M&M Eyes Robust 2026 Growth Driven by GST, EV Expansion

• M&M expects GST reforms, EV launches, and product refreshes to drive significant growth in 2026, building on record 2025 sales.
• Nalinikanth Gollagunta highlighted strong December 2025 sales with SUV volumes up 23% and LCVs up 34% year-on-year.
• GST changes are boosting passenger vehicle premiumisation and triggering a 12-18 month replacement cycle in commercial vehicles.
• M&M plans to ramp up EV production capacity from 5,000 to 8,000 units/month by April, targeting 7,000 unit volumes.
• The company is reviewing pricing due to rising raw material costs and is engaged in discussions on upcoming CAFE norms.

Why It Matters: M&M anticipates strong 2026 growth, fueled by GST benefits and aggressive EV expansion plans.