Mahindra & Mahindra (M&M Ltd) has reported a strong operating performance across businesses in Q3 of FY25 with a consolidated PAT of INR 31.81 billion, up 20 percent. Auto and Farm Divisions continue to deliver growth and margins. Profits have been up 16 percent. The Financial services AUM grew at 19 percent and TechMahindra achieved good traction in deal wins, seeing its EBIT improve 480 bps.
Claiming to be Number one in SUVs with revenue market share at 23 percent, up 200 bps, Mahindra & Mahindra reported that SUV volumes in Q3 FY25 rose 20 percent. The company reported that it has retained its number one position in LCVs below 3.5 tonne GVW with a market share of 51.9 percent, up 230 bps. The company also reported that it has retained its number one position in tractors with the market share of 44.2 percent, up 240 bps. 
While the market share of the group in electric vehicles is at 41.8 percent, the market share of MMFSL AUM has increased by 19 percent. TechMahindra EBIT has rose 480 bps with continued focus on margin expansion. The consolidated revenue was reported at INR 414.7 billion, up 17 percent. Consolidated PAT was reported at INR 31.81 billion, up 20 percent. Year-To-Date FY25 RoE was reported at 18.4 percent and EPS at 86.0.
Speaking about the development, Dr Anish Shah, Managing Director and CEO, M&M Ltd. said, “Our businesses continue to demonstrate strength in execution. Auto and Farm delivered solid performance on market share and margins, on the back of focused execution. The transformation at TechMahindra is gathering momentum. MMFSL continues to balance asset quality and growth priorities, with GS under four percent on the back of strong AUM growth. Our Growth Gems are demonstrating steady progress towards their long-term objectives.”
Rajesh Jejurikar, Executive Director and CEO (Auto and Farm Sector), M&M Ltd, averred, “The launch of our flagship electric origin SUVs, the BE 6 and XEV 9e set a new benchmark in global innovation. Thar ROXX won the Indian Car of the Year (ICOTY) as well as Autocar car of the year. In Q3 F25, we were Number one in SUV revenue market share with 200 bps YoY increase. LCV less than 3.5-tonne volume market share is at 51.9 percent, a gain of 230 bps. The Auto segment PBIT is up by 120 bps YoY. We achieved highest ever Q3 tractor market share at 44.2 percent, a gain of 240 bps YoY, and farm PBIT is up by 260 bps YoY.”
 
 

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Stellantis-owned Peugeot and the Strate School of Design have formed a partnership to focus on design and innovation within the automotive sector. Through this collaboration, students will work on projects related to mobility, user experience and technology under the guidance of Peugeot design experts and Strate faculty.

The initiative aims to provide Peugeot with access to student designers while offering students experience in the automotive industry. The projects are intended to act as a laboratory for mobility solutions.

Matthias Hossann, Design Director, Peugeot, said, "This partnership reflects our commitment to bringing academia and industry closer together, in order to foster innovative solutions to the challenges of sustainable mobility. It also enables us to engage with and support young design talents from the earliest stages of their educational journey."

Mike Levy, Head of the Transportation and Mobility Design Department, Strate School of Design, said, "This collaboration provides our students with an exceptional opportunity to confront the realities and ambitions of an industry undergoing profound transformation. By working alongside an internationally renowned automotive design team celebrated for its boldness, they gain first-hand experience of its methodologies, expertise, and high standards. In return, it offers PEUGEOT valuable insight into how this new generation of designers envisions its design practice, its perception of the brand, its relationship with mobility, and the future narratives that shape it."

The partnership is intended to combine academic and industrial perspectives to develop designers for future mobility and vehicle projects.

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BMW Group India has surged to the top of the luxury car retail charts in the first half of CY2026, overtaking its closest rival in a significant milestone for the company. The company sold a total of 9,075 vehicles  between January and June 2026, a 17 percent YoY increase.

In an interaction with Motoring Trends, Hardeep Brar, President & CEO, BMW Group India, attributed this success to a potent combination of new product launches and shifting consumer preferences towards electric vehicles amid global fuel price volatility.

