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Mahindra & Mahindra

Mahindra & Mahindra is a publicly listed auto manufacturer headquartered in Mumbai. In 2019 it had US$13.4 billion in revenue and sales of over 360,000 vehicles. Its largest sales regions are India and South Korea, with small sales in other regions.

Narrative Score
Trend Score
  • Trend line is up
  • Trend line is equal
  • Trend line is down
Performance module name Performance module score Rank (0-30)


2.2 /3 #5

Material Investment

0.2 /0.4 #9

Intangible Investment

1.2 /2.4 #10

Sold product performance

2.0 /7 #26


1.3 /2.2 #3


0.3 /1.2 #10


0.0 /0.8 #15

Policy Engagement

0.8 /1.2 #1

Business Model

0.5 /1.8 #7

Leading practices

Risks and opportunities


M&M is awarded a trend score of -. If the company were reassessed in the near term, its score would most likely decrease. Its share of sales from four-wheeled electric vehicles has not increased at the rate required for the company’s decarbonisation pathway, and this gap is likely to increase in the future. Emissions from its vehicles sold over the next five years are also expected to exceed the company’s short-term carbon budget. M&M has strong climate governance and emissions reduction targets but should establish clear plans to invest in low-carbon vehicles as well as increase their sales if the company wishes to achieve its stated goals. M&M’s recently signed memorandum of understanding with electric vehicle technology company REE Automotive to explore development and manufacturing for global markets may help the company to scale its electric vehicle production.

Progress towards the Paris Agreement

See results for

  1. 2021

More about the company

Ownership structure
Publicly listed
Revenue (2019)
US$13.4 billion
Number of vehicles sold (2019)