Mahindra & Mahindra

Rewrites with analyst, industry body president comments

By Kashish Tandon and Saikeerthi .

Oct 6 (Reuters) - India's September tractor retail sales declined 12.6% from a month earlier as the worst monsoon in a decade and a delayed festive season weighed on farm equipment demand, even as broader auto sales stayed resilient, a dealers' body said on Tuesday.

Tractor sales fell to 76,906 units in September from 87,977 in August, according to data from the Federation of Automobile Dealers Associations.

The decline comes as the June-September monsoon, which delivers nearly 70% of India's annual rainfall, was 12.6% below normal this year, fuelling concerns over crop yields, rural demand and food inflation in Asia's third-largest economy.

Historically, September and October have been the strongest months for tractor wholesales, but a later-than-usual festive season and below-normal rainfall have hurt demand this year, said Yash Agrawal, an auto analyst at brokerage Nirmal Bang.

"Over-reliance on weather conditions is higher for tractors because they are directly impacted by crop production and overall cash flow of farmers," Agrawal said.

The slowdown could have wider implications for automakers including Mahindra & Mahindra MAHM.NS and Escorts Kubota ESCO.NS, as tractors are among their highest-margin businesses.

FADA President Sai Giridhar said the weakness was largely confined to tractors, arguing that rural vehicle demand was increasingly detached from farm incomes as non-agricultural businesses and employment gain prominence.

"Only the tractor segment is directly linked to farm income," Giridhar said, adding that rural sales of passenger and commercial vehicles as well as two-wheelers were growing at a pace comparable with, or exceeding, urban sales.

Overall retail sales of two-wheelers, passenger and commercial vehicles rose 31.8% year-on-year and nearly 5% from the previous month to 2.54 million units.

Dealers' sentiment was upbeat heading into the festive season, with more than three-fourths in a survey expecting sales to grow in October, supported by healthy enquiries, the dealers' body said.

(Reporting by Kashish Tandon and Saikeerthi in Bengaluru; Editing by Sherry Jacob-Phillips and Mrigank Dhaniwala)

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** Non-bank lender Mahindra & Mahindra Financial Services MMFS.NS shares rise as much as 6.53%, their biggest intraday rise in 10 weeks, to 340.3 rupees apiece; MMFS last up 2.6%

** Uptick after overall disbursement jumps 22% year-on-year in the September quarter to 164.9 billion rupees, as per MMFS' business update

** Collection efficiency at 97% in Q2FY2027 vs 96% in Q2FY 2026

** Morgan Stanley says Q2 update indicates good asset quality performance, uptick in loan growth for MMFS

** Morgan Stanley and Jefferies reiterate conservative stance on FY2027 earnings outlook, due to deficient monsoon and geopolitical uncertainty

** MMFS down 18.8% in 2026 so far, exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Oct 1 (Reuters) - Indian automaker Mahindra & Mahindra MAHM.NS reported a 14% rise in domestic sales for September, helped by strong demand for its sports utility vehicles, though a drop in tractor sales weighed.

The automaker sold 64,092 units in India in September, compared with 56,233 units a year earlier.

Total tractor sales fell 21% year-on-year.

Shares of the company fell as much as 2.4% to 2,881.10 rupees following the sales update.

(Reporting by Saikeerthi and Aishwarya Jain in Bengaluru; Editing by Sherry Jacob-Phillips)

(([email protected]; (+91) 8296756080))

MUMBAI, Sept 29 (Reuters) - India's Mahindra and Mahindra Financial Services MMFS.NS has accepted bids worth 12.50 billion rupees ($130.24 million) for the sale of bonds maturing in three years, three bankers said on Tuesday.

It will pay a coupon of 7.95% and had invited commitment bids for the issue on Monday, they said.

The company did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on September 29:

*Size includes base plus greenshoe for some issues

($1 = 95.9800 Indian rupees)

(Reporting by Khushi Malhotra; Editing by Harikrishnan Nair)

(([email protected]))

The following factors could affect Italian markets on Thursday.

Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).

POLITICS

Italian Prime Minister Giorgia Meloni said on Wednesday she intended to remain in office until the end of the legislature, dismissing media speculation that she might seek an early election before her term expires next autumn.

ECONOMY

Italy said on Wednesday it would scrap road tax for 14.5 million cars and motorcycles from next year, in a move expected to cost the country's strained state coffers more than €2 billion ($2.3 billion).

COMPANIES

(*) GENERALI GASI.MI

Italian insurance watchdog has launched an inspection of Generali's asset management offices, Il Sole 24 Ore and La Stampa newspapers reported on Thursday, describing it as a routine operation. Generali declined to comment, La Stampa added.

