Mahindra & Mahindra records strong September auto volumes as SUV sales rise 14%; commercial vehicle sales also maintain double-digit growth

Mahindra & Mahindra (M&M) reported a 15 per cent year-on-year increase in overall auto sales in September 2026, with total vehicle volumes reaching 1,14,874 units, including exports.

The company’s SUV business continued to be the key growth driver, with domestic utility vehicle sales rising 14 per cent year-on-year to 64,092 units. Domestic commercial vehicle sales also remained strong, increasing 14 per cent to 30,420 units.

The September performance comes after a particularly strong August, when M&M reported total auto sales of 1,07,648 units, up 42 per cent year-on-year, while domestic SUV sales had increased 50 per cent to 59,257 units.

SUV Segment Remains the Main Growth Engine

M&M’s SUV portfolio continued to demonstrate strong demand in September, with domestic sales reaching 64,092 units.

The 14 per cent year-on-year increase takes the company’s monthly SUV volumes above the 64,000-unit mark, reinforcing the importance of the utility vehicle segment to M&M’s automotive business.

The company has been expanding its presence across multiple SUV categories, including traditional internal-combustion-engine models and its newer electric vehicle portfolio.

M&M said that SUV sales clocked 64,092 units during September, while total vehicle sales including exports stood at 1,14,874 units.

The company has also been seeing growing interest in its electric SUV portfolio. According to M&M, its Electric Origin SUV range has crossed the milestone of 1 lakh cumulative billing since launch, highlighting the increasing scale of its electric vehicle business.

Commercial Vehicle Sales Rise 14%

M&M’s commercial vehicle business also delivered double-digit growth during the month.

Domestic commercial vehicle sales stood at 30,420 units in September, representing a 14 per cent year-on-year increase.

The commercial vehicle business has benefited from demand across the light commercial vehicle segment and broader economic activity, including freight movement, infrastructure development and replacement demand.

M&M has also been expanding its commercial vehicle portfolio. The company recently introduced additional variants of its Veero range, including new CNG and diesel options, as part of its multi-energy modular commercial vehicle platform.

The commercial vehicle segment therefore remains an important contributor to the company's overall automotive volume growth alongside SUVs.

Trucks and Buses Segment Records Strong Growth

The company’s heavier commercial vehicle operations also showed momentum during the September period.

According to September sales data, M&M’s Trucks and Buses segment recorded a year-on-year increase of around 53 per cent, with volumes reaching approximately 2,912 units.

The segment has been supported by infrastructure spending, freight demand and replacement activity.

However, the commercial vehicle industry continues to face challenges from fuel costs, input prices and fluctuations in freight activity. These factors could influence margins even when volume growth remains healthy.

Electric SUV Milestone Highlights EV Expansion

M&M’s September update also highlighted a significant milestone for its electric vehicle business.

The company said it had crossed 1 lakh billing of Electric Origin SUVs since launch.

M&M has been increasing its focus on electric mobility through models under its Electric Origin SUV portfolio. The company has also expanded its Battery-as-a-Service programme across the electric SUV range, aiming to make EV ownership more accessible by separating battery-related costs from the vehicle purchase price.

The growing contribution from electric SUVs could become increasingly relevant to M&M’s product mix as India's passenger vehicle market gradually expands its EV adoption.

Tractor Business Faces Seasonal Pressure

While the automotive business delivered strong numbers, M&M’s farm-equipment business faced a contrasting trend during September.

Domestic tractor volumes declined during the month, with industry reports pointing to a 23 per cent year-on-year decline to around 50,208 units. The movement was partly linked to differences in the festive calendar and the timing of demand compared with the previous year.

The tractor business remains an important part of the broader Mahindra Group, with rural demand, monsoon conditions, farm income, crop cycles and government policies influencing volumes.

The decline in September therefore needs to be viewed alongside the timing of the festive season rather than in isolation from the company's broader farm-equipment performance.

Strong Automotive Performance Follows August Surge

M&M entered September after recording exceptionally strong automotive volumes in August.

In August 2026, the company reported overall auto sales of 1,07,648 vehicles, representing 42 per cent year-on-year growth. Domestic SUV sales increased 50 per cent to 59,257 units, while domestic commercial vehicle sales rose 22 per cent to 27,415 units.

The September numbers indicate that the momentum in the automotive business continued, although the year-on-year growth rate moderated from August's unusually high base.

The sustained SUV demand remains an important factor for M&M as the company enters the second half of the financial year.

Product Portfolio Supports Market Position

M&M has continued to strengthen its position in India's utility vehicle market through a combination of new launches, product updates and expansion into electric mobility.

The company's FY26 results showed that its SUV revenue market share stood at 25.3 per cent, an increase of 260 basis points, while its LCV below 3.5-tonne market share stood at 52.3 per cent.

This market position provides a backdrop to the company's latest monthly sales numbers, although monthly wholesale volumes can fluctuate due to seasonality, inventory movements, model launches and the timing of customer deliveries.

Festive Season Could Remain Important for Auto Demand

The September sales numbers arrive as India's automotive industry moves into the key festive-demand period.

The festive season typically plays an important role in vehicle purchases, particularly in the passenger vehicle and SUV segments. Demand during this period can provide an indication of consumer sentiment, financing conditions and the willingness of customers to make high-value purchases.

For M&M, the performance of its SUV portfolio will remain particularly important as the company competes across a range of rapidly growing segments.

The company's ability to maintain volume growth while managing discounts, input costs and product-mix changes will also be relevant for its financial performance.

Investor Focus Shifts to Volume Growth and Margins

For investors tracking M&M, the September sales figures provide an early indication of operating momentum ahead of the company's financial results.

The key areas to watch include SUV volume growth, commercial vehicle demand, electric SUV adoption, export performance and the trajectory of the tractor business.

Volume growth alone does not determine profitability. Product mix, raw-material costs, discounts, foreign exchange movements and operating leverage can influence margins even when sales volumes remain strong.

The September data therefore provides an important operating indicator, but investors will need to combine it with the company's quarterly financial performance and management commentary to assess the broader earnings trajectory.

Market Outlook

M&M's September sales data presents a mixed but closely watched picture across its businesses. The automotive segment continued to expand, led by SUVs and commercial vehicles, while the tractor business experienced weaker volumes amid seasonal and festive-calendar effects.

The immediate market focus is likely to remain on whether the strong SUV momentum continues through the festive season and whether commercial vehicle demand sustains its double-digit growth.

Investors will also track the pace of electric SUV adoption, export trends and the recovery trajectory of the farm-equipment business.

With M&M entering the second half of the financial year on the back of strong automotive volumes, the next few monthly sales updates and the company's upcoming financial results are likely to provide further insight into demand trends, product mix and profitability.