M&M and Tata Motors split on EV strategy: premium margins vs volume scale
FY26 disclosures reveal divergent India EV plays. Mahindra's e-SUV push delivered ₹15,089 cr revenue on 50,835 units with 9.1% Ebitda margin and 34.8% EV revenue share. Tata leads volume with 92,179 units (up 43%) and ₹13,410 cr EV PV revenue (up 63.8%), targeting ~30% of PV sales by decade-end.
M&M and Tata Motors pursue divergent India EV strategies: Mahindra targets premium e-SUVs and profitability with standalone disclosures, while Tata bets on scale and volume. FY26 disclosures show Tata leads by volume, Mahindra by revenue margin.