Mahindra First Choice Wheels Franchise

Total excludes a charge whose amount Mahindra First Choice Wheels doesn't disclose.

* Breakdown as published by Mahindra First Choice Wheels. Mahindra First Choice Wheels confirms one charge without disclosing the amount — get it in writing before you pay.

Ways to Partner with Mahindra First Choice Wheels

1 partner model published by the brand. Figures it doesn't publish are left blank.

What the press, courts and real franchisees or customers have said about Mahindra First Choice Wheels — summarised by us, with every source linked.

• Customer view· Oct 2026★ 2.1/5 · 550 ratings

  Complaints site rates Mahindra First Choice 2.1 out of 5 on 550 complaints

  A consumer-complaints site lists 550 complaints about Mahindra First Choice (MFCWL), 222 marked resolved and 328 unresolved, at an overall rating of 2.1. The most recent complaint shown was dated 18 Nov 2025. These are unverified customer posts, mostly about used-car purchases, not franchisee views.

  Source: consumercomplaints.in
• In the news· 2025

  Total income fell about 59% in FY25 after the inventory-heavy business was discontinued

  MFCWL's FY25 annual report shows total income of ₹313.2 Cr against ₹767.4 Cr in FY24. The directors' report says the company discontinued its inventory-heavy business in the previous year and focused on services, and that this reduced gross revenue. FY26 revenue from operations recovered to ₹353.3 Cr (up about 14% on FY25's ₹309.8 Cr).

  Source: MFCWL annual report FY25
• In the news· 2026

  Loss-making in FY24, FY25 and FY26

  The audited reports show a loss of ₹108.8 Cr in FY24 (total income ₹767.4 Cr), ₹18.8 Cr in FY25 and ₹3.9 Cr in FY26 (revenue from operations ₹353.3 Cr). The FY25 auditor's report notes cash losses of ₹12.86 Cr that year. The loss has narrowed each year.

  Source: MFCWL annual reports FY25 and FY26
• In the news· 2026

  Select retail format reported at 122 stores

  MFCWL's FY26 directors' report says the Select model expanded to 122 stores from 31 at Mar 2025 and that dealer response has been encouraging. This is the company's own statement; the public locator lists 42 stores.

  Source: MFCWL FY26 annual report

Key Terms at Mahindra First Choice Wheels

The clauses that shape day-to-day running and your exit — read these before the fee.

Payments to the brand

MFCWL recognises franchise-fee revenue from the date a dealer's account is activated on receipt of a security deposit, per the accounting policy in its FY26 annual report; the dealer contract's fee schedule is not published.

Exit

Security deposits received from dealers are described in the FY26 annual report as repayable on demand; the notice, lock-in and refund terms of the dealer contract are not published.

Supply & stock

MFCWL says all its stores run on company-designed processes for car evaluation, procurement, refurbishment and sales; it does not say whether dealers must buy cars, parts or services only from MFCWL.

Legal & Contract Summary

Key contract terms at a glance — read before you sign.

Who Can Apply for Mahindra First Choice Wheels

Conditions the brand sets for partners, and the licences the business needs.

• Franchise eligibility criteria: Not published for franchise partnersPreferred

About the Brand

Mahindra First Choice Wheels Outlet Network

Cities with Outlets

The franchisor's own company health — separate from what a single franchise outlet earns.

A profitable franchisor doesn't mean profitable franchisees. These are the company's numbers, not an outlet's. A franchisor can grow on fees and supplies while outlets struggle — talk to existing franchisees and see their accounts before you decide.

Company Health Check

What Mahindra First Choice Wheels's franchisor company has filed with the registrar and the courts — the checks a lawyer would run before you sign.

Status with the registrar

Active

Annual filings

Up to date

Last AGM

17 Jul 2025

Active loans

0

Paid-up capital

₹94.04 Cr

Auditor

B S R & Co. LLP

Source: FY26 annual report (equity capital, no borrowings, auditor's report); MCA records via Tracxn (registrar status, compliance, last AGM, charges). IBBI/NCLT and eCourts not searchable directly; news search found no insolvency for the company or its holding companies. (checked Oct 2026)

How Mahindra First Choice Wheels looks once the numbers are checked side by side.

• !The franchisor company is loss-makingIts latest filed accounts show a net loss. Franchisors that lose money can cut support or change terms — ask how franchise operations are funded.
• !3 red flags in the news or public discussionSee Reputation & News below, and ask the brand to address each one.

Ask Before You Sign

Questions tailored to what Mahindra First Choice Wheels does and doesn't publish.

1. 1Speak to at least 3 franchisees who have run an outlet for 2+ years and see their actual monthly sales and profit — a franchisor making money doesn't mean its franchisees do.
2. 2Get a written, itemised cost breakdown — the brand hasn't published one.
3. 3Ask for every upfront payment in writing — deposit, onboarding, equipment or stock — and which parts are refundable.
4. 4Ask exactly how your margin or commission is calculated, when it's paid, and whether the brand can change it.
5. 5Ask for the agreement term, renewal fee and exit or transfer terms.
6. 6Ask whether you get an exclusive territory, and how large it is.
7. 7Ask how the franchisor funds training and support while it's loss-making.
8. 8Ask the brand to respond to each red flag listed under Reputation & News.
9. 9Have a lawyer review the franchise agreement before paying anything.
10. 10Visit 2–3 existing outlets and speak to their owners without the brand present.

What Mahindra First Choice Wheels franchisees say

We haven't yet heard from enough Mahindra First Choice Wheels franchisees to show anything. We publish totals once 3 or more people who run an outlet have answered and we've called each one to check.

Frequently Asked Questions