STELLANTIS STLAM.MI

Emanuele Cappellano, the carmaker's Europe chief, said on Wednesday that Italy's Mirafiori plant, which makes the Fiat 500 model, would produce in 2026 "twice as many vehicles as last year", when it made 30,000 cars.

(*) Stellantis had previously set a 2026 production target of 100,000 units for the plant.

(*) FERRARI RACE.MI

The luxury sports carmaker said on Thursday it had signed a global partnership agreement with tech company Rakuten 4755.T.

MFE-MEDIAFOREUROPE MFEB.MI

The broadcaster said on Wednesday it recorded a first-half adjusted operating profit of €145.7 million ($168.09 million), after consolidating ProSiebenSat.1 PSMGn.DE and despite a softer advertising market.

Chief Financial Officer Simone Sole added the group has no plans for further cooperation with France's Vivendi VIV.PA.

(*) MONCLER MONC.MI

Bernstein on Thursday upgraded its rating to 'outperform', with a target price of €57.50.

(*) MAIRE MTCM.MI

The engineering group said on Thursday that its Tecnimont unit had been awarded a front-end-engineering design and cost estimation contract for an unspecified petrochemical project in Asia, subject to the unnamed client's final investment decision.

(*) DANIELI DANI.MI

Jefferies on Thursday initiated coverage of the iron and steel plant-maker, with a 'buy' rating and a target price of €75.

(*) PININFARINA PNNI.MI

The Italian design group said on Wednesday that PF Holdings, a Dutch special purpose entity owned by India's Tech Mahindra TEML.NS and Mahindra & Mahindra MAHM.NS, has launched a voluntary tender offer for the company's shares. PF Holdings already owns 78.8% of Pininfarina, and its offer is aimed at delisting the company from Euronext Milan.

DIARY

Rome, Environment Minister Gilberto Pichetto Fratin attends the presentation of a pro-nuclear committee at the Gioventu' Nazionale "Fenix" festival (1300 GMT).

Milan, court hearing on INWIT's INWT.MI appeal over TIM's TLIT.MI termination of their MSA agreement.

Milan, Sanlorenzo SNL.MI top management meets investors at the UBS Luxury Conference to present first-half 2026 results, recent company developments and outlook.

Valdidentro, A2A A2.MI presents an autonomous underwater robot project for the management of sediments in hydroelectric reservoirs (0800 GMT).

For Italian market data and news, click on codes in

brackets:

20 biggest gainers (in percentage).............PG.MI

20 biggest losers (in percentage)..............PL.MI

FTSE IT allshare index .FTITLMS

FTSE Mib index........ .FTMIB

FTSE Allstars index... .FTSTAR

FTSE Mid Cap index.... .FTITMC

Stories on Italy...... IT-LEN

For pan-European market data and news, click on codes in

brackets:

European Equities speed guide...................EUR/EQUITY

FTSEurofirst 300 index...............................FTEU3

DJ STOXX index.......................................STOXX

Top 10 STOXX sectors............................PGL.STOXXS

Top 10 EUROSTOXX sectors.......................PGL.STOXXES

Top 10 Eurofirst 300 sectors....................PGL.FTEU3S

Top 25 European pct gainers........................PG.PEUR

Top 25 European pct losers.........................PL.PEUR

Main stock markets:

Dow Jones................DJI Wall Street report ......N

Nikkei 225..............N225 Tokyo report.............T

FTSE 100................FTSE London report............L

Xetra DAX..............GDAXI Frankfurt market stories.F

CAC-40..................FCHI Paris market stories....PA

World Indices.....................................0#.INDEX

Reuters survey of world bourse outlook.........EQUITYPOLL1

Western European IPO diary..........................WEUIPO

European Asset Allocation........................EUR/ASSET

Reuters News at a Glance: Equities...............TOP/EQE

Main currency report:...............................FRX/

Sept 16 (Reuters) - Italian design group Pininfarina PNNI.MI said on Wednesday that PF Holdings, a Dutch special purpose entity owned by India's Tech Mahindra TEML.NS and Mahindra & Mahindra MAHM.NS, has launched a voluntary tender offer for the company's shares.

Here are some additional details:

• PF Holdings will pay 1 euro per share in cash for each share tendered, Pininfarina said.

• PF Holdings, which already owns 78.8% of Pininfarina, launched a tender offer for up to 16.7 million shares, representing 21.2% of the Italian design group's shares, the company added.

• The offer represents an about 18% premium to Pininfarina's last close, according to Reuters calculations.

• The company said that the offer is aimed at delisting Pininfarina from Euronext Milan.

