M&M September Sales: SUVs Up 14%, Tractors Down 23%, Trucks & Buses Up 53%
Mahindra & Mahindra's September 2026 sales show a 15% YoY rise in total auto sales to 114,874 units, with SUVs up 14% to 64,092. Tractors saw a 23% YoY decline to 50,208 units, while trucks and buses grew 53% to 2,912 units. Exports for farm equipment increased by 62%.
The monthly sales update provides key operational metrics for different business segments. While positive growth in automotive and trucks/buses is significant, the decline in tractor sales indicates potential headwinds in a crucial segment, leading to a medium impact.
The announcement presents a mixed performance with strong growth in automotive and trucks/buses, but a decline in tractor sales. The overall sentiment is neutral due to these contrasting results.
Mahindra & Mahindra Limited (M&M) has released its monthly business updates for September 2026, showcasing mixed performance across its automotive and farm equipment sectors.
The automotive division reported robust growth, with total vehicle sales reaching 114,874 units, a 15% year-on-year increase. The Utility Vehicles (UV) segment was a key driver, selling 64,092 units, marking a 14% growth. Commercial vehicle sales in the domestic market stood at 30,420 units, up by 14%. The company also highlighted crossing the milestone of 1 lakh billings for its Electric Origin SUVs since launch.
In contrast, the Farm Equipment Business (FEB) experienced a decline in domestic tractor sales, which stood at 50,208 units, a 23% year-on-year decrease. This dip is attributed to the festive season shifting to October this year and a higher base in September 2025 that benefited from GST rate cuts. However, exports for the FEB showed strong growth, with 1,892 units sold, a 62% increase over the previous year.
The Trucks and Buses business (CV > 3.5T) demonstrated significant growth, with overall sales (including exports) at 2,912 vehicles, a substantial 53% year-on-year rise. This performance was driven by early festive buying, infrastructure activity, and steady freight movement, although offset by a lower base in the prior year due to anticipated regulatory changes.
Dr. Velusamy R, President, Automotive Business at M&M, expressed satisfaction with the SUV and total vehicle sales growth. Veejay Nakra, President – Farm Equipment Business, commented on the tractor sales, attributing the decline to seasonal shifts and base effects. Vinod Sahay, Executive Chairman – SML, President – Aerospace, Advanced Technologies, Trucks, Buses & CE at M&M, noted the strong performance in the truck and bus segment, anticipating the festive period with measured confidence despite cost pressures.
What to do with a filing like this
Mahindra & Mahindra Limited filed this with the NSE as a statutory disclosure, categorised under other company updates. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Mahindra & Mahindra Limited. Read the original for the full detail.