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.

Comments (0)

ADD COMMENT

Link Copied!

Dubai-based M Monogram Atelier has completed the first G 3.0 Iconic, a bespoke project based on the Mercedes-Benz G-Class that combines redesigned bodywork with an extensively customised interior. The vehicle is the first example of a planned worldwide series of 50 units and is currently available for sale.

The project focuses on reworking the G-Class's exterior proportions and bringing together individual design elements across the bodywork and cabin. The exterior features widened and lengthened bodywork, pronounced wheel-arch extensions, sculpted side steps and enlarged door hinges. A fine contrasting line runs along the body, visually connecting the front and rear sections.

The design draws inspiration from the expressive character of 1930s motoring, while the oversized front grille takes separate cues from automotive styling of the 1960s. M Monogram Atelier has used contrasting gloss-black upper surfaces and satin-black lower panels to emphasise the revised body contours. The side steps also feature a contrasting edge running between the wheel arches, while decorative side gills carry the atelier's emblem.

The front bumper incorporates three-pointed light modules that also house the turn indicators. The front splitter, rear diffuser and roof spoiler follow a consistent design approach, while two strobe-light sections are positioned at the outer edges of the front roofline. Completing the exterior are six-spoke sculpted wheels featuring M Monogram centre caps.

Inside, the G 3.0 Iconic adopts a Cognac Heritage colour scheme, combining warm cognac-coloured Nappa leather with black accents. The treatment extends across the seating, interior trim and luggage compartment creating a consistent finish throughout the cabin.

The rear seating features sculpted surfaces, vertical contours and detailed stitching. Individual tray tables with integrated cup holders have been incorporated for rear passengers, while an analogue clock with a circular dial adds a traditional design element to the dashboard.

Further detailing includes a combination of perforated leather and weave-textured inserts along with leather door pulls. The leather headliner features a pattern of stylised stars, accompanied by the Iconic inscription.

The same cognac finish continues into the luggage compartment through matching side panels and a luggage cover. On the rear door, a weave-textured insert surrounds a central panel bearing the M Monogram emblem. The project name and individual vehicle number are also incorporated into the interior.

M Monogram Atelier is offering three decorative treatments for the project: Black, Silver and Gold. These provide different combinations of finishes for elements such as the grille, wheels and exterior accents. Customers can also select individual colours, finishes and decorative details with the final specification agreed for each vehicle.

With the first example completed, the G 3.0 Iconic marks the beginning of the atelier's proposed 50-vehicle series. Its approach centres on combining exterior modifications with coordinated interior craftsmanship rather than limiting the customisation to individual cosmetic additions.

Comments (0)

ADD COMMENT

Link Copied!

French auto major Renault Group has secured a 4-star rating for adult occupant protection and a 3-star rating for child occupant protection in the latest Global NCAP Safer Cars for Africa crash tests for its popular Kiger SUV.

The results for the Indian-manufactured Renault Kiger are based on the updated rating following a voluntary submission by Renault after the SUV was initially selected for testing in its previous standard specification.

Global NCAP initially selected the Kiger when the model featured two airbags without ISOFIX anchorages or electronic stability control, resulting in a 2-star rating for adult occupant protection and a 1-star rating for child occupant protection.

Renault subsequently updated the vehicle specification to include six airbags, electronic stability control, ISOFIX anchorages, and pedestrian protection as standard equipment. In the re-assessment, the SUV demonstrated good protection for the head, abdomen, and pelvis in side impact testing, met UN127 pedestrian protection regulations, and complied with Global NCAP requirements for electronic stability control and seatbelt reminders.

Richard Woods, CEO, Global NCAP, said, “It’s satisfying to see the safety improvements Renault has introduced with the updated Kiger in South Africa. We welcome their positive engagement and hope that this approach now becomes a trend across the industry. It demonstrates what can be achieved when a manufacturer seeks to prioritise safety, and it shows why six airbags must become a standard requirement.”

Bobby Ramagwede, CEO – Automobile Association of South Africa, said, “The Automobile Association of South Africa welcomes this considerable improvement in the Global NCAP safety rating of the Renault Kiger, going from a concerning two-star rating to a commendable four-star result. This updated Indian-built Kiger proves that the #SaferCarsForAfrica program is indeed yielding real change and saving many lives on South African roads. It is also a reminder to both the manufacturer and the consumer that improving safety needn’t cost much nor affect the production of entry-level model ranges. The result, when manufacturers prioritise the safety of their customers, saves many lives and revives the image of the industry. We commend the French brand on voluntarily submitting the Kiger for testing and strongly encourage those local brands with recent poorer results to work with us on improving the safety of their affected entry-level models, ensuring that safety is prioritised over cost and proving that African lives indeed matter.”

