Mumbai-headquartered automotive major Mahindra & Mahindra (M&M) has signalled a bold new chapter in its global expansion, detailing plans for electric vehicle (EV) exports and significant production scaling following a ‘defining year’ of financial growth.

The Mumbai-based conglomerate reported a stellar performance for FY2026, with consolidated Profit After Tax (PAT) reaching INR 170.99 billion, a 35 percent increase over the previous year. Consolidated revenue for the year surged 25 percent to reach INR 1,986 billion, 25 percent YoY.

During the year, the company reported sales of 1.11 million units, up 19 percent, while tractor sales grew by 24 percent at 526,403 units.

Central to the company’s future is a phased entry into international EV markets. Rajesh Jejurikar, Executive Director & CEO (Auto and Farm Sector), told Motoring Trends, that Mahindra has planned a disciplined roadmap for global expansion.

"For exports, we would look at right-hand-drive markets in the world first. If we succeed there, then we will look at left-hand-drive markets". The company expects to begin seeing Mahindra EVs in a couple of new countries within the next 18 months.

Addressing potential competition from new Free Trade Agreements (FTAs), Dr Anish Shah, Group CEO & MD, Mahindra & Mahindra remains confident. He acknowledged that the government has structured FTAs to encourage local manufacturing. "We have already seen a lot of competition in the auto industry already and all the top players are here as well. FTA doesn’t change anything from that standpoint. It is important to emphasise that the government has done it (FTAs) very well to make sure that other players continue to make in India as well for the Indian market and to be able to export from around India. In that sense, they (automakers) have it set up well, and that should benefit the Indian government," Shah remarked.

New product launches & Capacity enhancement

Furthermore, the Mahindra management acknowledges that there has been a gap between demand and supply, especially for its new range of electric vehicles, which is why it is ramping up and unlocking capacities to meet the consumer demand.

It has already enhanced its SUV ICE capacity from 54,000 units per month to 56,500 units per month at the end of FY2026, with plans to scale it up to 60,000 units.

Similarly, for battery electric vehicles, it has enhanced the capacity from 5,000 units a month at the end of FY2025, to 8,000 units per month by 31, March 2026.

Furthermore, to support the potential EV uptick growth, Mahindra is aggressively expanding its manufacturing footprint. The company is in the process of land acquisition for its Nagpur facility, which is intended to eventually take capacity up to 500,000 units per annum.

Going forward, it has revised its earlier plans to launch 4 new ICE SUVs and 3 new electric vehicles by 2031, to 10 new ICE SUVs and 6 new BEVs by 2031. This includes 1 new mid-cycle enhancement and 9 new SUV nameplates in the ICE category.

In the EV segment, Mahindra is targeting an 18-20 percent penetration rate over a five-year period. Monthly production for the popular XEV 9S model is slated to rise from 6,000 to 8,000 units this year, with plans to reach a total EV capacity of 12,000 to 14,000 units per month as they enter FY2028.

When questioned on how Mahindra will compete with new entrants, Jejurikar pointed to ‘design and the tech’ as primary differentiators. He highlighted their unique seven-seater EV offerings and long-range capabilities (450-500+ km) as key advantages that ‘reduce charging rate’ anxiety for customers.

Market Leadership and Financial Resilience

The company’s traditional strongholds continue to dominate the Indian market. Mahindra remains No. 1 in SUVs with a revenue market share of 25.3 percent, No. 1 in Light Commercial Vehicles (LCVs) and No. 1 in Tractors with a 43.6 percent market share.

"FY26 has been a defining year marked by strong execution and breakthrough performance," said Dr Anish Shah. He emphasised that the Group is ‘well poised to accelerate in these uncertain times,’ supported by a strong balance sheet and a net cash generation exceeding INR 1,600 billion.

FY2027 outlook

Despite global ‘geopolitical headwinds,’ the company maintains a disciplined approach to capital allocation, focusing on high-growth ‘Growth Gems’ and exiting non-performing international farm businesses to ensure a 20.1 percent Return on Equity (RoE).

It expects FY2027 to see the tractor sales to grow in mid-single digits, while SUVs will see mid to high teen growth. Mahindra's aim is to focus on ramping up manufacturing capacity to meet volume growth aspirations.

On the LCV (upto 3.5-tonne segment), where Mahindra holds the lion’s or 52 percent market share, it expects the industry growth volumes to come in high single digits.