(Reporting by Nethra Sailesh in Bengaluru; Editing by Tasim Zahid)

(([email protected]))

Sept 15 (Reuters) -

• SIAM - INDIA'S AUG 3-WHEELER SALES 93,764 UNITS

• SIAM - INDIA FESTIVE DEMAND SEASON EXPECTED TO PROVIDE ADDITIONAL BOOST, RESULTING IN HEALTHY Q2 NUMBERS

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S AUG TOTAL DOMESTIC PASSENGER VEHICLE SALES 4,39,309 UNITS

• INDIA'S AUG 2-WHEELER SALES 2.03 MLN UNITS

(([email protected];))

Adds exec comment in paragraph 3, details from paragraph 4

By Abhinav Parmar

Sept 7 (Reuters) - Sales of alternative-fuel passenger vehicles outpaced petrol-powered cars in India in August for the first time, an auto dealers' body said on Monday, as the Middle East war raised oil prices and a public backlash against higher-ethanol-content fuel simmered.

Alternative-fuel models, including compressed natural gas, hybrid and electric models, accounted for nearly 42% of passenger-vehicle sales, while petrol vehicles stood at about 41%, according to the Federation of Automobile Dealers Associations (FADA), which represents dealers of major car and two-wheeler makers.

"This shift was bound to happen," Sai Giridhar, FADA vice president, told Reuters.

While E20-related concerns may have initially accelerated buyers' move away from petrol, the trend was being sustained by a wider choice of alternative-fuel models, improved EV range and a gradual expansion of charging infrastructure, he said.

The world's third-largest car market's transition to E20 petrol, which contains 20% ethanol, from E10 is aimed at reducing reliance on imported crude but has drawn criticism from owners of older vehicles, who are concerned that the blend could reduce fuel economy.

The government earlier dismissed the backlash, calling it "wild claims" and asking people to not "fall for the rage bait".

RECORD AUGUST SALES

India's automobile retail sales rose 17.5% year-on-year in August to 2.4 million, a record for the month.

This was despite leading auto companies rolling out price hikes this year to cope with elevated input costs.

Giridhar, however, warned that further price hikes risked eroding gains from last year's tax reforms introduced to fuel consumption.

The country's largest carmaker, Maruti Suzuki India MRTI.NS on Monday said it will raise prices of select models by up to 20,000 rupees ($211.80) from September, its third hike since May.

India is heading into its annual festive season, a period that typically spurs big-ticket purchases.

Giridhar said despite inflationary pressures and price increases, dealers remain optimistic about sales.

Passenger-vehicle inventory increased by five days from end-July levels to about 38–40 days, FADA said.

(Reporting by Abhinav Parmar in Bengaluru; Editing by Sherry Jacob-Phillips and Harikrishnan Nair)

(([email protected];))

Sept 1 (Reuters) - Mahindra and Mahindra Ltd MAHM.NS:

• OVERALL AUTO SALES FOR THE MONTH OF AUGUST 2026 STOOD AT 107648 VEHICLES

• AUGUST UTILITY VEHICLES SALES 59257 UNITS

• SELLS 29,507 TRACTORS IN AUGUST

Source text: [ID:]

Further company coverage: MAHM.NS

(([email protected];))

Anand Gopal Mahindra disclosed an off-market disposal of 867,027 Mahindra & Mahindra shares on 12 August 2026. His direct holding fell from 1,430,008 shares, or 0.11%, to 562,981 shares, or 0.045%. The combined holding of promoters and persons acting in concert declined from 18.14% to 18.07%. Mahindra & Mahindra reported consolidated revenue of ₹58,188 crore and profit after tax of ₹5,455 crore in the June quarter.

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Aug 13 (Reuters) -

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S JULY TOTAL DOMESTIC PASSENGER VEHICLE SALES 4,57,810 UNITS

• SIAM - INDIA'S JULY 3-WHEELER SALES 92,560 UNITS

• SIAM - INDIA'S JULY 2-WHEELER SALES 19,23,483 UNITS

(([email protected];))

Mahindra & Mahindra announced a dedicated strategic focus on its Holidays and Lifespaces businesses, aimed at accelerating growth and creating operating synergies. Amit Kumar Sinha, managing director and chief executive of Mahindra Lifespace Developers, was designated to become CEO of the combined Holidays and Lifespaces sector once a successor is appointed at the real-estate subsidiary. Mahindra Lifespaces' gross development value reached ₹50,000 crore after rising from ₹8,000 crore over three years, while residential pre-sales grew from about ₹700 crore in FY20 to ₹3,500 crore. Mahindra Holidays had more than 300,000 vacation-ownership members and had added over 1,700 rooms.

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Rewrites throughout with comments from FADA's vice president

By Kashish Tandon and Abhinav Parmar

Aug 6 (Reuters) - Consumer uncertainty over India's transition to E20 petrol is pushing some buyers toward vehicles powered by alternative fuels, a senior industry official said on Thursday.

