Revolutionising Mobility
and Energy with Our
Product Spectrum
At Mahindra Accelo, we are driving the decarbonisation revolution with our innovative solutions in the Mobility and Energy sectors. We combine cutting-edge technological innovation with our commitment towards sustainability to create efficient green solutions for a carbon-neutral future. In the Mobility segment, this combination is pivotal to the world’s advancement in automobiles, offering high-end sustainable components that drive progress in the Automotive sector. Similarly, when it comes to the Energy sector, the world relies on energy, as it contributes by providing critical components and structures that reduce energy loss, enabling advancement in this crucial industry.
At Mahindra Accelo, we are driving the decarbonisation revolution with our innovative solutions in the Mobility and Energy sectors. We combine cutting-edge technological innovation with our commitment towards sustainability to create efficient green solutions for a carbon-neutral future. In the Mobility segment, this combination is pivotal to the world’s advancement in automobiles, offering high-end sustainable components that drive progress in the Automotive sector. Similarly, when it comes to the Energy sector, the world relies on energy, as it contributes by providing critical components and structures that reduce energy loss, enabling advancement in this crucial industry.
Mobility
The automotive industry is advancing rapidly, and our high-end sustainable components play a crucial role in its progress. Leveraging advanced technology, such as cutting-edge blanking lines and India’s first high-speed progressive stampings, we specialise in providing top-notch Body-in-White (BiW) components. We have invested in world-class lines and robots which can manufacture skin panels, class B components and assemblies for EV/ICE 4-wheelers.
As the automotive sector transitions towards electric vehicles (EVs), we have expanded our offerings to include BiW components and motor cores (stator and rotor). Also, we will soon include aluminium battery casings for EVs in our portfolio. This diversification reflects our commitment to staying at the forefront of industry trends and effectively meeting the evolving needs of our customers.
Furthermore, we are consistently ascending the value chain, transitioning from a steel processor to a manufacturer of high-end value-added components. This strategic evolution highlights our dedication to introduce innovation and uphold excellence throughout our operations.
In addition, we are proud to be associated with CERO, India’s first and largest Government-authorised recycler of motor vehicles. The name ‘CERO,’ derived from the Spanish word for ‘zero,’ symbolises our commitment to promoting zero-tolerance towards pollution and unsafe or illegal practices in vehicle recycling. Through CERO, we strive to contribute to a cleaner, safer, and more sustainable future for all.
Automotive
As a premier supplier of automotive components, we take pride in using advanced high-strength steel to craft critical components. These contribute to making modern vehicles lightweight, safer, and more fuel-efficient.
What We Offer
Slitting
Blanking/Profiling
Shearing
Progressive Stamping
Skin Panels / Class A Components
Class B Components
Assemblies
Our Capabilities
We are India’s leading EV/ICE automotive components supplier, equipped with state-of-the-art facilities across our production centres. Our capabilities include a G1 tandem line, a 3000 ton transfer press, a 1500 ton progressive press, blanking lines capable of aluminium stampings, and fully automated robotic welding lines. These advanced facilities enable us to meet the evolving needs of the automotive industry with precision and efficiency.
Our USPs
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State-of-the-Art Manufacturing Facilities
Our facilities are equipped with cutting-edge technology, ensuring efficient and high-quality production processes.
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Efficient Supply Chain Management
Our manufacturing and operational excellence has helped us deliver quality products on time to our customers, making us one of the preferred suppliers to OEMs.
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Dominant Presence in West & South India
Our established presence in key regions like West and South India strategically positions us to effectively serve the growing automotive markets in these areas.
Nashik
Is home to India’s first merchant blanking line, offering products such as Blanks and Profiles.
Kanhe I (Pune)
Is equipped with capabilities like Automotive (HR/CR) Slitting, Shearing, and Cut-to-Length sheets.
Chakan I & II (Pune)
Features India’s first 3,000 ton transfer press line, robotic welding lines, high-speed progressive stampings line and an advanced blanking line capable of processing High-Strength Steel. Offers products like Assemblies, Class B Components, Stampings, Blanks, and Profiles.
