M&M zips past Tata Motors to be India's second most-valued automaker

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26 Aug, 2025 12:21

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Shares of Mahindra & Mahindra Ltd has overtaken Tata Motors Ltd in terms of market capitalisation to become the second most valued auto company in India.

The market capitalisation for M&M stood at Rs 1.64 trillion with its shares touching an all time high of Rs 1,331 apiece on the BSE on Thursday. Tata Motors Ltd was trading 1 percent lower at Rs 442 a share while its MCap reached Rs 1.47 trillion. M&M has gained 57 percent so far this year, while Tata Motors declined over 8 percent.

Maruti Suzuki India Ltd remained India's most valued auto firm with an MCap of Rs 2.66 trillion.

M&M enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume.

Tata Motors' diverse portfolio includes an extensive range of cars, sports utility vehicles, trucks, buses and defence vehicles. It is one of India's largest OEMs offering an extensive range of integrated, smart and e-mobility solutions.

M&M’s overall auto volume for August grew 93 percent on-year to 59,049 units. Its PV volume grew 87 percent YoY, while CV sales grew 143 percent YoY. Demand across the portfolio remains strong and is enhanced with blockbuster launches of Scorpio-N, Scorpio Classic and new Bolero MaXX Pik-up.

Blockbuster launch of its ‘Scorpio-N’ has received 100,000 bookings under 30 minutes, translating into an ex-showroom value of Rs18,000 crore. Its commercial vehicle segment continues to deliver strong growth across segments.

M&M has an ambitious plan of launching 23 new products by 2026. Within its passenger vehicle business, it plans to launch 9 new products while for its LCV business it plans 14 new products by 2026.

" M&M has been very proactive with EV space, which seems to be a reality in the coming years. M&M has the highest share of the diesel portfolio & its ownership and operational cost has increased significantly in the recent past, putting the company at a disadvantageous position," Aditya Birla Capital said.

For Tata Motors, analysts expect a potential slowdown likely to impact key markets like US, Europe and China of Tata Motors JLR segment.

Tata Motors India sold a total of 78,658 units of vehicles in August 2022, which grew by 36.1 percent on-year, while declined by 3.7 percent a month ago. Total domestic sales were at 76,479 units, up 41 percent YoY and down 3 percent MoM,

"Tata Motors has continued to see strong growth in domestic PV sales on the back of a strong order pipeline. Tata Motors has gained domestic PV market share in Q1FY23 and is working on continuing the trend. The YoY growth rates in the domestic CV segment have started to normalize from July 2022 as the effect of the covid-impacted low base is reducing. Demand traction in CVs continues due to the Government’s push on infrastructure, higher levels of economic activity, reopening of schools and offices, and growth in the agriculture and e-commerce sectors," a KR Choksey report said.