How M&M’s Classic Legends is gearing up for IPO to drive exports

Classic Legends, a pet project of Anand Mahindra in which Mahindra & Mahindra (M&M) holds a controlling stake, is gearing up for its public market debut by 2028. The maker of Yezdi, BSA, and JAWA motorcycles plans to make inroads into the global middleweight segment.

“We will go for an IPO in early 2028 to raise funds to go global,” Anupam Thareja, Co-founder of Classic Legends, told Business Today in an interview.

Classic Legends’ global expansion strategy rests on key pillars of owning the iconic British motorcycle brand BSA and having a brand licensing agreement with the Czech marque JAWA.

This is not something that hasn’t been done before. Indian automakers have had a penchant for reintroducing storied legacy brands of yesteryears. Eicher Motors was the first mover when it acquired British motorcycle brand Royal Enfield from Madras Motors in 1994. Even Sudarshan Venu-led TVS Motor Company is doing something similar. In 2020, TVS bought the iconic sporting motorbike maker Norton Motorcycles.

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“BSA was one of the largest-selling motorcycle brands till 1985. One in four motorcycles sold globally was a BSA because, at that time, the largest markets in the world were the US and Europe. When I go to the US and Europe with BSA, I don’t need to create a brand. There are brand familiarity and awareness,” Thareja explained. “The premise was to buy the brand so that you don’t need to create one,” he added.

Building a globally recognisable brand is not an easy task. “The most difficult thing in the world and doubly difficult for India is to make a brand,” said Thareja.

Similarly, JAWA was one of the top-selling brands in Eastern Europe, Brazil, Argentina, Africa, Russia and China. “When we launch that brand in those markets, then everybody knows,” said Thareja, adding that the company will not export the Yezdi brand as its resonance is limited to India.

Turning a profit

Classic Legends sales rose 40% year-on-year to 45,400 motorcycles in the financial year 2025-26, according to VAHAN registration data. In comparison, Royal Enfield sold over a million motorcycles during the same period. However, despite having lower volumes, Classic Legends has already achieved profitability, according to Thareja.

And the reason for going public is not that the founders want to cash out by selling shares. “We are free cash flow break-even. No founder wants to sell shares. However, we will need a currency pool someday, which we can tap in tough times,” said Thareja, adding that the company is not rushing to an IPO. “These days, loss-making companies go for IPO, but we are already profitable. From a milestone point of view, we are ready,” he said.

The 200cc-plus segment, where Classic Legends plays, grew by 19% in FY26. “It’s the fastest-growing segment,” said Thareja. The middleweight motorcycle segment in India contributes only 5% to the industry’s volumes but 20% to revenue and 40% to profits, said Thareja. “That’s why we are profitable at such low volumes.”
To widen its presence across the country, Classic Legends is ramping up its distribution network from 360 stores to 500 outlets by Diwali.

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Exports push

Classic Legends started exports to the United Kingdom and Europe last year. About 10% of its sales came from export markets in FY26. The motorcycle maker is eyeing 20% sales from exports in FY27.

The US, which was expected to be Classic Legends’ largest export market in FY26, faced uncertainty because of tariffs announced by US President Donald Trump. “We could not export to the US because of tariff-related uncertainty,” said Thareja.

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After entering developed markets, the company will look at exports to Latin America, Southeast Asia and North Africa.
The Classic Legends co-founder remains bullish on exports, “Indian companies are poised to take over the global mid-market segment,” he stated, adding that export volumes will keep on growing in multiples if everything goes right.
However, the West Asia war has further added to the industry’s woes. In the last two months, India’s auto industry has been struggling with supplies of commodities, parts and labour, said Thareja.