Mahindra dethrones Tata Motors to become top EV revenue player in FY26

New Delhi: Homegrown auto major Mahindra & Mahindra (M&M) edged ahead of to claim for itself the top slot in the electric car market in revenue terms for the first time last fiscal on back of introduction of new electric SUVs.

In volume terms though, Tata Motors continued to lead the electric car market with sales of 78,811 units, followed by JSW MG Motor India (53,089 units) and Mahindra (42,721 units), respectively.

Data available with automotive consultancy firm Jato Dynamics shows while EV PV sales at Mahindra rose 344%, year-on-year, to Rs 15,089 crore last year; those at Tata Motors grew 72.6% to Rs 14,995 crore in the same period. JSW MG Motor came in third with revenues of Rs 10,194 crore in the year under consideration. Mahindra is already the number one player in the SUV segment (internal combustion engine) for 10 consecutive quarters.

Table as per SIAM classification
Source : Jato Dynamics

Emailed queries seeking comments on their EV strategy to Tata Motors, , Kia India did not elicit any response till press time Friday.

Overall, as many as 200,000 electric cars were registered in the financial year ending March 31, 2026, up 84% over 109,000 EVs sold in FY25.

Gaurav Vangaal, associate director, light vehicle production forecasting, India sub-continent, at S&P Global Mobility, informed the surge in EV volumes across companies in FY26 was also driven by recent launches such as e-Vitara, Mahindra XEV 9s, Tata Punch EV – models that were not available in March last year.

Electric cars are, in fact, poised to dominate the launch portfolio of automakers in the coming months.

Vangaal added, “With a strong pipeline of new EVs slated for release in the year ahead, deep penetration is expected. Furthermore, any prolonged conflict in the Middle East and resulting crude oil price volatility is expected to positively influence (EV) adoption rates as consumers increasingly view EVs as a resilient alternative.” Penetration of electric vehicles in new car sales in India currently stand at about 4%.