In a major strategic move, Mahindra has announced the acquisition of a 58.96 percent stake in SML Isuzu, signaling its strong intent to expand its footprint in the commercial vehicle sector. The transaction, valued at Rs 555 crore, involves purchasing Sumitomo Corporation’s 44 percent stake and Isuzu Motors’ 15 percent stake at Rs 650 per share, a steep 63 percent discount compared to SML Isuzu’s last traded price. This makes it an extremely attractive and financially prudent deal for Mahindra.
Currently, Mahindra holds a modest 3 percent market share in the above-3.5-tonne commercial vehicle category. Post-acquisition, it aims to double its share to 6 percent, with long-term goals of reaching 10 to 12 percent by FY31 and over 20 percent by FY36. This acquisition also brings significant operational synergies, notably expanding Mahindra’s capabilities in the bus and medium-to-heavy truck segments, areas where it previously had limited offerings. Analysts, including those from ICICI Securities, have praised the move, valuing SML Isuzu attractively at 0.8 times price-to-sales and 8 times EV/EBITDA, setting the stage for strong financial returns over the coming years.
The transaction is currently awaiting regulatory approvals from authorities such as the Competition Commission of India and is expected to close by December 31, 2025. As part of the acquisition process, Mahindra will also launch a mandatory open offer to acquire up to 26 percent more shares from public shareholders under SEBI regulations.
Massive Demand for Mahindra BE6 and XEV9e
Mahindra’s aggressive foray into the EV segment with the BE6 and XEV9e has been met with overwhelming success. Since deliveries began on March 20, 2025, more than 3,000 units have been delivered exclusively for the range-topping Pack Three variant. On the very first day of bookings, February 14, the BE6 and XEV9e together secured an impressive 30,179 reservations, with Pack Three alone accounting for 41 percent of the BE6 and 59 percent of the XEV9e reservations. This response reflects the surging consumer interest in Mahindra’s new electric offerings.
Built on Mahindra’s all-new Born Electric platform, these SUVs feature a purpose-built architecture optimized for electrification. The BE6 and XEV9e are powered by 59kWh and 79kWh battery packs sourced from BYD, producing 231hp and 286hp respectively. Both models share an identical torque figure of 380Nm, ensuring a dynamic driving experience. Acceleration is brisk, with the BE6 sprinting from 0 to 100kph in 6.7 seconds and the XEV9e following closely at 6.8 seconds, making them among the quickest mainstream EVs available in India.
Where these vehicles truly excel is in their range. On the ARAI test cycle, the BE6 delivers up to 683 kilometers while the XEV9e offers up to 656 kilometers, ensuring that long-distance travel is feasible without frequent recharging. Adding further value, Mahindra offers a lifetime warranty on the battery packs for first-time owners, an almost unheard-of commitment in the EV space. Charging options are flexible, with buyers having the choice of a 7.2kW or 11.2kW home charger, priced at Rs 50,000 and Rs 75,000 respectively. Customers who already have compatible setups at home can choose to opt out of purchasing Mahindra’s chargers.
During the January to March 2025 quarter alone, Mahindra produced 8,303 units and dispatched 8,047 units of the BE6 and XEV9e combined, representing a strong 5 percent share of Mahindra’s total SUV sales for the period. Despite the surge in demand, Mahindra’s traditional internal combustion engine SUVs like the XUV 3XO, XUV700, and Thar Roxx continue to perform robustly, with waiting periods for some models still stretching up to 18 months. Mahindra is aggressively ramping up production to reduce the waiting periods for the BE6 and XEV9e, and dispatches for other variants beyond Pack Three are set to begin between June and August this year.
Mahindra Thar Roxx Waiting Periods Shrink as Production Rises
The Mahindra Thar Roxx, launched in August 2024, remains a favorite among off-road SUV enthusiasts across India. In response to strong and sustained demand, Mahindra scaled up production from February 2025, increasing the combined monthly output of the Thar and Thar Roxx to over 9,000 units, with the Thar Roxx accounting for 70 percent of this volume.
Thanks to the production boost, waiting periods have seen significant improvement. The premium Thar Roxx AX7L diesel 4×4 variant now has a waiting period of about 12 months, down from the earlier 18 months. However, the more affordable MX1 base trims still command a long waiting period of around 18 months. Mid-range variants like the MX3, AX3L, MX5, and AX5L now have waiting periods of up to four months. Buyers of the Thar Roxx AX7L 4×2 and the MX5 diesel-manual 4×4 trims can expect a wait time of about 10 months.
Meanwhile, for the classic 3-door Mahindra Thar, the waiting times vary considerably based on the variant. The 4WD soft top model currently requires a wait of up to nine months and will soon be discontinued, whereas the 4WD hard top petrol and diesel variants are available within three months. Customers opting for the RWD hard top petrol variant enjoy the shortest waiting time, with deliveries expected just over two months from booking.
Built for adventure seekers, the Mahindra Thar and Thar Roxx continue to set benchmarks for ruggedness, off-road capability, and aspirational value. Sharing their mechanical foundations with Mahindra’s other successful SUV models but tuned specifically for more adventurous exploits, the Thar Roxx further cements Mahindra’s dominance in the lifestyle SUV segment, as well as its place in the hearts and minds of investors.