Chennai
Houses a high-end blanking line offering products like Blanks and Profiles.
Supa
Houses a world-class tandem press line offering products like Skin Panels / Class A Components
Electric Vehicles
Our dedication to innovation and quality has empowered us to deliver diverse solutions that address the evolving requirements of the EV industry.
What We Offer
Motor Cores
Class A Components
EV Battery Casing
Assemblies
Class B Components
Our Capabilities
As a prominent player in India’s electrical stamping industry, we specialise in manufacturing motor cores for EVs (2-wheeler, 3-wheeler, 4-wheeler) and consumer durables. Our state-of-the-art facility is equipped to handle multi-row carbide dies, with rotation of each stamping and hydraulic backup pressure, enabling us to manufacture EV motor cores up to 0.2 mm thick.
Nashik
Is home to India’s first merchant blanking line, offering products like Blanks and Profiles.
Chakan I & II (Pune)
Features India’s first 3,000 ton transfer press line, robotic welding lines, high-speed progressive stampings line and an advanced blanking line capable of processing high-strength steel. Offers products like Assemblies, Class B Components, Stampings, Blanks, and Profiles.
Kanhe I (Pune)
Is equipped with capabilities for Automotive (HR/CR) - Slitting, Shearing, and Cut-to-Length Sheets.
Chennai
Operates a high-end blanking line, offering products like Blanks and Profiles.
Kanhe II (Pune)
Hosts state-of-the-art presses manufacturing high-end EV Motor Cores.
Supa
Houses a world-class tandem press line, offering products like Skin Panels / Class A components
CERO Recycling
Aiming towards a zero-pollution nation, CERO embodies the principles of zero-pollution, wastage, and dependence on metal scrap imports. It is India’s first organised vehicle-recycling unit and offers a hassle-free solution for recycling any vehicle, ensuring the best price for the scrap. With 42 collection centres and 7 registered vehicle scrapping facilities across India, CERO provides an efficient way to recycle vehicles and obtain quality steel. This approach contributes to conserving valuable natural resources like iron ore, coal, and water, while reducing India’s reliance on imported scrap steel.
We purchase and recycle vehicles regardless of their condition
Cars
Trucks and Buses
Accidental Cars
Industrial Scrap
2-Wheelers/3-Wheelers
Tractors
Our USPs
-
Strategic Partnerships with Leading Automotive Companies
CERO has partnered with Mahindra & Mahindra Limited, Renault India, and Daimler as key partners for their vehicle exchange and scrap programmes across India, showcasing trust and reliability in the industry. CERO has also partnered with Jubilant FoodWorks to scrap their ELVs.
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Investment in Technology
CERO is committed to promoting innovation and maintaining sustainability. To that end, it has developed a world-class Lead Management System (LMS) to streamline operations and enhance efficiency in vehicle recycling process.
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Nationwide Presence
With a presence in 42 cities across India, CERO has established a strong network to efficiently collect and recycle end-of-life vehicles (ELVs), contributing to environmental sustainability and responsible waste management practices.
RVSF
Greater Noida, Chennai, Ahmedabad, Indore, Hyderabad, Guwahati and Bengaluru.
The hallmarks of CERO’s commitment
Prompt Pickup
Instant Offer
Hassle-Free End-to-End Service
Adherence to All Legal Compliances
7
Registered Vehicle Scrapping Facilities
42
Collection Centres
Adapting CERO helped us save the below-mentioned amounts of natural resources
-
~28,100+ Tonnes
Iron Ore
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~930+ Tonnes
Limestone
-
~10,900+ Tonnes
Coal
-
~50+ lakh Litres
of Furnace Oil
Energy
Mahindra Accelo’s high-end components in the energy sector, crafted from the world’s finest and most efficient electrical steel (CRGO), drive resource efficiency. Specialising in manufacturing components for the energy sector with CRGO, our Company’s facilities span 7 locations across India, the UAE, and Indonesia. Our extensive portfolio includes slittings, laminations, built cores, flux plates, and core coil assemblies for power & distribution transformers, exported to over 25 countries. Our commitment to processing high-grade electrical steel reduces transmission losses, conserving significant natural resources. Our Company’s expertise in various processes has positioned us as a leading supplier of stators and rotors to AC compressor and fan manufacturers. Thus, we extend our efficiency-boosting approach to the home appliance sector as well.