Sales of alternative-fuel passenger vehicles, including CNG, hybrid and electric models, came within "striking distance" of petrol models in July, according to the Federation of Automobile Dealers Associations (FADA).

These vehicles accounted for 40.59% of total sales in July, just 1.09 percentage points behind petrol-powered vehicles at 41.68%.

India's petroleum and road transport ministries did not immediately respond to Reuters' requests for comment.

The shift comes amid concerns surrounding India's nationwide rollout of E20 petrol, which contains 20% ethanol, a plant-derived alcohol mixed into petrol to reduce dependence on imported crude oil. The policy replaced the earlier E10 variant.

The transition has drawn criticism from some consumers, who say the higher ethanol blend affects fuel efficiency and vehicle performance, particularly in older vehicles not designed for E20 fuel.

"What we are seeing is more consumer queries than complaints," Sai Giridhar, vice president of FADA, told Reuters, adding that dealers have not received a single complaint linking vehicle issues to E20 fuel despite servicing thousands of models every month.

Petrol-powered share of passenger vehicle sales fell to about 41% from 47.6% a year earlier, while diesel's share remained largely unchanged at about 18%, Giridhar said.

As petrol's share declined, CNG and electric vehicles gained ground. CNG's share rose to about 24% from 21% a year earlier, while EVs accounted for nearly 8% of sales, up from about 5%, he added.

Giridhar said dealer surveys suggest some consumers are delaying purchases of petrol vehicles or exploring alternative-fuel options because of concerns around E20, fuel economy and vehicle compatibility.

He attributed much of the anxiety to misinformation and a lack of awareness, saying automakers and dealers were initially unprepared for the volume of customer queries surrounding the fuel transition.

FADA said while passenger vehicles enter August with healthy pipelines and fresh launches, clearer communication around the E20 rollout could help convert hesitant buyers.

Overall passenger vehicle retail sales rose 19.1% year-on-year to 416,555 units in July, helped by tax-cut-led demand and new model launches, FADA added.

(Reporting by Kashish Tandon and Abhinav Parmar in Bengaluru; Editing by Sonia Cheema)

(([email protected]; 8800437922;))

By Aditi Shah, Arpan Chaturvedi and Sarita Chaganti Singh

NEW DELHI, Aug 5 (Reuters) - India's auto industry said it would revamp numbers furnished to the government as it withdrew its first warning of damage to vehicle parts caused by contaminated ethanol-blended fuel, stoking consumer anger over the contentious policy.

Tuesday's move came hours after media reported the group's warning, sparking public uproar and forcing the petroleum ministry to issue a clarification.

"The referred numbers reported in the media need authentication," the Society of Indian Automobile Manufacturers said in a statement, "... and therefore SIAM is withdrawing its earlier communication."

SIAM, which sent its warning on July 28, and the recipient, India's petroleum ministry, did not immediately respond to requests for comment.

With their letter, seen by Reuters, India's automakers accept for the first time issues stemming from a mandatory policy that sparked street protests, legal cases and consumer anger after the government rolled it out at 90,000 fuel pumps.

The lobby group did not deny the issue of contamination in its statement, but said some numbers quoted "need authentication through collection of elaborate data ... across the country followed by a comprehensive consultation".

The group, whose members include Maruti Suzuki, Tata Motors, Toyota Motor Corp and Mercedes Benz, did not say when the efforts would be completed, however.

QUESTIONS FROM VEHICLE OWNERS

Vehicle owners are at best sceptical about the U-turn.

"​Did the science change overnight, or did the ministry call?" Nachiket Deshpande, one of dozens of angry social media users, asked on X.

The policy of blending 20% ethanol in petrol to yield a product called E20 replaced E10 nationwide in 2025.

That was well ahead of a 2030 deadline as Prime Minister Narendra Modi's government sought to cut costly petroleum imports, although E20-compliant cars had only begun hitting the roads in 2023.

The rollout provoked uproar instead among consumers who blame the fuel for mileage drops and vehicle damage, with many demanding a choice of lower ethanol blends, particularly for vehicles that cannot use E20.

The government sought to soothe the concerns with press statements and social media campaigns, drafting in executives from leading carmakers such as Maruti and Hyundai to defend the roll-out at a July press conference.

WARNINGS OF CORROSION OR WEAR

In its missive to the ministry, the group warned of elevated chloride and moisture levels in E20 fuel sold at retail outlets nationwide.

"Members are observing a huge increase in the issues in customer vehicle parts and replacement. Investigations ... reveal the failure is due to corrosion or wear caused by high chloride presence which is traced to the fuel used," it said.

Car parts in direct contact with the fuel or engine emissions suffered the most, "specifically after E20 implementation", it added.

