MM FES is <2% of global farm equipment market of USD160b, hence sees immense opportunity to scale up in global markets. Target farmers with <50 ha land holdings in global markets. - Target 50% market share in domestic tractors (v/s 43% currently), driven by strengthening position in relatively weaker market by offering market/crop specific solution and targeting price conscious market through Trakstar brand. In the base case, India FES segment revenues can double in 6 years (~12% CAGR). - Geographic expansion in target global markets to contribute ~50% (v/s <40% currently). - Aspiring farm mechanization to be USD1b consol FES revenues (v/s USD340m currently). At USD1b, MM's global market share would be just 1%. In India, non-tractor farm mechanization revenues are just ~INR3b as against industry size of INR70b (v/s tractor market size of ~INR390b). Global farm equipment market is USD160b, of which tractors is just USD60b.