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, has reported its best-ever annual performance in FY2026 with wholesales of 641,587 units, up 15 percent YoY. This includes 631,387 units in the domestic market, up 14 percent, while exports came at 10,200 units, up 281 percent YoY.

For March 2026, the company’s sales came at 66,192 units, up 28 percent, while exports came at 779 units, up 204 percent YoY.

Interestingly, electric vehicles recorded its highest-ever quarterly sales of approximately 27,000 units, a 69 percent increase YoY. Annual EV volumes reached 92,120 units. On the other hand, sales of CNG vehicles crossed 170,000 units, up 24 percent YoY.

The Nexon and Punch models were the top-selling SUV models in the second half of the financial year. Recent launches, including the Sierra, a refreshed Punch and petrol variants of the Harrier and Safari, also saw continued customer traction.

The company expects the passenger vehicle industry to reach record annual volumes of approximately 4.7 million units, reflecting an 8 percent growth. Tata Motors emerged as the second-ranked player in the industry based on Vahan registrations during the second half of FY2026.

Shailesh Chandra, MD and CEO, Tata Motors Passenger Vehicles, said, “PV industry sales are expected to reach record volumes of around 4.7 million units for the year, reflecting 8 percent year on year (YoY) growth. The industry witnessed a strong rebound in the second half, posting double digit growth, supported by GST 2.0 implementation and a robust festive season. For Tata Motors Passenger Vehicles, FY26 has been a landmark year marked by multiple milestones. We achieved our highest ever annual sales volumes of over 640,000 units, delivering industry beating growth of 15 percent YoY and ended it with strong positive momentum. Looking ahead, industry momentum is expected to sustain, led by growth in SUVs, CNG and EV. At the same time, the industry will need to closely monitor geopolitical developments to mitigate potential supply-side risks.”

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Honda Cars India (HCIL), a leading manufacturer of passenger vehicles, has recorded domestic sales of 7,585 units in March 2026, up 5 percent YoY, as compared to the 7,228 units sold last year. The company also reported exports of 2,451 units for the month.

The sales growth was supported by demand for the Amaze and Elevate models. Honda Cars India intends to expand its vehicle lineup in the upcoming financial year, with the launch of its first battery electric vehicle (BEV) scheduled for the second half of the year.

Kunal Behl, Vice-President, Marketing & Sales, Honda Cars India, said, “Demand for all Honda models specially Amaze and Elevate continues to be strong with exciting promotions and product offerings which helped us achieve 5 percent growth during Mar 2026. We are excited to enter the new fiscal with plans to expand our lineup, including the launch of our first BEV in the second half. We remain highly optimistic that our strong focus on customer satisfaction will continue to drive growth and sustain positive momentum.”

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Nissan Motor India (NMIPL), one of the leading passenger vehicle manufacturers, has recorded its best-ever monthly sale in March 2026, its highest in the last five years.

The company sold a total of 10,388 units in March 2026, which includes 4,408 units in the domestic market, while exports came at 5,980 units. This marks a 98 percent growth in domestic wholesales compared to February 2026.

The company attributed the smart uptick on the back of beginning of customer deliveries for the Nissan Gravite MPV, while the Nissan Magnite maintained its sales momentum. The expansion of its network presence also supported increasing customer traction.

The start of Gravite deliveries is identified as a milestone in the company’s growth phase in India. Nissan intends to sustain this trajectory by strengthening sales and service experiences and further expanding its network footprint across the country.

Saurabh Vatsa, Managing Director, Nissan Motor India, said, “March has been a defining month for Nissan in India, the strong growth in domestic sales reflects the positive customer response to our product portfolio. With the commencement of customer deliveries of the all-new Nissan GRAVITE, we would like to thank our customers for their love and appreciation for the Nissan Brand. The over-whelming response to the product reinforces our confidence in the opportunities ahead. Together with the continued momentum of the Nissan Magnite, the dedication of our Network Partners and support of Nissan Finance & other Banking partners, we remain focused on strengthening our Sales & Service experience, while further expanding our network footprint for sustaining long-term growth in the Indian market.”

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  - Bidyut Ghosh April 02, 2026 11:35 AM

  This is excellent move from Nissan India

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Toyota Kirloskar Motor (TKM) reports 20 percent uptick in its wholesales for FY2026 with 406,081 units sold, as compared to 337,148 units last year.

The company recorded growth across both domestic and export markets during the financial year. Domestic sales rose by 19 percent to 367,107 units, while exports grew by 41 percent to 38,974 units.

In March 2026, Toyota Kirloskar Motor reported a 24 percent increase in total sales, with 37,194 units sold compared to 30,043 units a year ago.

The company attributes a robust demand for its product portfolio, which was supported by the introduction of the Land Cruiser 300, as well as new grades and special editions for the Innova Hycross, Fortuner, Camry Hybrid and Hilux. Technical updates included a new six-speed automatic transmission for the Urban Cruiser Hyryder AWD variant.

The company also standardised six airbags across the Rumion, Glanza, Urban Cruiser Taisor, and Urban Cruiser Hyryder models. The Innova Hycross achieved a five-star Bharat NCAP rating during this period.

Toyota Kirloskar Motor expanded its market reach through customer-centric initiatives and brand engagement activities, including the Toyota Experiential Museum (TEM) and a tour by brand ambassadors Drum Tao. These efforts were intended to increase reach among younger audiences and reinforce the brand's mobility positioning.

Sabari Manohar, Executive Vice-President, Sales-Service-Used Car Business, Toyota Kirloskar Motor, said, “We delivered a positive performance this financial year, driven by sustained demand across our SUV, MPV and compact segments. The introduction of new products and customer centric initiatives during the year further helped position Toyota as a dynamic, technology driven and youth‑oriented brand. This momentum reflects the continued trust in Toyota’s quality, reliability and overall ownership experience. In a rapidly evolving market, such consistency underscores the strength of our fundamentals and positions us well for long‑term sustainable growth. We sincerely thank our customers, dealer partner, Government and other stakeholders for their trust & unwavering support. We remain focused on strengthening our product and technology offerings in line with our multi‑pathway approach of hybrid & electrified vehicle technologies in the mobility space. Looking ahead, we remain committed to creating long‑term value while continuously improving every touchpoint across the customer ownership journey.”

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