Tata Motors Leads, Mahindra Climbs to Second in India’s Electric Vehicle Market
Written by: Kailash Jha Published: April 3, 2026 at 12:21 PM Updated: April 3, 2026 at 12:21 PM
Tata Motors ended FY26 as the undisputed leader in the electric passenger vehicle segment, but their market share weakened considerably over the year. The notable story from March 2026 registration data is Mahindra’s rise to second place, surpassing JSW MG Motor.
Tata’s Dominance Fades
Tata sold 8,224 electric vehicles in March 2026, a significant 65 percent jump year-on-year. Yet, their market share slipped from 53.4 percent in FY25 to 39.2 percent in FY26, a drop of over 14 percentage points.
Mahindra Soars
Mahindra sold 5,217 electric vehicles in March 2026, a staggering 141 percent growth from the same month last year. This placed them ahead of JSW MG Motor (5,113 units) for the first time. For FY26, JSW MG retained second place with a 26.4 percent market share, while Mahindra secured 21.2 percent.
Mahindra’s rapid rise is remarkable given that their first electric vehicle deliveries began only in February 2025. They achieved this growth using just two models and now aim to double their full-year output capacity for FY27.
JSW MG Motor Holds Its Ground
JSW MG Motor’s Windsor EV, a consistent volume driver, saw a 21 percent year-on-year sales increase in March. However, its market share dipped from 28 percent in FY25 to 26.4 percent in FY26.
The competition between Mahindra and JSW MG is reshaping the mid-size EV SUV segment. While Mahindra targets a price range of Rs 19-28 lakh, JSW MG’s Windsor offers a Battery-as-a-Service (BaS) option for cost-conscious buyers, allowing both brands to grow simultaneously.
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