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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Automotive retail sales in India touched a new record for the month of June with a total of 2,557,234 units sold, up 21.83 percent YoY, as against 2,098,996 units sold for the same period last year.

As per the latest data shared by the Federation of Automobile Dealers Associations (FADA), the apex body representing automotive dealers in India, the record performance was witnessed across vehicle categories – two-wheelers, three-wheelers, passenger vehicles and commercial vehicles.

For June 2026, two-wheeler sales came at 1.82 million units, up 21.22 percent YoY, three-wheelers at 120,889 units, up 16.2 percent YoY, passenger vehicle at 410,853 units, up 26.6 percent YoY, tractors at 100,818 units, up 25.31 percent YoY and commercial vehicle at 90,972 units, up 16.8 percent YoY.

On the other hand, the construction equipment segment saw a decline of 40.94 percent YoY to 5,244 units, albeit a high base.

C S Vigneshwar, President, FADA, said, “Tractors recorded their second-best June ever. That such records have come in a seasonally transitional month underscores the structural depth of the India Growth Story and the widening aspirations of Bharat.”

He further stated that when it came to two-wheeler sales, saw a marginal MoM sequential decline due to rural demand dip on the back of late onset and uneven progress of south-west monsoon. This led to many customers opting for a ‘wait-and-watch mode’ for their purchase decisions. But on the flip side, dealers witnessed a strong demand for entry-level two-wheelers, improved supply from automakers and a decisive shift in demand for electric vehicle offerings.

“Two-wheeler electric vehicle share crossed double digits for the first time at 10.60 percent against 7.34 percent a year ago,” stated Vigneshwar.

Similarly, passenger vehicle retail sales also clocked their best performance for June, with both rural (+35.09 percent YoY) and urban markets (+24.67 percent YoY) witnessing strong demand. Share of alternative energy vehicles (CNG, hybrid and electric) crossed 40 percent share for the first time at 40.35 percent (CNG 24.33 percent, hybrid 8.27 percent and EV 7.75 percent).

“On the channel side, PV inventory increased by 1 day over May-end to 32–34 days, moving further from FADA’s recommended 21-day benchmark. We once again urge PV OEMs to calibrate dispatches to retail through the monsoon-soft July window so that dealer capital is not locked in aged stock,” said the executive.

Going forward, FADA has maintained a constructive outlook with all eyes on the onset of monsoon making up its deficit with kharif sowing gathering pace and supplies staying normalised following the West Asia ceasefire and easing crude prices.

Vigneshwar said, “For the two-wheeler segment, improving rural cashflows once rainfall catches up and the accelerating shift towards EV and fuel-efficient models should provide support, though deficient-rainfall pockets and the July OEM price hikes may keep some buyers in wait-and-watch mode. Passenger Vehicles enter the month with healthy booking pipelines, particularly in EVs and CNG, and fresh launches, while Commercial Vehicles should stay steady on freight and infrastructure-linked activity. The trajectory of the monsoon remains the single most important variable for rural demand, alongside price-hike absorption and financing turnaround times. Overall, the outlook for July’26 appears Cautiously Optimistic – with monsoon catch-up and rural cashflows the key swing factors ahead of the festive season.”

For Q2 FY2026, FADA expects continued sales momentum through the festive season. But dealers have identified a monsoon shortfall / El Niño could impact rural demand as the single biggest risk, followed by further price hikes affecting affordability and inventory pile-up pressure.

FADA expects that easing geopolitical and fuel-price uncertainty and broad policy continuity will provide a supportive runway into the festive quarter, with the monsoon the key monitorable for Bharat.

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The Indian automobile sector has seen a wave of capital raising and acquisitions, according to an Equirus Capital report.

The finding stated that in recent months, the automotive industry in India has seen massive transactions such as Craftsman Automation raising INR 20 billion and Ola Electric Mobility raising INR 7.8 billion.

Furthermore, Simple Energy secured INR 2.5 billion, while JBM Ecolife Mobility obtained INR 7.5 billion for fleet expansion. Additionally, Rane (Madras) agreed to acquire Hindustan Composites' friction business for INR 3.7 billion and Sona BLW Precision Forgings approved INR 630 million for robotics manufacturing.

