Mahindra & Mahindra Limited (M&M) announced that its associate company in Japan, Mitsubishi Mahindra Agricultural Machinery Co., Ltd. (MAM), has approved the withdrawal from its agricultural machinery business. This decision, made on March 2, 2026, by MAM's board of directors, stems from persistent losses and challenges in sustaining the business long-term. MAM will continue to operate its business that supplies spare parts and provides product warranty services for its existing products. For all other businesses, MAM plans to dissolve and proceed with liquidation procedures in accordance with applicable Japanese law. The company aims to cease the production and sale of agricultural machinery by the first half of fiscal year 2027. The revenue from operations of MAM for the year ended March 31, 2025, was ₹2,094.17 crore (approximately $250 million), contributing ₹1,786.03 crore or 1.13% to M&M's consolidated turnover after intercompany eliminations. MAM's net worth as of March 31, 2025, was ₹(17.74) crore, contributing ₹(11.83) crore to M&M's consolidated net worth. The company reported a Profit After Tax of ₹(227.42) crore for the same period, contributing ₹(151.61) crore to M&M's consolidated profit after tax, excluding non-controlling interests. The promoter group will benefit by not having to incur and fund these annual losses.
