Depth bar: LOW / network profile. M&M is not a Stamped buyer at this scale; the dossier maps the connection and the Punjab supplier base he can open. [~] = estimate, [!] = unverified.

1. Company overview & snapshot

1.0 The connection — Ashish Sophat

• Current title: Deputy General Manager, Mahindra & Mahindra Ltd (Automotive, Farm Equipment & Agri Business), since Aug 2019, based Chandigarh/Mohali. LinkedIn headline: “Quality Management Expertise · Lead – Projects delivery”. A Sept 2025 university post introduces him as “DGM, Mahindra & Mahindra Ltd., FES, Swaraj Division”.
• Function: Quality background, currently tagged to projects/platform delivery (budgets, quality standards, cross-functional coordination). The brief says “DGM Quality”; his current profile reads more like project/platform delivery with a quality lens. Flag on first call.
• History: Swaraj Division DGM, Head SQA & Supplier Quality Improvement Group (Aug 2015–Jul 2019); Senior Manager, Head RQA/CQA, Mohali (May 2011–Jul 2015); earlier AGM at Escorts (now Escorts Kubota), Dy. Manager Head SQA at Eicher Tractors, A. Manager Quality at Sonalika. 24 years total. ASQ CQE, Lean Six Sigma Black Belt (Mahindra Institute of Quality). Received an internal “Award of Appreciation” (Mar 2025).
• Authority over energy spend: none. He does not own plant utilities or the PSPCL bill.
• Connection status: 1st-degree.
• How to use him: as an introducer to the supplier owners he audited at Swaraj SQA, and secondarily as a warm path to Swaraj plant leadership if a supplier pilot works.

The plant question from the brief is answered: he sits at Swaraj Division, Mohali (Punjab), not at a Maharashtra or Telangana M&M plant. That puts him in North India, on PSPCL territory, close to the Mohali–Derabassi–Ludhiana forging and foundry belt.

1.1 Legal identity & corporate structure

Mahindra & Mahindra Limited, listed (NSE: M&M, BSE: 500520), HQ Worli, Mumbai. Swaraj is a division of M&M (Punjab Tractors Ltd was merged into M&M in 2009). Swaraj Engines Ltd (BSE: 500407) is a separate listed M&M group company in Mohali that supplies engines to Swaraj.

1.2 What they make & where money comes from

Swaraj makes 15–65 HP tractors and farm machinery at Mohali. M&M FY26: 5,26,403 tractors sold (+24%), #1 in tractors with 43.6% share. Swaraj has a captive foundry making differential housings, gearbox housings, crankcases and cylinder blocks. A new 42-acre Swaraj tractor plant with upgraded foundry opened in Mohali in July 2026 (capacity 50,000+ tractors/yr).

1.2a Scale, MSME status & trade

Revenue table

Working revenue range: ₹1.46 lakh Cr standalone (matches the user’s brief). Confidence: high. Swaraj Division revenue is not reported separately.

1.3 Plants, addresses & footprint

• Swaraj HQ + plants: Phase IV Industrial Area, S.A.S. Nagar (Mohali), Punjab 160055. Plant 1, Plant 2, captive foundry, new 42-acre plant (Jul 2026).
• Swaraj Engines Ltd: Mohali (separate listed company).
• Not a pilot target. The pilot sites sit with suppliers (see §1.4).

1.4 Leadership & CRM map — champions and referral targets

Decision path: Ashish names suppliers → supplier MD/owner says yes to a 60-Day Proof → supplier maintenance head runs furnace/press stagger → supplier production head protects dispatch to Swaraj. Swaraj itself is a later conversation.

1.5 Recent news & timing

• Jul 2026: new Swaraj plant + upgraded foundry in Mohali. New capacity means supplier volumes rise and supplier power bills rise with them. Good timing for a supplier-side pitch.
• FY26 M&M tractor volumes +24%. Suppliers are running more shifts.
• Swaraj Engines expanding capacity from 1.95 lakh to 2.4 lakh engines/yr.

2. Energy profile

DISCOM / supply: PSPCL (Punjab State Power Corporation Ltd) for Swaraj Mohali and its Mohali/Derabassi/Ludhiana suppliers.

2.1 Bill band, tariff & demand

• Swaraj Mohali plant cluster: ₹2–4 Cr/month [~] (foundry with induction furnaces + paint + assembly). Not a Stamped target.
• Relevant band is supplier-side: a closed-die forge with HT like Samrat Forgings (12,000 MTPA forge capacity, ₹191 Cr revenue) would run roughly ₹40–80 lakh/month [~] on PSPCL LS tariff. Smaller Ludhiana foundries: ₹10–30 lakh/month [~].

2.2 Generation, fuel & renewables

Punjab industry commonly carries DG backup; rooftop solar common at OEM sites. Not verified for suppliers.

2.3 EnMS, PAT, ISO, BRSR

M&M group reports BRSR and has energy targets. Supplier-level ISO 50001 is rare in this belt [~].

2.4 Likely ₹ leak categories (supplier hypothesis)

Induction furnace and forging press start overlap at shift change, HT furnace hold during idle, compressed air leaks in machining units, PF penalties on older Ludhiana feeders.

3. Operations, equipment & digital stack

3.1 Process flow & critical loads

Swaraj: foundry (induction melt, automated moulding) → machining → paint → assembly. Suppliers: billet cutting → induction heating → hammer/press forging → HT → CNC machining.