“A couple of factors played very well for us. So firstly, we launched 11 new models and second thing, because of the West Asia crisis, an increase in fuel prices, a lot of narrative got shifted towards EVs; a lot of people are preferring to buy EVs versus diesel now,” said Brar.

The company’s aggressive product offensive has been central to its performance. With 11 models already launched in the H1 against the planned 25 product offensive for the year, BMW is capitalising on both traditional and emerging powertrains. Brar expressed strong confidence for the remainder of the year, noting an even more exciting pipeline ahead.

“So that gives us more confidence and EV story is only getting stronger with every passing day. I think we have reached an inflection point; people are really loving the EVs that we are introducing,” he remarked.

BMW’s EV penetration stands at an impressive 26 percent within the luxury segment, significantly ahead of the luxury average of around 14 percent and the broader industry’s 6 percent.

Brar highlighted that removing ‘BMW from the luxury equation drops the segment’s EV share to 8-9 percent, underscoring the brand’s leadership in electrification.’

Responding to the key factors driving EV adoption in the luxury space include near price parity between petrol and electric variants, ranges exceeding 500 km (with next-generation models targeting 800 km), and innovative customer assurances.

“EV customers have a lot of anxiety in terms of residual resale value. So, we have a program where we give an assured buyback to the customer that after three years you will get 60 percent of the value. And that is really playing and that is giving them confidence,” Brar explained.

MINI’s Remarkable Revival

On the other hand, the MINI brand has also delivered exceptional results. After selling approximately 730 units last year, BMW India launched the locally produced Countryman C last month at INR 4.75 million, passing on cost benefits to customers. The response was overwhelming, with 150 units sold in the first month alone.

“We are growing at almost 70 percent for MINI in H1 CY2026 and we want to double the volumes of 730 units last year and are looking at 1,500 units for MINI in CY2026,” Brar stated.

Localisation, Dealer Dynamics and Manufacturing Focus

On localisation, the company maintains an average of 50 percent, slightly higher for internal combustion engine (ICE) models than EVs, with ongoing efforts to deepen content in battery technology as more local players emerge.

Addressing dealer profitability concerns around EVs, which typically require less aftersales maintenance, Brar noted strong upfront margins due to high demand. “Dealer doesn’t lose any money on selling the new car. Whereas petrol and diesel have an oversupply and thus they are able to make far more money on the electric vehicle.”

He confirmed that discounting remains absent on EVs, with waiting periods stretching to three months owing to robust demand.

India’s rising importance in BMW’s global portfolio was a recurring theme. “India is one of the fastest-growing markets for BMW across the globe. This year, India is at No. 1 in terms of growth globally,” Brar said.

The company has moved into the global top 20 markets, prompting increased focus from headquarters.

Going forward, BMW Group India plans to produce 20,000 cars this year, up from 18,000 units last year, with ongoing investments in production lines and AI for efficiency. A significant INR 4 billion investment is earmarked for the retail network across CY2025–2027.

The second half of 2026, will see BMW Group India introduce 14 additional launches, including electric vehicles, sedans and SUVs, maintaining strong momentum.

Sharing his views on the sedan segment, Brar said that it continues to hold a robust 35 percent share of BMW’s sales, far above the industry’s 9-10 percent, reflecting enduring customer preference for the brand’s driving dynamics.

When asked about key challenges and opportunities, Brar outlined a balanced view.  “In terms of headwinds, forex is an issue because it is deteriorating. And with every one rupee deterioration, it impacts our bottom line by 1 percent.” He also flagged the risk of sudden shifts away from diesel potentially creating inventory challenges.

On the flip side, “The accelerating EV transition, rapidly growing demand from Tier-2 and Tier-3 cities, and continuous improvement in brand and customer experience becoming better with every passing day. So that I see as another very, very strong tailwind for us,” concluded Brar.

Despite broader manufacturing sector concerns around labour shortages, BMW reports no significant issues, thanks to proactive AI and automation initiatives.

Data source: Vahan

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German luxury brand BMW Group India has reported its highest-ever sales for the first half (H1) of 2026, delivering 9,075 vehicles between January and June, a 17 percent YoY increase.

