Mahindra & Mahindra Ltd (M&M) recorded a marked improvement in its battery electric vehicle (BEV) business during the July-September quarter, with its operating margin expanding by 260 basis points (bps) to 6.2%. The company also posted an earnings before interest, taxes, and depreciation of ₹202 crore, up 82% quarter-on-quarter, according to its investor presentation.
The robust performance stemmed from a combination of higher BEV volumes, better cost management and recognition of production-linked incentive (PLI) benefits.
In the September quarter, Mahindra’s BEV wholesale dispatches stood at 12,192 units, up from 11,023 units in the previous quarter. Customer deliveries for the period stood around 10,000 units – largely comprising its BE 6 and XUV 9e models. Meanwhile, since March 2025 launch to October 31, the company has sold approximately 30,000 electric SUVs.
Yet, despite the volume rise, Mahindra’s market share in the E-SUV segment showed signs of erosion. Volume market share fell to 25% from 31.3% in June quarter, while revenue market share dropped to 33.1% from 44.3%. Among India’s EV players, competitors such as Tata Motors, JSW MG Motor India, and Hyundai Motor India have posted market share gains during the period.
To drive further volume growth and market share recovery, M&M plans to launch its seven-seater all-electric SUV, the XEV 9S, on November 27. With that model and its existing product ladder, the company hopes to recapture lost share and enhance revenue
The company’s Q2 BEV segment topline rose 7% quarter-on-quarter to ₹3,287 crore, yet the business still reported a loss, narrowed to ₹34 crore in the quarter from ₹101 crore previously. For the Apr-Sept period the company’s BEV segment topline stood at ₹6,355 crore.
On the PLI benefit, the company did not specify the amount recognized for the September quarter. “This (EBITDA of Rs 202 crore) assumes only the accrual of PLI in that quarter. So the exception of backlog PLI we are keeping outside the numbers. So the PLI benefit we got in quarter four of last year (FY25) and quarter one is not part of the calculation,” said Rajesh Jejurikar, Executive Director and CEO of the Auto and Farm Sector at M&M.