The shareholders who have not cast their vote through remote e-voting process and otherwise not barred from doing so shall be eligible to vote through e-voting system during the AGM. Once I announce commencement of e-voting, the vote tab on the screen will be activated to enable such shareholders to cast their votes. They can vote by clicking on the vote tab. Shareholders may please note that there will be no voting by show of hands. The results of the e-voting along with the scrutinizer report shall be communicated to BSE Limited and NSE Limited where the equity shares of company are listed and will also be placed at the company's website and on the website of KFIN technology within 48 hours from the conclusion of the meeting. Mr. Deliberia, practicing company secretary, has been appointed as the scrutinizer to scrutinize the e-voting process in a fair and transparent manner. There are nine agendas for approval of shareholders today. Five agenda items of ordinary business are: adoption of audited standalone financial statements and the reports of the board and auditors thereon; adoption of audited consolidated financial statements and the report of auditors thereon; declaration of dividend; reappointment of Mr. Satpal Bhanu as a director liable to retire by rotation; reappointment of Mr. Ranjan Pant as a director liable to retire by rotation. There are four agenda items of special business which are: ratification of remuneration to cost auditors to be passed as an ordinary resolution; payment of remuneration to Mr. Anand G Mahindra as a non-executive chairman of the company to be passed as a special resolution; approval of material related party transaction between the company and Mahindra Electric Automobile Limited, a subsidiary of your company, to be passed as an ordinary resolution; approval of material related party transaction between Mahindra USA Inc, a wholly owned subsidiary of the company, and Mahindra Finance USA LLC, an associate of Mahindra and Mahindra Financial Services Limited, a subsidiary of the company, to be passed as an ordinary resolution. The objectives and implication of the resolutions proposed at the AGM are already set out in the notice of the AGM and explanatory statement and for the sake of brevity are not being repeated again. In case members wish to seek any further clarification, they may raise it at the question and answer session. I will now take you through the flow of AGM proceedings. The chairman will first address the shareholders. Then, in accordance with Section 108 of the Companies Act 2013 and the rules made thereunder read with MCA circulars, I will order for e-voting to be conducted on every business to be transacted at this AGM as set forth in the notice, followed by question and answer session. The company has received request from some shareholders to register them as speakers at the meeting. Accordingly, the floor will be open for those members to ask questions or express their views. I will facilitate this session once chairman opens the floor for question and answer. Those shareholders who have not registered as speaker but still desire to raise any question may use the chat box provided on the screen. I now request our chairman to kindly address the shareholders.
Before I continue with our official business, I'd very much like to take this opportunity to share a few of my thoughts with you. Last year in my letter to shareholders, I had described the global situation as a samudra manthan, a great churning. And I had said then that every country and every company would have to swallow some of the proverbial poison thrown up by that churning. But I also said that the winners would be those who didn't merely survive the poison but had the resilience and the skill to extract some amrit from it. I'm very happy to say that both India and your company have done exactly that. India has held its own in a very unpredictable world. The global economy is moving from old-style globalization to more selective partnerships. Supply chains are being reconfigured. Countries are looking for scale, stability, manufacturing capability, talent, and trust. And India is increasingly being seen as a credible answer. It has scale. It has a large internal market. It has talent. It has political stability, and it has the strategic flexibility to work across divides. In fact, today approximately a quarter of all iPhones are manufactured right here in India. And that's not just a statistic. It tells us something about how India's role in global manufacturing is changing. In an uncertain world, India is not merely coping. India is gaining relevance. And your company too has extracted its share of the amrit from the manthan. The results for the year gone by have been outstanding. We have hit historical highs. We are rewriting the rules of mobility and comfort through the revolutionary new IQ platform. Our innovation engine is gaining force. I know there's a widespread perception that Indian companies do not spend enough on R&D and are not investing enough. But on the contrary, I'm very happy to tell you that the patents granted to your company have gone from 56 to over 1,300 in the last decade. And apart from this, we've announced one of the largest prospective investments in our history: 15,000 crores over 10 years in Nagpur. That's a very strong statement of confidence in our future. These achievements have also been recognized externally. We were named the outstanding company of the year at the India Business Leadership Awards, and we were listed amongst the world's top 50 companies by Time magazine. So all this is very heartening, but let me be clear: the mountain isn't over. Recent events, especially in West Asia, remind us that uncertainty has not receded. It's just become the norm. Black swan events may be obsolete because the pond now seems just full of black swans. What once looked like temporary disruption now looks like a longer-term reset of supply chains, geopolitics, technology, and business models. So frankly, manthan 2.0 is upon us, and the question is: can India and Mahindra continue to extract amrit from this new churning? For India, I believe the stars are favorable. The next global order may not be built around very rigid blocs. It may be built around multiple coalitions, around countries that can connect rather than divide. And that creates a major opportunity for India to become what I call a connector economy. We were once pioneers of what was called non-alignment. But today the opportunity is different. It's not about being non-aligned, but it's about being multi-aligned, about being a trusted partner across the world. The question for India is no longer whether it will rise. The question is how fully it will convert this moment into enduring advantage. Coming to Mahindra, the opportunity is equally significant. This is not a time to stand still. It is a time to move from navigation to acceleration. I would describe this moment as one that calls for an attack mode. And let me explain that. Those who follow Formula E racing, where we participate very significantly, know what the attack mode means. Attack mode is not aggression for its own sake. It's when a driver makes a deliberate choice to accelerate at precisely the right moment, even when conditions are imperfect. In ideal conditions, overtaking is difficult. Everyone's already moving at speed. But when the road is rainy, hazy, or uncertain, the prepared driver can use that moment to gain decisive advantage. So attack mode isn't reckless speed. It is strategic acceleration. It is speed backed by preparation, confidence backed by capability, ambition backed by execution. And that is the spirit in which your company is moving forward. As the mist of uncertainty billows around us, we are not going to wait for perfect visibility. We will accelerate through the fog, confident in the strength of our vision, the clarity of our strategy, and the effectiveness of our execution. Thank you for listening to me. I now would like to invite the shareholders who have registered their names as speakers and who wish to seek clarifications on the financial statements and the proposed resolutions. Shareholders can share their questions and comments arising from the agenda of the AGM in the chat box provided on the screen. Keeping in mind the time of all the shareholders who are present, we will respond to all the questions received through the chat box provided on the screen in the next few days. The company has indeed made all efforts feasible under the circumstances to enable members to participate and vote on the items being considered in the meeting. Before the floor is...
