Mahindra & Mahindra Limited

Mahindra & Mahindra Limited is an Indian automotive manufacturer whose primary business is the production of internal combustion engine (ICE) vehicles, including utility vehicles, cars, and commercial vehicles. The company’s core product portfolio is inherently carbon-intensive, with its revenue and operations tied to the manufacture and sale of fossil-fuel-dependent transportation.

The company was reportedly among eight automakers fined by the Union Government of India for exceeding required fleet emission levels in the financial year 2022-23, with total penalties across the group amounting to approximately Rs 7,300 crore. While Mahindra & Mahindra has publicly refuted these reports, the scale of the alleged penalties indicates regulatory scrutiny of its fleet’s emissions performance relative to national norms. The company’s emissions profile and reduction trajectory are assessed as lagging within the automotive sector, particularly as global peers accelerate transitions to electric and zero-emission vehicle portfolios.