YES! (Need actual data.)
I would suspect that a radiator cover won't do a whole lot, especially if the tractor is not moving: tractors don't move all that fast, so not a lot of air flow, though if there are winds then, yes, blocking would help with that situation. I'd be careful about affecting any HST functions (hydraulic coolers): no idea whether this even applies to the model of concern in this thread.
Might see if Mahindra specs a warmer thermostat. I know that EricTheOracle went through trying to get temps up on his Kioti NX6010HC; I believe he figured success from installing a higher opening thermostat.
Does Mahindra (or anyone?) have factory covers? If they don't then they likely have a reason for that.