Part of Mahindra group
Mahindra & Mahindra
Mahindra & Mahindra is growing: Q2 FY27 sales rose 16.3% to 1.14 lakh units (NDTV Profit, 9 Oct). Rival SUV makers face a Mahindra with 12,000 units a month of electric SUV capacity planned by March 2027 (ET Small Business, 15 Oct).
What it means
Mahindra & Mahindra is growing faster than it earns; supplier prices and dealer margins will have to make up the gap.
Reported: Revenue +23% YoY, net profit +6.8% in Q1 FY27.
Watch: Q2 FY27 results on 5 Nov — the gap between revenue and net profit growth widens past Q1's 16.2 points.
- Affected
- Mahindra & Mahindra's component suppliers — pressure on termsDo now: lock price floors and payment terms before its next results.
- Tata Motors Passenger Vehicles — less risk of a price warDo now: hold your prices where you overlap with Mahindra & Mahindra.
Latest moves
Our read of each move first, where we have one; what the report said is marked Reported.
Background
From 4 stories, the newest dated 15 Oct 2026. Summary written 16 Oct 2026.
Mahindra & Mahindra is a vehicle maker that sells passenger vehicles in India, including SUVs and electric SUVs, through a dealer network. [1] source: ET Small Business[2] source: Fortune India
Show 3 more paragraphs and 4 sources
Its dealer group PPS Motors operates 151 Mahindra touchpoints in India. [3] source: ET Auto Retail Mahindra & Mahindra recorded 5,41,942 passenger vehicle dispatches in January–September 2026, according to SIAM data reported by Fortune India. [2] source: Fortune India
In October 2026, Mahindra launched the XUV 3XO ZNG CNG SUV at Rs 9.99 lakh (ex-showroom) onwards. [1] source: ET Small Business It said EV demand is rising to 10,000-11,000 units a month, against over 8,000 vehicles retailed in the last couple of months, and that it could sell 2,000-3,000 more EVs a month if supply constraints ease. [1] source: ET Small Business Its monthly electric SUV capacity was around 8,000 units at the end of March, with 12,000 units planned by the end of the financial year. [1] source: ET Small Business In October 2026, PPS Motors opened a 25,400 sq ft Mahindra service centre in Saswad, Pune, able to service over 4,500 vehicles annually. [3] source: ET Auto Retail Kotak Institutional Equities set a fair value of Rs 4,000 per share for the company and kept Buy in October 2026. [4] source: Financial Express
Tata Motors recorded 5,75,583 passenger vehicle dispatches in January–September 2026 against Mahindra's 5,41,942, in the contest for second place behind Maruti Suzuki. [2] source: Fortune India JSW MG Motor India and Tata Motors are named alongside Mahindra in coverage of the EV market. [1] source: ET Small Business
Sources
Questions about Mahindra & Mahindra
What is Mahindra & Mahindra's current strategy in India?
In October 2026 Mahindra & Mahindra launched the XUV 3XO ZNG CNG SUV from Rs 9.99 lakh (ex-showroom) and said it could sell 2,000-3,000 more EVs a month if supply eases. [1] source: ET Small Business Also in October 2026, dealer PPS Motors opened a Mahindra service centre in Saswad, Pune. [3] source: ET Auto Retail
Who are Mahindra & Mahindra's main competitors?
Mahindra & Mahindra competes with Tata Motors for second place in passenger vehicles behind Maruti Suzuki. Tata Motors recorded 5,75,583 units against Mahindra's 5,41,942 in January–September 2026. [2] source: Fortune India
Stories that mention Mahindra & Mahindra
12 stories
Mahindra & Mahindra is named in these stories but is not their subject.
- Hyundai targets No. 2 spot in India by 2028-29, lifting Pune capacity from 1.7 lakh to 3.2 lakh units by 2030
- Nomura picks Ather, M&M, Hyundai as India's passenger-vehicle EV penetration hits 7.9% in September
- India retails record 35,995 e-PVs in September, up 98% YoY; Tata Motors leads with 41% share
- Maruti Baleno leads September car sales at 25,392 units, up 93%, as Maruti Suzuki takes six of the top ten spots
- Jawa Yezdi lists 42 FJ, 42 Bobber and 42 OG on Amazon and Flipkart ahead of the 2026 festive season
- India car retail sales hit record 4,27,213 units in September, up 32.1% on a weak base; Mahindra edges Tata for No. 2
- Nomura: Domestic PV volumes up 30%, 2Ws up 14% in Q2 FY27; expects Ather, TVS and Eicher to beat estimates
- Dealers warn price hikes could blunt GST-led auto boom as H1 FY27 retail sales rise 20.77% to 15.51 million units
- Emkay: Two-wheelers, commercial vehicles to outpace passenger cars in FY27 as two-wheeler retail sales jump 33%
- Automakers stock up for festive rush: Maruti has 2.2 lakh pending bookings, Hyundai 4-5 weeks of dealer inventory
- Maruti September domestic wholesales jump 37%; Tata, Mahindra and Hyundai also grow
- Bajaj Auto shares fall 8.3% as September sales weigh on auto stocks