Power
As the premier supplier of power components in India, Mahindra Accelo specialises in manufacturing top-quality components for transformers, renowned for their ability to significantly reduce transmission losses. Our Company delivers high-quality electrical steel cores to the power & distribution, renewable energy, and EV industries.
What We Offer
Slitting
Flux Plates
Laminations
Built-Up Cores
Core Coil Assembly
Cooling Duct
Our USPs
-
Pan-India Presence
Our extensive presence across India enables us to maintain proximity to our customers, ensuring efficient service and support.
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Leadership position in CRGO
With a leadership position in high-grade Cold Rolled Grain Oriented (CRGO) steel components, we are a trusted and dominant player in this segment, known for our quality and reliability.
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Global Expansion through Strategic Joint Ventures
Our strategic joint ventures for global expansion enable us to diversify our operations and de-risk our business, ensuring sustainable growth and resilience in the global market.
Electrical Stampings
Mahindra Accelo is one of the leading suppliers of electrical stampings for home appliances in India. Our Company is equipped with advanced technology to manufacture highly efficient stators and rotors.
What We Offer
Slitting
Electrical Stamping
Stators & Rotors
Winding
Our USPs
-
Diverse Sources for Steel
We offer customers the flexibility to choose from diverse steel sources. This ensures that their specific requirements and preferences regarding quality, grade, and other specifications are met.
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World-Class Quality Set Up
Along with our state-of-the-art plant, we have a world-class quality setup, which helps us deliver quality products to our customers.
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Sufficient Capacity to Meet Growing Demand
With ample capacity, we are well-equipped to handle and fulfil the increasing demand for electrical stamping products. We provide our customers with timely and reliable supply solutions.
Kanhe II (Pune)
Provides a range of products and services including, Slitting, Stamping, manufacturing of Stators & Rotors, Die casting, Heat Treatment, and Motor cores
Chennai
Specialises in the slitting of Cold Rolled Non-Oriented (CRNO) coils
Purlins
Our Company plays a pivotal role in the global transition to renewable energy. We provide premium steel structures, known as purlins, essential for mounting solar panels on rooftops or ground level. Additionally, engineered to optimise steel usage, our purlins offer an efficient and environmentally friendly solution for solar energy installations.
What We Offer
C Type Purlin (c+, c++)
Z Type Purlin (z+, z++)
Nashik
Offers C and Z type, purlins specifically tailored for the solar industry
Bringing Green
Solutions to Every
Doorstep with Ease
At CERO, our name and mission draw inspiration from the Spanish word ‘Cero,’ meaning ‘Zero.’ We are committed to achieving zero pollution, zero wastage, and reducing the import of metal scraps to zero.
CERO Impact
-
24,000+
Vehicles Scrapped
-
29,300+ Tonnes
CO2 Emissions Saved with ELV Recycling
-
17,500+ Tonnes
Ferrous Scrap Recycled
-
28,100+ Tonnes
Iron Ore Saved
CERO Impact
-
24,000+
Vehicles Scrapped
-
29,300+ Tonnes
CO2 Emissions Saved with ELV Recycling
-
17,500+ Tonnes
Ferrous Scrap Recycled
-
28,100+ Tonnes
Iron Ore Saved
A Joint Effort for a Sustainable Future
CERO is a collaboration between Mahindra Accelo and MSTC Limited, a Government of India enterprise. CERO has 42 registered vehicle scrapping facilities & collection centres across India, utilising top-notch technology for a hassle-free digital experience. This collaboration ensures legal compliance, offering customers a seamless and environmentally sustainable scrapping process.
Why Recycle your Vehicles?
