Mahindra’s SUV Playbook

Mahindra Redefined India’s Auto Pecking Order, But Can It Sustain Its Hold?

By Shobha Mathur

What?

Earlier this year, Anand Mahindra, chairman of the Mahindra group, re-shared a photo of a Premier Padmini on X. In the photo, the 60s-era car was parked behind Mahindra’s technology-savvy BE6 electric SUV. The image depicted the progress that the Indian automotive industry had made. 

Mahindra said that it was the Premier Padmini that was the first car he remembered riding, driven by his mother. He said she received it five years after booking. “That’s how long the waiting list was for a car in those days,” he said. 

Decades later, Mahindra’s BE6 e-SUV has a waiting time of around two to six months based on the region and variant. Mahindra’s electric origin range of SUVs — BE6, XEV 9e, and XEV 9S —  have clocked sales of 50,000 units in FY26, a year after deliveries started.

No small feat considering the hiccups the homegrown SUV maker faced in its first stint with electrics. 

Mahindra has dislodged Hyundai from the second rank in the pecking order of passenger car manufacturers in terms of sales volumes and market share in FY26. 

In retail, the carmaker has posted sales of 6.31 lakh units, garnering a market share of 13.42% with a second slot in the pecking order after Maruti Suzuki, while Hyundai has slipped to the fourth rank with a share of 12.29%. Tata Motors is pitched third with a share of 13.04%, according to the Federation of Automobile Dealers Associations of India.  In wholesales, the story is similar.  

Rajesh Jejurikar, CEO and executive director, Auto & Farm at Mahindra, told mediapersons that the company had achieved its ambition to become the number one SUV player by revenue. 

Mahindra's ascent marks a historic shift in India’s automotive landscape, as the automaker leverages a revitalised SUV portfolio to displace long-standing leaders like Hyundai. 

Why? 

This is because Mahindra has the largest portfolio of around 13 SUVs, which carry a higher sticker price compared to smaller cars. 

It was the new Thar, launched late 2020, that changed the brand image of Mahindra from the manufacturer of rugged SUVs to one that could also make lifestyle vehicles with modern features. Developed after receiving customer feedback in 2016, Mahindra turned the existing clunky Thar off-roader with zero ride comfort into one that could be driven everywhere. 

The company marketed the new Thar well. This further fueled growth in the lifestyle SUV segment. The Mahindra Scorpio N, the XUV700, Thar Roxx and XUV7XO that followed the footsteps of the new Thar became instant successes. 

Since then, there has been no looking back for the automaker as its volumes have expanded with new products. 

According to Prajyot Sathe, research manager-mobility at Frost & Sullivan India, Mahindra pursued a very clear strategy of targeting the fastest-growing SUV segment that suits Indian driving conditions.

In addition, its products have a large road presence and offer more advanced features in comparison to rival brands. Mahindra also has multiple variants for each model that are supported by competitive pricing, giving consumers more choice. 

“Premium technology, emotional connect, and its presence across rural and urban markets have helped M&M gain a significant market share in the past few years,” said Sathe.

Maintaining this momentum will require it to navigate aggressive competition, tightening emission norms, and the complex execution of its electric vehicles (EV) roadmap.

Can the carmaker keep up its winning streak?

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3.4 %

That’s India’s retail inflation rate for March 2026, ticking up from February but still staying comfortably within the Reserve Bank of India’s tolerance band, according to the latest government data.

The Trigger: Food prices are once again doing the heavy lifting. While headline inflation remains benign, a gradual firming in vegetable and protein prices has nudged the index higher. Core inflation, however, continues to stay muted, suggesting underlying demand pressures are still soft.

Flashpoint: This is the second consecutive month of an uptick after inflation hit multi-year lows earlier this year. Even so, the broader picture remains stable. Inflation is still below the RBI’s medium-term target of 4%, giving policymakers room to hold rates steady. Compared to last year’s volatility, the current trajectory looks far more controlled.

