Mumbai-headquartered automotive major Mahindra & Mahindra has announced its financial results for FY2025 with revenue of INR 1,592 billion, up 14 percent YoY and a net profit of INR 129 billion, up 20 percent YoY.

The robust financial performance was underpinned by strong automotive sales across key segments. Mahindra stated it continue to top the SUV sales with a revenue market share of 22.5 percent. Furthermore, the OEM held the top spot in the Light Commercial Vehicle (LCV) segment under 3.5 tonnes, commanding a market share of 51.9 percent. The Tractor division also achieved its highest ever full-year market share at 43.3 percent.

Going forward, the company continues to maintain an optimistic outlook for SUV and EV sales. The company has announced that it will unveil a new platform 'Vision' on 15 August 2025, which will further expand its product portfolio.

Furthermore, Mahindra is set to increase its manufacturing capacity for XUV 3X0 and Thar Roxx by 3,000 units, a new platform capacity in Chakan for 120,000 units per annum and a new greenfield facility by FY2028, which will primarily focus on the passenger vehicle segment. The company is also looking at different states and the kind of incentives it gets, before finalising the location.  

“Our current capacity utilisation on the SUV side is almost over 90 percent with Scorpio very close to capacity, Thar Roxx and 3X0 fully on capacity and Bolero is lesser in capacity,” said Rajesh Jejurikar, Executive Director & CEO – Auto and Farm Sector, Mahindra & Mahindra.

Furthermore, the company’s born electric platform, which has spawned the BE 6 and XEV 9e has recently crossed the 6,300 sales mark. At present, the EVs have around 40,000 bookings with an average waiting time of 4-5 months.

Jejurikar explained that an EV customer usually sees around 2 hours of discussion time at the dealership, which is significantly higher than that of an ICE-vehicle customer.

“There's also work to be done by way of enabling charging infrastructure to be facilitated, set up, which means working with their societies or their office complexes wherever they want the charger and all of that needs to be coordinated well and then there's an installation process to be done at home. We have seen that this process is very important to customers to make sure that the experience is very seamless. As we think about ramping up, this is an added thing over and above the input quality which of course is a very important parameter because there is a lot of high tech and so we want to be very calibrated in the way we ramp up. As we have said earlier, that even though we have capacity, we are not operationalising all of that,” added Jejurikar.

A significant highlight was the positive performance of Mahindra's EV division. The company reported being EBITDA positive in the first quarter of the fiscal year within its EV segment, even without considering certain incentives (PLI). This achievement was attributed to a favourable variant mix. While celebrating this milestone, the company cautioned that achieving EBIT margin positivity in the EV sector is anticipated to take several quarters, potentially extending to a year or 18 months. This timeline reflects the ongoing investments required to scale up their EV operations, for which incentives are intended to provide support. The company anticipates that significant EBITDA positivity in the EV segment will become more pronounced as production volume increases.

On the other hand, responding to slowdown in the passenger vehicle sales, Jejurikar stated, “I think there are several enablers which will start kicking in – government spending, infrastructure spending, all of that which will lead to demand picking up. The smaller segments will start gaining out of the income tax benefit that will start kicking in from the front. We think that will be an enabler as well as interest rates come down over time, I think that will be another positive enabler. I do think that over the next few months, the sentiment will start kicking up. But it's a world with a lot of uncertainty at the moment. Multiple things are happening around the world so we don't see any uncertainty that comes out of that.  But, overall I think many macroeconomic factors are positive.”

Dr Anish Shah, Managing Director, Mahindra & Mahindra, added, “I just want to reflect on the numbers – both revenue growth and bank growth – where the stress isn't particularly visible. Yes, there is some level of commercial urban stress, but from our product standpoint, we haven't seen significant impact. Even when we look across other businesses, overall, the picture remains positive. The recent actions around liquidity and interest rates should start to drive greater demand and improved functionality. So, on balance, I’d say we aren’t seeing substantial urban stress at this point – perhaps a slight slowdown or a temporary blip, but nothing major. I believe that's something we’ll bounce back from.”