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Defence Minister Rajnath Singh inaugurated the Shaurya Vijay Yatra 2026 at the National War Memorial in New Delhi, marking the commencement of nationwide observances for Kargil Vijay Diwas. The 13-day expedition, organised by Jawa Yezdi Motorcycles, features 28 riders traversing a 1,900-kilometre route to the Kargil War Memorial in Dras, Ladakh. The group comprises serving and retired defence personnel alongside their families, united under the rallying cry of ‘One Ride, One Nation, One Salute’ to honour the bravery and ultimate sacrifices of the 1999 Kargil War heroes.

The motorcycle contingent is scheduled to pass through significant military landmarks including Chandimandir, Rezang La and the Leh War Memorials before its scheduled arrival on 26 July. A central element of the journey involves transporting an urn filled with sacred soil from the National War Memorial to Kargil, symbolising the enduring valour of India's warriors across generations. The riders will also pay personal tributes to Veer Naris, acknowledging the resilience of the war widows.

Senior military leadership, including Chief of Defence Staff General N S Raja Subramani and Army Chief General Dhiraj Seth, joined the Defence Minister at the ceremonial start, alongside veterans and senior officials. The presence of the National Cadet Corps underscored the event's focus on inspiring youth to remember the nation's gallant soldiers and embrace the core principles of duty and selfless service.

During his address, the Defence Minister commemorated the soldiers whose courage upheld the nation's honour, framing the Kargil victory as a testament to India's steadfast sovereignty. He specifically recalled the contributions of Param Vir Chakra recipients Captain Vikram Batra, Lieutenant Manoj Kumar Pandey and Subedar Majors Yogendra Singh Yadav and Sanjay Kumar. Initiated in 2021, this tribute ride has evolved into a cherished tradition, with each kilometre travelled serving as a poignant reminder that the nation's freedom is preserved by those who place their country above all else.

Anupam Thareja, Co-Founder, Classic Legends, said, "Shaurya Vijay Yatra is our way of remembering the heroes of Kargil and their families. We started this tribute with the belief that remembering their sacrifices and being grateful is a shared responsibility. Through this journey, we remain committed to keeping their memories alive for future generations. Alongside the Indian Army, we are honoured to undertake this tribute and pay homage to our bravehearts."

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Tata Motors, one of the leading automotive manufacturers, has shared an update on its Kaushalya Programme, an industry-led training initiative ahead of World Youth Skills Day.

The programme has enrolled more than 23,000 participants and achieved a 100 percent placement rate for over 5,000 graduates, including more than 50 international placements.

The initiative, launched in 2021, operates across manufacturing facilities in Pune, Jamshedpur, Lucknow, Pantnagar, Sanand and Dharwad. It provides a sponsored Diploma in Mechatronics through an earn-and-learn model. Participants receive training in areas such as automobile engineering, manufacturing technology, automation, IoT and Industry 4.0. Women account for 21 percent of the participants, with 25 percent of trainees from affirmative action categories.

Sitaram Kandi, Chief Human Resources Officer, Tata Motors, said, “India's manufacturing competitiveness and mobility ambitions will be shaped by the quality of its workforce. Through Kaushalya, we are investing in the next generation of skilled professionals by creating opportunities that combine technical education, industry exposure and real-world experience. The programme is helping young people build meaningful careers while strengthening the talent pipeline required for an increasingly advanced and technology-driven automotive industry. The strong placement outcomes achieved by our trainees demonstrate the effectiveness of industry-academia collaboration in creating skills that are relevant, employable and future-ready. We remain committed to expanding the programme's reach and empowering more young people to participate in India's growth story.”

Programme graduates have secured positions across the Tata ecosystem and at other companies, such as Tata Steel Downstream Products, Tata Advanced Systems, Zydus, JSW Greentech, Subros, Spinny and Wipro. About 50 graduates have also been placed at a Jaguar Land Rover facility in Nitra, Slovakia.

Anita Kende Bethekar, a programme trainee currently placed with Jaguar Land Rover, said, “Coming from a remote tribal village in Maharashtra, a global career in the automotive industry once felt beyond reach. Tata Motors’ Kaushalya programme equipped me with the skills, exposure and confidence to pursue opportunities I had never imagined. Today, I am proud to be the first girl from my village and neighbouring region to hold a passport and build a career with Jaguar Land Rover in Slovakia. This achievement is not just mine; it is a source of pride for my family, my community and every young girl who dares to dream beyond her circumstances.”