It also flagged high moisture levels in the fuel that it said could immobilise the vehicle immediately after fuelling, calling on the ministry for tougher quality checks against contamination.

Fuel quality is monitored on a regular basis by oil marketing companies and only two cases of chloride contamination were found in a sample of 2,000 tests, the ministry had said on social media on Tuesday.

Speaking to Reuters on condition of anonymity on Wednesday, a senior government official called the fuel concerns a "misinformation campaign" against E20, playing out mainly on social media with no real evidence in cars on the road.

(Reporting by Aditi Shah, Arpan Chaturvedi and Sarita Chaganti Singh; Additional reporting by Aditya Kalra; Editing by Clarence Fernandez)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

Adds details paragraph 2 onwards

July 31 (Reuters) - Shares of Hyundai Motor India HYUN.NS jumped 7.2% on Friday after analysts said earnings were likely to improve from the current quarter, with volume growth expected to pick up in the second half of the fiscal year.

Shares of the Creta SUV maker were trading at 2,164.50 rupees as of 09:48 a.m. IST, and were set for their best day since August 2025.

Hyundai Motor India on Thursday posted a 35% drop in quarterly profit in a quarter that was hit by a supplier fire that disrupted production at one of the company's plants, softer exports and higher commodity costs.

However, the company retained its full year operating margin outlook of 11%-14% and volume growth forecast of 8%-10%.

Analysts and investors focussed on that, with many saying that the automaker's new product pipeline, export recovery and capacity expansion were expected to support a growth from the second half of the year onwards.

The "sun" should rise after the festive season in India, analysts at CLSA said, maintaining its "outperform" rating and raising its target price to 2,300 rupees.

Meanwhile, rival Mahindra & Mahindra MAHM.NS posted a strong June-quarter performance on robust demand for its high-margin sport utility vehicles, despite margin pressure from higher steel and rubber costs.

Analysts said strong execution, market-share gains, capacity expansion plans and a resilient tractor outlook offset concerns over commodity inflation.

The Thar SUV maker's shares rose 2.6%, helping lift the Nifty Auto index .NIFTYAUTO by 1.2%.

(Reporting by Kashish Tandon in Bengaluru; Editing by Nivedita Bhattacharjee)

(([email protected]; 8800437922;))

** Shares of Mahindra and Mahindra MAHM.NS rise 1.2% to 3,260.40 rupees

** Jefferies sees Q1 pre-tax profit up 10% and 24% growth in net sales y/y, MAHM likely to post strong revenue growth driven by robust SUV demand and industry-leading volume expansion

** Adds, investors will watch whether co can sustain its SUV-led growth momentum and capitalise on rising adoption of premium vehicles and EVs

** Philip Capital says MAHM's margins will be in focus amid rising commodity costs, even as strong SUV demand and market-share gains are expected to support earnings growth

** Thirty-four analysts have "buy" rating on avg; median PT 4,200 rupees - LSEG-compiled data

** YTD, MAHM down 12.1% vs Nifty Auto index's .NIFTYAUTO 0.5% decline

(Reporting by Urvi Dugar in Bengaluru)

(([email protected];))

** Shares of SML Mahindra SMLM.NS hit the exchange-allowed maximum with a 20% surge to 4,566 rupees

** Rises most since February 2024

** Parent Mahindra & Mahindra MAHM.NS says it would transfer its truck and bus business to co for 5.25 bln rupees ($54.92 million)

** Sale to consolidate Mahindra Group's commercial vehicle operations under single entity

** More than 351,000 shares traded by 2:20 pm, 4.7x 30-day avg

** MAHM trading 1.5% lower

** YTD, SMLM up nearly 15% vs MAHM's about 13% fall

($1 = 95.5875 Indian rupees)

(Reporting by Abhirami G in Bengaluru)

(([email protected]))

An earlier version of this story incorrectly stated that Maruti Suzuki is selling fewer cars. It sold 1.82 million units in India in the latest fiscal year, up from a pre-COVID high of 1.73 million.

By Aditi Shah

NEW DELHI, July 20 (Reuters) - For some 40 years, Suzuki cars dominated India's roads.

The Japanese company's relentless focus on keeping prices and running costs low put millions of people behind the wheel. Hatchbacks made by its Indian arm Maruti Suzuki commanded between half and four-fifths of the country's new car sales in recent decades.

But as Indians got richer, they gravitated to bigger and flashier rides – and the automaker's emphasis on affordability started to become a drag. Maruti Suzuki's share of the world's third-largest autos market now lingers at around 39%, near an all-time low.

Suzuki's struggles reflect how cost-sensitive managers in Japan were slow to adapt to the changing tastes of newly affluent Indians, four people familiar with its business told Reuters. Executives, the people said, for years felt that demand for sunroofs, advanced technology and SUVs hadn't trumped questions of affordability for Indians.

