Mahindra & Mahindra Ltd (M&M) delivered a broad-based performance in February 2026, reporting total auto sales of 97,177 units, marking an 18% year-on-year growth, including exports. The growth was driven by strong SUV demand, steady commercial vehicle traction, and a sharp surge in tractor sales, underlining the conglomerate’s diversified strength across urban and rural mobility segments.
SUVs Lead The Charge
The utility vehicle portfolio remained the cornerstone of Mahindra’s automotive performance. The company sold 60,018 SUVs in the domestic market, registering a 19% YoY growth, while total UV sales including exports stood at 60,685 units.
Automotive division CEO Nalinikanth Gollagunta noted that robust customer demand across the SUV portfolio powered the February surge. Mahindra’s continued dominance in the SUV segment reflects its focused strategy around premiumisation, feature-rich offerings, and brand equity in lifestyle and off-road categories.
With SUVs now forming the backbone of India’s passenger vehicle market, Mahindra’s consistent double-digit growth reinforces its competitive positioning amid intensifying rivalry in the segment.
Commercial Vehicles Maintain Steady Momentum
Mahindra’s domestic commercial vehicle (CV) sales stood at 24,585 units, up 10% YoY, reflecting resilience in freight and infrastructure-linked demand. In the trucks and buses segment (CV > 3.5T), overall sales including exports reached 3,018 units, a 13% year-on-year growth. The trucks & buses business comprises the Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited (SML).
SML executive chairman Vinod Sahay highlighted that the commercial vehicle industry continues to show strong momentum, supported by government infrastructure investments, fleet modernization, and steady freight movement. However, he also pointed to geopolitical developments and external factors as variables to monitor going forward. The CV uptick indicates sustained economic activity and logistics demand, often viewed as a bellwether for broader industrial growth.
Farm Equipment Business Surges 35%
The standout performer for the month was Mahindra’s Farm Equipment Business (FEB). Domestic tractor sales rose sharply to 32,153 units in February 2026, compared to 23,880 units in February 2025, a remarkable 35% growth.
Total tractor sales (domestic + exports) reached 34,133 units, up from 25,527 units last year. Exports alone stood at 1,980 units, reflecting a 20% growth.
Farm equipment business president Veejay Nakra attributed the surge to robust rabi sowing, healthy reservoir levels, and a favourable kharif harvest, all of which have strengthened rural cash flows. Positive seasonal sentiment and festive triggers such as Navratri are expected to further support tractor demand. The strong tractor numbers signal improving rural sentiment, a critical driver for India’s broader consumption cycle.