There are no algorithms here. There are no set strategies that you follow and get complete outcomes. It's about people. It's about you. It's about what you set for yourself, what targets that you stretch for yourself to do. And then last year, as all of you know, we created an even more outrageous ambition, more outrageous aspiration, that in the next 10 years, we would be one of the top 50 most admired brands in the world. Still sounds almost surreal, but that's where we want to be.
Th rocks the SUV enhanced scientific technology.
Technology, productivity, comfort.
Marosa or tech, protect.
Hey, my son. My son.
Papa, have a good day.
You're amazing.
How about girlfriend?
But hey,
Number.
Number.
Heat. Heat. Heat. N.
Heat. Hey, Heat.
Good afternoon ladies and gentlemen. I want to welcome you all to the 80th annual general meeting of the shareholders of the company, and it's my privilege to address all of you as chairman of Mahindra and Mahindra Limited. Since the requisite quorum is present through video conferencing for the annual general meeting, I as the chairman call the meeting to order. Now let me introduce the directors of your company. Lead independent director and chairperson of the governance nomination and remuneration committee and risk management committee, Miss Shikha Sharma. Chairman of the audit committee, Mr. MP Vijay Kumar. Chairman of the stakeholders relationship committee and the corporate social responsibility committee, Mr. Mutaya Murugapan. Other independent directors, Miss Nisaba Godridge and Miss Samina Hammed. Non-executive non-independent directors, Mr. Ranjan Pant, Mr. Satpal Bhanu, nominee director from the LIC of India. And whole-time directors, group CEO and managing director, Dr. Anish Sha, executive director and CEO, auto and farm sector, Mr. Rajesh Jurikar. Miss Padmashri Warrior, independent director of the company, is unable to attend the annual general meeting today. Mr. Kusal Leheri, authorized representative from BSR and Company LLP, the statutory auditors. Miss Akriti Sha, authorized representative from Paric and Associates, the secretarial auditors, and Mr. Duchian Dav, partner, Mrs. DC Dav and Company, the cost auditor, are also present at the meeting. Mr. Sesh Kumar Daga, the company secretary of the company, is also participating in the meeting through video conferencing. And now I would like to invite Sesh to take us through the regulatory matters and general instructions pertaining to this annual general meeting. Over to you, Sesh.
Thank you, Mr. Mahindra. Good afternoon ladies and gentlemen. I welcome you all to this 80th annual general meeting of Mahindra and Mahindra Limited. Shareholders may note that this AGM is being held through video conferencing in accordance with the Companies Act 2013 and circulars issued by the Ministry of Corporate Affairs and SEBI. Facility for joining this meeting is made available through video conferencing for the members. The company has also provided webcast facility to view the live proceedings of this AGM on the company's website. Now an advisory for shareholders. All the members who have joined this meeting are by default placed in mute mode by the host to avoid any disturbance arising from the background noise and to ensure smooth and seamless conduct of the meeting. Once the name of the speaker shareholder is called out, the person will be unmuted by the host to enable him or her to speak. Before speaking, the shareholder is requested to click on the video as well as audio icon appearing on the screen to switch it on. And if for some reason the shareholder is not able to join through video mode, he or she can still speak using the audio mode. While speaking, we request shareholders to use earphones so that they are clearly audible and it would also minimize any noise in the background. They are also requested to ensure that Wi-Fi is not connected to any other devices, no other background applications are running, and proper light is available to have clarity in video and audio. If there is any connectivity problem at the speaker's end, the host will mute such a speaker and the next speaker will be invited to speak. Since this AGM is being held through video conferencing pursuant to the applicable circulars of Ministry of Corporate Affairs and SEBI, physical attendance of members has been dispensed with. Accordingly, the facility for appointment of proxies is not available for the meeting. The register of directors and KMP and their shareholdings, register of contracts, the memorandum and articles of association of the company, and the certificate from the company's secretarial auditor relating to the implementation of company's ESOP scheme as required to be kept at the AGM are available electronically for inspection by the members. Members seeking to inspect such documents can send an email to
[email protected], which is also mentioned in the AGM notice. The notice of the 80th AGM along with the copies of the audited financial results for the financial year ended 31st March 2026, together with the directors and auditors reports, have been emailed within the statutory period to all those shareholders whose email addresses are registered with the company or KFIN technology or their depository participants. With the permission of the members, I am now taking the notice of 80th annual general meeting and the board reports which are circulated to all the shareholders as read. As the statutory auditor's report on the audited financial statements of the company for the financial year ended 31st March 2026 and the secretarial auditor's report for the financial year ended 31st March 2026 do not contain any qualifications, observations, comments, or other remarks, the same are also taken as read. Your company had provided the facility of remote e-voting to the shareholders to enable them to cast their votes electronically. As per the timeline mentioned in the AGM notice, the remote e-voting facility was provided for 5 days which concluded at 5:00 p.m. yesterday. E-voting commenced on Saturday 25th July 2026 at 9:00 a.m. IST and concluded on Wednesday 29th July at 5:00 p.m. IST. Further, in compliance with the rules on e-voting, the voting at the AGM will also be conducted by the same e-voting system of KFIN technology which was used during e-voting. The shareholders who have not cast their vote through remote e-voting process and otherwise not barred from doing so shall be eligible to vote through e-voting system during the AGM. Once I announce commencement of e-voting, the vote tab on the screen will be activated to enable such shareholders to cast their votes. They can vote by clicking on the vote tab. Shareholders may please note that there will be no voting by show of hands. The results of the e-voting along with the scrutinizer report shall be communicated to BSE Limited and NSE Limited where the equity shares of company are listed and will also be placed at the company's website and on the website of KFIN technology within 48 hours from the conclusion of the meeting. Mr. Delearia, practicing company secretary, has been appointed as the scrutinizer to scrutinize the e-voting process in a fair and transparent manner. There are nine agendas for approval of shareholders today. Five agenda items of ordinary business are: adoption of audited standalone financial statements and the reports of the board and auditors thereon; adoption of audited consolidated financial statements and the report of auditors