Reduce Pollution
Recycling end-of-life vehicles (ELVs) contributes to the reduction of air and water pollution.
Conservation of Resources
Recycling saves energy and conserves the fossil fuels required for steel production. It requires 74% less energy to recycle steel compared to making new steel.
Save Natural Resources
Recycling vehicles helps save natural resources by replacing the need for mining iron ore, coal, and other materials.
Seamless Deregistration
Receiving legally valid certificates of destruction and required documents to facilitate the deregistration of vehicles from the relevant R.T.O.
Certificate of Deposit & Vehicle Scrapping
As an authorised recycler, CERO can issue a Certificate of Deposit (CoD) to the customers upon receiving the vehicle for recycling. Based on this CoD, customers can claim the incentives as per state policy. Post-recycling of vehicles, CERO issues a Certificate of Vehicle Scrapping to the Government and the customer, ensuring that the data is properly captured by the Government.
Balancing Growth
with Sustainability
Dear Stakeholders,
After a remarkable year at Mahindra Accelo, marked by record-breaking results and significant strides in our operations, I am honoured to offer our stakeholders a comprehensive overview of our journey and accomplishments in the Financial Year 2023-24. Our commitment to growth and innovation perfectly aligns with our theme for this year, ‘Accelerating the Future of Sustainable Mobility and Energy,’. This theme accentuates our commitment to spearheading transformative developments in the industry, demonstrating our resolve to influence positive shifts in the realm of sustainable mobility and energy.
The year gone by witnessed the global economy recovering notably from recent turbulence, with central banks pausing interest rate hikes due to moderating inflation levels. Nonetheless, ongoing geopolitical conflicts, such as the strife between Israel and Palestine, continue to pose significant challenges. Within this landscape, India shines brightly as the fastest-growing major economy, drawing significant foreign investments and emerging as a key player in the global south. This surge is driven by the country’s vibrant, youthful population and a business-friendly environment.
India’s steel industry has witnessed remarkable progress, positioning itself as the second-largest producer of crude steel globally. Concentrated efforts towards enhancing production capacity and embracing technological innovation through the years have led to a substantial increase in India’s steel output. The recent milestone of surpassing China as the top developer of coal-based steel capacity highlights India’s rise to prominence in the international steel industry.
I am proud to share our Company’s evolution into a leading player in the mobility and energy components sector. We’ve strategically realigned our business model to serve a variety of sectors and broaden our range of products and services. Our offerings, which focus on reducing carbon emissions, enhancing steel efficiency, creating eco-friendly energy solutions using steel, and recycling steel waste, are driving us towards a sustainable, carbon-neutral horizon. This highlights our dedication to preserving the environment and upholding ethical business standards. Our vision is to pioneer in delivering sustainable, environmentally friendly innovations, making a significant impact on fostering and contributing to a greener future.
Throughout the year, we soared to unprecedented heights, achieving historical milestones marked by the highest-ever volumes and revenue. FY 2023-24 witnessed remarkable growth, with our volume and revenue surging by 14.1% and 9.0%, respectively, compared to the preceding year.
Our dedication to growth and pioneering innovation is demonstrated by strategic investments aimed at boosting our presence in the mobility sector. Notably, we have made significant strides by investing in advanced equipment. Our venture into the premium Auto Component arena is strengthened through investments in sophisticated tandem press lines, which are crucial for producing skin panels for automotive OEMs. Additionally, we are at the forefront of innovation, pioneering initiatives that redefine manufacturing processes. Our commitment to excellence is evident in setting up cutting-edge transfer lines for advanced component production and implementing state-of-the-art robotic welding lines for precision assemblies. These initiatives symbolise our vision for pushing boundaries, embracing technological advancements to drive operational excellence, set new industry standards, enhance our production capabilities, and propel us towards operational excellence, with all equipment set for production readiness by September 2024.
At Mahindra Accelo, sustainability lies at the core of our operations, and I am delighted to share that our Company achieved Zero Waste to Landfill certification this year. All our plants are now zero-waste certified. Additionally, we are installing rooftop solar panels at two of our plants for renewable energy, and our Nashik plant is also implementing rainwater harvesting measures. Our decarbonisation initiatives span various sectors, demonstrating our holistic approach to sustainability.
