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Mahindra Last Mile Mobility (MLMML) is evaluating plans to nearly double its manufacturing capacity

ICICIdirect Research 26 Aug 2026 DISCLAIMER

News: According to media sources, Mahindra Last Mile Mobility (MLMML) is evaluating plans to nearly double its manufacturing capacity from around 3 lakh units annually, including expansion of its existing facilities and a possible new greenfield plant. The company plans to launch eight new EV products and variants over the next two years, focusing particularly on cargo three-wheelers, while its potential IPO could take 12–18 months. EV penetration in its passenger three-wheeler segment has already reached around 40–50%, and the company expects this to rise to 75–80% by FY30.

View: M&M is a prominent player in the electric 3-W space with healthy volumes clocked in this segment. The planned capacity expansion and new launches could help M&M capture the rapidly increasing electrification of the three-wheeler market, while greater focus on cargo EVs provides an additional growth opportunity where penetration remains relatively low. In the recent past it had also raised long term foreign equity in that venture. This shall offer value unlocking opportunity and bodes well for the shareholders. We continue to be long term positive on the stock.

Impact: Positive

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