Coloring mahogany doesn’t need to be as involved as that first process. You’re allowed to just open a can of wood stain — and there are legitimate reasons for staining mahogany, such as making the color of a whole project look even and homogenous. The results, of course, are far less dramatic and less nuanced than the first method (above), but stains can still look nice.
There are a lot of kinds of oil stains to choose from, but basic penetrating oil stains seem to bring the nicest results from the bunch. You’ll know this kind of a stain by how thin and watery they are. Because of that, they only just kiss the wood with a bit of color. The pigment builds up in the pores, darkening them more than the surface wood which highlights the character in the wood rather than obscuring it. And some stain colors look very natural on mahogany like Old Masters “Dark Mahogany” color.
Not all oil stains are engineered the same way. Gel stain, for example, is most often suited for creating a wood grain appearance on fiberglass doors. That’s why if you were to get up close to the stained piece of mahogany on the right you’d notice that the color appears to be almost like a translucent layer of film riding on top of the wood rather than getting into it. The gel stain has muddied the grain of that piece of mahogany. Gel stain has its place — on a piece of raw mahogany is, arguably, not it.
Genuine mahogany also accepts water based stains just fine. As usual, raise the grain and sand it back before applying the water based stain. If you do want to use a water based stain, I suggest filling the grain with a darker water based filler first. Perhaps Timbermate’s walnut colored filler.
After staining mahogany (and after it dries!), protect it with your preferred top coat like varnish, shellac, lacquer or polyurethane.