Looking beyond the domestic market, Mahindra expressed considerable optimism regarding its expansion in North America. The launch of the OJA tractor series in the North American market is reported to be gaining significant traction. Specifically, in the less than 110 horsepower tractor segment, where Mahindra has a strong presence, their retail market share has reportedly surged from 3 percent to 10 percent over the past four months. This sub-110 horsepower category constitutes a substantial 40 percent of the total market volume. This significant growth in their key segment underscores the strategic importance of the OTA series and justifies the investments made in its creation.

Responding to a question regarding potential entry into the insurance market, a Dr Shah stated that this has been under consideration for several years. While acknowledging the complementary nature of their existing business and the large market size, he indicated that any entry would be contingent on identifying a suitable approach that ensures successful returns. But no immediate plans for entering the insurance sector were announced.

Going forward, Mahindra is said to be open to new partnerships and acquisitions.

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Tata Motors Passenger Vehicles expects to sustain double-digit growth of around 12-13 percent in FY2027, supported by strong demand across its portfolio, increasing penetration of electric vehicles (EVs) and CNG models, and an expanding product line-up. However, the company expects growth to moderate in the second half of the financial year as the industry navigates a high year-on-year base.

Speaking during the company's Q2 FY2027 earnings conference call, Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles, said the Indian passenger vehicle industry had registered 29 percent YoY growth, with absolute volumes expected to remain strong despite some moderation in growth rates.

Tata Motors recorded its highest-ever quarterly passenger vehicle volumes of approximately 200,000 units during Q2 FY2027, registering 40 percent YoY growth and securing a domestic market share of 14.3 percent. The company also reported market share of 14.8 percent in October 2026, with sales exceeding 75,000 units.

The Tata Punch emerged as the highest-selling passenger vehicle model in the industry during the quarter, while the Punch and Nexon both featured among the top five models. The recently launched Tata Aeris has also received an encouraging market response, adding to the company's growth momentum.

Chandra emphasised that the company's growth was being driven by demand across its portfolio rather than aggressive market-share acquisition. "We are not trying to buy market share; we are just trying to fulfil the demand, which exceeds supply," he said.

Green powertrains are becoming increasingly important to Tata Motors' passenger vehicle business, with EVs and CNG vehicles together accounting for approximately 50 percent of its sales.

The company's EV market share stood at 43 percent despite intensifying competition and the entry of almost all major automotive manufacturers into the segment. Chandra attributed the broader expansion of the EV market to improving product offerings, longer driving ranges, stronger warranty coverage and supportive regulations.

Tata Motors expects EV penetration to increase further as production capacity improves. The company currently has only around 10 days of EV inventory, reflecting demand that continues to outpace supply. Its EV production is expected to increase to nearly 20,000 units over the next two to three months, compared with approximately 9,000 units in the corresponding period of the previous year.

Chandra indicated that capacity constraints had prevented the company from fully capitalising on EV demand, with all manufacturing facilities operating at full capacity. The company estimates that it is currently addressing only around 60-65 percent of the demand-supply gap.

CNG is another significant growth driver. Industry CNG penetration has reached approximately 25 percent, with CNG passenger vehicle volumes growing around 70 percent. Increasing OEM participation, a wider choice of products and the expansion of the CNG refuelling network, which has reached approximately 9,000 stations, are supporting adoption.

Tata Motors has also witnessed its highest-ever quarterly CNG volumes. The company believes the segment has further headroom for growth, although supply constraints remain a limiting factor.

Supply chain remain priorities

With demand continuing to exceed supply in several segments, Tata Motors is focusing on improving production capabilities and addressing supply chain constraints.

The company acknowledged some pressure on semiconductor availability but said it had managed to secure supplies at higher costs without losing production. Supply-side challenges are also being addressed through capacity ramp-ups, particularly for electric vehicles.

Rural markets have emerged as another area of strength. Rural retail sales currently account for approximately 44-45 percent of Tata Motors' passenger vehicle sales, with recent growth in rural markets marginally outpacing urban demand. Chandra attributed this partly to the company's expansion of its reach in these markets.

The company expects the Indian passenger vehicle market to maintain healthy absolute volumes, although the 29 percent industry growth recorded in the second quarter is unlikely to be sustained at the same rate because of the elevated base.

Commodity inflation puts margins under pressure

Despite strong volume growth, profitability remains under pressure from rising commodity prices, foreign exchange movements and supply chain costs.

