MD & CEO
Review
Engineering the Future with Resilience and Readiness
Sumit Issar
Managing Director & CEO, Mahindra Accelo
We continued to scale new heights by staying aligned with market realities, investing in advanced technologies, and strengthening our role as a future ready enterprise.
Dear Stakeholders,
It gives me great pleasure to present the Annual Report for FY 2024–25, a year that has been both rewarding and transformational for us. As we navigated a dynamic and fast-evolving market landscape, our team demonstrated focus, strategic agility, and operational excellence. It is this collective commitment that enabled us to deliver record-breaking performance while laying strong foundations for long-term, sustainable growth.
Over the past year, we continued to scale new heights by staying aligned with market realities, investing in advanced technologies, and strengthening our role as a future-ready enterprise that is contributing to India’s manufacturing transformation.
Navigating an Evolving Industry Landscape
The steel and mobility sectors, which form the backbone of our business, are undergoing a significant evolution. India has emerged as the second-largest producer of crude steel globally, with an ambitious vision to scale production capacity to 300 million metric tonnes (MT) by 2030. This structural shift is being powered by large-scale investments across infrastructure, automotive, energy, and urban development sectors that are at the heart of India’s growth story.
Government-led initiatives such as Smart Cities Mission, Bharatmala, PM Gati Shakti, and Affordable Housing are expected to further accelerate demand for high-quality steel and advanced component manufacturing. The rising penetration of electric vehicles (EVs), coupled with a growing emphasis on energy efficiency and circularity, is also opening new avenues for innovation and value creation.
We see these trends as opportunities to deepen our impact, expand our capabilities, and future-proof our business model.
Record-Breaking Operational and Financial Performance
FY 2024-25 was a milestone year for us, marked by record-breaking financial performance and strong operational momentum. We delivered our highest-ever revenue and profitability, underscoring the effectiveness of our strategy, customer-centric approach, and disciplined execution. Revenue grew by 12% year-on-year to ₹ 5,082.7 crore, driven by higher volumes, an optimised product mix, and enhanced operational efficiency. Sales volumes rose by 8% compared to the previous year, reflecting strong demand across both our mobility and energy segments. Profit After Tax (PAT) increased by 9% to ₹ 170.94 crore, supported by continued cost optimisation, supply chain resilience, and improved contribution margins. These results affirm the robustness of our business model and our readiness to scale further in a dynamic market environment.
Strengthening our Core through Capacity Expansion
To sustain and scale our growth, we have invested significantly in expanding capacity, upgrading infrastructure, and enhancing our manufacturing capabilities across strategic locations.
In our Chakan facility, we commissioned new cut-to-length and slitting lines that boost our capabilities in the mobility segment and enable us to meet the high standards of our OEM customers.
In the energy segment, we have expanded our lamination production capacity through new lines in Chennai and Vadodara, creating a more agile and responsive value chain to meet dynamic market needs.
These investments are a testament to our long-term vision: to create an efficient, scalable, and technology-led manufacturing ecosystem that responds to customer needs with speed, quality, and reliability.
Pioneering the Auto Component Transition
One of our key strategic priorities has been to elevate Mahindra Accelo’s position in the auto component value chain from being a steel processor to becoming a trusted Tier 0.5/1 player for four-wheeler OEMs.
To this end, we have commissioned high-end tandem press lines, transfer presses, and robotic welding systems enabling precision manufacturing at scale and reducing manual intervention. These investments will significantly enhance our production capabilities for complex, safety-critical, and performance-intensive auto components.
Our growing presence in Body-in-White (BiW) components, including stamping aluminium and forming structural assemblies, is strengthening our value proposition for customers transitioning to lighter, more efficient vehicles.
Accelerating with EV-Ready Capabilities
The EV revolution is real and accelerating. At Mahindra Accelo, we are proactively aligning our product strategy to support this transition with future-ready components.
We are building a strong EV component portfolio, including battery casings, aluminium BiW structures, and advanced motor core laminations. Our focus extends to building one of India’s first Motor Stamping Plants (MSPs) dedicated to EVs and hybrid vehicles. This will allow us to cater to high-spec motor core requirements and play a pivotal role in powering the next generation of electric mobility.
These product innovations are grounded in strong engineering capability, automation, and a deep understanding of evolving OEM needs.
Sustainability as a Strategic Imperative
Sustainability is embedded in our strategy, culture, and everyday decisions. All our plants are Zero Waste to Landfill (ZWL) certified, with active rainwater harvesting and rooftop solar installations in progress across multiple locations. Our efforts towards water efficiency, energy transition, and material circularity are shaping a manufacturing model that is both responsible and regenerative.
Our Diversity & Inclusion Council, Accelo Women’s Council, and several grassroots-led engagement platforms are helping create a more inclusive, progressive, and performance-oriented workplace. Dedicated skill development initiatives for women and under-represented groups are further deepening our social impact and cultural transformation.
We remained committed to responsible corporate citizenship, advancing impactful initiatives across rural development and community upliftment. During the year, we set up digital classrooms to enhance access to education, built Anganwadi centres to support early childhood care, and installed Water ATMs in underserved areas to ensure safe drinking water. Our CSR efforts continue to align with the UN Sustainable Development Goals, with a focussed approach towards education, water security, and women’s empowerment.
Strategic Priorities for Sustained Growth
As we look to the future, our long-term vision is anchored around five strategic priorities:
These priorities are backed by focussed investments, strategic partnerships, and strong internal capabilities that will guide our journey over the next phase.
Looking Ahead with Confidence
We are stronger, more agile, and more aligned to the future than ever before. The resilience of our business model, the foresight in our strategy, and the passion of our people give me great confidence as we step into the next chapter of our journey.
On behalf of the entire leadership team, I would like to express my heartfelt gratitude to our shareholders, customers, employees, business partners, and communities. Your trust, collaboration, and belief in our vision continue to inspire us every day.
Together, let us build a future anchored in innovation, powered by technology, and defined by sustainability.
Warm regards,
Sumit Issar
Managing Director & CEO, Mahindra Accelo