We attended Mahindra & Mahindra's (MM) Farm Equipment Sector Day held on 26 June. Key takeaways: (1) large market opportunity in tractors to be tapped by focusing on the 550mn farmers globally with relatively small landholdings (sub-50hectares), (2) thrust on improving the company's presence in the Americas, Japan and Turkey, (3) efforts underway to expand the footprint in India's underpenetrated farm machinery market, (4) 3-brand strategy deployed to increase domestic market share, and (5) emphasis on...