Mahindra Says the XEV 9S Was India's Best-Selling EV by Volume in Q1 FY27

Mahindra & Mahindra has reported a strong June quarter, and tucked inside the results is a claim that says a lot about how quickly India's electric car market has reordered itself. Rajesh Jejurikar, who heads the auto and farm sectors, said the XEV 9S emerged as the highest-selling EV in India by volume during Q1 FY27 — the quarter ending June 30, 2026.

The numbers behind the quarter

M&M posted consolidated profit after tax of ₹5,455 crore, up 34% year on year, on consolidated revenue of ₹58,188 crore, up 28%. The automotive business contributed ₹34,387 crore in revenue, a 32% increase, with quarterly volumes of about 304,000 units — up 23% — including Last Mile Mobility and Mahindra Electric Automobile.

The margin picture is more mixed, and worth reading carefully. The auto segment's PBIT margin came in at 7.1%, or 8.3% excluding the electric-SUV contract manufacturing arrangement — down about 170 basis points year on year. In other words, the EV volume is real, but it is currently being bought at some cost to profitability. That is a familiar trade-off in this segment and not unique to Mahindra.

Why the XEV 9S claim matters

Tata Motors held the top spot in India's electric passenger vehicle market for years, largely on the strength of the Nexon EV and Tiago EV in the mass segment. A three-row, premium electric SUV taking the monthly volume crown is a different kind of result — it suggests the centre of gravity in EV buying is shifting upward, towards buyers who want an EV as their primary family car rather than a second city vehicle.

One caveat worth stating plainly: this is a company statement made alongside earnings, not an independently published registration ranking. Monthly VAHAN registration data and FADA retail figures are the neutral benchmarks, and they can differ from wholesale dispatches. Treat the claim as credible but company-sourced until the quarter's registration data is cross-checked — our Q1 FY27 EV registrations roundup tracks the independent numbers.

What it means for buyers

For anyone shopping in the ₹20–30 lakh electric SUV space, high volumes are a practical advantage rather than a vanity metric: they usually mean better parts availability, a denser service footprint, faster software maturity and — eventually — steadier resale values. The flipside is that early buyers of a fast-scaling model often absorb the teething issues.

If the XEV 9S is on your list, it is worth comparing it against the rest of the segment before committing. See our best electric SUVs in India guide, the full Mahindra electric cars lineup, or run the numbers against a petrol equivalent with the EV vs petrol cost calculator.

Sources

Q1 FY27 results and management commentary as reported by Business Standard · Trade Brains · Republic World