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Mahindra & Mahindra (M&M) has reiterated its product roadmap through 2031

ICICIdirect Research 07 Jul 2026 DISCLAIMER

News: Mahindra & Mahindra (M&M) has reiterated its product roadmap through 2031, announcing plans to launch 26 new vehicles across SUVs, light commercial vehicles (LCVs), tractors, and electric mobility. The company has earmarked ₹9,112 crore in capital expenditure for FY26 and proposed an additional ₹15,000 crore investment to build a new manufacturing complex in Nagpur, which is expected to produce over one lakh tractors and more than five lakh vehicles annually from 2028. M&M will also expand its EV manufacturing through its NU_IQ platform, introduce seven new tractor models and 12 product upgrades under the PRO-TEK platform, and significantly increase its EV charging network by 2027 to support future growth.

View: Mahindra’s long-term roadmap reflects a balanced strategy of expanding its leadership in traditional vehicles while accelerating investments in electric mobility and farm equipment. The large-scale investments in manufacturing, new product development, and charging infrastructure indicate confidence in sustained demand across both domestic and global markets. By strengthening its SUV, tractor, and EV portfolios simultaneously, M&M is positioning itself to benefit from multiple growth opportunities while improving production capacity, supply-chain resilience, and competitiveness over the rest of the decade. We remain structurally positive on M&M with most inputs already shared earlier by the management.

Impact: Positive

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