Davos 2026: Mahindra electric three-wheeler business is almost ready for IPO, says CEO Anish Shah

Mahindra Group managing director and chief executive officer Anish Shah with Moneycontrol’s deputy executive editor Chandra R Srikanth in Davos.

• Mahindra's electric three-wheeler unit plans IPO within a year.
• Mahindra holds over 40 percent market share in electric three-wheelers
• Mahindra won $1.2 billion in aerostructure orders, focusing on quality execution

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Mahindra Group’s electric three-wheeler business is close to being listed, with managing director and chief executive offices Anish Shah saying they are “almost ready for an IPO” , which can hit the market within the next year.

Speaking to Moneycontrol on the sidelines of the World Economic Forum in Davos, Shah said the business has performed strongly in a highly competitive segment and has emerged as the market leader.

“The electric three-wheeler business has been extremely well. It’s in a very competitive space but we are the market leader there,” Shah said, adding Mahindra holds over 40 percent market share in the segment.

“That is a business that we feel is almost ready for an IPO. Within the next year it will be and we shall then take it to market then," he said, as he also highlighted momentum across Mahindra’s core automotive and industrial businesses.

He said demand across the auto and farm equipment segments continues to remain strong. “Auto as well as other businesses are continuing to see great demand, and we are now looking at adding more capacity,” he said.

Shah said Mahindra’s aerostructures business has emerged as a fast-growing vertical. “The business is growing at a very rapid pace,” he said, adding the immediate priority is maintaining quality execution. Mahindra has won $1.2 billion worth of aerostructure orders in the last 12 months and Shah said the focus now is on delivering “a very high level of quality” before pursuing further expansion.

On rare earths, Shah said Mahindra’s primary interest is as a consumer rather than a direct investor. The company uses permanent magnets in its motors, especially for electric vehicles.

“Our play is to offer long-term contracts and commit to paying a slightly higher price to ensure stability of supply,” he said, noting this is critical for building domestic self-sufficiency in the sector.

Mahindra, he said, remains focused on scaling businesses with strong fundamentals and long-term growth visibility.