thereon; declaration of dividend; reappointment of Mr. Satpal Bhanu as a director liable to retire by rotation; reappointment of Mr. Ranjan Pant as a director liable to retire by rotation. There are four agenda items of special business which are: ratification of remuneration to cost auditors to be passed as an ordinary resolution; payment of remuneration to Mr. Anand G Mahindra as a non-executive chairman of the company to be passed as a special resolution; approval of material related party transaction between the company and Mahindra Electric Automobile Limited, a subsidiary of the company, to be passed as an ordinary resolution; approval of material related party transaction between Mahindra USA Inc, a wholly owned subsidiary of the company, and Mahindra Finance USA LLC, an associate of Mahindra and Mahindra Financial Services Limited, a subsidiary of the company, to be passed as an ordinary resolution. The objectives and implication of the resolutions proposed at the AGM are already set out in the notice of the AGM and explanatory statement and for the sake of brevity are not being repeated again. In case members wish to seek any further clarification, they may raise it at the question and answer session. I will now take you through the flow of AGM proceedings. The chairman will first address the shareholders. Then, in accordance with Section 108 of the Companies Act 2013 and the rules made thereunder read with MCA circulars, I will order for e-voting to be conducted on every business to be transacted at this AGM as set forth in the notice, followed by question and answer session. The company has received request from some shareholders to register them as speakers at the meeting. Accordingly, the floor will be open for those members to ask questions or express their views. I will facilitate this session once chairman opens the floor for question and answer. Those shareholders who have not registered as speaker but still desire to raise any question may use the chat box provided on the screen. I now request our chairman to kindly address the shareholders.
Before I continue with our official business, I'd very much like to take this opportunity to share a few of my thoughts with you. Last year in my letter to shareholders, I had described the global situation as a samudra manthan, a great churning. And I had said then that every country and every company would have to swallow some of the proverbial poison thrown up by that churning. But I also said that the winners would be those who didn't merely survive the poison but had the resilience and the skill to extract some amrit from it. I'm very happy to say that both India and your company have done exactly that. India has held its own in a very unpredictable world. The global economy is moving from old-style globalization to more selective partnerships. Supply chains are being reconfigured. Countries are looking for scale, stability, manufacturing capability, talent, and trust. And India is increasingly being seen as a credible answer. It has scale. It has a large internal market. It has talent. It has political stability, and it has the strategic flexibility to work across divides. In fact, today approximately a quarter of all iPhones are manufactured right here in India. And that's not just a statistic. It tells us something about how India's role in global manufacturing is changing. In an uncertain world, India is not merely coping. India is gaining relevance. And your company too has extracted its share of the amrit from the manthan. The results for the year gone by have been outstanding. We have hit historical highs. We are rewriting the rules of mobility and comfort through the revolutionary new IQ platform. Our innovation engine is gaining force. I know there's a widespread perception that Indian companies do not spend enough on R&D and are not investing enough. But on the contrary, I'm very happy to tell you that the patents granted to your company have gone from 56 to over 1,300 in the last decade. And apart from this, we've announced one of the largest prospective investments in our history: 15,000 crores over 10 years in Nagpur. That's a very strong statement of confidence in our future. These achievements have also been recognized externally. We were named the outstanding company of the year at the India Business Leadership Awards, and we were listed amongst the world's top 50 companies by Time magazine. So all this is very heartening, but let me be clear: the mountain isn't over. Recent events, especially in West Asia, remind us that uncertainty has not receded. It's just become the norm. Black swan events may be obsolete because the pond now seems just full of black swans. What once looked like temporary disruption now looks like a longer-term reset of supply chains, geopolitics, technology, and business models. So frankly, manthan 2.0 is upon us, and the question is: can India and Mahindra continue to extract amrit from this new churning? For India, I believe the stars are favorable. The next global order may not be built around very rigid blocs. It may be built around multiple coalitions, around countries that can connect rather than divide. And that creates a major opportunity for India to become what I call a connector economy. We were once pioneers of what was called non-alignment. But today the opportunity is different. It's not about being non-aligned, but it's about being multi-aligned, about being a trusted partner across the world. The question for India is no longer whether it will rise. The question is how fully it will convert this moment into enduring advantage. Coming to Mahindra, the opportunity is equally significant. This is not a time to stand still. It is a time to move from navigation to acceleration. I would describe this moment as one that calls for an attack mode. And let me explain that. Those who follow Formula E racing, where we participate very significantly, know what the attack mode means. Attack mode is not aggression for its own sake. It's when a driver makes a deliberate choice to accelerate at precisely the right moment, even when conditions are imperfect. In ideal conditions, overtaking is difficult. Everyone's already moving at speed. But when the road is rainy, hazy, or uncertain, the prepared driver can use that moment to gain decisive advantage. So attack mode isn't reckless speed. It is strategic acceleration. It is speed backed by preparation, confidence backed by capability, ambition backed by execution. And that is the spirit in which your company is moving forward. As the mist of uncertainty billows around us, we are not going to wait for perfect visibility. We will accelerate through the fog, confident in the strength of our vision, the clarity of our strategy, and the effectiveness of our execution. Thank you for listening to me. I now would like to invite the shareholders who have registered their names as speakers and who wish to seek clarifications on the financial statements and the proposed resolutions. Shareholders can share their questions and comments arising from the agenda of the AGM in the chat box provided on the screen. Keeping in mind the time of all the shareholders who are present, we will respond to all the questions received through the chat box provided on the screen in the next few days. The company has indeed made all efforts feasible under the circumstances to enable members to participate and vote on the items being considered in the meeting. Before the floor is...
