Mahindra Last Mile Mobility to add EV capacity, targets H2 2027 IPO

Mahindra Last Mile Mobility plans to debottleneck production lines and add EV capacity within 12–18 months as supply constraints curb sales. The electric three-wheeler maker, with 3 lakh units of annual installed capacity, expects to begin its IPO process in 18–24 months.

— Source publishedFri, 28 Aug, 2026, 11:45 IST·First seen Fri, 28 Aug, 2026, 11:55 IST·Source Forbes India

What happened

Mahindra Last Mile Mobility will debottleneck lines and add EV capacity as supply-chain constraints limit sales. The electric three-wheeler leader, valued at Rs

Key facts

  • Installed manufacturing capacity: 3 lakh units annually
  • FY26 sales: 1.36 lakh units, up 26% YoY
  • FY24 revenue: Rs 2,367 crore
  • FY25 revenue: Rs 3,783 crore
  • FY26 revenue: Rs 4,798 crore
  • FY24 net profit: Rs 26 crore
  • FY25 net profit: Rs 246 crore
  • FY26 net profit: Rs 185 crore
  • Latest valuation: Rs 10,822 crore
  • Cumulative funds raised: Rs 1,300 crore
  • Passenger three-wheeler market share: 39.7%
  • Cargo three-wheeler market share: 44%
  • Combined three-wheeler market share: roughly 40%

Why this matters

Mahindra Last Mile Mobility’s pre-IPO scaling plan raises its strategic value and creates potential partnership opportunities across EV components, charging, financing and fleet ecosystems.

What to watch

  • Quarterly electric three-wheeler volumes, order backlog and reported delivery lead times.
  • Announcement of incremental capacity size, plant location, capex and commissioning schedule.
  • Capacity-utilization and inventory trends after debottlenecking.
  • Battery-cell pricing, localized component sourcing and supplier availability.
  • India EV subsidy, registration, financing and state-policy changes.
  • IPO advisor appointments, corporate restructuring, financial disclosure upgrades and filing timeline.
  • Market-share movements against Bajaj, Piaggio, TVS and newer electric three-wheeler competitors.
  • Prioritize line debottlenecking before greenfield capex to lift output within 12-18 months.
  • Secure battery, motor and electronics supply through longer-term vendor contracts and localization.
  • Expand dealer service, financing and fleet partnerships to ensure new capacity converts into deliveries.
  • Build IPO governance, audited standalone disclosures and a demonstrated path to profitable EV growth.
  • Use capacity availability to target fleet, last-mile delivery and passenger three-wheeler replacement demand.