Mahindra Maintains Optimistic Outlook For FY2026, New Greenfield Facility By FY2028
- By Nilesh Wadhwa
- May 05, 2025
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.
Stellantis-owned French auto brand Citroen India and Milo Drive have signed an MoU to deploy 500 units of the Citroen e-C3 electric car.
Milo Drive operates ‘Fleet OS’, a platform that supports driver entrepreneurs and local fleet operators in managing cars across ride-hailing, travel and corporate mobility platforms.
The collaboration combines Citroen’s engineering with Milo Drive’s technology, which includes demand routing, utilisation analytics and driver performance tech. This is designed to create a scalable ecosystem.
Shishir Mishra, Business Head & Director - Strategic Partnerships & Institutional Business, Stellantis India, said, “Scaling electric mobility in India requires strong, future-ready partnerships, and our collaboration with Milo Drive reflects exactly that. The Citroen e-C3 offers the ideal balance of range, comfort and operating efficiency making it a proven performer for shared mobility. Together, we are enabling EV access at scale and contributing meaningfully to India’s transition toward a low-carbon mobility ecosystem.”
Monil Jayeshkumar Khatri, Co-Founder, Milo Drive, said, “With Citroen, we’re blending affordability with intelligence. Their support extends beyond vehicles to real-time battery insights and performance data; helping us further enable hundreds of entrepreneurs to build and run their own mobility businesses through Milo Drive’s tech platform. This collaboration is a significant milestone in our journey to electrify India’s urban mobility landscapes.”
Spinny Expands North India Footprint with New Car Parks
- By MT Bureau
- November 20, 2025
Spinny, a used car retail platform, has opened new car parks in Sonipat, Karnal and Ambala, increasing its presence in North India. The expansion gives customers in these cities and surrounding regions access to the company’s collection of inspected used cars.
The new car parks are located along the GT Road corridor, improving regional accessibility for customers across the North region.
The new parks function as single destinations where customers can explore, test drive, buy, or sell cars. The expansion aims to serve growing demand for pre-owned vehicles along this corridor, complementing Spinny’s customer base in Delhi NCR and Chandigarh.
Hanish Yadav, Senior Vice-President, Spinny, said, “With our new parks in Sonipat, Karnal and Amabala, we’re excited to bring Spinny’s trusted car experience closer to our customers. These parks not only expand our reach but also make it easier for customers to explore our 200-point inspected cars in person. At Spinny, we’re committed to making every step of buying or selling a car transparent, comfortable, and filled with joy.”
Toyota Kirloskar Motor Launches Winter Carnival Service Campaign In North India
- By MT Bureau
- November 20, 2025
Toyota Kirloskar Motor, one of the leading passenger vehicle manufacturers, has launched its ‘Winter Carnival – Service Campaign’ across all authorised Toyota dealerships in Northern India. The campaign runs from November to December 2025.
The initiative aims to enhance customer satisfaction by offering value on services, treatments and genuine accessories during the winter period.
Under the service campaign, the automaker is providing a complimentary 20-point vehicle safety and health check-up, which includes inspection of tyres, batteries, rubber components, lights and fog lamps to ensure performance during winter. Special value packages and offers on essential service parts replacement. Deals on accessories and gifts with the purchase of TGLOSS treatments to keep customer vehicles looking new.
The campaign covers the NCR (National Capital Region), Uttar Pradesh, Uttarakhand, Rajasthan, Haryana, Punjab, Jammu & Kashmir and Himachal Pradesh.
Sabari Manohar, Vice-President & Chief Representative – North Region, Toyota Kirloskar Motor, said, “With our Customer-First philosophy, we remain committed to delivering best-in-class service experiences to our valued customers. Drawing from customer insights, we have curated the Awesome Winter Carnival Campaign, featuring customized service value packages designed to keep our customers’ vehicles winter-ready. We are confident that this initiative will further enhance ownership satisfaction and strengthen the joy of driving a Toyota vehicle.”
Maruti Suzuki India Opens 1,500th Parts & Accessories Distributorship In Mumbai
- By MT Bureau
- November 20, 2025
Maruti Suzuki India, the country’s largest passenger vehicle manufacturer, has inaugurated its 1,500th Parts and Accessories distributor touchpoint in Mumbai, Maharashtra.
The new facility was inaugurated by S D Chhabra, Executive Officer, Maruti Suzuki India and Kohsuke Hattori, Executive Vice-President - Parts, Accessories and Logistics, Maruti Suzuki India.
Hisashi Takeuchi, Managing Director & CEO, Maruti Suzuki India, said, “Nothing gives customers greater peace of mind than the confidence that they can easily access company-tested and certified parts and accessories nearby. These genuine parts and accessories help maintain performance, safety, and longevity of the vehicle, one of the key reasons why customers continue to choose Maruti Suzuki. To further strengthen this trust, we are expanding our parts and accessories distribution network beyond our already widespread sales and service footprint.”
The automaker’s genuine parts and accessories network plays an important role in the company’s customer-focused ecosystem, complementing its extensive sales and service footprint across India.
It’s network is operated by authorised distributors, comprising warehouses and retail outlets, which are strategically located to provide easy access to genuine, high-quality parts and accessories across the Maruti Suzuki vehicle range.
These touchpoints primarily cater to smaller independent workshops and mechanics.
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