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Lens Pro · OEM deep dive

Mahindra

Mahindra at 13.1% in Aug 2026 — partial volume; comparisons withheld

FY 2026-27 volume

2.4L

YoY +0.4%

Market share

13.5%

+0.0 pp vs prior period

5-period CAGR

+3.4%

FY 2021-22 → FY 2026-27

EV share

12.9%

of latest OEM fuel mix

Green share

12.9%

EV + Strong Hybrid

Market rank

#4

latest national period

Volatility

75.1%σ

growth standard deviation

Market position

Volume & share

Annual registration volume and share of the total national passenger-vehicle market.

Fuel structure

Fuel mix

Annual powertrain volumes reveal how the portfolio has transitioned.

Electrification

EV transition

EV share of this OEM’s own registrations against the national market average.

Growth diagnostics

YoY growth

Period-over-period growth highlights acceleration and contractions.

Seasonal structure

Seasonality

100 represents an average month across the complete history.

Market sensitivity

Market fit

Annual OEM volume against total market volume; β measures cycle sensitivity.

β = 0.13r = 0.85σ = 75.1%

Relative growth

Indexed volume

Indexed to 100 at FY 2011-12 for direct trajectory comparison.

Latest competitive structure

Fuel table

Volume, share, growth and share movement for the leading fuels.

#FuelVolumeShareYoYShare Δ
1Diesel37.76L86.03%+14.6%-2.1 pp
2Petrol5.05L11.50%+28.0%+0.9 pp
3EV1.01L2.30%+150.7%+1.2 pp
4CNG7.6K0.17%+0.8%-0.0 pp

Fuel portfolio history

Powertrain entry and continuity

First active period, latest active period and peak volume for every represented fuel.

Diesel

Active

Entered

FY 2012-13

Latest

FY 2026-27

Peak

FY 2025-26 · 4.9L

Latest growth

+14.6%

Petrol

Active

Entered

FY 2012-13

Latest

FY 2026-27

Peak

FY 2025-26 · 1.1L

Latest growth

+28.0%

EV

Active

Entered

FY 2012-13

Latest

FY 2026-27

Peak

FY 2025-26 · 47.7K

Latest growth

+150.7%

CNG

Active

Entered

FY 2012-13

Latest

FY 2025-26

Peak

FY 2018-19 · 2K

Latest growth

+0.8%

Product strategy

Model timeline

Active and exited nameplates, market tenure, segment and powertrain coverage.

Current portfolio

XEV 9S

Electric 7-seat SUV

20002026
2026presentEV

Three-row INGLO electric SUV

Current portfolio

XUV 7XO

SUV flagship

20002026
2026presentPetrolDiesel

Launched January 2026 as the XUV700's successor evolution

Current portfolio

BE 6

EV SUV premium

20002026
2025presentEV

INGLO BEV platform; 59kWh/79kWh

Current portfolio

XEV 9e

Electric SUV coupe

20002026
2025presentEV

Born-electric INGLO flagship

Current portfolio

XUV 3XO

Compact SUV

20002026
2024presentPetrolDiesel

Replaced XUV300; new-gen platform

Current portfolio

Thar Roxx

Five-door off-road SUV

20002026
2024presentPetrolDiesel

Five-door member of the Thar family

Current portfolio

XUV400 EV

Compact SUV EV

20002026
2023presentEV

First dedicated EV from Mahindra

Current portfolio

Scorpio N

SUV

20002026
2022presentDieselPetrol

All-new platform alongside Scorpio Classic

Current portfolio

XUV700

SUV flagship

20002026
2021presentPetrolDiesel

ADAS; replaced XUV500

Current portfolio

Bolero Neo

Compact SUV

20002026
2021presentDiesel

Replaced TUV300

Current portfolio

Thar

Off-road SUV

20002026
2010presentDieselPetrol

2nd gen Oct 2020; Roxx 5-door 2024

Current portfolio

Scorpio

SUV

20002026
2002presentDieselPetrol

Scorpio Classic retained; N gen 2022

Current portfolio

Bolero

Utility MUV

20002026
2000presentDiesel

Rural dominant; perennial steady seller

Discontinued

XUV300

Compact SUV

20002026
20192024PetrolDiesel

Replaced by XUV 3XO Apr 2024

Discontinued

Marazzo

MPV

20002026
20182023Diesel

Innovative; discontinued poor sales

Discontinued

KUV100

Micro SUV

20002026
20162022PetrolDiesel

Petrol-only from 2020; discontinued

Discontinued

NuvoSport

Compact SUV

20002026
20162019Diesel

Quanto facelift; replaced by TUV300 Plus

Discontinued

TUV300

Compact SUV

20002026
20152021Diesel

Bolero-based; replaced by Bolero Neo

Discontinued

e2o

EV City Car

20002026
20132021EV

Early EV push; fleet use

Discontinued

Quanto

Compact SUV

20002026
20122016Diesel

Xylo-based compact; replaced by NuvoSport

Discontinued

XUV500

SUV

20002026
20112021PetrolDiesel

Game-changer for Mahindra; replaced by XUV700

Discontinued

Verito

Sedan

20002026
20112018DieselPetrol

Renault Logan rebadged; discontinued

Discontinued

Xylo

MPV

20002026
20092021Diesel

Replaced Bolero-based offerings; discontinued

Discontinued

Rexton

SUV

20002026
20032012Diesel

SsangYong-based; low volumes; discontinued

Analyst context

What the history says about Mahindra

Mahindra at 13.1% in Aug 2026 — partial volume; comparisons withheld. FY 2026-27 YTD share 13.5% on 2,36,898 registrations. 13 active nameplates in portfolio. Recent exits: XUV300, Marazzo.

Momentum

Positive growth

Position

Major segment

Long-term trajectory

+3.4% CAGR

Research overlay

Recent launches and exits

Curated portfolio events that help explain changes in registration momentum.

2024 · product · positive

BE6e / XEV9e launched — new EV architecture

Born-electric SUVs on INGLO platform. Mahindra signals full EV intent for premium UV segment going forward.

2024 · product · positive

Petrol portfolio expansion — Thar Roxx 5-door petrol

Mahindra diversifies away from pure diesel with petrol Thar variants. Responds to diesel share decline.

2023 · product · positive

XUV400 EV launch — first Mahindra modern EV

XUV400 EV marks Mahindra's return to serious EV after Reva era. Competitive pricing at ₹15–19L.

2022 · investment · positive

INGLO EV platform announced — ₹8,000Cr investment

Global EV platform with 5 new EVs planned. Signals complete EV transformation of Mahindra UV lineup.

2019 · product · positive

Diesel dominance — Scorpio, XUV500, Thar

Mahindra reaches peak diesel volumes. UV portfolio almost entirely diesel — captures rural/semi-urban demand.

2012 · product · positive

e2o in market — early urban EV

Mahindra Reva e2o: limited range, urban niche. Early EV volumes small but consistent market presence.

13 active models · average monthly history 0