Chennai-based Mahaveer finished second in Race 1 at Zandvoort circuit in the Netherlands, according to a press note here.
The 18-year-old, who represents Italian team Coloni Motorsport and drives a Lola Gibson Tech 3.4 V8 car in the Formula class, is currently second in the championship standings after three races with 62 points, 10 behind leader Johann Ledermair of Austria.
The second race will be held later today.
Mahaveer qualified fourth overall in a combined grid of 13 cars and was second fastest in his Formula category, which had 10 cars in total.
In the Formula class, he finished second behind championship leader Ledermair.