Message
from the
Chairman
Compounding Value with Agility, Innovation and Sustainability
Ranjan Pant
Chairman, Mahindra Accelo
Our focus remains on developing solutions that span both internal combustion and electric platforms.
Dear Stakeholders,
The automotive and manufacturing sectors are amidst a fundamental shift—driven by decarbonisation, digitalisation, and the rise of alternative propulsion systems. Acknowledging this transformation, we are investing with purpose to ensure long-term relevance, resilience and scale. Our focus remains on developing solutions that span both internal combustion and electric platforms, while embedding efficiency, circularity and agility across our operations.
Guided by a deeply engaged board and trusted partnerships, we are building with clarity, purpose, and accountability.
Together, they shape our strategy for the long run: steady profit growth, smart capital use, and a business built for what’s next.
Decarbonisation in Action: Mobility, Energy & Recycling
This theme encapsulates our integrated approach to sustainability and innovation—anchored in three core businesses driving long-term resilience and competitive advantage: advanced component manufacturing for future-ready mobility, engineering progress in clean energy, and leadership in green recycling.
Mobility
We continue to expand our presence across both internal combustion and electric vehicle platforms. Our Class A, B, and C components and precision assemblies now serve a wider spectrum of customers. With investments in progressive stamping and integrated solutions, we are delivering high-performance parts that meet stringent standards of safety, sustainability, and performance. A strategic focus on technology and customer diversification is improving product quality, shortening lead times, and enhancing our overall value proposition.
Energy
We are enabling the low-carbon transition through precision engineering and scaled manufacturing. The shift toward electric mobility and renewable infrastructure has opened new avenues. Our development of high-performance motor cores, rotor assemblies, and electrical steel laminations is critical to powering electric motors in both automotive and industrial settings. These capabilities continue to evolve through scale, precision, and collaboration.
Recycling
Through Mahindra CERO—India’s first government-authorised ELV (End-of-Life Vehicle) recycling initiative—we have created a scalable, sustainable model for material recovery. As EV adoption accelerates, efficient and responsible recycling plays a vital role in reducing emissions and strengthening the circular economy. CERO helps reduce dependency on virgin resources and reinforces our long-term commitment to decarbonisation.
Advancing on Multiple Fronts
Our strategic progress over the past year underscores our commitment to innovation-led, purpose-driven growth. Key highlights include:
- Sustainability and Policy Alignment: The new Extended Producer Responsibility (EPR) framework for vehicle recycling has accelerated the scale-up of Mahindra CERO. We are seeing increased ELV collections and improved stakeholder engagement, enabled by clearer regulatory signals. Our teams are proactively aligning operations and outreach efforts to deliver compliance and scalable impact.
- Operational Excellence: The Supa Plant and new Welding Line at Chakan (2nd plant at Chakan) became fully operational this year. Built with advanced automation and digital integration, these facilities are enhancing precision, and cost-efficiency. They reflect our commitment to building manufacturing ecosystems that are agile, intelligent, and sustainable.
- Product Innovation: We continue to enrich our portfolio across Class A, B, and C components, emphasising lightweight design, modular architecture, and regulatory compliance. These innovations help OEMs meet evolving performance and safety benchmarks and are backed by deep R&D, materials expertise, and robust process capability.
- Financial Resilience: Our capital allocation remains disciplined and future oriented. Strategic investments are guided by a commitment to long-term value creation and aligned with the structural shifts reshaping our industry. A strong, healthy balance sheet provides the stability required to fund innovation, scale operations, and navigate through uncertainty—while staying true to our long-term strategy of compounding value with resilience.
Embedding ESG Across the Value Chain
Sustainability is not an initiative—it is embedded in our purpose and operational DNA. Each one of our manufacturing Plants is now Zero Waste to Landfill (ZWL) certified, equipped with rainwater harvesting systems, and focussed on minimising environmental impact. Our Nashik facility is leading with advanced water conservation systems, optimising reuse through high-efficiency treatment technologies. Rooftop solar installations at two major Plants will further diversify our renewable energy mix and reduce dependence on conventional power sources.
Yet, our ESG commitment goes far beyond environmental stewardship. We are building a culture that values inclusion, participation, and innovation at every level. Platforms such as All Ideas Matter, the Accelo Women’s Council, the Young Accelo Council, and our Diversity & Inclusion Council are helping shape a progressive workplace where every voice matters. Our #KaizenCompetition has become a vibrant engine of grassroots innovation, championing employee-led ideas that drive both operational efficiency and cultural transformation.
Creating Impact Beyond Business
We believe true leadership is reflected in the lives we touch. This year, our CSR initiatives focussed on advancing inclusive development by addressing real needs in underserved communities:
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1
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What We Did
Set up 2 smart classrooms in rural schools
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Who It Reached
2,000+ students
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Impact Snapshot
Enhanced access to tech-enabled learning
Digital Classrooms -
What We Did
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2
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What We Did
Built 1 early childhood + maternal care centres
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Who It Reached
70+ families in underserved areas
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Impact Snapshot
Boosted early education & maternal health
Anganwadi Centres -
What We Did
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3
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What We Did
Installed 1 clean water station
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Who It Reached
4,000+ rural residents
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Impact Snapshot
Reduced waterborne disease and effort
Water ATMs -
What We Did
These initiatives are rooted in long-term community partnerships. By aligning social investment with local priorities, we continue our journey towards a more equitable and sustainable future.
Charting the Path Forward: Maximise Refined Growth Return (RGR)
We will continue to: 1. Use capital efficiently (high ROCE) 2. Have stable, predictable earnings and 3. Grow steadily without wild fluctuations. Aim: maximise Refined Growth Rate (RGR) – a single number that shows how well a company is using money wisely, with predictable earnings, and stable growth.
As we diversify our client portfolio, the scale and deep alignment with our anchor customer remains a distinctive strategic advantage—providing both resilience and relevance.
Looking ahead, we remain sharply focussed on transformation, growth, and responsibility. We will continue to invest in next-generation technologies, advance our sustainability agenda, and raise the bar on operational excellence. The convergence of mobility, energy, and recycling positions us uniquely to lead with purpose and deliver long-term stakeholder value.
We are confident that the foundations we’ve laid—and our continued discipline in execution—equip us to seize tomorrow’s opportunities with conviction. Thank you for your trust, encouragement, and partnership.
Our Board of Directors brings expertise and strong operational acumen, having led through both high-growth and restructuring cycles. Their stewardship continues to strengthen our path forward.
Together, let us accelerate—with a steady hand—towards a cleaner, smarter, and more resilient world.
Warm regards,
Ranjan Pant
Chairman, Mahindra Accelo