New Delhi: Mahindra & Mahindra (M&M) reported a strong performance across its automotive and farm equipment businesses in January 2026, with overall auto sales, including exports, rising 24% year-on-year to 104,309 vehicles, driven by sustained demand for SUVs and light commercial vehicles.
In the utility vehicle segment, the company sold 63,510 SUVs in the domestic market, up 25% from a year earlier, while domestic commercial vehicle sales stood at 27,656 units, a growth of 22%, the company said in a regulatory filing.
M&M said the momentum was supported by strong customer interest in its new launches, noting that bookings for the XUV7XO and XEV 9S crossed 93,000 within hours of opening, underlining the depth of demand in the SUV and electric mobility space.
The farm equipment business delivered an even sharper rebound, with domestic tractor sales surging 46% year-on-year to 38,484 units in January. Total tractor sales, including exports, rose to 40,643 units, while exports alone jumped 72% to 2,159 units, aided by healthy rural sentiment and expectations of higher government spending on agriculture and rural development.
Mahindra’s trucks and buses business also reported strong growth, with overall sales in the CV segment (over 3.5 tonnes) rising 40% year-on-year to 3,065 vehicles. Cargo vehicles grew 49% and passenger vehicles 30%, reflecting steady freight movement and replacement demand in the commercial vehicle market.
Executives said demand trends across the CV industry remain supportive, backed by infrastructure spending, fleet modernisation and resilient rural activity, pointing to a robust outlook for FY26.
Overall, the January numbers highlight a broad-based recovery for Mahindra across SUVs, tractors and commercial vehicles, positioning the group for a strong start to the new financial year amid improving macro and rural conditions.