Mahindra & Mahindra’s (M&M) XEV 9S has emerged as the automaker’s top-selling electric car in the fourth quarter of 2025-26, overtaking the XEV 9e which briefly became India’s top-selling electric car.

“The split is highly skewed to XEV 9S followed by XEV 9E and BE 6. We have a little bit of a capacity constraint at the moment in ramping up 9S beyond where we are,” Rajesh Jejurikar, Executive Director and CEO, Auto & Farm Sectors, M&M, told reporters after the company announced its fourth-quarter earnings.

At the end of the fourth quarter of the financial year 2025-26, M&M’s electric vehicle penetration rose to 9.6%, up from 4.4% in Q4FY25. In EV market share, M&M stood second after Tata Motors Passenger Vehicles with 31.4% EV market share. Mahindra & Mahindra led the EV race in terms of revenue market share in Q4FY26.

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To meet the upcoming fleet-wide corporate average fuel efficiency (CAFÉ-3) norms starting from April 2027, M&M said it needs to have EV penetration between 18% and 20% for a five-year period.

“In the last two months, EV penetration in our portfolio has been 11%-plus. We should comfortably be able to meet the new CAFÉ norms,” Jejurikar said. “By March 2027, we hope to be at somewhere between 13% and 15%,” he added.

M&M sees no ‘significant impact’ on demand from possible fuel price hike

The Mumbai-based automaker does not see any impact on demand from any fuel price hike in the future. “A lot of our products are not so sensitive to fuel price increases. Our customers buy higher price-point products and they don’t defer if fuel prices go up,” Jejurikar said, adding that the company’s target customer is not the “fuel-efficient” customer.

“We don’t expect SUV portfolio to be significantly impacted based on what happens to the fuel price,” said Jejurikar.

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M&M monitors LPG availability for 400 suppliers on a daily basis

Mahindra Group MD and CEO Anish Shah said the automaker is monitoring LPG availability for 400 suppliers on a daily basis amid the West Asia war.

Jejurikar said the company didn’t see any production loss in March and April because of gas shortages. “The are multiple other issues that have caused stress: the most significant is the availability of manpower at our suppliers. We believe it will improve soon as the workforce returns. Many had gone to their villages due to state elections. In April, our suppliers had a big shortfall. We are hoping that they will recover in May,” explained Jejurikar.
 

Published on: May 5, 2026 4:57 PM IST