Mahindra & Mahindra Limited sold 22,864 battery electric vehicles (BEVs) through its subsidiary Mahindra Electric Automobile Ltd (MEAL) in the quarter ended 30 September 2026 (Q2 FY27), against 12,404 in the same quarter a year earlier, according to the company’s results release dated 5 November 2026. The jump of about 84% in Mahindra BEV volumes came with an electric SUV (eSUV) revenue market share of 30.1% and an electric three-wheeler market share of 36.2%. The Board of Directors approved the results in Mumbai on 5 November 2026.
Mahindra BEV volumes: the quarterly and half-yearly numbers
The release gives a clear run of BEV volumes sold by MEAL, all of which are included in the company’s total vehicle sales:
- Q2 FY27 (July to September 2026): 22,864 units
- Q1 FY27 (April to June 2026): 19,540 units
- Q2 FY26: 12,404 units
- H1 FY27 (April to September 2026): 42,404 units
- H1 FY26: 23,431 units
- Full year FY26: 51,820 units
On these figures, BEV volumes in Q2 FY27 were about 17% higher than in Q1 FY27 and about 84% higher than in Q2 FY26. The first half of FY27 alone, at 42,404 units, already stands at about 82% of the whole of FY26. Compared with the first half of the previous year, half-yearly BEV volumes are up by roughly 81%.
Total vehicles sold by the company stood at 3,30,896 units in Q2 FY27, up 26% from 2,61,703 a year earlier. This total includes 53,103 vehicles sold by the Last Mile Mobility (LMM) business and the 22,864 BEVs sold by MEAL. On these numbers, BEVs made up roughly 7% of the company’s vehicle volumes in the quarter. Utility vehicle (UV) volumes were about 183,000 units.
Electric market shares in SUVs and three-wheelers
Among the key highlights, the company reports an eSUV revenue market share of 30.1% and an electric three-wheeler market share of 36.2% for the quarter. In the overall SUV segment, it holds the number one position with a revenue market share of 24.3%. The company also reports leading positions in light commercial vehicles below 3.5 tonnes, with a share of 52.3%, and in tractors, with a share of 41.5%.
Rajesh Jejurikar, Executive Director and CEO (Auto and Farm Sector), said the electric vehicle range continues to show momentum and that the company maintained the number one position in revenue market share for the first half of the year. He added that SUV volumes grew 26% year on year and that the company retained market leadership in revenue market share.
Financial context for the electric push
The BEV numbers sit inside a strong quarter for the group. Consolidated revenue was Rs 57,553 crore, up 25% from Rs 46,106 crore in Q2 FY26. Consolidated profit after tax (PAT) was Rs 4,588 crore, up 25% from Rs 3,673 crore. Annualised return on equity was 21.0%.
The auto business delivered consolidated revenue of Rs 37,756 crore, up 39%, and consolidated PAT of Rs 2,388 crore, up 55%. Standalone auto profit before interest and tax (PBIT) was Rs 2,614 crore with a margin of 7.7%. The release notes that excluding an item the release labels eSUV CMA, the standalone auto PBIT margin was 9.1%, down 120 basis points from a year earlier and up 80 basis points from the previous quarter. The release does not give a separate profit figure for the electric business, and VYQON has not estimated one.
What it means for India’s clean-energy sector
Electric mobility is a growing part of India’s clean-energy transition, and the volumes reported by a leading SUV maker show how quickly electric models are growing in the mass market. A 30.1% share of the eSUV segment by revenue and a 36.2% share in electric three-wheelers show that the company is a significant player in two very different electric segments: private cars and last-mile transport.
Growing EV volumes generally increase the need for charging, grid capacity and battery supply. The release does not discuss charging infrastructure, battery capacity or future production plans, and VYQON has not added figures on these.
The company’s own numbers show BEV volumes rising faster than total vehicle volumes. Total vehicles sold grew 26% in Q2 FY27 from a year earlier, while BEVs grew about 84%. Whether that pace continues will depend on supply, customer demand and policy, none of which the release addresses.
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