There are no algorithms here. There are no set strategies that you follow and get complete outcomes. It's about people. It's about you. It's about what you set for yourself, what targets that you stretch for yourself to do. And then last year, as all of you know, we created an even more outrageous ambition, more outrageous aspiration, that in the next 10 years, we would be one of the top 50 most admired brands in the world. Still sounds almost surreal, but that's where we want to be.
Rocks the SUV.
Productivity. Don't be miss comfort.
Or protect. Lal car run. A rock.
I'm just.
I.
Come on.
Number.
Papa, have a good day.
So.
But hey.
Papa.
Number of.
Speaking my name. I'm starting the change. I'm learning a battle.
Number.
Heat. Hey. Hey. Hey.
Heat. Heat.
Heat. Heat. N.
Heat. Heat.
Heat. Heat.
Heat. Heat.
Heat.
Heat.
Heat. Heat.
Good afternoon ladies and gentlemen. I want to welcome you all to the 80th annual general meeting of the shareholders of the company, and it's my privilege to address all of you as chairman of Mahindra and Mahindra Limited. Since the requisite quorum is present through video conferencing for the annual general meeting, I as the chairman call the meeting to order. Now let me introduce the directors of your company. Lead independent director and chairperson of the governance nomination and remuneration committee and risk management committee, Miss Shikha Sharma. Chairman of the audit committee, Mr. MP Vijay Kumar. Chairman of the stakeholders relationship committee and the corporate social responsibility committee, Mr. Mutaya Murugapan. Other independent directors, Miss Nisaba Godridge and Miss Samina Hamid. Non-executive non-independent directors, Mr. Ranjan Pant, Mr. Satpal Bhanu, nominee director from the LIC of India. And whole-time directors, group CEO and managing director, Dr. Anish Sha, executive director and CEO, auto and farm sector, Mr. Rajesh Jedjurkar. Miss Padmashri Warrior, independent director of the company, is unable to attend the annual general meeting today. Mr. Kusal Leheri, authorized representative from BSR and Company LLP, the statutory auditors. Miss Akriti Sha, authorized representative from Paric and Associates, the secretarial auditors, and Mr. Duchan Di, partner, Mrs. DC Dav and Company, the cost auditor, are also present at the meeting. Mr. Sesh Kumar Daga, the company secretary of the company, is also participating in the meeting through video conferencing. And now I would like to invite Sesh to take us through the regulatory matters and general instructions pertaining to this annual general meeting. Over to you, Sesh.
Thank you, Mr. Mahindra. Good afternoon ladies and gentlemen. I welcome you all to this 80th annual general meeting of Mahindra and Mahindra Limited. Shareholders may note that this AGM is being held through video conferencing in accordance with the Companies Act 2013 and circulars issued by the Ministry of Corporate Affairs and SEBI. Facility for joining this meeting is made available through video conferencing for the members. The company has also provided webcast facility to view the live proceedings of this AGM on the company's website. Now an advisory for shareholders. All the members who have joined this meeting are by default placed in mute mode by the host to avoid any disturbance arising from the background noise and to ensure smooth and seamless conduct of the meeting. Once the name of the speaker shareholder is called out, the person will be unmuted by the host to enable him or her to speak. Before speaking, the shareholder is requested to click on the video as well as audio icon appearing on the screen to switch it on. And if for some reason the shareholder is not able to join through video mode, he or she can still speak using the audio mode. While speaking, we request shareholders to use earphones so that they are clearly audible and it would also minimize any noise in the background. They are also requested to ensure that Wi-Fi is not connected to any other devices, no other background applications are running, and proper light is available to have clarity in video and audio. If there is any connectivity problem at the speaker's end, the host will mute such a speaker and the next speaker will be invited to speak. Since this AGM is being held through video conferencing pursuant to the applicable circulars of Ministry of Corporate Affairs and SEBI, physical attendance of members has been dispensed with. Accordingly, the facility for appointment of proxies is not available for the meeting. The register of directors and KMP and their shareholdings, register of contracts, the memorandum and articles of association of the company, and the certificate from the company's secretarial auditor relating to the implementation of company's ESOP scheme as required to be kept at the AGM are available electronically for inspection by the members. Members seeking to inspect such documents can send an email to
[email protected], which is also mentioned in the AGM notice. The notice of the 80th AGM along with the copies of the audited financial results for the financial year ended 31st March 2026, together with the directors and auditors reports, have been emailed within the statutory period to all those shareholders whose email addresses are registered with the company or KFIN technology or their depository participants. With the permission of the members, I am now taking the notice of 80th annual general meeting and the board reports which are circulated to all the shareholders as read. As the statutory auditor's report on the audited financial statements of the company for the financial year ended 31st March 2026 and the secretarial auditor's report for the financial year ended 31st March 2026 do not contain any qualifications, observations, comments, or other remarks, the same are also taken as read. Your company had provided the facility of remote e-voting to the shareholders to enable them to cast their votes electronically. As per the timeline mentioned in the AGM notice, the remote e-voting facility was provided for 5 days which concluded at 5:00 p.m. yesterday. E-voting commenced on Saturday 25th July 2026 at 9:00 a.m. IST and concluded on Wednesday 29th July at 5:00 p.m. IST. Further, in compliance with the rules on e-voting, the voting at the AGM will also be conducted by the same e-voting system of KFIN technology which was used during e-voting. The shareholders who have not cast their vote through remote e-voting process and otherwise not barred from doing so shall be eligible to vote through e-voting system during the AGM. Once I announce commencement of e-voting, the vote tab on the screen will be activated to enable such shareholders to cast their votes. They can vote by clicking on the vote tab. Shareholders may please note that there will be no voting by show of hands. The results of the e-voting along with the scrutinizer report shall be communicated to BSE Limited and NSE Limited where the equity shares of company are listed and will also be placed at the company's website and on the website of KFIN technology within 48 hours from the conclusion of the meeting. Mr. Delearia, practicing company secretary, has been appointed as the scrutinizer to scrutinize the e-voting process in a fair and transparent manner. There are nine agendas for approval of shareholders today. Five agenda items of ordinary business are: adoption of audited standalone financial statements and the reports of the board and auditors thereon; adoption of audited consolidated financial statements and the report of auditors thereon; declaration of dividend; reappointment of Mr. Satpal Bhanu as a director liable to retire by rotation; reappointment of Mr. Ranjan Pant as a director liable to retire by rotation. There are four