Reuters is reporting for the first time details about the deliberations between Indian and Japanese executives at Suzuki as they struggled to pivot beyond a long-successful strategy that emphasized value before almost everything else.

Maruti Suzuki managers first floated the idea of adding sunroofs about a decade ago, the people said. But Japanese bosses considered the feature – which has become a symbol of upward mobility in India – impractical given India's extreme heat and dusty roads. They worried that adding a more powerful air conditioning unit and strengthening the cabin to accommodate the panel would increase costs and distract from Suzuki's mission of providing affordable transport.

The carmaker didn't introduce sunroofs until 2022. By then, fast-growing domestic rivals Tata Motors and Mahindra & Mahindra — which both currently have a market share of around 14% — had sunroofs as standard features on between a quarter and a third of their cars sold in India, according to data from auto research firm JATO Dynamics.

This account of the missteps that eroded Suzuki's iron grip on India and its subsequent efforts to woo customers back is based on interviews with more than 20 people, including executives, suppliers and others with direct knowledge of the automaker and its Indian business. Most spoke on condition of anonymity because they were not allowed to talk to the media.

Maruti's head of corporate affairs, Rahul Bharti, said in an interview that Japanese managers were not reluctant to embrace the changing tastes of local customers. Instead, he said, they had prioritized factors such as cost and climate, as well as emissions and safety considerations.

Indian and Japanese executives engage in "extensive" talks before introducing products and new features, Bharti said. Maruti's market share had declined recently because of a collapse in demand for small cars, the automaker's slow rollout of SUVs and its 2020 decision to stop selling diesel cars, he added.

While it is committed to building affordable and compact models, Suzuki has now directed local managers to "pay more attention to the Indian customer," Bharti said.

Tata and Mahindra did not return requests for comment.

To be sure, Maruti Suzuki still runs a lucrative business in India. Revenue has more than doubled over the last five years to $19 billion and profit tripled to $1.5 billion as margins improved. About 60% of the 3.3 million cars Suzuki sold in the last financial year were in India, and Maruti contributed nearly half of its profits.

But while it is making more money, the company has fallen short of chief executive Toshihiro Suzuki's goal of owning half the market.

Maruti Suzuki also risks being seen by younger drivers as a "brand for their parents or grandparents," said Toshihide Kinoshita, an automotive analyst at Nomura Securities.

In India, the typical buyer of a new car is in their mid-30s. The average age in the United States is 51, according to data from Cox Automotive.

THE PEOPLE'S CAR

Japanese car manufacturers increasingly see India, the world's fastest-growing major economy, as a lifeline.

Many face an existential threat in traditional strongholds like Southeast Asia from the low costs and fast-paced innovation of Chinese rivals. They are also being squeezed by tariffs in the United States and slow growth at home as Japan's population shrinks.

Chinese EV makers, however, are largely shut out of India, which has increased scrutiny of investments from China after a deadly border clash between the two countries in 2020. Japanese carmakers sense the opportunity: Toyota and Suzuki have announced plans to spend a cumulative $11 billion to expand manufacturing and other operations in India by 2030.

Maruti Suzuki is now a symbol of Prime Minister Narendra Modi's push to turn India into a global manufacturing hub.

Suzuki first invested in Maruti in the early 1980s when the Indian brand was state-owned. Then-Prime Minister Indira Gandhi wanted to provide a "people's car" to fulfill the dream of her late son Sanjay, an autos enthusiast who had sought to bring affordable mobility to the middle class.

The Maruti 800 arrived in 1983. It was priced at around $9,000 in inflation-adjusted dollars and became synonymous with India's modernization. Over three decades, Maruti sold nearly 3 million of the small hatchbacks. Such was the scale of Suzuki's dominance in India that its former CEO Osamu Suzuki said he aimed to keep a 50% market share "for eternity."

India's economy has grown some 18-fold since Suzuki entered the market. Yet Suzuki's cost-control culture meant managers initially faced resistance when they lobbied to offer advanced driver assistance systems that Mahindra introduced around 2021, some four years before Maruti, three people said.

For many buyers, the modernity and aspiration that Maruti once represented is found in Tata and Mahindra's feature-laden SUVs, rather than Maruti's workaday models. Maruti does not have "the bells and whistles" that customers now want, said JATO Dynamics president Ravi Bhatia.

One erstwhile loyalist looking elsewhere is Anil Tiwari, who is seeking a car to supplement his family's 17-year-old Maruti Alto hatchback. The insurance agent has narrowed his choices down to a Mahindra or Toyota SUV after his wife and children demanded a sunroof and a large infotainment display, among other technologies.

"My wife and children want the best," he said.