Comments (0)

ADD COMMENT

Link Copied!

Mumbai-headquartered automotive major Mahindra & Mahindra has announced that its XUV 3XO ZNG has achieved a 5-star safety rating under the Bharat New Car Assessment Programme (Bharat NCAP), making it the first sub-compact CNG vehicle in India to receive the score.

The compact SUV recorded 29.36 out of 32 points for Adult Occupant Protection and 45 out of 49 points for Child Occupant Protection. The model features 35 standard safety items, including six airbags, Electronic Stability Control and ISOFIX child-seat mounts.

Safety provisions specific to the CNG system include an integrated gas-leak detection mechanism that switches the fuel source to petrol mode if a leak occurs. The c-SUV features an underfloor twin-cylinder tank layout that maintains a flat boot floor and 270 litres of cargo space. Power output stands at 82 kW with 200 Nm of torque across petrol and CNG modes, alongside a certified fuel efficiency rating of 24.7 km/kg.

Dr Velusamy R, President of the Automotive Business, Mahindra Group, said, "At Mahindra, safety is a fundamental commitment that guides every stage of vehicle development. The XUV 3XO ZNG was engineered to excel across every aspect of the ownership experience, delivering ‘zero compromise’ in space, technology, performance and driving experience. Its robust architecture is engineered to provide high levels of occupant protection and peace of mind on every journey. The 5- star Bharat NCAP rating is a testament to our engineering excellence and reinforces the XUV 3XO ZNG's position as an SUV that excels across every dimension.”

Comments (0)

ADD COMMENT

Link Copied!

Mahindra and Mahindra is preparing to roll out four new products for its SUV portfolio and one light commercial vehicle in the first half of calendar 2027 as the automaker looks to sustain growth through a pipeline of new models and a significant expansion in production capacity.

The five planned launches will comprise a new product based on the company's new NU-IQ platform, an all-new battery electric vehicle, a lifestyle vehicle and one product refresh alongside a new LCV, informed Executive Director and CEO, Auto and Farm Sectors, Rajesh Jejurikar during the company's Q2 FY27 earnings call.

The product pipeline comes as Mahindra continues to face capacity constraints amid strong demand for its SUV portfolio. The company said it was operating at or above its available production capacity with October production exceeding the monthly capacity it had indicated for the end of September.

Mahindra began FY27 with SUV production capacity of around 64,500 units a month. This is expected to increase to 82,000 units a month by the end of the current financial year followed by 92,000 units in the next financial year. The company is targeting capacity of 132,000 units a month by the exit of FY31 as a new plant comes upstream.

Jejurikar also confirmed that the company was progressing with its Nagpur project. “We are on track for setting up the Nagpur project. We got the parcel of land and work is starting very shortly on that,” he said, adding that the facility would support the rollout of new products according to the schedule presented by the company.

Capacity expansion to support SUV growth

Mahindra reported 26 percent year-on-year growth in SUV volumes in the second quarter, while volumes for the first half increased 20 percent. However, the company said its sales performance continued to be constrained by production capacity.

At the end of September, its monthly capacity was around 61,000 units for internal combustion engine products and 8,000 units for electric vehicles. Jejurikar said the company had produced more than this indicated capacity in October reflecting the strength of demand.

The company maintained its expectation of mid-to-high-teen growth in its SUV business during FY27 with additional capacity expected to support volumes.

The company is also expanding its electric vehicle ecosystem. It had established 49 ultra-fast charging stations covering around 12,000 kilometres of highways with charging facilities available approximately every 200 kilometres on the covered routes. Mahindra and Mahindra plans to increase this network to 215 stations by the end of calendar 2027.

Commodity inflation puts pressure on margins

The expansion and product pipeline come against a backdrop of elevated input costs. The company’s earnings presentation highlighted year-on-year increases of 42 percent in copper prices, 40 percent in rubber and 17 percent in steel.

Despite these cost pressures, Mahindra reported 25 percent growth in revenue and profit after tax in Q2 FY27. Revenue stood at INR 575.53 billion, while PAT was INR 45.88 billion.

Managing Director and Group CEO, Dr Anish Shah, said the company had taken proactive measures to manage inflationary pressures including pricing actions, hedging, product-mix improvements and supplier diversification.

