FY2026 EV sales: Mahindra’s market share rises to 21 percent

The top three EV makers in India – Tata Motors, JSW MG Motor India, and Mahindra – experienced healthy upticks in EV sales volumes in FY2026 (April 2025-March 2026). However, Mahindra emerged as the fastest-growing player with a major increase in market share, while Tata and MG shrank in that regard.

1. Tata has the highest EV share in FY2026 PV sales
2. MG recorded a 74 percent increase in EV volume

1. Tata Motors: 77,658 units

Holding on to pole position is Tata Motors, which sold 77,658 EVs in FY2026, buoyed by strong demand for models such as the Nexon EV, Punch EV and Harrier EV. EVs comprised around 12 percent of Tata’s total FY2026 passenger vehicle sales (almost 6.42 lakh units), which is much higher than the industry average.

However, Tata’s EV market share dipped from 53.4 percent to 39.2 percent, owing to increased rivalry from existing and new carmakers in this space.

2. JSW MG Motor India: 52,408 units

Like last year, JSW MG Motor India retained second position on the sales charts with 52,408 EVs sold, representing a whopping 74 percent YoY uptick. The Windsor EV remains a key growth driver for MG, while the Cyberster and M9 represent the brand on the premium end of the market. Still, MG’s EV market share also declined marginally in FY2026 – from 28 percent to 26.4 percent.

3. Mahindra: 42,006 units

Thanks to the introduction of the BE 6, XEV 9e, and XEV 9S, Mahindra recorded the fastest growth among all EV sellers in FY2026. Compared to FY2025, Mahindra’s FY2026 EV sales were roughly five times higher at 42,006 units, propelling its market share from 7.8 percent to 21.2 percent.

EVs also comprised 6.4 percent of Mahindra’s total FY2026 passenger vehicle sales, which stood at 6.6 lakh units. This is likely down to Mahindra not offering any EVs in the sub-Rs 10 lakh region yet, as well as continually strong demand for the carmaker’s ICE-powered models.