If you are planning to buy an electric vehicle, this may be an opportune time. As the EV market matures and competition intensifies, automakers are sharpening their sales strategies with attractive March-end discounts. Tata Motors and Mahindra & Mahindra have rolled out incentives to lure buyers and push deliveries before the close of the financial year.
Mahindra has rolled out what it calls a “Special March” benefit of up to ₹2.4 lakh on its electric SUVs — the XEV 9e and BE 6 — with overall incentives going as high as ₹2.95 lakh on select variants. Tata Motors, on the other hand, is offering cumulative benefits of up to ₹3.8 lakh on select electric models and variants.
The discounts come as manufacturers seek to boost deliveries in the final weeks of the fiscal year while making higher-priced variants more attractive to buyers.
“The steep discounts are primarily concentrated on the last year 2025 model in stock and top-end variants, which carry a higher price tag. Some price rationalisation was therefore necessary to stimulate demand and accelerate volumes for these trims,” Puneet Gupta, director at S&P Global Mobility, told Fe.
What did Tata say?
Tata said the actual benefit available to customers may vary depending on the chosen EV model, variant and applicable eligibility criteria. The incentives include a cash benefit in the form of a green bonus, along with exchange or scrappage benefits, loyalty bonuses and corporate benefits, depending on the model and customer category.
Mahindra’s offers similarly include special March benefits, along with corporate, exchange and loyalty incentives on select variants.
However, industry analysts say the steepest benefits are largely concentrated on top-end variants, while entry-level trims attract far smaller incentives of roughly ₹50,000.
The aggressive incentives also reflect Tata and Mahindra’s attempt to rapidly build scale in the electric passenger vehicle segment amid intensifying competition.
What does Industry data say?
Industry data shows Tata Motors, the segment leader, has sold 70,946 EVs in FY26, up from 57,968 units in FY25, while JSW MG Motor has recorded 48,417 units, compared with 30,554 units a year earlier. Mahindra has sold 35,717 electric passenger vehicles in FY26 so far, compared with 8,431 units in FY25, marking a more than fourfold jump as deliveries of its new-generation electric SUVs gather pace.
Electric passenger vehicles still account for only around 3.5% of the county’s overall car sales, prompting automakers to rely on new launches, pricing strategies and incentives to expand adoption.
An executive at a rival OEM said the discounting indicates that automakers may be finding it difficult to sustain the initial sales momentum in an increasingly competitive market.
“These incentives indicate companies are trying to boost volumes through discounts and stimulate demand in the near term, suggesting underlying demand may be softening,” the executive said.
However, an executive at one of the OEMs offering the discounts said such incentives are typical in the closing weeks of the financial year, when automakers try to boost registrations and clear dealer inventory before March 31. The discounts also vary across models and variants, with higher benefits generally offered on slower-selling trims or vehicles manufactured in 2025, while relatively stronger-selling variants attract more moderate incentives.