Mahindra Becomes Second-Largest Electric Carmaker by Monthly Sales in March 2026

Mahindra has become the second-largest electric carmaker in India by monthly sales, according to March 2026 vehicle registration data. The company sold 5,217 electric vehicles (EVs) in March, narrowly surpassing JSW MG Motor, which sold 5,113 units. This shift marks a significant change in the competitive landscape of India's EV market.

Key Highlights

• Mahindra sold 5217 electric vehicles in March 2026 overtaking JSW MG Motor
• Mahindra's market share rose to 21.2 percent for FY26 from 7.8 percent in FY25
• JSW MG Motor's Windsor EV remained a strong performer despite a market share decline
• Kia Motors increased its EV market share to 2.1 percent with 4183 units sold in FY26

Mahindra's Rapid Growth

Mahindra achieved this position within 12 months of entering the market with its all-electric SUVs, the BE 6 and XEV 9e. The company saw a 141 percent increase in sales, rising from 2,166 units in March 2025 to 5,217 units in March 2026. Mahindra's market share for the fiscal year climbed to 21.2 percent, up from 7.8 percent in FY25.

Mahindra's earlier efforts in the electric car segment included acquiring a majority stake in Reva Electric Car company in 2010. However, those efforts saw limited success until the recent launch of its new electric SUVs.

JSW MG Motor's Performance

JSW MG Motor, the previous second-largest EV maker, maintained its position for the financial year ending March 31, 2026. The company recorded a 21 percent year-on-year increase in March sales. Its Windsor EV remained a strong contributor to overall volumes. However, JSW MG Motor's market share for the fiscal year slipped to 26.4 percent from 28.0 percent in the previous year.

Despite strong sales, JSW MG Motor's market share declined as competitors like Mahindra expanded rapidly. The company's share fell from 53.4 percent in FY25 to 39.2 percent in FY26.

Other Key Market Movements

Kia Motors emerged as a notable performer in the electric vehicle segment. The company sold 940 units in March 2026, a significant jump from just 25 units a year earlier. For the full fiscal year, Kia posted 4,183 units sold, up from 409 units in the previous year. This growth increased Kia's market share to 2.1 percent from 0.4 percent.

The data, sourced from the government's Vahan portal, highlights the dynamic changes in India's electric car market. The rapid growth of new entrants and established players is reshaping competition and market shares.

These developments reflect the ongoing transformation in India's automotive industry as more manufacturers invest in electric mobility and expand their EV portfolios.