When coating a hardwood, make sure you read the instructions very carefully with any product. Also, where are you from? I ask because it makes a difference in what types of products you can get.
Whatever product you get, you will help yourself if you very lightly sand it to get the product to penetrate better.
Also, with mahogany, it is such a beautiful natural wood, I would recommend going with something that isn't heavily pigmented. You will probably want to stay with something that is "clear" or slightly ambered.
Unless you are into the Semi Solid or Solid stain world, you are going to have to keep maintenance up likely once a year or at most 18 months.
Definitely go to a paint store to get their recommendation, and not Home Depot or Lowes. THey won't have a clue how to solve your project.