Tata Motors ended FY26 as the undisputed leader in the electric passenger vehicle segment, but the company’s grip on the market weakened considerably over the course of the year.
The real story from the March 2026 registration data is Mahindra’s rise to second place in monthly sales, pushing past JSW MG Motor for the first time.
Tata sold 8,224 electric vehicles in March 2026, a 65 percent jump from the same month last year. But its market share for the full fiscal year FY26 slipped to 39.2 percent from 53.4 percent in FY25, a drop of over 14 percentage points. The leader’s share declining that sharply in one year is not a sign of Tata struggling; it is a sign of the segment growing up.
Mahindra sold 5,217 electric vehicles in March 2026, up from 2,166 units in March 2025, a year-on-year growth of 141 percent. That number placed it narrowly ahead of JSW MG Motor’s 5,113 units for the month. For the full financial year, JSW MG Motor retained the second position with a market share of 26.4 percent, compared to Mahindra’s 21.2 percent, up from 7.8 percent in FY25.
To put that trajectory in context: Mahindra’s first Born Electric deliveries began only in February 2025. The brand went from a standing start to 21.2 percent annual market share in 12 months, using just two models for the better part of the year.
The XEV 9S, which joined the lineup later in FY26 as a seven-seat variant of the XEV 9e, added incremental volume without cannibalising the other two models meaningfully. With production now raised to 8,000 units per month, the full-year output capacity for FY27 is nearly double what Mahindra could achieve in FY26.
JSW MG Motor’s Windsor EV has been the workhorse of its EV lineup and a consistent monthly volume driver. Sales in March grew 21 percent year-on-year. But its full-year market share dipped from 28 percent in FY25 to 26.4 percent in FY26. For buyers, the rivalry is reshaping the mid-size EV SUV space. Mahindra plays in the Rs 19-28 lakh range, while JSW MG’s Windsor sits lower with a Battery-as-a-Service option for cost-conscious buyers, giving both space to grow simultaneously.
The Windsor is priced from around Rs 13.5 lakh under the BaaS plan, where the buyer pays separately for battery use per kilometre, reducing the upfront cost significantly. That model has worked well for buyers who are cautious about battery depreciation. The ZS EV and Comet EV round out JSW MG’s electric portfolio but the Windsor carries the bulk of its EV volume. In February 2026, Windsor accounted for close to 72 percent of JSW MG’s total EV sales for the month.
One name that should not get lost in the headline numbers is Kia. The brand sold 940 electric units in March 2026, compared to just 25 units a year earlier. For the full year FY26, it registered 4,183 units against 409 in FY25, lifting its market share to 2.1 percent from 0.4 percent. That is a ten-fold increase in annual volume, driven by the Clavis.EV.
Tata’s portfolio spans the Nexon EV, Punch EV, Curvv EV, Harrier EV, and the Sierra EV, giving it the widest spread in the segment. In February 2026 alone, the Nexon led at over 19,430 units and the Punch came close behind at over 18,000 units across all variants, underlining how deep its volume base runs.
Its FY26 EV sales are expected to touch 90,000 to 100,000 units, a base that will be very difficult to dislodge quickly. Tata has a slew of new electric cars in 2026 including the Sierra.EV, the facelifted Tiago.EV, the Safari.EV and Avinya.
But Mahindra, with the XEV 4e in the pipeline at an expected starting price of around Rs 13 lakh and production expanding to 8,000 units per month, will continue to shrink the gap.
The BE.07, confirmed for a 2027 launch as a larger INGLO-based flagship, will push Mahindra further into segments where Tata currently has little direct competition. The EV podium in FY27 may look the same at the top, but the margins between positions two and three will be worth watching closely.
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