agenda items of special business which are: ratification of remuneration to cost auditors to be passed as an ordinary resolution; payment of remuneration to Mr. Anand G Mahindra as a non-executive chairman of the company to be passed as a special resolution; approval of material related party transaction between the company and Mahindra Electric Automobile Limited, a subsidiary of the company, to be passed as an ordinary resolution; approval of material related party transaction between Mahindra USA Inc, a wholly owned subsidiary of the company, and Mahindra Finance USA LLC, an associate of Mahindra and Mahindra Financial Services Limited, a subsidiary of the company, to be passed as an ordinary resolution. The objectives and implication of the resolutions proposed at the AGM are already set out in the notice of the AGM and explanatory statement and for the sake of brevity are not being repeated again. In case members wish to seek any further clarification, they may raise it at the question and answer session. I will now take you through the flow of AGM proceedings. The chairman will first address the shareholders. Then, in accordance with Section 108 of the Companies Act 2013 and the rules made thereunder read with MCA circulars, I will order for e-voting to be conducted on every business to be transacted at this AGM as set forth in the notice, followed by question and answer session. The company has received request from some shareholders to register them as speakers at the meeting. Accordingly, the floor will be open for those members to ask questions or express their views. I will facilitate this session once chairman opens the floor for question and answer. Those shareholders who have not registered as speaker but still desire to raise any question may use the chat box provided on the screen. I now request our chairman to kindly address the shareholders.
Before I continue with our official business, I'd very much like to take this opportunity to share a few of my thoughts with you. Last year in my letter to shareholders, I had described the global situation as a samudra manthan, a great churning. And I had said then that every country and every company would have to swallow some of the proverbial poison thrown up by that churning. But I also said that the winners would be those who didn't merely survive the poison but had the resilience and the skill to extract some amrit from it. I'm very happy to say that both India and your company have done exactly that. India has held its own in a very unpredictable world. The global economy is moving from old-style globalization to more selective partnerships. Supply chains are being reconfigured. Countries are looking for scale, stability, manufacturing capability, talent, and trust. And India is increasingly being seen as a credible answer. It has scale. It has a large internal market. It has talent. It has political stability, and it has the strategic flexibility to work across divides. In fact, today approximately a quarter of all iPhones are manufactured right here in India. And that's not just a statistic. It tells us something about how India's role in global manufacturing is changing. In an uncertain world, India is not merely coping. India is gaining relevance. And your company too has extracted its share of the amrit from the manthan. The results for the year gone by have been outstanding. We have hit historical highs. We are rewriting the rules of mobility and comfort through the revolutionary new IQ platform. Our innovation engine is gaining force. I know there's a widespread perception that Indian companies do not spend enough on R&D and are not investing enough. But on the contrary, I'm very happy to tell you that the patents granted to your company have gone from 56 to over 1,300 in the last decade. And apart from this, we've announced one of the largest prospective investments in our history: 15,000 crores over 10 years in Nagpur. That's a very strong statement of confidence in our future. These achievements have also been recognized externally. We were named the outstanding company of the year at the India Business Leadership Awards, and we were listed amongst the world's top 50 companies by Time magazine. So all this is very heartening, but let me be clear: the mountain isn't over. Recent events, especially in West Asia, remind us that uncertainty has not receded. It's just become the norm. Black swan events may be obsolete because the pond now seems just full of black swans. What once looked like temporary disruption now looks like a longer-term reset of supply chains, geopolitics, technology, and business models. So frankly, manthan 2.0 is upon us, and the question is: can India and Mahindra continue to extract amrit from this new churning? For India, I believe the stars are favorable. The next global order may not be built around very rigid blocs. It may be built around multiple coalitions, around countries that can connect rather than divide. And that creates a major opportunity for India to become what I call a connector economy. We were once pioneers of what was called non-alignment. But today the opportunity is different. It's not about being non-aligned, but it's about being multi-aligned, about being a trusted partner across the world. The question for India is no longer whether it will rise. The question is how fully it will convert this moment into enduring advantage. Coming to Mahindra, the opportunity is equally significant. This is not a time to stand still. It is a time to move from navigation to acceleration. I would describe this moment as one that calls for an attack mode. And let me explain that. Those who follow Formula E racing, where we participate very significantly, know what the attack mode means. Attack mode is not aggression for its own sake. It's when a driver makes a deliberate choice to accelerate at precisely the right moment, even when conditions are imperfect. In ideal conditions, overtaking is difficult. Everyone's already moving at speed. But when the road is rainy, hazy, or uncertain, the prepared driver can use that moment to gain decisive advantage. So attack mode isn't reckless speed. It is strategic acceleration. It is speed backed by preparation, confidence backed by capability, ambition backed by execution. And that is the spirit in which your company is moving forward. As the mist of uncertainty billows around us, we are not going to wait for perfect visibility. We will accelerate through the fog, confident in the strength of our vision, the clarity of our strategy, and the effectiveness of our execution. Thank you for listening to me. I now would like to invite the shareholders who have registered their names as speakers and who wish to seek clarifications on the financial statements and the proposed resolutions. Shareholders can share their questions and comments arising from the agenda of the AGM in the chat box provided on the screen. Keeping in mind the time of all the shareholders who are present, we will respond to all the questions received through the chat box provided on the screen in the next few days. The company has indeed made all efforts feasible under the circumstances to enable members to participate and vote on the items being considered in the meeting. Before the floor is...
There are no algorithms here. There are no set strategies that you follow and get complete outcomes. It's about people. It's about you. It's about what you set for yourself, what targets that you stretch for yourself to do. And then last year, as all of you know, we created an even more outrageous ambition, more outrageous aspiration, that in the next 10 years, we would be one of the top 50 most admired brands in the world. Still sounds almost surreal, but that's where we want to be.
