TL;DR
Mahindra & Mahindra has surpassed Tata Motors in electric vehicle revenue for FY26, signaling a shift in the Indian EV market's financial landscape.
In a significant shift within India's electric passenger vehicle segment, Mahindra & Mahindra has surpassed Tata Motors to become the highest revenue generator for electric cars in FY26. This marks the first time Mahindra has taken the lead in value terms, reporting EV passenger vehicle revenues of ₹15,089 crore, a sharp 344% year-on-year increase.
Mahindra's strong performance secured it a 34.8% market share in revenue, an increase of 17.1 percentage points. While Tata Motors followed closely with ₹14,995 crore in revenue and a 72.6% rise, its market share declined by 10.6 percentage points to 34.6%. JSW MG Motor India secured the third position with revenues of ₹10,194 crore.
Despite this shift in revenue leadership, Tata Motors maintained its dominance in terms of unit sales, selling 78,811 electric cars during FY26. This divergence between revenue and volume leadership highlights varying product mixes and pricing strategies adopted by manufacturers in the evolving Indian EV market.
