Mahindra & Mahindra Ltd. (M&M) has reported a robust performance in the second quarter of FY26, underscoring strong progress in its electric vehicle (EV) business alongside sustained leadership in SUVs, light commercial vehicles (LCVs), and tractors.
The automaker sold 12,404 battery electric vehicles (BEVs) during the quarter—up from 8,048 units in FY25—reflecting the company’s growing dominance in the electric mobility segment. Mahindra also maintained its #1 position in the electric three-wheeler market, commanding a 42.3% market share.
M&M’s consolidated revenue for Q2 FY26 stood at ₹46,106 crore, up 22% year-on-year, while consolidated PAT rose 28% to ₹3,673 crore (excluding one-time items). The automotive segment, which includes BEV operations under Mahindra Electric Automobile Ltd. (MEAL), delivered ₹27,171 crore in revenue, marking a 25% growth over the previous year.
The company’s auto standalone PBIT margin (excluding e-SUV contract manufacturing) improved to 10.3%, showcasing efficiency gains as it scales its EV operations. Mahindra’s newly established e-SUV manufacturing contracts and development of the Born Electric (BE) portfolio under the Mahindra XEV platform continue to anchor its long-term electrification strategy.
Dr. Anish Shah, Group CEO & Managing Director, M&M Ltd., said: We are pleased with the strong execution across the group in Q2 FY26. Our Auto and Farm businesses have sustained leadership in market share and profitability, while our EV business continues to gain traction. With the success of our electric 3-wheelers and growing BEV sales, Mahindra is steadily advancing toward its vision of leading India’s electric SUV segment.
Mr. Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), added: Our Auto business achieved a 390 bps gain in SUV market share and significant growth in BEV volumes through MEAL. The EV journey is well on track with encouraging demand trends and solid progress on our dedicated electric platforms.
Mahindra’s Born Electric (BE) range, featuring models like the XUV.e8, XUV.e9, and upcoming BE.05, is slated for phased rollouts beginning 2026. These vehicles are being developed at Mahindra’s INGLO platform, integrating advanced battery technology and connected mobility features.
As part of its ‘Future Ready’ strategy, Mahindra continues to invest in EV manufacturing, charging ecosystem partnerships, and renewable energy integration across facilities.
With 12,404 BEVs sold in Q2, leadership in electric 3-wheelers, and a growing pipeline of next-generation e-SUVs, Mahindra & Mahindra is reinforcing its position as a front-runner in India’s transition to sustainable mobility.
