Mahindra Signals H2 FY27 Window for Last Mile Mobility Public Debut

Mahindra & Mahindra (M&M) leadership reiterated that its high-performing Last Mile Mobility (LMM) division is firmly on track for a public listing in the second half of fiscal year 2027.

The announcement came during the company’s Q1 FY27 earnings call, where leadership balanced the excitement of a future IPO with a sober look at the macro headwinds - specifically a sharp rise in raw material costs, that the automotive industry is currently navigating.

"From an IPO standpoint, we are on track for 2027. It will likely be in the second half of the year, is what we're looking at," Anish Shah, Group CEO & Managing Director, M&M Ltd. said during the call. "But as I've said before as well for us, the IPO is really not an important factor", he added.

Mahindra Last Mile Mobility, which handles the company’s electric three-wheelers and small commercial vehicles, has emerged as a crown jewel in M&M's 'Growth Gems' portfolio.

The business saw a 68% surge in volumes this quarter, maintaining a dominant 39.5% market share in the electric three-wheeler space. Mahindra reported that penetration for electric three-wheelers in the L5 segment (heavy-duty three-wheelers) jumped to 40%, up from 27% just a year ago.