FIGHTBACK?

Maruti has been here before. Its market share dipped below 40% in 2011, though newer models and an expanded sales network helped it recover.

This time, competition is fiercer. Better equipped rivals and the fall in market share mean Suzuki now faces its toughest situation in India "in the last 40 years," chief executive Suzuki told reporters at the Tokyo auto show last year.

In an attempt to regain dominance, Suzuki is expanding R&D teams at Maruti and giving executives flexibility to make more decisions locally, five people told Reuters. It aims to cut the average product development time to 36 months from 48 months, four sources added.

Maruti has also built more car-testing labs in India to speed up design and execution, Bharti told Reuters.

Maruti has introduced pricier and more design-forward cars, including a three-row minivan that starts at about $25,000. It plans seven more SUVs by 2030, which will join a recently released model that has a sunroof and advanced driver assistance systems.

The brand is also reversing its decision not to use large display screens in some vehicles, according to three sources, who said Japanese executives had felt they would be a distraction for drivers.

Bharti confirmed that Maruti and Suzuki executives had discussed those concerns. Large displays and similar features are always "on the cards," he said, though the company continues to weigh customer demand against the realities of Indian driving conditions.

One open question is whether Maruti's more expensive cars will sell. The brand's association with affordability means Indians willing to spend more usually don't consider Maruti, six people told Reuters. Less than 3% of Maruti's sales come from cars priced above $15,500, compared with over 21% for the rest of the industry, according to JATO Dynamics.

That perception is shaping the choice for buyers like Deepanshu Singhal, a sales executive who plans to upgrade to a Mahindra or Toyota SUV from the Maruti Dzire sedan he has driven for seven years.

"I'd rather spend a little more money for a better car that has some freshness and newness," he said.

(Reporting by Aditi Shah; Additional reporting by Daniel Leussink in Tokyo, Saurabh Sharma in New Delhi, Sumit Khanna in Ahmedabad and Jatindra Dash in Bhubaneswar; Editing by David Dolan and Katerina Ang)

(([email protected], X:@aditishahsays))

Adds details and background

July 21 (Reuters) - India's top carmaker Maruti Suzuki MRTI.NS said on Tuesday it would increase vehicle prices by up to 30,000 rupees ($311.74) from August, its second portfolio-wide hike in about two months, citing sustained cost pressures.

Here are more details:

• The automaker had earlier announced a similar price hike of 30,000 rupees from June, while offering price protection to some entry-level cars

• The renewed Middle East conflict has disrupted global trade routes and energy markets, driving up prices of key inputs and pressing companies to pass on higher costs to customers

• With inflationary pressures now at elevated levels and the adverse cost environment persisting, the company has to pass on a portion of the increased costs to the market, Maruti said in a statement

• Company joins peer Tata Motors Passenger Vehicles TAMO.NS, which has also raised prices twice while Mahindra & Mahindra MAHM.NS and Hyundai Motor India HYUN.NS have raised once each

• Shares closed 0.6% higher at 13,597 rupees reversing course from earlier in the day

($1 = 96.2325 Indian rupees)

(Reporting by Urvi Dugar in Bengaluru; Editing by Nivedita Bhattacharjee)

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July 20 (Reuters) - India's Mahindra Logistics MALO.NS posted a better-than-expected quarterly profit on Monday, aided by growth in the company's core warehousing and transportation business.

• The company reported a consolidated net profit of 253.9 million rupees ($2.63 million) in the first quarter ended June 30 from a loss of 108 million rupees a year ago.

• Analysts, on average, had expected 242 million rupees, according to LSEG compiled data.

• Core supply chain management operations, which include warehousing, distribution and freight movements, remained a strong growth driver with a 22.5% growth in revenue to 18.92 billion rupees.

• Performance in this quarter was driven by growth in the contract logistics business, with new customer wins across sectors as well as due to progress in the company's turnaround strategy of its express business-to-business delivery business, the company said in a statement.

• Mahindra Logistics, which was spun off from the broader Mahindra Group, said that its enterprise mobility division also meaningfully contributed to growth this quarter.

• The segment, which provides enterprise mobility solutions through a platform called Alyte, reported a 41% growth in revenue.

• Consolidated revenue jumped to 20.03 billion rupees from 16.245 billion rupees in the year-ago quarter.