In our pursuit of operational excellence, we embrace innovation through initiatives like the #KaizenCompetition, driving continuous improvement and ensuring exceptional performance across all facets of our operations. Central to our philosophy is the empowerment of our team, achieved through programmes like All-Ideas Matter, Diversity & Inclusion Council, Accelo Women’s Council, and Young Accelo Council. These programmes cultivate an environment of inclusivity, fairness, and empowerment, reflecting our commitment to enriching our organisational culture.
Our commitment extends beyond the workplace to community well-being, through grassroots initiatives in education, healthcare, and women’s empowerment, among others.
During the year, our company has created 2 digital futuristic classrooms in rural areas, thereby making digital education accessible.
Looking ahead, we remain firm in our commitment to innovation, sustainability, and operational excellence. Our strategic investments and sustainable practices will continue to drive value creation for all stakeholders while contributing towards building a resilient and prosperous future for generations to come.
In closing, I extend my heartfelt gratitude to our valued stakeholders for their unwavering support and trust in Mahindra Accelo. Together, we embark on a thrilling path of persistent growth and achievement, exploring new horizons of possibility and innovation.
Warm regards,
Bharat Doshi
Chairman
Progressing through
Focus and Fortitude
Dear Stakeholders,
I am thrilled to present to you the Annual Report for Financial Year 2023-24, a year marked by extraordinary accomplishments, unflinching resilience, and significant transformation at Mahindra Accelo. As we navigate through a dynamic market landscape, I eagerly look forward to sharing the detailed narrative of our achievements and innovations with you. Within the dynamic steel industry landscape, we are witnessing significant growth opportunities driven by rising demand from critical sectors like infrastructure and automotive.
As the world’s second-largest producer of crude steel, India has ambitious plans to expand its production capabilities. The industry is targeting a ramp-up of 300 million MT of production capacity by 2030. Major integrated steel players are working on, have announced, or are contemplating new capacity expansions. The Government’s initiatives, such as Smart Cities and Affordable Housing, are expected to further boost demand.
Record Results and Strategic Investments
In FY 2023-24, we achieved record-breaking results with the highest-ever volume figures, up by 14.07% YoY. We achieved the highest-ever revenue of ₹ 4,564.9 crore, up by 9.0% YoY. Our PAT increased from ₹ 146.6 crore to ₹ 157.1 crore, representing growth of 7.1% over FY 2022-23. Our consolidated EBITDA for FY 2023-24 stood at ₹ 293.2 crore, compared to ₹ 268.9 crore in the preceding year.
Capacity Expansion in Mobility and Energy Spaces
The installation of high-end tandem press lines in the SUPA area for skin panels, transfer lines in the Chakan area for Class B components, and robotic welding lines in the Chakan area for critical assemblies is set to revolutionise our production capabilities.
Our investments in the cut-to-length line and slitting line at our Chakan plant represent a significant step towards enhancing our capabilities in the mobility segment. We are investing in lamination lines in Chennai and Vadodara to expand our capacity in the energy segment. These strategic expansions are not just about increasing our production capacity; they are about positioning ourselves to effectively respond to the dynamic market demands with enhanced efficiency and agility. By investing in these key areas, we are gearing up to meet the evolving needs of our customers and stay ahead in the competitive landscape.
Moving towards Tier 0.5/1 Auto Component Space
We are making remarkable progress towards Tier 0.5/1 in the auto component space through substantial investments in cutting-edge manufacturing technologies. The installation of high-end tandem press lines in the SUPA area for skin panels, transfer lines in the Chakan area for class B components, and robotic welding lines in the Chakan area for critical assemblies is set to revolutionise our production capabilities. These advanced technologies are not just upgrades; they are strategic investments that will elevate
We achieved the Highest-Ever Consolidated Revenue of
₹ 4,564.9 crore
( 
Growth in FY 2023-24 over FY 2022-23)
Our Consolidated EBITDA for FY 2023-24 stood at
₹ 293.2 crore
Our Recent Achievement of
Zero
Waste to Landfill Certification across All Our Plants
our manufacturing processes to a whole new level of efficiency and precision.