Good afternoon ladies and gentlemen. I want to welcome you all to the 80th annual general meeting of the shareholders of the company and it's my privilege to address all of you as chairman of Mahindra and Mahindra Limited. Since the requisite quorum is present through video conferencing for the annual general meeting, I as the chairman call the meeting to order. Now let me introduce the directors of your company. Lead independent director and chairperson of the governance nomination and remuneration committee and risk management committee, Miss Shikha Sharma. Chairman of the audit committee, Mr. MP Vijay Kumar. Chairman of the stakeholders relationship committee and the corporate social responsibility committee, Mr. Mutaya Murugapan. Other independent directors, Miss Nisaba Godridge and Miss Samina Hamid. Non-executive non-independent directors, Mr. Ranjan Pant. Mr. Satpal Bhanu, nominee director from the LIC of India. And whole-time directors, group CEO and managing director, Dr. Anish Sha. Executive director and CEO, auto and farm sector, Mr. Rajesh Jurkar. Miss Padmashri Warrior, independent director of the company, is unable to attend the annual general meeting today. Mr. Kusal Leheri, authorized representative from BSR and Company LLP, the statutory auditors. Miss Akriti Sha, authorized representative from Paric and Associates, the secretarial auditors, and Mr. Duchan Di, partner, Mrs. DC Dav and Company, the cost auditor, are also present at the meeting. Mr. Sesh Kumar Daga, the company secretary of the company, is also participating in the meeting through video conferencing. And now I would like to invite Sesh to take us through the regulatory matters and general instructions pertaining to this annual general meeting. Over to you, Sesh.
Thank you, Mr. Mahindra. Good afternoon ladies and gentlemen. I welcome you all to this 80th annual general meeting of Mahindra and Mahindra Limited. Shareholders may note that this AGM is being held through video conferencing in accordance with the Companies Act 2013 and circulars issued by the Ministry of Corporate Affairs and SEBI. Facility for joining this meeting is made available through video conferencing for the members. The company has also provided webcast facility to view the live proceedings of this AGM on the company's website. Now an advisory for shareholders. All the members who have joined this meeting are by default placed in mute mode by the host to avoid any disturbance arising from the background noise and to ensure smooth and seamless conduct of the meeting. Once the name of the speaker shareholder is called out, the person will be unmuted by the host to enable him or her to speak. Before speaking, the shareholder is requested to click on the video as well as audio icon appearing on the screen to switch it on. And if for some reason the shareholder is not able to join through video mode, he or she can still speak using the audio mode. While speaking, we request shareholders to use earphones so that they are clearly audible and it would also minimize any noise in the background. They are also requested to ensure that Wi-Fi is not connected to any other devices, no other background applications are running and proper light is available to have clarity in video and audio. If there is any connectivity problem at the speaker's end, the host will mute such a speaker and the next speaker will be invited to speak. Since this AGM is being held through video conferencing pursuant to the applicable circulars of Ministry of Corporate Affairs and SEBI, physical attendance of members has been dispensed with. Accordingly, the facility for appointment of proxies is not available for the meeting. The register of directors and KMP and their shareholdings, register of contracts, the memorandum and articles of association of the company and the certificate from the company's secretarial auditor relating to the implementation of company's ESOP scheme as required to be kept at the AGM are available electronically for inspection by the members. Members seeking to inspect such documents can send an email to
[email protected], which is also mentioned in the AGM notice. The notice of the 80th AGM along with the copies of the audited financial results for the financial year ended 31st March 2026 together with the directors and auditors reports have been emailed within the statutory period to all those shareholders whose email addresses are registered with the company or KFin Technologies or their depository participants. With the permission of the members, I am now taking the notice of 80th annual general meeting and the board reports which are circulated to all the shareholders as read. As the statutory auditor's report on the audited financial statements of the company for the financial year ended 31st March 2026 and the secretarial auditor's report for the financial year ended 31st March 2026 do not contain any qualifications, observations, comments or other remarks, the same are also taken as read. Your company had provided the facility of remote e-voting to the shareholders to enable them to cast their votes electronically. As per the timeline mentioned in the AGM notice, the remote e-voting facility was provided for 5 days which concluded at 5:00 p.m. yesterday. E-voting commenced on Saturday 25th July 2026 at 9:00 a.m. IST and concluded on Wednesday 29th July at 5:00 p.m. IST. Further in compliance with the rules on e-voting, the voting at the AGM will also be concluded by the same e-voting system of KFin Technologies which was used during e-voting. The shareholders who have not cast their vote through remote e-voting process and otherwise not barred from doing so shall be eligible to vote through e-voting system during the AGM. Once I announce commencement of e-voting, the vote tab on the screen will be activated to enable such shareholders to cast their votes. They can vote by clicking on the vote tab. Shareholders may please note that there will be no voting by show of hands. The results of the e-voting along with the scrutinizer report shall be communicated to BSE Limited and NSE Limited where the equity shares of company are listed and will also be placed at the company's website and on the website of KFin Technologies within 48 hours from the conclusion of the meeting. Mr. Delearia, practicing company secretary, has been appointed as the scrutinizer to scrutinize the e-voting process in a fair and transparent manner. There are nine agendas for approval of shareholders today. Five agenda items of ordinary business are adoption of audited standalone financial statements and the reports of the board and auditors thereon. Adoption of audited consolidated financial statements and the report of auditors thereon. Declaration of dividend. Reappointment of Mr. Satpal Bhanu as a director liable to retire by rotation. Reappointment of Mr. Ranjan Pant as a director liable to retire by rotation. There are four agenda items of special business which are ratification of remuneration to cost auditors to be passed as an ordinary resolution. Payment of remuneration to Mr. Anand G Mahindra as a non-executive chairman of the company to be passed as a special resolution. Approval of material related party transaction between the company and Mahindra Electric Automobile Limited, a subsidiary of the company, to be passed as an ordinary resolution. Approval of material related party transaction between Mahindra USA INC, a wholly owned subsidiary of the company, and Mahindra Finance USA LLC, an associate of Mahindra and Mahindra Financial Services Limited, a subsidiary of the company, to be passed as an ordinary resolution. The objectives and implication of the resolution proposed at the AGM are already set out in the notice of the AGM and explanatory statement and for the sake of brevity are not being repeated again. In case members wish to seek any other further clarification, they may raise it at the question and answer session. I will now take you through the flow of AGM proceedings. The chairman will first address the shareholders. Then in accordance with the section 108 of the Companies Act 2013 and the rules made thereunder read with MCA circulars, I will order for e-voting to be conducted on every business to be transacted at this AGM as set forth in the notice, followed by question and answer session. The company has received request from some shareholders to register them as speakers at the meeting. Accordingly, the floor will be open for those members to ask questions or express their views. I will facilitate this session once chairman opens the floor for question and answer. Those shareholders who have not registered as speaker but still desire to raise any question may use the chat box provided on the screen. I now request our chairman to kindly address the shareholders.
