Mahindra TharMahindra & Mahindra (M&M) does not plan to raise vehicle prices in January 2026, breaking from the industry’s annual practice of New Year revisions, unless a substantial increase in raw material costs forces its hand, a top company executive said.
According to PTI, Rajesh Jejurikar, Executive Director and CEO – Auto & Farm Sectors at M&M, said that the company intends to maintain price stability in the wake of the government’s recent the goods and services tax (GST) cuts.
“We will not take price hikes right now, unless they are driven by a significant raw material price,” Jejurikar said when asked about a possible January revision.
He added that M&M was conscious of the “very significant milestone action” taken by the government to reduce GST and would avoid any move that could undermine the intent of those reforms. “We will not do anything which drives a profiteering objective to take prices up,” he said.
Jejurikar emphasised that any future increase would have to be supported by a clear escalation in manufacturing costs. “We will not announce a price increase just because that’s the typical habit,” he said.
Car manufacturers have already reduced vehicle prices from 22 September to pass on the GST relief to customers. The GST Council’s rate rationalisation has moved most small and mid-sized cars into an 18 per cent slab, down from 28 per cent, while bringing the effective tax on most large SUVs and luxury vehicles down from around 50 per cent to a flat 40 per cent.
