Mahindra sees a 5.7% increase in SUV market share as consolidated profit jumps 24%

The auto division of Mahindra & Mahindra reported a 5.7% increase in market share for SUVs to 27.3%, buoyed by robust demand for both its ICE and electric vehicles, even as the overall sentiment in the market remains dour, the homegrown carmaker said on Tuesday. The overall SUV volumes for Mahindra & Mahindra increased 22% year-over-year. On a group level, the revenue grew 22% to ₹45,529 crore, whereas the net profit rose 24% year-over-year to ₹4,083 crore.

Its first-quarter net profit was ₹1,760 crore, an increase of 32% from the same period a year ago, whereas the revenue was ₹25,999 crore, an increase of 31% from last year. The homegrown carmaker has witnessed a spurt in demand for electric vehicles since launching its Born Electric concept. “We remain confident that with the current economic situation, we will be able to maintain our guidance. We have the benefit of leveraging the existing manufacturing facilities, and that helps us to keep fixed costs at a lower level,” said Rajesh Jejurikar, ED and CEO, auto and farm sectors, M&M.

According to the VAHAN portal, 3,001 Mahindra electric vehicles were registered in June, whereas Tata Motors registered 4,926 electric vehicles in the same period. According to the carmaker, Mahindra has a 31.8% market share in electric SUVs. The Born Electric Vehicle business of the company has delivered a consolidated Ebit of ₹111 crore. Jejurikar also highlighted that the company has been able to build a moat against the ongoing disruptions in the rare-earth supply chain, and also said that production will be ramped up with the forthcoming festive season and the launch of products in early 2026.

The numbers from the farm sector are also reflective of a steady ship. In the first quarter, the market share in tractors stood at 45.2%, an increase of 50 basis points. It sold 1,32,964 tractors in the period, up 10%. On a standalone basis, the Pbit was ₹1,819 crore, up 21%, whereas the Pbit margin was at 19.8%, up 130 basis points. Meanwhile, on a consolidated basis, the revenue was ₹10,892 crore, up 12%. The consolidated net profit was ₹1,323 crore, up 7%. “Rural sentiment is better, and that is evident from our tractor business,” said Anish Shah, MD and CEO, Mahindra & Mahindra.

The company also announced the demise of T.N. Manoharan, the lead independent director of Mahindra & Mahindra, who passed away on Wednesday morning. “His wisdom, integrity, and unwavering commitment to good governance left an indelible mark on the Mahindra Group,” Anand Mahindra, chairman, Mahindra Group, said in a statement.