Mahindra September 2026 Sales Rise 15% to 114,874 Units

Mahindra Reports 15% Sales Growth in September 2026

Mahindra September 2026 sales reached 114,874 units including exports, up 15% from 100,298 units in September 2025 and 6.7% from 107,648 units in August 2026. The total includes SUVs, light commercial vehicles up to 3.5 tonnes, three-wheelers and exports, while trucks and buses above 3.5 tonnes and tractors are reported separately. The monthly performance reflects growth across several core automotive segments, although exports declined. The company also reported that early festive buying, infrastructure activity and steady freight movement supported some commercial vehicle demand during the month.

Mahindra SUV Sales Increase 14% in September

Domestic utility vehicle sales reached 64,092 units in September, rising 14% from 56,233 units in the same month last year and 8.2% from 59,257 units in August. From April through September, cumulative utility vehicle sales stood at 358,142 units, an increase of 20% from 297,570 units. Mahindra & Mahindra Ltd also said it crossed 1 lakh billings of its Electric Origin SUVs since launch. The company noted that the September 2025 comparison was affected by subdued SUV billing because trailer availability was constrained during the final ten days of that month.

Mahindra Commercial Vehicle Sales Rise

Domestic commercial vehicle sales totaled 30,420 units in September, increasing 14% from 26,728 units a year earlier and 11.0% from 27,415 units in August. Light commercial vehicles below 2 tonnes recorded 4,044 units, up 19% from 3,386 units in September 2025 and 1.1% from 3,999 units in August. Vehicles in the 2 to 3.5-tonne range reached 26,376 units, up 13% from 23,342 units a year earlier and 12.6% from 23,416 units in August. This category includes the Bolero Maxx PUP HD 1.9 and HD 2.0.

Three-Wheeler Sales Grow 26%

Three-wheeler sales, including electric three-wheelers sold through Mahindra Last Mile Mobility Limited, totaled 16,343 units in September. The result was 26% higher than the 13,017 units recorded in September 2025 and 9.5% above the 14,922 units sold in August. The increase adds to the broader growth recorded across Mahindra’s domestic automotive portfolio during the month. Electric three-wheelers are included in this reported category, meaning the total captures both conventional and electric three-wheelers distributed through the company’s last-mile mobility business.

Mahindra Exports Decline in September

Exports were the only weaker area within the reported automotive business, with shipments falling to 4,019 units from 4,320 units in September 2025 and 6,054 units in August. That represents a 7% year-over-year decline and a 33.6% sequential decrease. The company’s releases did not provide a reason for the monthly export decline. Despite the September drop, cumulative exports for the year remained higher, reaching 30,031 units, an increase of 48%. The figures indicate that stronger year-to-date export performance continued even as shipments weakened during the latest month.

Mahindra Trucks and Buses Sales Jump 53%

Combined sales of Mahindra Trucks & Buses and SML Mahindra Limited reached 2,912 units, up 53% from 1,904 units in September 2025. Mahindra Trucks & Buses contributed 1,788 units, an 87% increase from 954 units, with cargo vehicles reaching 1,527 units, up 106%, and passenger vehicles totaling 261 units, up 23%. SML Mahindra recorded 1,124 units, rising 18% from 950 units. Its cargo vehicles reached 516 units, up 39%, while passenger vehicles totaled 608 units, up 5%.

SML Mahindra and Heavy Vehicle Performance

Across Mahindra Trucks & Buses and SML Mahindra, cargo vehicle sales totaled 2,043 units, an 84% increase from the comparable period, while passenger vehicle sales reached 869 units, up 10%. Vinod Sahay, Executive Chairman of SML and President of Aerospace, Advanced Technologies, Trucks, Buses & CE at M&M, said that the month benefited from early festive buying, continued infrastructure activity and steady freight movement. He added that growth was supported by a lower prior-year base, when buying sentiment was affected by anticipated regulatory changes, while fuel and input cost pressures continue.

Mahindra Tractor Sales Fall 23%

In the Farm Equipment Business, domestic tractor sales declined to 50,208 units in September from 64,946 units a year earlier, a 23% decrease. Total tractor sales, including exports, fell 21% to 52,100 units from 66,111 units, while tractor exports increased 62% to 1,892 units from 1,165 units. India remained the market covered by the reported domestic figures. The company attributed the September decline to the festive season starting in October this year instead of September and cited the higher September 2025 base, which benefited from the GST rate cut.

Year-to-Date Tractor Sales Remain Higher

Despite the September decline, cumulative domestic tractor sales through September increased 6% to 262,872 units. The year-to-date figure provides a different picture from the monthly decline because the comparison spans several months and incorporates demand across the earlier part of the fiscal year. The export increase also partly offsets the weaker domestic monthly performance when total tractor sales are considered. Mahindra’s September results therefore show contrasting trends across its automotive and farm equipment operations, with utility vehicles, commercial vehicles and three-wheelers recording annual growth while tractors faced a difficult year-over-year comparison.

Industry Impact & Outlook

Mahindra’s September results show continued strength in domestic utility vehicles, commercial vehicles and three-wheelers, while exports and tractors moved in the opposite direction. The contrasting segment performance makes domestic demand, festive-season timing, infrastructure activity and freight movement important factors for the company’s near-term sales trajectory. The 20% year-to-date increase in utility vehicle sales and 6% rise in cumulative domestic tractor sales also provide context beyond the monthly figures. For the commercial vehicle business, higher cargo volumes point to stronger activity in the segments serving freight and infrastructure demand, while persistent fuel and input cost pressures remain relevant to margins and operating conditions.

Frequently Asked Questions

What were Mahindra’s total vehicle sales in September 2026?
Mahindra reported total vehicle sales of 114,874 units for September 2026, including exports, representing a 15% increase from September 2025 and a 6.7% increase from August 2026. The reported total covers SUVs, light commercial vehicles up to 3.5 tonnes, three-wheelers and exports, while trucks and buses above 3.5 tonnes and tractors are reported separately. Domestic utility vehicle sales rose 14%, commercial vehicle sales increased 14%, and three-wheeler sales climbed 26%. Exports declined 7%, while total tractor sales including exports fell 21% during the month.