Mahindra & Mahindra’s decision to exit its agri-machinery business in Japan reflects a broader strategy to streamline operations and focus on stronger, profitable markets, according to LKP Securities analyst Ashwin Patil. He said the Japan unit was likely a smaller, underperforming business facing intense competition, making continued investment less viable. The move aligns with M&M’s past efforts to exit non-core global operations and prioritise high-performing segments.