3.1a Machine inventory (supplier example — Samrat Forgings)

3.2 Shifts / 3.3 Metering

Suppliers typically run 2–3 shifts; metering maturity is low to medium (main HT meter plus a few feeder meters) [~]. Path B (meter + bill only) likely.

3.4 Capex

Swaraj new plant 2026; supplier capex follows OEM volume.

4. Stamped Energy fit analysis

4.1 ICP scorecard

4.2 Fit score rationale

3/10. Connection has no budget and the OEM is too large. Value is referral into a North India forge belt that matches LNM Auto.

4.3 Wedge

The strongest wedge is: Ashish’s Swaraj SQA relationships, used to get two warm intros to Mohali/Ludhiana forging suppliers, pitched as “the LNM Auto forge/HT playbook on your PSPCL meter”.

4.4 Objections

“I’m in projects now, not SQA” → ask for names only, no endorsement. “Mahindra policy on vendor referrals” → frame it as a peer tip, not an M&M recommendation.

4.5 Pilot design

One supplier forge meter, 60-Day Proof, success = verified ₹ saving on press/furnace overlap; kill = no assignable action by day 30.

4.6 Concern scores (supplier-side)

4.7 Pitch sketches

1. To Ashish: “Two names, that’s all. I’ll take it from there and tell you how it went.”
2. To supplier MD: “LNM Auto in Faridabad has your process. Read-only, one meter, 60 days, verified with evidence.”
3. To supplier maintenance: “We tell you which furnace to hold back ten minutes at shift change so the press starts don’t stack.”

5. Before you reach out

5.1 Discovery checklist

• Confirm his current role (quality vs projects) and whether he still talks to suppliers
• Which Swaraj forging/casting suppliers he audited and rates highly
• Is Samrat Forgings still a major Swaraj supplier after the 2026 plant opening?
• Do any suppliers run induction melting (bigger bills) vs only forging?
• Is there a Swaraj supplier meet or quality convention where Stamped could present?
• Would Swaraj SQA ever push energy-per-part as a supplier KPI?
• Who at Swaraj Mohali owns PSPCL (Rajkumar Dhonukshe?)
• Any Escorts/Sonalika supplier contacts he still has (Faridabad, Hoshiarpur)

5.2 Do not lead with

• Do not lead with a pitch to sell to Mahindra; he can’t buy and it will feel like a cold sale
• Do not lead with dashboards, AI or ESG language
• Don’t ask him to formally endorse Stamped to suppliers

5.3 Opening hooks

“You know which Swaraj suppliers run their furnaces well and which don’t. I’m looking for the ones who’d want proof on their power bill.”

6. Risks, flags, controversies & sources

6.1 Integrity / controversy / regulatory

• Main risk: the connection has no buying authority and may be cautious about referring suppliers while employed at the OEM; expect names, not active advocacy.
• M&M: GST penalty order of ₹9.49 Cr (Medchal, Hyderabad, Dec 2024) under appeal, company expects no material impact. Group company Mahindra Logistics received small Haridwar GST orders (Mar 2026). Nothing touching Swaraj or the connection.
• Searched: “Mahindra controversy penalty 2026”, “SEBI”, “GST order”, “Swaraj Mohali”. No labour or PCB issue found for Swaraj Mohali.

6.2 Data quality flags

• Brief title “DGM Quality” vs profile “DGM, Lead – Projects delivery”. Confirm.
• M&M email format sources disagree (first.last 68% per RocketReach vs last.first 91% per LeadIQ).
• Yatinder Nath tenure shown ending Aug 2026; may have left.
• Supplier bill bands are estimates.

6.3 Sources consulted

• https://linkedin.com/in/ashish-sophat-93b701a
• https://www.linkedin.com/posts/dr-pardeep-kumar_delighted-to-host-an-insightful-expert-talk-activity-7370401735846264832-NT2-
• https://www.mahindra.com/news-room/press-release/en/m-and-m-results-q4-f26-and-fy26
• https://www.mahindra.com/sites/default/files/documents/Q4FY2026/M%26M_Quarterly_Results_Q4F26.pdf
• https://www.mahindra.com/annual-report-FY2026/98/
• https://www.swarajtractors.com/team
• https://www.swarajtractors.com/manufacturing-excellence
• https://raceautoindia.com/post/swaraj-opens-new-mohali-tractor-plant
• https://linkedin.com/in/ashwaniaggarwal
• https://linkedin.com/in/yatinder-nath-464517139
• https://in.linkedin.com/company/mahindra-&-mahindra-swaraj-tractors-limited
• https://linkedin.com/in/shashank-aggarwal-a70281211
• https://www.ifinltd.in/corporateinfo/directors-report/swaraj-engines-ltd/1344
• https://samratforgings.com/investors/business-detail/
• https://samratforgings.com/wp-content/uploads/2025/10/Intimation-of-credit-rating-withdrawn.pdf
• https://inductionfoundry.com/
• https://forgingcomponents.com/about.html
• https://rocketreach.co/mahindra-group-email-format_b5c60081f42e0c56
• https://leadiq.com/c/mahindra-group/5a1d95912300005c0084418c/email-format
• https://www.mahindra.com/sites/default/files/2024-12/SEIntimationGSTOrderimposingpenalty24December2024.pdf