EV Component Portfolio Development
The investments highlighted above will not only boost our manufacturing prowess but also set the stage for creating a strong EV component line-up. These advancements will enable us to supply critical Body in White (BiW) components for EVs, stamp aluminium, and manufacture battery casings for electric vehicles. Additionally, we are investing in one of India’s first MSP for manufacturing motor cores for EVs/Hybrid cars, with production slated to commence by Q3’F24. This strategic move positions us at the forefront of the electrification journey.
Sustainability Initiatives
I am proud to share our commitment to environmental and social sustainability, which is reflected in our various initiatives aimed at driving positive change. Our recent achievement of Zero Waste to Landfill certification across all our plants is a testament to our strong dedication to environmental stewardship. We have also implemented rooftop solar panels and rainwater harvesting at selected facilities, which underscores our focus on utilising renewable energy sources and preserving water resources.
We have established a Diversity and Inclusion Council to foster an inclusive workplace culture. Our Accelo Women’s Council is dedicated to empowering women through various skill development programmes. Initiatives like the ‘Voice of Our People’ encourage women to share their experiences and insights, contributing significantly to our organisational growth. We take pride in being recognised as a Great Place to Work in the Mid-size Category. While we have consistently ranked among the top 10 over the past few years, we continuously work on enhancing our workplace culture to secure a position once again among the top-ranking companies.
Beyond our internal efforts, Mahindra Accelo actively participates in community development programmes, such as the Zilla Parishad School initiative, aimed at improving educational opportunities for underprivileged children. Our dedication to employee development and engagement has been recognised through accolades like the Excellence in Training & Skill Development at the Manufacturing 10th Conference & Awards 2022.
Strategies to Accelerate Decarbonisation
As we forge ahead, guided by our firm commitment to excellence and sustainability, we remain determined in our pursuit of contributing to the growth and development of the Indian economy. We have outlined the following key long-term strategic priorities to guide us towards growth and impact in the industry:
- Achieve Tier 0.5 status as an auto component player for 4-wheeler OEM
- Lead the EV transition in India by supplying critical components
- Maintain leadership in power transformer components
- Gain substantial market share in distribution transformer components
- Become the largest organised vehicle recycler in India
Chairman Farewell
To conclude this letter, I would like to take a moment to acknowledge the extraordinary contributions and invaluable leadership of Mr. Bharat Doshi, our esteemed Chairman. Mr. Doshi’s illustrious career spans various roles within the Mahindra Group and beyond, showcasing his dedication to excellence and commitment to corporate governance.
Mr. Bharat Doshi, a former Executive Director and Group CFO of Mahindra & Mahindra Limited, has left an indelible mark on the organisation through his strategic vision and financial acumen. Serving on the Board as a director since inception and as a Chairman of Mahindra Accelo Limited since December 2006, Mr. Doshi has steered our Company towards growth and sustainability, embodying the values of integrity and innovation.
Beyond his corporate responsibilities, Mr. Doshi’s involvement in various philanthropic endeavours underscores his commitment to social impact and community development. His leadership on Boards, such as the Mahindra Foundation and the K. C. Mahindra Education Trust reflects his dedication to education and empowerment.
As we bid farewell to Mr. Bharat Doshi, we express our deepest gratitude for his guidance, wisdom, and undeterred support. His legacy of leadership and governance will continue to inspire us as we navigate future challenges and opportunities.
Closing Remarks
I am confident that Mahindra Accelo is well-positioned to navigate challenges and seize opportunities as we continue on our path of growth and transformation. I extend my sincere thanks to our shareholders, customers, employees, and partners for their continued support and dedication.
Together, let us embark on a journey towards a future filled with innovation, sustainability, and prosperity.
Warm regards,
Sumit Issar
Managing Director
