Mahindra EV Business Hits ₹2,800 Cr Revenue & ₹111 Cr EBITDA in Q1 FY26 – Electric SUVs Drive Growth!
Mahindra & Mahindra’s electric vehicle (EV) business has delivered its strongest quarterly performance yet, clocking ₹2,800 crore in revenue and ₹111 crore EBITDA in Q1 FY26. The results underline Mahindra’s rapid scale-up in India’s booming electric SUV market, where it now holds a 44.3% revenue share and 31% volume share.
Breaking Down the EV Business
M&M’s EV operations are structured across two entities:
- Mahindra Limited – Handles electric vehicle manufacturing under a contract model
- Mahindra Electric Automobile Ltd (MEAL) – Focuses on EV retail and distribution
- Of the total ₹111 crore EBITDA, ₹90 crore came from MEAL, while ₹21 crore was contributed through manufacturing margins earned by Mahindra Limited.
“The EV business is gaining operating scale rapidly. Despite low conversion cost margins in contract manufacturing, our retail arm is driving strong profitability,” said Rajesh Jejurikar, Executive Director, Mahindra & Mahindra.
Electric SUVs Lead the Charge
- Electric SUVs now make up 8% of Mahindra’s total SUV volumes
- Revenue Market Share (EV SUVs): 44.3%
- Volume Market Share (EV SUVs): 31%
Mahindra’s electric SUVs like the XUV400 are emerging as segment leaders, cementing the company’s dominance in the mid-size electric SUV market.
Margins Stay Strong Despite EV Scale-Up
- Core Auto Standalone PBIT Margin: 10%
- Reported Margin (incl. EV contract manufacturing): 8.9%
Despite the dilution from low-margin contract manufacturing, Mahindra maintained healthy profitability while continuing to invest aggressively in EV capacity and technology.
Last Mile Mobility (LMM) & Overall Auto Business Growth
Mahindra’s Last Mile Mobility (LMM) segment also delivered impressive numbers:
- 28% category penetration
- 20% YoY growth
At a consolidated level, Mahindra’s auto business recorded 31% revenue growth and 15% PBIT growth, powered by robust SUV sales and high EV traction.