New Delhi: Motorcycle manufacturer Classic Legends Private Ltd is betting on new products to sustain its recent growth momentum after years of muted sales, as it seeks to challenge the dominance of Royal Enfield in India’s premium motorcycle market.
The Mumbai-based premium bike brand, a subsidiary of the Mahindra Group, introduced two motorcycles on Thursday, which comes nearly a year after it committed to a series of premium bike launches. This was the company's first launch for financial year 2027.
Classic Legends’ efforts to return to a growth trajectory come at a time when Mahindra has identified the company as a potential growth driver.
Anupam Thareja, co-founder of Classic Legends, said the new motorcycles with 350cc and 650cc engine capacities will be positioned as "SUVs" of bikes.
"I have always believed that scramblers will redefine Indian riding culture the way SUVs (sports utility vehicles) redefined passenger four-wheelers. They are the SUVs of motorcycling,” Thareja said at the launch.
The company is the parent of three bike brands, Jawa, Yezdi, and BSA. Data from Federation of Automobile Dealers Associations showed that in the financial year 2026 (FY26), the company sold 45,409 motorcycles, posting a growth of nearly 40% as against a 4% annual increase in FY25.
Classic Legends entered the market in 2018 with the relaunch of the iconic Jawa motorcycle. Mahindra holds a 60% stake in the company, while co-founders Thareja and Boman Irani of the Rustomjee Group hold the remainder. The venture was set up to revive legacy brands such as Yezdi and introduce new premium-classic motorcycles.
Managing some growth
Analysts suggest that Classic Legends has managed to get some growth, but it will have to rethink its strategy of banking on legacy bike brands.
“The company mainly has two issues, it is banking on historic bike brands which may not have much resonance in the market and among young consumers currently. On performance, their bikes lack the characteristics which make Royal Enfield successful. Enfield makes bikes which are slow motorcycles, manageable, and look good while moving,” said Deepesh Rathore, founder and head of research at InsightEV, a two-wheeler consultancy.
“Back in its time, Jawa used to lead the market in performance and brand recognition. But it is a changed market now where Royal Enfield is leading by a big margin. The generation which recognises the brand is not the one which can drive growth for the brand now,” Rathore said.
In its last annual report for FY25, Mahindra highlighted new and distinctive product launches, distribution expansion, and a ramp-up of exports to key markets as focus areas for Classic Legends.
“Our emerging growth gems (Accelo, Classic Legends, Car & Bike) are well poised to create value. Collectively, they tell a compelling story of a Group built for synergy, resilience, and value creation,” Anish Shah, group chief executive at Mahindra and Mahindra, said in his annual address to shareholders last year.
While Classic Legends aims to challenge Eicher Motors' Royal Enfield, its sales numbers significantly trail the market market leader. In FY26, Royal Enfield sold 1.1 million motorcycles in the domestic market, positing a growth of 31%.
In September 2025, India cut goods and services tax (GST) on two-wheelers under 350cc engine capacity from 28% to 18%, while raising it to 40% for those above 350cc. The tax increase, however, failed to dent the sales momentum for premium motorcycles in the country.
