MAM reported revenues of ₹2,094.17 crore for FY25, contributing 1.13 per cent to M&M’s consolidated turnover.
Mahindra & Mahindra Limited (M&M) has announced that its Japan-based associate, Mitsubishi Mahindra Agricultural Machinery Co., Ltd. (“MAM”), will withdraw from the agricultural machinery business, while continuing to supply spare parts and provide warranty services.
All other operations will be formally wound down through liquidation procedures, planned for the first half of fiscal 2027.
The decision comes after years of underperformance and repeated efforts to restore profitability. For the fiscal year ended March 31, 2025, MAM reported revenues of ₹2,094.17 crore, contributing ₹1,786.03 crore (1.13%) to M&M’s consolidated turnover.
The Net Worth of MAM as on 31st March 2025 was ₹17.74 crore, and after elimination of inter-company balances and adjustments with the Mahindra Group, it contributed ₹11.83 crore, or 0.02% of the consolidated net worth of the Company excluding non-controlling interest.
The Profit After Tax of MAM as on 31st March 2025 was at ₹227.42 crore, and after elimination of inter-company balances and adjustments with the Mahindra Group, it contributed ₹151.61 crore or (1.17)% of the consolidated profit after tax of the Company excluding noncontrolling interest.
MAM’s management said in a regulatory filing that “Even amid significant changes in the business environment, the Company has pursued sustainable growth by implementing structural reforms, developing new products to meet evolving market needs, and making continued efforts to expand into new markets. However, after comprehensively considering recent changes in the domestic and international industry environment and demand structure, as well as various constraints related to the production system, and after carefully assessing the profitability of the business and its long-term sustainability over an extended period, the Company has concluded that it would be difficult to continue the business sustainably.
MAM, however, has said it would continue to supply spare parts for MAM’s products to existing customers. Founded in 1914, MAM has been a longstanding player in Japan’s agricultural machinery sector. Its products have supported both domestic and international farmers for decades. However, global and domestic market shifts, rising costs, and intensifying competition have put pressure on margins and growth prospects.
For Mahindra, which has been expanding its domestic and international agri-business and mobility operations, this exit allows sharper allocation of capital and management bandwidth toward higher-return segments, including electric mobility and farm mechanisation in India and other growth markets.
Published on March 2, 2026