Mahindra posts strong Sept sales; Trucks & buses slowdown

Mahindra & Mahindra Ltd. (M&M), a leading Indian automotive and farm equipment company, reported robust sales in September 2025 across its passenger vehicle and tractor businesses, while its trucks and buses division recorded a slowdown.

In the automotive segment, M&M reported total vehicle sales, including exports, of 1,00,298 units, reflecting a 16 per cent year-on-year growth. Domestic utility vehicle (UV) sales reached 56,233 units, up 10 per cent from the previous year, while overall UV sales including exports stood at 58,714 units. Commercial vehicle sales in the domestic market rose 18 per cent to 26,728 units.

The company noted record sales during the Navratri festival, with retail SUV purchases increasing by more than 60 per cent and commercial vehicle sales rising over 70 per cent compared to the same period last year. Nalinikanth Gollagunta, CEO of the Automotive Division, attributed the growth to the combined effects of GST 2.0 and pent-up demand preceding the festival.

Exports in September also surged 43 per cent, reaching 4,320 units. However, M&M highlighted supply chain constraints, particularly the limited availability of trailers during the last ten days of the month, which impacted dispatches to dealer networks.

In the Farm Equipment Business (FEB), M&M achieved its highest-ever September performance, selling 64,946 tractors in the domestic market—a 50 per cent increase over 43,201 units sold in September 2024. Total tractor sales, including exports, reached 66,111 units, up 49 per cent year-on-year, with exports accounting for 1,165 units. Veejay Nakra, President of the Farm Equipment Business, noted that the GST rate cut, an above-normal monsoon, and an increased area sown during the Kharif season contributed to higher tractor demand.

Conversely, the Trucks & Buses division reported lower sales in September, with 1,904 units sold, down 8 per cent from 2,072 units a year ago. Cargo vehicle sales declined 9 per cent, while passenger vehicle sales fell 7 per cent. This segment now includes SML Isuzu Ltd., in which M&M holds a majority stake. Within SML, cargo vehicle sales dropped 9 per cent and passenger vehicles 10 per cent.

Vinod Sahay, Executive Chairman of SML and President of Aerospace, Defence, Trucks, Buses & Construction Equipment at M&M, stated that the commercial vehicle industry is in a transition phase, with demand temporarily affected by deferred purchases ahead of GST 2.0 implementation. M&M has passed on the full benefit of GST and expects demand to gradually recover in the coming months.

This performance underscores strong momentum in M&M’s passenger vehicles and farm equipment segments, while the trucks and buses division continues to navigate transitional challenges.