Mahindra Leads Indian E-Rickshaw Market Despite 39.54 Percent Sales Drop in FY2026

Key Highlights

• Mahindra sold 5,920 e-rickshaws between April and February FY2026 leading the market
• Total Indian e-rickshaw sales dropped 30.82 percent year over year to 12,037 units
• Atul Auto and Baxy Mobility both saw over 40 percent declines in domestic sales
• Bajaj Auto entered the market with the Riki P4005 model and achieved a 15.45 percent share
• Montra Electric sold 30 units as a new entrant with a 0.25 percent market share

​Mahindra maintained its lead in the Indian e-rickshaw market between April and February of FY2026, selling 5,920 units domestically. This figure represents the highest sales among all manufacturers, despite a 39.54% year-over-year decline from 9,792 units sold during the same period last year.​

According to the Society of Indian Automobile Manufacturers (SIAM), total domestic e-rickshaw sales in India reached 12,037 units between April and February FY2026. This marks a 30.82% decrease compared to 17,401 units sold during the same period in FY2025.

Market Share and Sales Performance

Mahindra's market share dropped from 56.27% in April–February FY2025 to 49.18% in April–February FY2026. Despite this decline, Mahindra continues to hold the top position in the market.

Atul Auto sold 2,839 e-rickshaws between April and February FY2026, down from 4,755 units during the same period in FY2025. This represents a 40.29% year-over-year sales decrease. Atul Auto's market share also fell, moving from 27.33% to 23.59% over the same timeframe.

Bajaj Auto entered the Indian L3 e-rickshaw market at the end of 2025 with the Bajaj Riki P4005 model. The company sold 1,860 units between April and February FY2026, capturing a 15.45% market share.

Baxy Mobility recorded domestic sales of 1,388 e-rickshaws in the same period, compared to 2,854 units in FY2025. This reflects a 51.36% year-over-year decline. Baxy Mobility's market share decreased from 16.4% in April–February FY2025 to 11.53% in April–February FY2026.

New Entrants and Market Context

Montra Electric, a new entrant, sold 30 e-rickshaw units between April and February FY2026. This accounts for a marginal 0.25% market share. The company plans to launch its e-rickshaw model soon.

E-rickshaws remain vital for last-mile mobility in India. They support metro, suburban rail, and city bus systems, making them crucial for urban transportation.

In related developments, PepsiCo India has partnered with Kalyani Powertrain to launch a dedicated EV green corridor on the Kosi-Pataudi route. Eicher Motors has opened a community development centre to strengthen social infrastructure around its Pithampur plant.