Online Registration

ISO 9001:2015

INTERNATIONAL JOURNAL OF EDUCATION, MODERN MANAGEMENT, APPLIED SCIENCE & SOCIAL SCIENCE (IJEMMASSS) [ Vol. 8 | No. 3 (II) | July-September, 2026 ]

Digital Transformation and Financial Performance: A Case Study of Mahindra & Mahindra Ltd.

Dr. Nisha Meena

Digital transformation has become an important driver of organizational change and business performance, particularly in the automobile industry, where technologies such as Artificial Intelligence (AI), Machine Learning (ML), cloud computing, Internet of Things (IoT), data analytics and digital manufacturing are increasingly integrated into business operations. The present study examines the evolution of digital transformation and its association with financial performance of Mahindra & Mahindra Ltd. during the three-year period from FY2023–24 to FY2025–26. The study adopts a descriptive and analytical case-study approach based entirely on secondary data obtained from annual reports, financial statements and corporate disclosures. Digital transformation intensity is measured through a structured index consisting of 15 indicators covering digital strategy, AI, ML, Robotic Process Automation, data analytics, cloud computing, IoT, digital manufacturing, predictive analytics, digital supply chain, digital customer services, connected vehicles, cybersecurity, digital investment and employee technology training. Each indicator is scored on a 0–3 scale to calculate the Digital Transformation Intensity Score (DTIS). Financial performance is assessed using revenue, Profit After Tax (PAT), Return on Equity (ROE), Earnings Per Share (EPS) and net profit margin. The findings indicate a substantial increase in DTIS from 55.56% in FY2023–24 to 88.89% in FY2024–25 and 93.33% in FY2025–26. During the same period, revenue, PAT and EPS showed an increasing trend, while net profit margin remained relatively stable and ROE declined moderately. The study indicates a positive temporal association between increasing digital transformation intensity and selected financial-performance indicators.

Meena, N. (2026). Digital Transformation and Financial Performance: A Case Study of Mahindra & Mahindra Ltd.. International Journal of Education, Modern Management, Applied Science & Social Science, 08(03(II)), 146–152. https://doi.org/10.62823/IJEMMASSS/8.3(II).9408
  1. Bharadwaj, A., El Sawy, O. A., Pavlou, P. A., & Venkatraman, N. (2013). Digital business strategy: Toward a next generation of insights. MIS Quarterly, 37(2), 471–482.
  2. Fitzgerald, M., Kruschwitz, N., Bonnet, D., & Welch, M. (2014). Embracing digital technology: A new strategic imperative. MIT Sloan Management Review, 55(2), 1–12.
  3. Hanelt, A., Bohnsack, R., Marz, D., & Antunes Marante, C. (2021). A systematic review of the literature on digital transformation: Insights and implications for strategy and organizational change. Journal of Management Studies, 58(5), 1159–1197. https://doi.org/10.1111/joms.12639
  4. Matt, C., Hess, T., & Benlian, A. (2015). Digital transformation strategies. Business & Information Systems Engineering, 57, 339–343. https://doi.org/10.1007/s12599-015-0401-5
  5. Verhoef, P. C., Broekhuizen, T., Bart, Y., Bhattacharya, A., Dong, J. Q., Fabian, N., & Haenlein, M. (2021). Digital transformation: A multidisciplinary reflection and research agenda. Journal of Business Research, 122, 889–901. https://doi.org/10.1016/j.jbusres.2019.09.022
  6. Vial, G. (2019). Understanding digital transformation: A review and a research agenda. The Journal of Strategic Information Systems, 28(2), 118–144.

https://doi.org/10.1016/j.jsis.2019.01.003

  1. Warner, K. S. R., & Wäger, M. (2019). Building dynamic capabilities for digital transformation: An ongoing process of strategic renewal. Long Range Planning, 52(3), 326–349. https://doi.org/10.1016/j.lrp.2018.12.001
  2. Westerman, G., Bonnet, D., & McAfee, A. (2014). Leading digital: Turning technology into business transformation. Harvard Business Review Press.
  3. Frank, A. G., Dalenogare, L. S., & Ayala, N. F. (2019). Industry 4.0 technologies: Implementation patterns in manufacturing companies. International Journal of Production Economics, 210, 15–26. https://doi.org/10.1016/j.ijpe.2019.01.004
  4. Leão, P., & da Silva, M. M. (2021). Impacts of digital transformation on firms' competitive advantages: A systematic literature review. Strategic Change, 30(5), 421–441. https://doi.org/10.1002/jsc.2459
  5. Rüßmann, M., Lorenz, M., Gerbert, P., Waldner, M., Justus, J., Engel, P., & Harnisch, M. (2015). Industry 4.0: The future of productivity and growth in manufacturing industries. Boston Consulting Group.
  6. Angoitia Grijalba, M., Bueno Hernández, Y., Perez-Encinas, A., & Santos Urda, B. (2024). Does the use of digital tools improve a firm's performance? Review of Managerial Science, 19, 2193–2210.
  7. Yavuz, M. S., Tatlı, H. S., & Bozkurt Ateş, G. (2025). Exploring the financial impact of digital transformation: A comprehensive analysis on firms. Journal of Innovation & Knowledge, 10(5), 100795. https://doi.org/10.1016/j.jik.2025.100795.
  8. Bertacchini, F., Gabrielli, G., Lugli, E., et al. (2025). From bits to profits: Exploring the digitalization-performance nexus. Review of Managerial Science, 20, 2063–2095.
  9. Sharma, M., Singh, B., & Kumar, S. (2026). Impact of digital transformation on financial performance: A case study on India's listed companies from 2012 to 2024. Digital Policy, Regulation and Governance, 28(4), 392–410. https://doi.org/10.1108/DPRG-04-2025-0085
  10. Calderon-Monge, E., & Ribeiro-Soriano, D. (2024). The role of digitalization in business and management: A systematic literature review. Review of Managerial Science, 18, 449–491.
  11. NITI Aayog. (2018). National strategy for artificial intelligence: #AIforAll. Government of India.
  12. NITI Aayog. (2021). Approach document for India: Part 1—Principles for responsible AI. Government of India.
  13. NITI Aayog. (2021). Approach document for India: Part 2—Operationalizing principles for responsible AI. Government of India.
  14. NITI Aayog. (2025). Roadmap on AI for inclusive societal development. Government of India.
  15. Ministry of Electronics and Information Technology. (2023). IndiaAI: National programme on artificial intelligence. Government of India.
  16. Reserve Bank of India. (2024). Report on trend and progress of banking in India 2023–24. Reserve Bank of India.
  17. Society of Indian Automobile Manufacturers. (2024). Annual report 2023–24. SIAM.
  18. Automotive Research Association of India. (2024). Annual report 2023–24. ARAI.
  19. Mahindra & Mahindra Ltd. (2024). Annual report 2023–24. Mahindra & Mahindra Ltd.
  20. Mahindra & Mahindra Ltd. (2025). Annual report 2024–25. Mahindra & Mahindra Ltd.
  21. Mahindra & Mahindra Ltd. (2026). Annual report 2025–26. Mahindra & Mahindra Ltd.

DOI:

Article DOI: 10.62823/IJEMMASSS/8.3(II).9408

DOI URL: https://doi.org/10.62823/IJEMMASSS/8.3(II).9408

Download Full Paper:

Download