Tata Motors Passenger Vehicles reported its highest-ever quarterly revenue of approximately INR 204 billion, up 50 percent YoY, while profit before tax was around breakeven. The company also highlighted the impact of commodity inflation, particularly in steel, rubber, copper and precious metals.

Chandra said the company had exercised financial discipline through the first two quarters, absorbing significant cost increases while avoiding large price hikes. It is assessing which commodity cost increases are structural and which could moderate over time.

Dhiman Gupta, CFO, Tata Motors Passenger Vehicles, said approximately 40 percent of the cost impact had been offset through price increases and cost-reduction initiatives, with the balance absorbed through the profit and loss account. The company continues to monitor the situation and has not ruled out further price increases if required.

Chandra indicated that Tata Motors could consider another price hike in Q4 FY2027, depending on the trajectory of input costs. However, the company intends to take a measured approach rather than passing on temporary cost increases through immediate price adjustments.

He also noted that the company did not foresee an immediate discounting environment, given that dealer inventory remained below 30 days.

JLR maintains investment roadmap amid global challenges

Jaguar Land Rover continues to pursue its 5-year investment plan despite a challenging operating environment. Richard Molyneux, Chief Financial Officer, JLR, said the company had revised its FY2027 EBIT margin guidance to 2-3 percent and expected to be marginally cash-positive in the second half of the financial year.

The company is progressing with the production and ramp-up of the Range Rover Electric and Range Rover Sport Electric. The Range Rover GT is expected in early calendar year 2027, followed by the Jaguar Type 01 in FY2028 (calendar year 2027).

Molyneux said the revised guidance factored in the challenges anticipated by the company while maintaining its planned product introduction schedule.

China remains a concern for JLR, reflecting broader challenges faced by Western automotive manufacturers in the market. The company is actively reviewing its China strategy, with a focus on managing dealer inventories and avoiding excessive discounting to protect market positioning.

Demand visibility remains strong

For Tata Motors Passenger Vehicles, the immediate priority is to convert strong demand into sales through improved production capacity, particularly in EVs and CNG vehicles, while managing rising input costs.

Chandra reiterated the company's expectation of 12-13 percent growth in FY2027, with a stronger first half followed by a more moderate second half because of the high comparative base. With EV and CNG adoption gaining momentum, the company expects green powertrains to play an increasingly significant role in its growth strategy.

The ability to ramp up production, manage commodity inflation and maintain pricing discipline will be critical to translating the current demand momentum into sustainable growth and improved profitability.

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Tata Motors Passenger Vehicles has announced its financial results for Q2 FY2027, reporting consolidated revenue of INR 969.2 billion, representing a 34 percent YoY growth. Consolidated EBITDA reached 6.2 percent with an EBIT margin of 1.1 percent, while profit before tax, before exceptional items, stood at INR 4.03 billion.

During the quarter, the company incurred an exceptional expenditure of INR 67 billion for employee separation costs and asset impairments.

In Q2 FY2027, Tata Motors’ domestic passenger vehicles business recorded its highest quarterly revenue at INR 204.23 billion, up 51 percent YoY, driven by a 40 percent volume growth. Electric vehicle volumes grew 90 percent YoY, pushing alternative powertrains past 50 percent penetration, with electric vehicles accounting for 23 percent and compressed natural gas (CNG) models at 28 percent. The domestic unit registered an EBITDA margin of 4 percent and an EBIT margin of -0.3 percent, affected by commodity costs and foreign exchange pressures, while generating a positive free cash flow of INR 8.25 billion.

Tata Motors-owned British marquee luxury brand Jaguar Land Rover reported revenue of GBP 5.9 billion, a 20.3 percent increase YoY, supported by wholesale volume recovery following cyber incidents in the previous year.

Jaguar Land Rover posted an EBITDA margin of 6.6 percent and an adjusted EBIT margin of 1.1 percent, with a profit before tax and exceptional items of GBP 6 million. During the quarter, Jaguar Land Rover unveiled three luxury electric vehicles – the Range Rover Electric, Range Rover Sport Electric, and the Jaguar Type 01 – built in the United Kingdom, alongside restructuring provisions of GBP 530 million and a free cash outflow of GBP 540 million.

