Latest news with #MahindraElectricAutomobile
Time of India
4 days ago
- Automotive
- Time of India
Mahindra to give Rs 400-500 cr ESOPs to 23,000 employees
New Delhi: In an industry-first initiative, Mahindra & Mahindra is launching a one-time Employee Stock Ownership Plan (ESOP) for about 23,000 employees, including factory floor workers, as a reward for their contribution to the company's growth journey, Group CEO & MD Anish Shah said. The initiative covers three of Mahindra's key subsidiaries -- Mahindra & Mahindra (auto and farm sectors), Mahindra Electric Automobile, and Mahindra Last Mile Mobility, Shah said in an interview with PTI Videos. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program This marks a rare -- and possibly first -- instance of a large Indian conglomerate extending ESOPs to shop floor workers. The shares will be granted in the form of restricted stock units (RSUs). "So this is something that I am very happy about and very proud about our company's culture because these ESOPs are for every single person in the company. This is effectively a token of gratitude, because their efforts have helped us do extremely well," he said. He noted that the diversified conglomerate's market cap has grown 12 times since April 2020, a little more than five years and the group felt it was important to acknowledge this. Live Events The total disbursement for 23,000 employees of M&M, which is a parent company, MEAL, which is an electric vehicle company, and the last mile mobility (vertical), would be in the range of Rs 400-500 crore, depending on factors, he said. Employees on the permanent payroll with a minimum of 12 months' service within the group will be eligible to receive ESOPs. Shah stated that the plan aims to reward long-term contributions and align employee efforts with the company's wealth creation. "It (Rs 400 crore to Rs 500 crore) is a very significant amount, but as I look at it, overall, the value creation they (workers) have led is a lot more," Shah said. Mahindra & Mahindra has posted a 24 per cent year-on-year increase in consolidated net profit to Rs 4,083 crore for the June quarter, driven by broad-based growth across business verticals. The company reported a net profit of Rs 3,283 crore for the April-June period of the last fiscal. Total income from operations rose to Rs 45,529 crore in the June quarter against Rs 37,218 crore in the year-ago period.
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Business Standard
30-07-2025
- Automotive
- Business Standard
Mahindra EV biz posts ₹111 crore Q1 EBITDA, awaits PLI nod for XUV9e
Mahindra Electric Automobile (MEAL) has posted earnings before interest, taxes, depreciation and amortisation (EBITDA) of ₹90 crore in the first quarter of FY26, with a resultant EBITDA margin of 2.9 per cent, driven by strong demand for its newly launched electric SUVs. Revenue touched ₹3,068 crore in Q1FY26, and the company reported a loss before tax of ₹108 crore. Including battery electric vehicle (BEV) contract manufacturing at Mahindra & Mahindra's Chakan plant for MEAL, the overall EBITDA for the EV business comes to ₹111 crore, with a loss before tax of ₹101 crore. M&M's electric SUVs captured a 44.3 per cent revenue market share in Q1 and a 40.9 per cent revenue share in the overall electric vehicle market. In terms of volumes, M&M held a 31.8 per cent market share in electric SUVs in Q1FY26 — a sharp rise from 6.3 per cent in Q1FY25. EV penetration in M&M's overall sales touched 7.8 per cent, compared to the industry level of 5.6 per cent. Rajesh Jejurikar, executive director and chief executive officer of the auto and farm sector, M&M, said the EV business's EBITDA figures did not include any production-linked incentive (PLI) benefits. 'We have qualified for PLI for the XUV9e and we are waiting for the final technical audit certification, which should come around Q2FY26 or Q3FY26,' he said, adding that the company will apply for PLI benefits for the BE6 around Q4. Approvals typically take around three months. The company also said it was 'comfortably' covered on the rare-earth magnet issue. 'We have had no production disruptions because of that. We have taken a series of actions, including around inventory, and we are covered comfortably at least till the fourth quarter. We have also taken measures such as substituting rare earth with light earth and other materials,' Jejurikar told reporters after the quarterly results. He clarified that the company had not yet finalised the location for its upcoming greenfield plant. Mahindra currently has capacity to produce 55,000 internal combustion engine (ICE) vehicles a month, of which it is producing around 40,000 units, or 80 per cent of capacity. For EVs, monthly production stands at around 4,000 units, which will be gradually ramped up.
