Davos 2026: Mahindra & Mahindra plans to list Electric three-wheeler business in 2027, Anish Shah says | Exclusive

Mahindra & Mahindra plans to list its electric three-wheeler (e3W) business in 2027, with the proceeds to be deployed for future growth, Group CEO and Managing Director Anish Shah told CNBC-TV18's Shereen Bhan on the sidelines of the World Economic Forum in Davos.

Shah said the electric three-wheeler arm has reached a stage where it can independently scale, and a listing would help unlock value while funding the next phase of expansion. “We will use the funds from the electric three-wheeler business listing for growth,” he said, adding that the group remains committed to disciplined capital allocation.

Speaking about the broader macro environment, Shah said “resilience” is the dominant theme being discussed in Davos, reflecting how companies and economies have navigated global shocks over the last few years.

Against this backdrop, he said the Mahindra Group’s key message to policymakers ahead of the Union Budget is simple, “Stay on track.” According to Shah, the steps taken by the government over the past few years have had a positive impact, and policy continuity will be critical for sustaining growth.

At the group level, Shah said Mahindra has been bold and disciplined in its actions, with all group companies targeting significant growth over the next few years. He highlighted that Mahindra & Mahindra’s financial services arm is on a strong footing, noting that the focus for Mahindra Finance will be to maintain momentum and stay aligned with broader group strategy.

On electric mobility, Shah said EVs currently account for about 7% of Mahindra’s overall volumes, but this share is expected to rise gradually to 20-30% over time. However, he flagged infrastructure as a key bottleneck, saying that charging availability on highways needs to improve materially for electric vehicle adoption to accelerate meaningfully across segments.

The planned listing of the electric three-wheeler business underscores Mahindra’s sharper focus on electric mobility as a long-term growth driver, even as it balances expansion with capital discipline amid a volatile global environment.

Shah also flagged uncertainty as the biggest risk for businesses today, saying the challenge increasingly lies in “what we don’t know.” Citing the recent shortage of rare-earth magnets as an example, he said such supply-chain disruptions often emerge without warning and can have outsized consequences for manufacturing and mobility-led businesses.

He stressed on India's need to accelerate its push to become a global manufacturing hub, not just to capture growth opportunities but also to reduce vulnerabilities arising from concentrated global supply chains.

Shares of Mahindra & Mahindra were trading 1.09% down at ₹3,617.70 as of 1.26pm. The stock has gained 11.43% in the past six months.