Mahindra to Double EV Production as Q1 Profit Grows

Mahindra & Mahindra has announced plans to double its electric vehicle (EV) production capacity over the next five years after reporting a 6.8% increase in first-quarter profit. The automaker said strong demand across its passenger vehicle and farm equipment businesses helped drive quarterly revenue up 23% to ₹419.2 billion.

The company’s SUV business recorded a 24.4% rise in revenue, while its farm segment grew 19%, supported by strong tractor demand. Mahindra said expanding its EV lineup will be a key growth strategy as India’s electric vehicle market continues to grow and competition intensifies.

Despite the strong performance, higher commodity prices and supply-chain disruptions reduced the company’s standalone auto operating margin from 8.9% to 7.1%. Mahindra said it has already implemented vehicle price hikes to offset rising costs and will decide on any future increases based on commodity price trends. Following the results, the company’s shares climbed over 3%, reaching a two-month high.

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