Mahindra & Mahindra Ltd (M&M) reported strong sales growth in February 2026, with healthy demand across passenger vehicles, commercial vehicles, and farm equipment (tractors). Total automobile sales increased compared with the same month last year, driven especially by SUVs and tractors.
📊 Total Vehicle Sales – February 2026 vs Feb 2025
| Category | Feb 2026 | Feb 2025 | Year-on-Year Growth |
|---|---|---|---|
| Total Auto Sales (All Vehicles) | 97,177 units | 82,300 approx.¹ | +18% YoY |
| Passenger Vehicles (UVs) | 60,018 units | 50,420 units | +19% YoY |
| Commercial Vehicles | 24,585 units | ~22,350² units | +10% YoY |
| Three-Wheelers | 9,190 units | 6,395 units | +44% YoY |
| Tractor Sales (Farm Equipment) | 34,133 units | 25,527 units | +34% YoY |
| – Domestic Tractors | 32,153 units | 23,880 units | +35% YoY |
| Exports (Auto + Farm) | 3,384 units | 3,059 units | +11% YoY |
¹ Approximate 2025 total auto based on reported growth.
² Approximate CV total based on percentage growth from search results.
🚙 Passenger Vehicles — Utility Vehicles Lead
- Utility vehicle sales soared to 60,018 units, a 19% year-on-year increase.
- This growth was led by strong demand for SUVs and the newly launched Mahindra XUV 7XO model, which has seen a healthy order book in early 2026.
- On a month-on-month basis, passenger vehicle sales were slightly lower than January 2026 figures.
➡ These figures show continued customer interest in SUV-style vehicles, especially in urban and suburban markets.
🚚 Commercial Vehicles & Three-Wheelers — Growth & Segment Trends
📦 Commercial Vehicles
- Commercial vehicle segment recorded notable growth, with domestic sales up around 10% year-on-year.
- Light Commercial Vehicles (LCVs) saw mixed results:
- LCV under 2 tonnes slightly declined
- LCV in the 2-3.5 tonne range grew strongly, contributing to overall CV gains.
🚐 Three-Wheelers
- Sales of three-wheelers (including electric models) jumped 44%, making this one of the fastest-growing sub-segments in February.
- This reflects increasing demand for last-mile commercial mobility and goods transport vehicles.
🌾 Farm Equipment Business — Tractors Lead Rural Demand
Mahindra’s farm equipment segment continued its strong performance in February 2026, supported by favorable agricultural conditions and improved rural cash flows:
- Total tractor sales (including exports) reached 34,133 units — up 34% year-on-year.
- Domestic tractor sales grew 35% to 32,153 units, a key driver of overall farm equipment growth.
- Export tractor volumes increased about 20% compared with last year.
➡ This strong growth in tractor demand suggests solid momentum in rural markets, particularly during the rabi sowing season.
🌍 Exports & Market Reach
- Overall exports (both automotive and farm equipment) totaled 3,384 units, an 11% rise year-on-year.
- Export growth was steady across multiple product categories, reflecting Mahindra’s expanding global footprint.
📌 Summary — What This Means
✅ Total auto sales up 18% YoY to 97,177 units
✅ UV sales up 19% YoY, driven by SUVs like the XUV 7XO
✅ Commercial vehicles and three-wheelers growing, with strong gains
✅ Farm equipment business (tractors) up ~35% YoY
✅ Exports rising steadily, supporting overall growth
