Mahindra & Mahindra Ltd. has formally intimated the acquisition of an additional 28.03% stake in Carnot Technologies Private Limited. This acquisition, valued at approximately Rs. 6.72 crore, was executed through a Share Purchase Agreement with Carnot’s promoters on April 27, 2026. This transaction effectively increases Mahindra’s voting power in the subsidiary to 89%, furthering its long-term strategy in the telematics and agricultural technology space.

Carnot Technologies, incorporated in August 2015, specializes in research, manufacturing, and deploying hardware and software solutions for performance monitoring. For the fiscal year ended March 31, 2026, the entity reported a revenue of Rs. 19.80 crore and a Profit After Tax of Rs. 1.17 crore. The acquisition falls under the ambit of a Related Party Transaction and is being conducted on an arm’s length basis.

The broader Mahindra Group continues to scale its operations, recently ranking as India’s second-largest automaker by volume in 2025. Significant developments in 2025 included the launch of new electric vehicle models under the XEV and BE brands, with dealer dispatches crossing 11,000 units by May 2025. The company also expanded its rural logistics focus through international partnerships and remains a dominant force in the domestic tractor market.

Financial results for the last reported quarter (Q3 FY26) showcased a robust QoQ revenue growth of 13% and a Net Profit increase of 27.26% compared to the previous quarter. The company’s net worth stood at Rs. 77,038.86 crore as of March 2025. Notable institutional and individual investors maintain high stakes in the company, with Anand Gopal Mahindra holding a direct interest of 0.12% in addition to holdings through various trusts.