Mahindra to launch 26 new vehicles by 2031 under product roadmap

Rajesh Jejurikar, Executive Director & CEO (Auto & Farm Sector), Mahindra & Mahindra

Mahindra & Mahindra has unveiled its clearest blueprint for the rest of the decade, committing to 26 new vehicle launches through 2031 while backing the product offensive with ₹9,112 crore of capital expenditure in FY26 and a proposed ₹15,000-crore investment in a new manufacturing complex at Nagpur.The FY26 Annual Report outlined a multi-year product and manufacturing roadmap for the Auto and Farm businesses led by Executive Director & CEO (Auto & Farm Sector) Rajesh Jejurikar, signalling the company’s next phase of expansion across sport utility vehicles (SUVs), light commercial vehicles (LCVs), tractors, electric mobility and manufacturing capacity.The Management Discussion & Analysis (MD&A) said the company has planned a robust product roadmap through 2031, comprising 16 SUVs — 10 internal combustion engine models and six electric SUVs, and 10 light commercial vehicle launches, combining products already announced with additional launches planned over the next five years.The report said consolidated net capital expenditure during FY26 stood at ₹9,112 crore, with investments directed primarily towards new product development, underscoring the company’s commitment to expanding its portfolio while investing ahead of demand.FY27 growth playbookEven as it laid out a roadmap extending to 2031, Mahindra also provided a clear operating agenda for the year ahead.The company said its Automotive business is “well-positioned to scale efficiently, diversify risk, and lead the transition towards next-generation mobility,” while projecting mid-to-high teens growth in SUVs during FY27.To support that growth, Mahindra said it would focus on capacity debottlenecking, supply-chain de-risking, and a robust commodity hedging programme to protect margins.For the Farm Equipment business, the report projected mid-single-digit industry growth in FY27 after a strong base in the previous year.Nagpur and NU_IQ platformThe company said its proposed ₹15,000-crore investment in Nagpur represents “a significant step forward in our manufacturing journey,” reinforcing its commitment to “Make in India for the World.”Once fully operational, the greenfield facility will have an annual production capacity of more than five lakh vehicles and one lakh tractors, with production scheduled to begin in 2028.Alongside Nagpur, Mahindra is creating production capacity for its NU_IQ modular multi-energy platform at Chakan, with facilities becoming operational in phases by FY28.Describing NU_IQ as a “revolutionary” platform built on a modular, multi-energy architecture, the report said it provides the flexibility to develop multiple powertrains from a common manufacturing base.Auto, farm and charging roadmapBeyond passenger vehicles, the report outlined a busy execution calendar for FY27.The Farm Equipment business plans to roll out PRO-TEK across India while introducing seven new tractor models and 12 new product features during the year.Mahindra also plans to expand its Charge_iN charging network from 30 stations with 120 charging points currently to 250 stations with 1,000 charging points by the end of 2027, supporting its growing electric vehicle portfolio.Commercial vehicle expansionThe report also highlighted Mahindra’s acquisition of a 58.96 per cent stake in SML Isuzu, saying the transaction has doubled the Mahindra Group’s market share in trucks and buses to 6 per cent. It added that the Intermediate Light Commercial Vehicle (ILCV) business recorded 38 per cent year-on-year growth, taking its market share to 7 per cent, significantly ahead of industry growth.Building for the next decadeMahindra said demand continues to justify the investment cycle, with SUV sales rising 19.7 per cent year-on-year to a record 6,60,276 units in FY26, while the company retained its position as India’s tractor market leader for the 43rd consecutive year.The report said manufacturing capacity is being expanded in phases to support future product launches, exports and the transition to multi-energy vehicle platforms over the remainder of the decade.Published on July 6, 2026