Before I continue with our official business, I'd very much like to take this opportunity to share a few of my thoughts with you. Last year in my letter to shareholders, I had described the global situation as a samudra manthan, a great churning. And I had said then that every country and every company would have to swallow some of the proverbial poison thrown up by that churning. But I also said that the winners would be those who didn't merely survive the poison but had the resilience and the skill to extract some amrit from it. I'm very happy to say that both India and your company have done exactly that. India has held its own in a very unpredictable world. The global economy is moving from old style globalization to more selective partnerships. Supply chains are being reconfigured. Countries are looking for scale, stability, manufacturing capability, talent and trust. And India is increasingly being seen as a credible answer. It has scale, it has a large internal market. It has talent. It has political stability and it has the strategic flexibility to work across divides. In fact, today approximately a quarter of all iPhones are manufactured right here in India. And that's not just a statistic. It tells us something about how India's role in global manufacturing is changing. In an uncertain world, India is not merely coping. India is gaining relevance. And your company too has extracted its share of the Amrit from the Manthan. The results for the year gone by have been outstanding. We have hit historical highs. We are rewriting the rules of mobility and comfort through the revolutionary new IQ platform. Our innovation engine is gaining force. I know there's a widespread perception that Indian companies do not spend enough on R&D and are not investing enough. But on the contrary, I'm very happy to tell you that the patents granted to your company have gone from 56 to over 1,300 in the last decade. And apart from this, we've announced one of the largest prospective investments in our history. 15,000 crores over 10 years in Nagpur. That's a very strong statement of confidence in our future. These achievements have also been recognized externally. We were named the outstanding company of the year at the India Business Leadership Awards and we were listed amongst the world's top 50 companies by Time magazine. So all this is very heartening but let me be clear, the manthan isn't over. Recent events especially in West Asia remind us that uncertainty has not receded. It's just become the norm. Black swan events may be obsolete because the pond now seems just full of black swans. What once looked like temporary disruption now looks like a longer term reset of supply chains, geopolitics, technology and business models. So frankly, Manthan 2.0 is upon us and the question is can India and Mahindra continue to extract Amrit from this new churning. For India, I believe the stars are favorable. The next global order may not be built around very rigid blocks. It may be built around multiple coalitions, around countries that can connect rather than divide. And that creates a major opportunity for India to become what I call a connector economy. We were once pioneers of what was called non-alignment. But today the opportunity is different. It's not about being non-aligned but it's about being multi-aligned, about being a trusted partner across the world. The question for India is no longer whether it will rise. The question is how fully it will convert this moment into enduring advantage. Coming to Mahindra, the opportunity is equally significant. This is not a time to stand still. It is a time to move from navigation to acceleration. I would describe this moment as one that calls for an attack mode. And let me explain that. Those who follow Formula E racing, where we participate very significantly, know what the attack mode means. Attack mode is not aggression for its own sake. It's when a driver makes a deliberate choice to accelerate at precisely the right moment, even when conditions are imperfect. In ideal conditions, overtaking is difficult. Everyone's already moving at speed. But when the road is rainy, hazy, or uncertain, the prepared driver can use that moment to gain decisive advantage. So attack mode isn't reckless speed. It is strategic acceleration. It is speed backed by preparation, confidence backed by capability, ambition backed by execution. And that is the spirit in which your company is moving forward. As the midst of uncertainty billows around us, we are not going to wait for perfect visibility. We will accelerate through the fog confident in the strength of our vision, the clarity of our strategy and the effectiveness of our execution. Thank you for listening to me. I now would like to invite the shareholders who have registered their names as speakers and who wish to seek clarifications on the financial statements and the proposed resolutions. Shareholders can share their questions and comments arising from the agenda of the AGM in the chat box provided on the screen. Keeping in mind the time of all the shareholders who are present, we will respond to all the questions received through the chat box provided on the screen in the next few days. The company has indeed made all efforts feasible under the circumstances to enable members to participate and vote on the items being considered in the meeting. Before the floor is opened for questions, I would like to...
Good afternoon, ladies and gentlemen. I want to welcome you all to the 80th annual general meeting of the shareholders of the company and it's my privilege to address all of you as chairman of Mahindra and Mahindra Limited. Since the requisite quorum is present through video conferencing for the annual general meeting, I as the chairman call the meeting to order. Now let me introduce the directors of your company. Lead independent director and chairperson of the governance nomination and remuneration committee and risk management committee, Miss Shikha Sharma. Chairman of the audit committee, Mr. MP Vijay Kumar. Chairman of the stakeholders relationship committee and the corporate social responsibility committee, Mr. Mutaya Murugapan. Other independent directors, Miss Nisaba Godridge and Miss Samina Hamid. Non-executive non-independent directors, Mr. Ranjan Pant. Mr. Satpal Bhanu, nominee director from the LIC of India. And whole-time directors, group CEO and managing director, Dr. Anish Sha. Executive director and CEO, auto and farm sector, Mr. Rajesh Jurkar. Miss Padmashri Warrior, independent director of the company, is unable to attend the annual general meeting today. Mr. Kusal Leheri, authorized representative from BSR and Company LLP, the statutory auditors. Miss Akriti Sha, authorized representative from Paric and Associates, the secretarial auditors, and Mr. Duchan Di, partner, Mrs. DC Dav and Company, the cost auditor, are also present at the meeting. Mr. Sesh Kumar Daga, the company secretary of the company, is also participating in the meeting through video conferencing. And now I would like to invite Sesh to take us through the regulatory matters and general instructions pertaining to this annual general meeting. Over to you, Sesh.
