The five-game victories over the event's top two seeds led to Mahesh making a breakthrough appearance in the sixth edition of the IMET Open.
The 19-year-old World No.98 from Mumbai downed two-time champion Jan Koukal, the top seed from the Czech Republic, 13-11 11-8 9-11 7-11 13-11 in the semi-finals in 98 minutes at the Imet Squash Centrum.
Third seed Mahesh then lined up against defending champion Greg Lobban, the No.2 seed from Scotland, who was celebrating his third successive appearance in a Tour final.
Edinburgh-based Lobban, ranked 82 in the world, dug deep to take the fourth and force a fifth game decider.
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"The turning point of this final was in the second set, where I started to move properly on the court," said the jubilant champion after the second Tour title triumph of his career.