Mahindra had implemented price increases of 5 percent in its auto business and 4 percent in its farm business. Dr Shah indicated that the company expected some margin pressure in Q3, while the outlook for Q4 would depend partly on how commodity prices evolved.

Farm business outlook revised

Mahindra has revised its FY27 tractor industry growth outlook from 5 percent to a flat performance, citing deteriorating rainfall conditions, lower reservoir levels and pressure on farmers’ terms of trade.

Company officials noted that Maharashtra and Karnataka had experienced significant industry contraction with drought conditions affecting demand in these important tractor markets. Higher input costs had also weakened farmers’ purchasing power.

The international farm business continued to face difficult market conditions. Mahindra and Mahindra reported industry contractions of 15 percent in the US, 18 percent in Brazil and 36 percent in Turkey.

It has completed its exit from Sampo’s harvesting business in Finland and Arcon Foundry in Turkey, while the restructuring of its Mitsubishi Agricultural Machinery subsidiary in Japan is expected to be completed by Q4 FY27.

LCV business operating at capacity

Mahindra's LCV business recorded 19 percent volume growth in Q2, while first-half volumes increased 20 percent. The company said it was producing around 30,000 LCVs a month covering its pick-up and Supro ranges and was operating at capacity.

Jejurikar said demand in the LCV industry had strengthened following the GST reduction with monthly industry volumes rising from around 20,000–23,000 units to approximately 30,000 units. The company expects double-digit growth in the LCV industry for the entire FY27.

The planned new LCV launch in the first half of 2027 will add to the company's product pipeline as it works to address capacity constraints.

Mahindra's Q2 performance also reflected growth across its wider businesses. The group reported 25 percent year-on-year growth in PAT, while first-half PAT increased 29 percent.

Quarterly snapshot

The company reported SUV volumes of 183,000 units during the quarter, while its SUV revenue market share stood at 24.3 percent. Total automotive volumes increased 26 percent to 331,000 units.

The automotive business recorded consolidated revenue of INR 377.56 billion representing a 39 percent year-on-year increase. Consolidated PAT rose 55 percent to INR 23.88 billion. Standalone PBIT stood at INR 26.14 billion, up 15 percent, while the standalone PBIT margin was 7.7 percent. Excluding e-SUV CMA, the margin stood at 9.1 percent.

In the electric vehicle segment, the company reported an e-SUV revenue market share of 30.1 percent. Its electric SUV portfolio maintained the number-one position in revenue market share during the first half of FY27.

Mahindra and Mahindra also retained its leadership position in the light commercial vehicle segment below 3.5 tonnes with a market share of 52.3 percent. The figure includes the Bolero Max Pickup 2T variant classified under the 2–3.5-tonne LCV category and Jeeto volumes.

The company reported tractor volumes of 116,027 units during Q2 FY27 compared with 122,936 units in the year-ago quarter, marking a decline of 6 percent. Its tractor market share stood at 41.5 percent. Consolidated farm revenue declined 6 percent to INR 95.72 billion, while PAT fell 9 percent to INR 10.53 billion. Standalone PBIT was INR 14.41 billion with the PBIT margin at 16.8 percent, down 300 basis points.

The company also reported a 37 percent year-on-year increase in combined Q2 FY27 volumes across its commercial vehicle businesses as Mahindra Trucks and Buses Division (MTBD) and SML Mahindra together sold 8,416 units. It was also noted that the company is looking to expand manufacturing capacity for its heavy commercial vehicle range after strong fleet demand for the Blazo i-TRK, launched in August, drove plant utilisation to full capacity.

Across its other businesses, Mahindra Finance reported a 15 percent increase in assets under management, while PAT grew 61 percent. Tech Mahindra's PAT increased 33 percent with its EBIT margin improving to 14.8 percent, up 260 basis points.

Mahindra Lifespaces recorded residential pre-sales of INR 11 billion, up 41 percent, while Mahindra Logistics reported revenue of INR 20.95 billion, an increase of 24 percent with PAT growing threefold.

At the group level, Mahindra's standalone revenue increased 26 percent to INR 442.82 billon, while EBITDA rose 4 percent to INR 67.18 crore. Standalone PAT increased 13 percent to INR 51.02 billion. The company reported a return on equity of 21 percent on an annualised basis and year-to-date earnings per share of INR 89.5.

Comments (0)

ADD COMMENT

Link Copied!