What’s Next: “In April so far, consumers have again been shielded from the rise in energy prices with the government announcing a cut in excise duty on petrol and diesel starting late March. In the coming months, while a low base will perk up food inflation, the adverse impact of heatwaves and increased risk from a below-normal southwest monsoon assign an upside to food inflation,” said Dipti Deshpande, Principal Economist, Crisil Ltd.

Wage Unrest Shakes Manufacturing

Workers at multiple manufacturing units across Noida's industrial belt took to the streets on Monday, demanding a wage hike mirroring a 35% revision recently notified by Haryana. The protests disrupted factory operations across the Noida-Greater Noida belt, a critical hub for garment, electronics and auto parts manufacturing.

Overview: The unrest has been building for seven to eight days, fuelled by growing discontent among factory workers who say rising inflation in the National Capital Region has made current wages increasingly difficult to survive on, Sham Murti, a member of the Automobile Industry Contract Workers Union (AICWU), told The Core.

Setup: Motherson Group, a Tier-1 auto component maker affected by the protest, called it a broader labour issue “driven by misinformation," saying operations remained fully compliant with no material impact.

Hormuz Blocks, Oil Surges

The US military launched a blockade of ships travelling to and from Iranian ports on Monday after weekend peace talks in Islamabad collapsed, pushing oil prices above $100 a barrel for the first time since the ceasefire. Brent crude jumped 6.9% to $101.72, with no sign of a swift reopening of the Strait of Hormuz — a conduit for 40% of India's crude imports, Reuters reported.

Iran threatened to retaliate against Gulf neighbour ports, while Tehran said passage through the strait would only be permitted under Iranian control and subject to a fee.

Catch Up Quick: NATO allies, including the UK, flatly refused to join the blockade. British Prime Minister Keir Starmer reportedly told the BBC that Britain would not be dragged into the Iran war under any circumstances.

Setting: India, however, is seeking diplomatic inroads. Iranian Ambassador Mohammad Fathali said Tehran has "good contact" with New Delhi on safe passage for Indian ships through the strait and wants to help, according to Reuters.

Jobs Crisis Looming

World Bank president Ajay Banga told Reuters that a global jobs crisis could outlast current geopolitical conflicts and pose a bigger risk to economic stability. He said around 1.2 billion people will enter working age in developing countries over the next decade, but economies may create only 400 million jobs, leaving a gap of roughly 800 million. 

Impact: Banga argued that while wars disrupt growth and raise inflation in the short term, weak job creation threatens long-term social stability, adding that failure to create enough jobs could also fuel migration, deepen inequality, and trigger social unrest across developing economies.

Pivot: He urged governments to push reforms, attract private investment, and expand labour-intensive sectors such as infrastructure, agriculture, and healthcare.

Weak Rains Warning

India is likely to see a below-normal monsoon in 2026, as early signs of El Niño emerge after two years of above-average rainfall, said M Ravichandran, secretary at the Ministry of Earth Sciences, at a press briefing on Monday. Weaker rains could disrupt crop output and strain rural incomes, with nearly half of India’s farmland dependent on monsoon rainfall.

The Shift: The forecast raises fresh concerns about food inflation, which remains highly sensitive to weather shocks. A weak monsoon can reduce supply and push up prices of staples like rice and pulses.

The Lead: The Core previously reported that the risk may intensify due to rising geopolitical tensions involving Iran, which could drive up global oil prices. Higher fuel costs, combined with food inflation, could further complicate the inflation outlook and policy response.

Why Indians Save So Much? The Real Economic Reason

In this special edition of The Core Report, financial journalist Govindraj Ethiraj speaks with Jahangir Aziz of JPMorgan to unpack why Indians save so much despite economic growth—and why it may be driven more by financial insecurity than culture. The conversation explores how rising healthcare, education, housing costs, and economic uncertainty shape household savings, while also examining the impact of global conflicts, oil price shocks, inflation, rupee stability, and capital flows on India’s economy. They discuss why investors are rethinking emerging markets, why India may be underperforming, and the risks India faces in funding future growth.