Thank you, Mr. Mahindra. Good afternoon ladies and gentlemen. I welcome you all to this 80th annual general meeting of Mahindra and Mahindra Limited. Shareholders may note that this AGM is being held through video conferencing in accordance with the Companies Act 2013 and circulars issued by the Ministry of Corporate Affairs and SEBI. Facility for joining this meeting is made available through video conferencing for the members. The company has also provided webcast facility to view the live proceedings of this AGM on the company's website. Now an advisory for shareholders. All the members who have joined this meeting are by default placed in mute mode by the host to avoid any disturbance arising from the background noise and to ensure smooth and seamless conduct of the meeting. Once the name of the speaker shareholder is called out, the person will be unmuted by the host to enable him or her to speak. Before speaking, the shareholder is requested to click on the video as well as audio icon appearing on the screen to switch it on. And if for some reason the shareholder is not able to join through video mode, he or she can still speak using the audio mode. While speaking, we request shareholders to use earphones so that they are clearly audible and it would also minimize any noise in the background. They are also requested to ensure that Wi-Fi is not connected to any other devices, no other background applications are running and proper light is available to have clarity in video and audio. If there is any connectivity problem at the speaker's end, the host will mute such a speaker and the next speaker will be invited to speak. Since this AGM is being held through video conferencing pursuant to the applicable circulars of Ministry of Corporate Affairs and SEBI, physical attendance of members has been dispensed with. Accordingly, the facility for appointment of proxies is not available for the meeting. The register of directors and KMP and their shareholdings, register of contracts, the memorandum and articles of association of the company and the certificate from the company's secretarial auditor relating to the implementation of company's ESOP scheme as required to be kept at the AGM are available electronically for inspection by the members. Members seeking to inspect such documents can send an email to
[email protected], which is also mentioned in the AGM notice. The notice of the 80th AGM along with the copies of the audited financial results for the financial year ended 31st March 2026 together with the directors and auditors reports have been emailed within the statutory period to all those shareholders whose email addresses are registered with the company or KFin Technologies or their depository participants. With the permission of the members, I am now taking the notice of 80th annual general meeting and the board reports which are circulated to all the shareholders as read. As the statutory auditor's report on the audited financial statements of the company for the financial year ended 31st March 2026 and the secretarial auditor's report for the financial year ended 31st March 2026 do not contain any qualifications, observations, comments or other remarks, the same are also taken as read. Your company had provided the facility of remote e-voting to the shareholders to enable them to cast their votes electronically. As per the timeline mentioned in the AGM notice, the remote e-voting facility was provided for 5 days which concluded at 5:00 p.m. yesterday. E-voting commenced on Saturday 25th July 2026 at 9:00 a.m. IST and concluded on Wednesday 29th July at 5:00 p.m. IST. Further in compliance with the rules on e-voting, the voting at the AGM will also be concluded by the same e-voting system of KFin Technologies which was used during e-voting. The shareholders who have not cast their vote through remote e-voting process and otherwise not barred from doing so shall be eligible to vote through e-voting system during the AGM. Once I announce commencement of e-voting, the vote tab on the screen will be activated to enable such shareholders to cast their votes. They can vote by clicking on the vote tab. Shareholders may please note that there will be no voting by show of hands. The results of the e-voting along with the scrutinizer report shall be communicated to BSE Limited and NSE Limited where the equity shares of company are listed and will also be placed at the company's website and on the website of KFin Technologies within 48 hours from the conclusion of the meeting. Mr. Delearia, practicing company secretary, has been appointed as the scrutinizer to scrutinize the e-voting process in a fair and transparent manner. There are nine agendas for approval of shareholders today. Five agenda items of ordinary business are adoption of audited standalone financial statements and the reports of the board and auditors thereon. Adoption of audited consolidated financial statements and the report of auditors thereon. Declaration of dividend. Reappointment of Mr. Satpal Bhanu as a director liable to retire by rotation. Reappointment of Mr. Ranjan Pant as a director liable to retire by rotation. There are four agenda items of special business which are ratification of remuneration to cost auditors to be passed as an ordinary resolution. Payment of remuneration to Mr. Anand G Mahindra as a non-executive chairman of the company to be passed as a special resolution. Approval of material related party transaction between the company and Mahindra Electric Automobile Limited, a subsidiary of the company, to be passed as an ordinary resolution. Approval of material related party transaction between Mahindra USA INC, a wholly owned subsidiary of the company, and Mahindra Finance USA LLC, an associate of Mahindra and Mahindra Financial Services Limited, a subsidiary of the company, to be passed as an ordinary resolution. The objectives and implication of the resolution proposed at the AGM are already set out in the notice of the AGM and explanatory statement and for the sake of brevity are not being repeated again. In case members wish to seek any other further clarification, they may raise it at the question and answer session. I will now take you through the flow of AGM proceedings. The chairman will first address the shareholders. Then in accordance with the section 108 of the Companies Act 2013 and the rules made thereunder read with MCA circulars, I will order for e-voting to be conducted on every business to be transacted at this AGM as set forth in the notice, followed by question and answer session. The company has received request from some shareholders to register them as speakers at the meeting. Accordingly, the floor will be open for those members to ask questions or express their views. I will facilitate this session once chairman opens the floor for question and answer. Those shareholders who have not registered as speaker but still desire to raise any question may use the chat box provided on the screen. I now request our chairman to kindly address the shareholders.
