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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Honda Cars India (HCIL), a leading manufacturer of premium cars in India, has reported its wholesales for April 2026.

In April 2026, the Japanese automaker sold a total of 4,938 vehicles, a flat growth, as against 4,871 units sold last year.

Interestingly, domestic sales grew by 21 percent at 4,069 units, as against 3,360 units last year. On the other hand, the exports saw a decline of 42 percent at 869 units, as against 1,511 units a year ago.

Kunal Behl, Vice-President, Marketing & Sales, Honda Cars India, said, “The new fiscal year has begun on a positive note for us, with good sales momentum for Amaze, City and Elevate. Honda Cars India has recorded a 21 percent growth in domestic sales for April 2026. We remain confident of sustaining this growth trajectory in the coming months.”

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Maruti Suzuki India (MSIL), the country’s largest passenger vehicle manufacturer, has kicked off the new fiscal year with a historic performance, reporting its highest-ever monthly sales in April 2026.

The company dispatched a staggering 239,646 units, bolstered by a significant resurgence in the small car segment and a relentless push in the SUV space.

During a post-sales conference, Partho Banerjee, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India and Rahul Bharti, Senior Executive Officer, Corporate Affairs, Maruti Suzuki India highlighted a shifting landscape where traditional entry-level models are finding new life alongside the company’s aggressive EV and SUV expansion.

In a notable shift from recent industry trends, Maruti’s Mini segment (including Alto, Celerio, S-Presso and WagonR) witnessed a massive 253.7 percent growth. The overall small car category grew by 74.4 percent YoY, a surge management attributed to ‘unlocking’ production capacity that was previously constrained.

"As we had capacity to increase production, the sales of the mini segment have grown, especially from people upgrading from two-wheelers to passenger vehicles," noted Banerjee.

Simultaneously, the SUV portfolio reached an all-time high of 55,062 units. The newly launched Victoris has become a standout performer, clocking 13,700 sales last month and becoming the fastest model to hit the 50,000-unit milestone in India.

Maruti Suzuki India confirmed that SUVs now account for 30 percent of its total portfolio, and the company is closing in on the ‘pole position’ in the segment. Interestingly, the automaker’s other portfolio continues to grow as well.

CNG, EV Momentum and defying global headwinds

Sustainability and fuel efficiency continue to drive volumes. April saw the highest monthly CNG sales at 76,348 units. Remarkably, 4 out of every 10 cars sold by Maruti were now CNG-powered.

On the other hand, Maruti Suzuki India’s first electric SUV, the e-Vitara, saw 2,006 units domestic sales in April. Banerjee revealed that 85 percent of demand is skewed toward the higher 61kW variant. Full-scale production capacity is expected to be reached by the June-July window.

Despite ongoing geopolitical tensions in West Asia and uncertainty over the Strait of Hormuz, Maruti’s exports grew by 43.3 percent to 40,054 units.

Bharti emphasised a de-risking strategy, stating that leadership is about ‘growing exports with or without the war.’

The Jimny emerged as the star of the export stable, with 6,938 units shipped, primarily to Japan, making it the company’s highest-exported model for the month.

Focus on unlocking capacities

Going forward, Maruti Suzuki India remains upbeat on the remainder of the year, with on-ground stock remaining lean at 16-17 days as of May 1st.

At present, the focus is on unlocking and streamlining capacities with a massive pending booking list of 165,000 units, with the Ertiga remaining a key focus for ‘debottlenecking.’

Rural markets now contribute 52.3 percent of total sales, growing at 39 percent as Maruti penetrates deeper into the hinterlands.

Addressing the future of the Ignis, management hinted at a strategic refresh. While current production has ceased, the brand is expected to return in a ‘different avatar’ to meet evolving customer needs.

Overall, Banerjee expects the total industry volume (TIV) for April to land between 445,000 units and 450,000 units, a significant jump from 350,000 units last year. While rising fuel prices remain a potential threat to small car growth, the management remains bullish, citing ‘Triple Tailwinds’ – GST 2.0, income tax relief and reduced repo rates – as the primary drivers for a strong FY2027.

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Toyota Kirloskar Motor (TKM), one of the leading passenger vehicle manufacturers, has announced its wholesales of 32,086 units for April 2026. This marks a 17 percent YoY growth, as compared to the 27,329 units sold in April 2025.

Interestingly, the company’s domestic volumes grew by 21 percent to 30,159 units, as against 24,833 units a year ago. On the other hand, exports declined by 23 percent to 1,927 units, as against 2,496 units for the same period last year.

Between January and April 2026, Toyota Kirloskar Motor has sold a total of 137,194 units, representing a 19 percent growth over the same period in 2025.

A significant achievement for the month was the Innova HyCross, which reached 200,000 cumulative sales milestone. The company noted that this reflects the increasing market acceptance of its hybrid vehicle offerings.

Sabari Manohar, Executive Vice-President, Sales-Service-Used Car Business, Toyota Kirloskar Motor, stated, “Our sales performance in April 2026 reflects steady and sustained progress, driven by a strong focus on customer centricity, product excellence and disciplined execution across markets. A key highlight during the month was the Innova HyCross achieving the 2‑lakh cumulative sales milestone, reinforcing the positive and growing market acceptance of our hybrid offerings. Despite evolving industry conditions, we continue to see good performance due to the consistent efforts to align technological innovations with customer expectations. We remain confident that this momentum, supported by our expanding product portfolio and a robust dealer network will sustain our progress in the months ahead.”

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French automotive major Renault India has reported its domestic wholesales of 5,413 units in April 2026, which marks a 108 percent YoY growth, as compared to 2,602 units sold in April 2025.

The OEM said it has sustained double-digit growth following the launch of the new-generation Triber and Kiger in September 2025. Other key factors contributing to the April results include a strong response to the recently launched Renault Duster.

To support increasing demand, Renault India is growing its retail and service footprint, which includes the recently opened new "R store" and a workshop in Ranchi. With this, Renault India has expanded its sales and service touchpoints to 638 touchpoints across the country.

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