Rajesh Jejurikar, Executive Director & CEO- Auto and Farm Sector, Mahindra & MahindraAnchored by a new modular, multi-energy SUV platform that will underpin its next generation of products, Mahindra & Mahindra is looking to sharpen its global ambitions with a calibrated push into key overseas markets. Even as it looks abroad, the company will continue to prioritise leadership in revenue market share over sheer volume gains, Rajesh Jejurikar, CEO and ED-auto and farm sectors, M&M, told ET.
“Volume share gains are happening on their own, but our metric remains revenue market share. Chasing volumes could lead us to the wrong strategic choices,” Jejurikar said.
The Thar and XUV7OO maker— No. 1 in SUV revenue share and second in volumes which reported record quarterly SUV sales of 152,100 units in Q1 FY26 sees the next leg of growth driven by NU IQ. It is the company’s first-ever architecture capable of churning internal combustion, hybrid and electric powertrains, along with front- and all-wheel drive and both left- and right-hand drive formats.
On Friday, the company unveiled four SUV concepts — Vision.S, Vision.T, Vision.SXT and Vision.X — based on the newly developed NU IQ. The platform is designed for high modularity and component commonality, enabling faster development, lower costs and the agility to adjust product offerings as consumer preferences and technology trends shift.
“Once you create a platform, you can’t reinvent it every time customer choices change. Modularity gives us the ability to respond quickly,” Jejurikar told ET.
Mahindra’s existing INGLO platform will continue to underpin larger e-SUVs, while NU_IQ will be used for compact and subcompact SUVs, with both coexisting in the portfolio. To support future growth, the company will add 240,000 units per annum to its Chakan plant, taking total capacity there to 750,000–760,000 units annually, and is scouting for a greenfield facility for longer-term expansion.
The international rollout is following a “saturation-first” playbook — building brand presence, dealer networks and service capability in one market before moving to the next. South Africa served as the first proving ground, followed by Australia and New Zealand, said Jejurikar. The company is now preparing to enter the UK, as well as other right- and left-hand-drive markets, including select regions in Europe, the Middle East, Africa and Latin America, to tap into premium SUV “white space” opportunities.
The platform strategy is aimed at delivering aspirational SUVs for both domestic and overseas buyers, avoiding brand dilution from chasing entry-level markets. “We don’t want to dilute our identity by entering segments that aren’t core to us,” said Jejurikar, adding that the company’s average selling price remains well above the industry average.
By consolidating multiple powertrains on one platform, Mahindra aims to future-proof its product range against uncertainty in adoption curves for EVs, hybrids and advanced ICE vehicles. The flexibility, Jejurikar told ET, will be “a key lever in scaling the brand beyond India while sustaining leadership at home.”
