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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BMW Group India has introduced the all-new BMW M440i xDrive Convertible as a completely built-up (CBU) unit, priced at an ex-showroom rate of INR 10.9 million.

The premium model combines a classic soft-top silhouette with modern performance and engineering, featuring a panel bow soft-top roof that can be operated at speeds up to 50 kmph. The electric mechanism completes the opening or closing process in 18 seconds, offering a blend of open-air driving and refined design.

Under the bonnet, the convertible is powered by a B58 inline 3-litre 6-cylinder engine equipped with a 48V mild hybrid setup for improved efficiency and performance. This powertrain produces 374 hp and 500 Nm of maximum torque, enabling the car to accelerate from zero to 100 kmph from a standstill in a claimed 4.9 seconds.

The M440i xDrive Convertible comes with an eight-speed Steptronic Sport automatic transmission and intelligent xDrive all-wheel-drive technology to maintain traction and stability. Precision handling is further supported by standard features such as adaptive M suspension, an M Sport differential and M Sport brakes.

The exterior design is highlighted by a vertically arranged BMW kidney grille in high-gloss black and adaptive LED headlights with a black tint. The rear of the car features CSL-style taillights with an intricate woven laser pattern and an M rear diffuser. The car sits on 19-inch M light-alloy wheels and is available in eight different colours, including Portimao Blue, Fire Red and Cape York Green, with additional customisation options available for a bespoke finish.

Inside, the cabin features the BMW Curved Display, which houses a 14.9-inch infotainment screen and a 12.3-inch digital information display. The interior is finished with a luxury instrument panel, sports seats with electric adjustments, and an M leather steering wheel with standard gearshift paddles. For entertainment, the vehicle is equipped with a 12-speaker Harman Kardon surround sound system. Technological features include the latest BMW Operating System 8.5, a head-up display and the MyBMW app for remote services and digital key functionality.

The sedan is also equipped with a wide range of safety and driver assistance systems. The Parking Assistant includes a 360-degree surround view, while the Reversing Assistant helps navigate narrow driveways by taking over steering for the last 50 metres driven. Safety technologies include six airbags, attentiveness assistance, and dynamic stability control.

Hardeep Singh Brar, President, BMW Group India, said, “The all-new BMW M440i xDrive Convertible exemplifies BMW’s passion for combining exhilarating performance with timeless elegance. With its unmistakable design, powerful M tuned performance and refined open top driving experience, it delivers a new expression of sporting freedom. At BMW Group India, we are proud to introduce a convertible that not only excites behind the wheel, but also represents a distinctive, aspirational lifestyle for our customers.”

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TATA.ev has introduced the new Curvv.ev SeriesX, featuring two long-range variants designed for intercity travel. The new SUV-coupe lineup starts at INR 1.69 million (ex-showroom, Mumbai) and includes the Accomplished X 55 and Empowered X 55 personas.

The SeriesX is built on the acti.ev architecture and focuses on delivering high range and performance for highway driving. The EVs are equipped with a 55 kWh battery pack, delivering 167 HP and 215 Nm of torque. The SeriesX offers an ARAI-certified range of 502 km and a real-world C75 range of approximately 400 km. Tata Motors is providing a lifetime HV battery warranty to ensure long-term ownership security.

The Curvv.ev SeriesX simplifies the lineup into two distinct, feature-rich choices – Accomplished X 55 and Empowered X 55.

The Accomplished X 55 focuses on comfort and daily technology needs. It includes a panoramic sunroof, dual 26.03 cm digital screens for instrumentation and infotainment, and a 360-degree surround-view camera. Interior features include ventilated R-Comfort seats, premium leatherette upholstery and rear sunshades.

The Empowered X 55 on the other hand offers the flagship expression of the range. This variant adds advanced luxury and safety features including a 31.24 cm cinematic touchscreen by HARMAN, a 9-speaker JBL sound system and Level 2 ADAS with 20 safety features. Additional premium equipment includes R18 alloy wheels, a gesture-controlled powered tailgate and Vehicle-to-Vehicle (V2V) and Vehicle-to-Load (V2L) charging capabilities. This variant is also available in the #DARK edition.

The series introduces a new Nitro Crimson colour option alongside the existing palette – Accomplished X 55 at INR 1.69 million, Empowered X 55 at INR 1.91 million and Empowered X 55 #Dark at INR 1.94 million (ex-showroom Mumbai).

Vivek Srivatsa, Chief Commercial Officer, Tata Passenger Electric Mobility, said, “With every new EV we introduce, our focus is to make electric mobility more accessible and rewarding. The Curvv.ev SeriesX personas invite customers to experience India’s first SUV Coupé powered by a 55 kWh battery pack that delivers 502 km of long-driving range for effortless intercity journeys. It combines practical and premium features with a lifetime HV battery warranty, ensuring truly stress-free ownership at a compelling price point, enhancing its value proposition”.

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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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