Automobile retail sales reached 2.53 million units in May 2026, a 9.55 percent increase compared to the previous year. Passenger vehicle sales rose 23.25 percent to 403,000 units. Rural markets recorded growth of 30.35 percent, outpacing urban markets at 18.80 percent.

Commercial vehicle sales in rural areas grew 8.10 percent, compared to 2.62 percent in urban areas. Two-wheeler retail sales increased by 7.54 percent to 1.84 million units.

Electric vehicle (EV) adoption continues to grow, with EV penetration in two-wheelers reaching 9.25 percent. In the passenger vehicle segment, CNG and EVs accounted for over 38 percent of retail sales. The Delhi Government has also notified a policy with a plan of INR 150 billion to encourage EV adoption.

The report noted that despite month-on-month volume moderation, the sector shows sustained demand and investor interest. According to Equirus Capital, the flow of investments and developments in the EV ecosystem support the outlook for the industry.

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Following the inauguration of the Kharkhoda vehicle manufacturing facility, Toshihiro Suzuki, President of Suzuki Motor Corporation, and Hisashi Takeuchi, Managing Director and CEO of Maruti Suzuki India, visited the Japan-India Institute for Manufacturing (JIM) in Manesar and the Institute of Driving and Traffic Research (IDTR) in Bahadurgarh.

At the JIM in Manesar, the leadership team observed the training programmes that focus on technical expertise, manufacturing practices, and safety. Later, they visited the IDTR in Bahadurgarh to review the driving training provided at the facility.

Toshihiro Suzuki, said, “It was the greatest possible honour for Suzuki in India when both the Hon’ble Prime Ministers of India and Japan inaugurated our Kharkhoda plant yesterday. This places even more responsibility on us to recommit and rededicate ourselves to Viksit Bharat. The foundation of this is human development. I immediately decided to visit today our institutes for road safety – IDTR in Bahadurgarh – and for skill development – JIM in Manesar.”

At present, Maruti Suzuki India manages four JIM locations in Mehsana, Gandhinagar, Manesar, and Sonipat. These institutes provide vocational training accredited by the National Council for Vocational Training and the Ministry of Economy, Trade and Industry, Japan. The training follows a system that combines classroom instruction with industry exposure.

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European automotive Group Stellantis recently hosted 300 suppliers in Paris to discuss its faSTLAne 2030 strategy. The convention included supplier partners, regional leadership and global purchasing executives, focusing on collaboration and execution for the European market.

The event outlined the company’s vision for growth and product renewal. Leaders stressed that achieving these goals requires accountability across the value chain.

Emanuele Cappellano, COO for Enlarged Europe & European Brands and Head of Stellantis Pro One, said, "Europe is entering a pivotal period as we execute our long-term strategy and bring an exciting wave of products and technologies to market. Success depends on our ability to execute together. Our suppliers are essential partners in that journey, helping us deliver the quality, innovation, and competitiveness our customers expect. By working as one team, we can strengthen our performance and position Stellantis for long-term success in Europe."

A recurring theme was the necessity of collaboration and communication between Stellantis and its supply base to support product launches and operations.

Monica Genovese, Chief Purchasing Officer, Stellantis, said, "Creating value starts with strong partnerships. Our suppliers are critical contributors to every vehicle, every launch, and every customer experience. We are committed to being a Customer of Choice by strengthening engagement, listening to feedback, and working together to solve challenges. The path to achieving our objectives is built on trust, accountability, and a shared commitment to execution."

Quality was identified as a core component of the business strategy, with leaders noting that suppliers influence the customer experience from production to long-term reliability.

Stephane Dubs, Senior Vice-President, Purchasing, Enlarged Europe, Stellantis, said, "Quality is a shared commitment across our entire ecosystem; it is not the responsibility of only one team or one organisation. Every decision we make impacts the customer experience. Together with our suppliers, we must continue to raise the bar on cost competitiveness, quality, responsiveness and execution to strengthen customer loyalty and ensure the success of our brands."

The convention offered suppliers direct access to the company’s purchasing teams to align on future priorities.

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