Nalinikanth Gollagunta is approaching four years and has seven successful launches at Mahindra & Mahindra, a journey he sums up as “never a dull moment” and one that has left him with “a lot more grey hair.” His eighth is the refreshed three-door Thar. When questioned if the Indians passenger car industry and Mahindra are all set for a new record.” Gollagunta, CEO, Automotive Division, told businessline. “That is a no-brainer in my mind. We have enough momentum to end the year on a high,
“The industry will end on a high based on first-half momentum itself. Sentiment is good, and most prices across the industry remain below pre-GST levels despite inflationary challenges. Demand should continue.”
Edited excerpts:
You are nearing four years at Mahindra and have handled seven launches. How would you sum up the journey?
Never a dull moment. Every day is new and challenging. It is the most exciting automotive market anywhere in the world. I look forward to the next four years.
Why refresh the three-door Thar now, when the five-door Thar Roxx has widened the brand’s appeal?
The new Thar opened up that market in 2020 by combining off-road capability with comfort. Feedback then led us to build the larger Thar Roxx.
We have now brought capabilities from other products to the authentic three-door off-roader. The result combines greater capability with improved on-road comfort and a plusher ride.
What are the principal changes?
The M_Glyde 4G platform and PentaLink rear suspension with a Watts link come from the Roxx. We have added DAVINCI damping, an electronic locking differential, leatherette seats and a second-row armrest. The creature comforts are upgraded, but the core capability has also been fundamentally rewired.
Combined Thar and Roxx volumes rose 49 per cent to 1,26,261 in FY26, but Roxx accounted for about 65 per cent. Are you concerned about cannibalisation?
We have enough manufacturing fungibility for demand to go either way. We do not try to determine which model will cannibalise the other; let customers decide. Whichever way demand goes, we should be able to cater to it.
More importantly, the portfolio has to stay fresh. Almost every product has been refreshed over the past 12 months; the three-door Thar was the exception. Going into the festive season, we want the entire portfolio fresh and updated.
How are demand, supply, and dealer inventories looking ahead of the festive season?
Demand is fairly robust across the portfolio. We had supply-chain constraints in June and July, largely due to capacity constraints at tier-two suppliers, but those are now behind us. In August, production was fairly close to our peak capacity.
Dealer stock may be in the 33–35-day range. That is healthy for the season. It may be 10–15 per cent above our normal one-month stock, but we expect it to be absorbed quickly
Will discounts be needed to drive festive sales?
Discounts are always part of the strategy, including tactical responses in certain markets, but there is nothing explicitly special this time. Given the demand scenario, I do not see discounting as a core way to drive sales. This launch is meant to give customers a reason to buy during the festive season.
Mahindra sold a record 6.60 lakh SUVs last year, and India sold 46.43 lakh passenger vehicles. Can both set new records this year?
That is a no-brainer in my mind. We have enough momentum to end the year on a high. For Mahindra, we have spoken about mid-to-high-teens growth, and we are sticking to that projection. The industry should end the year on a high, based on the momentum seen in the first half. Sentiment is good, and most prices across the industry remain below pre-GST levels despite inflationary challenges. Demand should continue.
Published on September 22, 2026