Soham Ravindra Manmode, a trainee placed with Tata Motors Customer Support, said, “Coming from a financially challenged family in a small town, building a career in the automotive industry once felt like a distant dream. Tata Motors’ Kaushalya Programme changed that by enabling me to learn, earn and gain real-world industry experience simultaneously. The skills, confidence and exposure I acquired through the programme helped me build a rewarding career with Tata Motors. Today, I take pride in supporting my family and contributing to India's automotive growth story.”

Tata Motors intends for the programme to produce more than 5,000 industry-ready trainees each year to support the manufacturing and automotive sectors.

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The Indian automotive sector recorded 20 deals worth USD 717 million in Q2 2026 according to the latest findings by Grant Thornton Bharat's Automotive Dealtracker.

While transaction volumes reached their lowest level since Q2 2023, deal values saw a marginal decline of 4 percent quarter-on-quarter. Excluding public market activity, the sector saw 18 Mergers & Acquisitions (M&As) and Private Equity / Venture Capital (PE/VC) transactions valued at USD 479 million.

M&A activity comprised five deals worth USD 138 million, with KPIT Technologies' USD 120 million acquisition of Cymotive Technologies representing the period's focus on software and cybersecurity. PE/VC activity included 13 deals worth USD 341 million, led by Rapido’s USD 240 million fundraise and JBM Ecolife Mobility’s USD 47 million investment.

Saket Mehra, Partner and Auto & EV Industry Leader, Grant Thornton Bharat, said, "While deal activity slowed during the quarter, investment remained focused on businesses driving the future of mobility. We are seeing continued interest in EVs, mobility platforms and automotive technologies, with investors becoming more selective and backing companies that have demonstrated scale, differentiated capabilities and a clear growth path. As the sector evolves, technology-led investments are expected to continue shaping deal activity."

The key findings from the report include: Mobility-as-a-Service accounted for USD 298 million of the total sector deal value. Electric vehicles represented 54 percent of PE transactions. Auto tech made up 87 percent of M&A value. The five largest PE deals represented 96 percent of the total PE value.

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Vijaybhoomi University and the Nettur Technical Training Foundation (NTTF) have introduced a training programme that allows employees at Tata Motors to earn university-recognised diplomas while working.

The initiative, marked by a convocation at Tata Motors’ Pimpri-Chinchwad plant, aligns with the National Education Policy 2020 by integrating vocational skills with higher education frameworks.

Under this partnership, NTTF Mechatronics programme graduates receive a Technical Diploma aligned with the National Higher Education Qualification Framework. Learners may subsequently progress to an Advanced Technical Diploma and a B.Tech in Mechatronics without leaving their jobs.

Sanjay Padode, President, Vijaybhoomi University, said, "A university should recognise learning wherever it genuinely happens. Many of these learners have developed advanced technical capability on the shopfloor through structured training and disciplined practice. Our role is to connect that learning with nationally recognised higher education so that they can continue to grow academically without stepping away from their careers."

Ravi Tennety, Managing Director, NTTF, said, "For more than 60-years, NTTF has prepared young people for careers in manufacturing and technology. This partnership gives our learners an opportunity to build on that foundation through formal higher education while continuing to contribute to industry. It creates new possibilities for lifelong learning."

Prof Ravikesh Srivastava, Vice Chancellor, Vijaybhoomi University, said, "India has spoken for many years about integrating skills, industry and higher education. What we are seeing today is one working model of how that integration can happen in practice. It is built on academic quality, industry relevance and learner mobility."

Sitaram Kandi, Chief Human Resources Officer, Tata Motors, said, "Manufacturing is changing rapidly, and so must the way we develop our people. Technical skills acquired on the shopfloor deserve opportunities for continuous academic progression, without requiring employees to step away from work. This collaboration between Tata Motors, NTTF and Vijaybhoomi University creates a pathway where learning, work and career advancement reinforce one another. It recognises that capability is built not only in classrooms but also through disciplined practice, problem-solving and real production environments. By enabling our employees and apprentices to earn nationally recognised university qualifications while continuing to contribute on the shopfloor, we are investing not only in individual growth but also in building a future-ready manufacturing workforce for India."

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