In Q2 CY2026, the company delivered 4,507 cars, representing 17 percent growth compared to the same period in 2025.

The group maintained a strong position in the luxury electric vehicle (EV) segment, delivering 2,359 EVs during the first half, marking a 78 percent increase, with these EVs now accounting for 26 percent of its total sales.

The company also saw significant demand for long-wheelbase models, which recorded a 24 percent increase and made up 52 percent of total sales. Sports Activity Vehicles (SAVs) contributed 65 percent to total volumes, growing by 35 percent.

On the other hand, MINI recorded 504 deliveries, a 70 percent increase, while BMW Motorrad delivered 2,327 motorcycles during the same period.

Hardeep Singh Brar, President and CEO, BMW Group India, said, “BMW Group India has delivered its highest-ever sales performance in the first half of 2026. We have delivered 9,075 cars, but beyond this impressive number, what we are really focused on is to continue our steady double-digit growth in an otherwise challenging environment. The +17 percent growth is a clear reflection of the deep trust our customers place in our brands. Our decisive hold on electric mobility has solidified BMW Group India as the number one choice in luxury EV segment. With a phenomenal 78 percent growth, every fourth car we sell today is an EV. Furthermore, our customer-centric product strategy continues to pay off, driven by a substantial surge in demand for our executive long wheelbase models and dynamic sports activity vehicles. Building on the thrill of our new launches, we have planned 14 more exciting products across all three brands before year end. We will drive this performance to the next level with a luxury experience that is unparalleled in the segment and matches evolving customer desires. With the commitment of our dedicated team and dealer partners, we are confident of driving the momentum and rewriting success stories for the rest of the year.”

In H1 CY2026, BMW Group India has already launched 11 products and plans 14 additional launches by the end of the year. The company’s retail network currently stands at 100 touchpoints across 40 cities, with plans to open 19 more outlets in 18 cities throughout 2026.

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Vimag Labs has secured its fifth patent in India, marking a significant milestone for the company’s intellectual property holdings. The newly granted patent, titled ‘A Robust Rotating Transformer Excited Synchronous Motor and Its Control’, protects the fundamental design of the firm’s proprietary Virtual Magnet Synchronous Motor (VMSM) platform. This latest development strengthens a portfolio that now includes 5 granted patents, 10 pending applications and 15 filed trademarks across multiple technological domains.

The patented VMSM technology departs from conventional permanent magnet synchronous motors by eliminating fixed rare-earth magnets from the rotor. Instead, it employs power electronics and advanced control algorithms to generate and regulate its magnetic field in real time. This brushless, slip-ring-free design delivers performance comparable to, or better than, traditional magnet-based solutions while removing the dependency on physical magnetic materials.

With active pilot projects already underway alongside established two-wheeler and passenger car manufacturers, Vimag Labs is positioning itself for broader commercial adoption. Expansion strategies target light commercial vehicles, heavy commercial trucks and high-power industrial systems ranging from 200 kilowatts to 600 kilowatts, with additional research directed towards robotics, defence applications and cooling systems. The patented architecture provides original equipment manufacturers with reduced motor costs and insulation from supply chain vulnerabilities associated with rare-earth magnets, predominantly sourced from China.

Recent financial backing includes a USD 5 million Series A round led by Accel, with participation from Chakra Growth Fund and Thinkuvate. A manufacturing memorandum of understanding has also been signed with Jendamark Private Limited to facilitate production scaling. For India, the homegrown motor technology aligns directly with the Make in India and Atmanirbhar Bharat initiatives, promoting indigenous development of critical electric propulsion systems.

Manish Seth, Co-Founder and CEO, Vimag Labs, said, “This patent is the outcome of over 87,600 engineering hours. It strengthens every dimension of our commercial roadmap- OEM partnerships, licensing, manufacturing scale-up and future growth. Our long-term vision is to build scalable, software-driven, magnet-free motor systems for global electrification. This innovation strengthens India’s deep-tech base across electric mobility, power electronics, robotics, defence and clean-energy systems.”

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