MAM
Mahindra races past Hyundai as India’s no two carmaker in February 2025
MUMBAI: India’s automobile sector witnessed a power shift in February 2025, as Mahindra outsold Hyundai to claim the second-largest carmaker spot in the country. With 50,420 domestic sales, Mahindra registered a robust 19 per cent YoY growth in the passenger vehicle segment, while Hyundai’s domestic sales dropped by 4.3 per cent YoY to 47,727 units, securing its third-place position.
Mahindra’s total sales, including exports, reached 52,386 units, riding high on India’s SUV boom. On a year-to-date (YTD) basis, the company registered 20 per cent growth, selling 5,03,439 units in FY25, compared to 4,10,246 units in FY24.
Mahindra’s export performance was particularly impressive, nearly doubling YoY, with 3,061 units shipped in February 2025, marking a 99 per cent surge from 1,539 units last year.
Hyundai Motor India Limited (HMIL) recorded total sales of 58,727 units, including 47,727 domestic sales and a strong export performance of 11,000 units registering 6.8 per cent YoY growth. However, the domestic market decline from 50,201 units in February 2024 signalled a 4.3 per cent drop.
Market leader Maruti Suzuki maintained its top position, selling 1,60,791 passenger vehicles, reflecting a marginal 0.32 per cent YoY growth. The company’s exports, however, dipped by 13.5 per cent, with 25,021 units shipped compared to 28,927 units in February 2024.
Tata Motors saw a 9.43 per cent YoY decline in February, selling 46,435 passenger vehicles, down from 51,267 units in 2024. The company’s EV sales were particularly affected, registering a 22.82 per cent drop, with 5,343 units sold, compared to 6,923 in the previous year.
Toyota Kirloskar Motor maintained its stronghold in the Indian automotive market, recording an impressive 13 per cent YoY growth in February 2025. The company sold 28,414 units, a significant jump from 25,220 units in February 2024. Of these, 26,414 units were dispatched to domestic dealers, while 2,000 units were shipped to international markets. With this steady growth, Toyota continues to strengthen its position, riding high on demand for its premium and reliable offerings in India and beyond.
Kia continued its upward trajectory, selling 25,026 vehicles in February 2025, marking an impressive 23.89 per cent YoY growth from 20,200 units in February 2024. Kia kept the momentum going in February 2025, clocking an impressive 25,026 unit sales, a 23.89 per cent YoY surge from 20,200 units in the same month last year. Leading the charge was the ever-popular Sonet, roaring ahead with 7,598 units, followed by the stylish and powerful Seltos at 6,446 units. The all-new Syros made a strong debut, securing 5,425 units, while the Carens, a favourite among families, registered 5,318 units. Meanwhile, the premium Carnival added an exclusive touch to Kia’s lineup with 239 units sold. With this stellar performance, Kia continues to solidify its place in India’s ever-evolving automobile landscape.
Mahindra’s rise highlights India’s growing preference for SUVs, while Hyundai’s dip suggests an evolving competitive landscape. Tata Motors faces challenges in the EV space, while Kia continues to gain traction. As the race heats up, all eyes are on how carmakers respond to shifting market trends.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