Dhiman Gupta, CFO, Tata Motors Passenger Vehicles, said, “In Q2 FY27 TMPV continued to build on its strong momentum in the domestic business, while JLR delivered resilient volumes despite global market specific challenges and wind-down of previous Jaguar models. However, adverse mix and persistent commodity pressures weighed on margins. Both businesses remain fundamentally strong, and we stay focused on executing our medium-term priorities: driving growth through new launches, accelerating cost reductions and improving cash generation.”

PB Balaji, CEO, Jaguar Land Rover, said, “JLR delivered positive operating profits in the second quarter and first half of the financial year, despite ongoing global challenges. We launched three new products: Range Rover Electric, Range Rover Sport Electric and the show stopping Jaguar Type 01 at a world premiere in New York. With the proposed arrival of Range Rover GT and a new electric Defender product in the new year, we are entering a phase of exciting product launches. This, together with our growth plans for the US and disciplined execution of the Enterprise Missions to reduce our breakeven volumes to 300k units, positions us well to deliver consistent, cash-accretive growth in the coming years. I would like to thank all our people, supply chain and retail partners for their continued support.”

Shailesh Chandra, MD and CEO, Tata Motors Passenger Vehicles, said, “Q2 FY27 was another quarter of strong execution for Tata Motors PV, with record quarterly sales of 200k+ units and industry-beating growth of 40% YoY reflecting robust customer demand across our portfolio. We maintained our leadership in electric mobility, recording industry-beating growth of 90 percent YoY in EV sales. Building on the momentum of our Q1 launches, we further strengthened our portfolio with new launchings including the all-new Tata Aeris. We also unveiled our new customer-facing identity, TATA.CARS, reflecting the evolution of our brand in step with the aspirations of today's Indian car buyer. We registered a Y-o-Y revenue growth of 51 percent and our highest ever quarterly revenues of INR 204 billion in Q2FY27. While steep commodity cost pressures remained a headwind, we responded through calibrated pricing and focused cost actions. Looking ahead, we remain focused on sustaining industry-beating growth, capitalizing on growing EV-penetration, ramping up production capacity and strengthening profitability.”

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European auto major Stellantis recognised 61 suppliers from around the world on 10 November at its sixth annual Global Supplier Conference and Awards held at the Masonic Temple in Detroit.

During the event, 21 companies were named 2026 Suppliers of the Year, while 40 companies received recognition across categories covering materials, quality, innovation, programme management, corporate social responsibility, carbon reduction and value creation.

The conference brought together more than 1,000 supplier representatives and members of the Stellantis leadership team. Executives outlined priorities around programme launch execution, technologies, supplier engagement in design and quality standards to support the FaSTLAne 2030 strategy, alongside a presentation on Jeep brand strategy and the company's ties to the Chrysler, Dodge, Jeep and Ram brands in Detroit.

A cross-functional Stellantis team selected the recipients based on quality, delivery, innovation, operational and financial metrics, corporate social responsibility and competitiveness.

Antonio Filosa, CEO, Stellantis, said, “Delivering on our strategy requires us to move faster, innovate smarter and execute with excellence. Our suppliers are essential partners in this journey, helping us bring great products to market, strengthen our competitiveness and create greater value for our customers. Congratulations to all this year’s award winners, and thank you to our global supplier community for your partnership and continued commitment.”

Monica Genovese, Chief Purchasing Officer, Stellantis, said, “Strong supplier partnerships are built on trust, performance and continuous improvement. This year’s honourees distinguished themselves through their ability to deliver quality, innovation and value in a dynamic environment. Their performance strengthens our competitiveness and helps us create better outcomes for our customers.”

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Nissan Motor India (NMIPL), a leading manufacturer of passenger vehicles in the country, is observing World Quality Month across its network of 315 sales and service touchpoints during November 2026.

The campaign operates under the theme 'Unmistakable Quality. Every Customer. Every Vehicle. Every Time.' and centres on the operational principle of 'Fix It Right the First Time' to standardise repair processes and aftersales support across dealerships.

The programme is structured around four weekly pillars covering environment, personnel, customer experience and repair quality.

Activities throughout the month include workshop standard audits, technical training programmes for service personnel, customer education workshops, vehicle health check-up camps and feedback collection mechanisms aimed at verifying service quality across the network.

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