($1 = 96.4175 Indian rupees)

(Reporting by Saikeerthi in Bengaluru; Editing by Janane Venkatraman)

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July 15 (Reuters) -

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S JUNE TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,88,144 UNITS

• SIAM - INDIA'S JUNE 2-WHEELER SALES 18,51,400 UNITS

• SIAM - INDIA'S JUNE 3-WHEELER SALES 77,951 UNITS

• SIAM - OVERALL CONSUMER SENTIMENT AND DEMAND REMAIN STEADY AT PRESENT

• SIAM: INDUSTRY CONTINUES TO CLOSELY MONITOR GEOPOLITICAL DEVELOPMENTS AND PROGRESS OF MONSOON

Further company coverage: ASOK.NS

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July 6 - Ashok Leyland Ltd ASOK.NS:

• INDIA AUTODEALERS BODY FADA: JUNE OVERALL AUTO RETAIL SALES ROSE 21.83% Y/Y

• INDIA’S FADA: JUNE TWO-WHEELERS RETAIL SALES ROSE 21.22% Y/Y

• INDIA’S FADA: JUNE PASSENGER VEHICLE RETAIL SALES ROSE 28.63% Y/Y

• INDIA’S FADA: JUNE COMMERCIAL VEHICLE RETAIL SALES ROSE 16.88% Y/Y

Source text: [ID:]

Further company coverage: ASOK.NS

** Shares of India's Mahindra and Mahindra Financial Services MMFS.NS jump 3.79% to 330.25 rupees

** Company reported first-quarter disbursements rose 21% y/y, while gross business assets grew 12.5% y/y

** Jefferies ("hold", TP:325 rupees) says tech-led underwriting and centralized loan processing have improved turnaround time, productivity and underwriting consistency, though it remains cautious on weak monsoon risks

** Motilal Oswal ("buy", TP:318 rupees) says healthy disbursement growth and stable asset quality, along with comfortable liquidity position, support co's operating outlook

** MMFS rated "buy" on average by 33 analysts, median PT at 350 rupees, according to LSEG-compiled data

** YTD, stock down 18.11%

(Reporting by Surbhi Misra in Bengaluru)

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July 1 - Mahindra and Mahindra Ltd MAHM.NS:

• MAHINDRA & MAHINDRA - OVERALL AUTO SALES FOR MONTH OF JUNE 2026 AT 1,06,207 VEHICLES, A GROWTH OF 37%

Source text: [ID:]

Further company coverage: MAHM.NS

June 17 (Reuters) - Mahindra and Mahindra Ltd MAHM.NS:

• MAHINDRA MAHINDRA - DILUTION OF STAKE IN MAHINDRA SUMMIT AGRISCIENCE LIMITED AND CHANGE IN ITS STATUS

• MAHINDRA MAHINDRA- MAHINDRA SUMMIT AGRISCIENCE WILL CEASE TO BE UNIT OF MAHINDRA AGRI SOLUTIONS, BECOME ASSOCIATE

• MAHINDRA MAHINDRA- MAHINDRA SUMMIT AGRISCIENCE WILL CONTINUE AS JV BETWEEN MAHINDRA AGRI SOLUTIONS SUMMIT AGRO INTERNATIONAL, JAPAN

Source text: [ID:]

Further company coverage: MAHM.NS

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June 15 (Reuters) -

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S MAY TOTAL DOMESTIC PASSENGER VEHICLE SALES 4,38,854 UNITS

• SIAM - INDIA'S MAY 3-WHEELER SALES 70,720 UNITS

• SIAM - INDIA'S MAY 2-WHEELER SALES 19,02,209 UNITS

• SIAM - LOWER BASE EFFECT OF PREVIOUS MAY, DEMAND CREATED DUE TO REDUCED GST RATES GETTING REFLECTED IN HIGHER OFF-TAKE THIS MONTH

Further company coverage: ASOK.NS

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By Munsif Vengattil and Aditi Shah

BENGALURU, June 12 (Reuters) - India has scrapped a licence requirement for radar sensors, freeing automakers to adopt technology that helps cars avoid crashes and drive themselves by sensing surrounding objects, in a bid to make some of the world's deadliest roads safer.

The world's third largest car market, India reported more than 177,000 deaths in nearly half a million road accidents in 2024, the latest figures show.

In a notice on Thursday, the government waived the licence requirement for radar sensors operating in the frequency band from 77GHz to 81 GHz. That lets companies enable the technology without the government having to separately assign the airwaves.

Automakers Maruti Suzuki MRTI.NS, Tata Motors TATM.NS and Mahindra & Mahindra MAHM.NS, stand to benefit from the change, as well the suppliers behind them, such as Germany's Bosch and Continental.

The radar sensors let a car gauge safe distances, and drive features such as emergency braking, adaptive cruise control and blindspot warnings, to form a basis for autonomous driving.

The change brings India in line with the United States, the European Union and a global telecoms standard, all of which dedicate the same frequency band to vehicle radar.

That lets carmakers and suppliers tap into the same off-the-shelf hardware worldwide, rather than having to build an India-specific version.

(Reporting by Munsif Vengattil and Aditi Shah; Editing by Clarence Fernandez)

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