Mahindra & Mahindra (M&M) recorded its highest-ever monthly automotive sales in October 2026, with total volumes reaching 1,31,109 vehicles, including exports. Sales increased 9% year-on-year, supported by festive-season demand, a refreshed vehicle portfolio and stronger performance across SUVs, commercial vehicles and three-wheelers.
Exports emerged as the strongest growth segment, rising 77% to 7,102 units from 4,015 units in October 2025. Domestic utility vehicle sales, which include SUVs, reached a record 73,338 units, up 2%. However, the company’s tractor business experienced a decline, with domestic tractor sales falling 13% as the festive calendar shifted Diwali into November this year.
Key Takeaways
- M&M recorded total automotive sales of 1,31,109 units in October 2026, up 9% year-on-year.
- Domestic SUV sales reached a record 73,338 units, increasing 2%.
- Exports jumped 77% to 7,102 vehicles.
- Domestic commercial vehicle sales rose 4% to 33,037 units.
- Three-wheeler sales, including electric models, increased 38% to 17,632 units.
- Domestic tractor sales declined 13% to 62,626 units.
- M&M attributed automotive growth to festive demand and its refreshed product portfolio.
- Domestic utility vehicle sales during April–October FY27 increased 17% to 4,31,480 units.
M&M Records Its Highest-Ever Monthly Vehicle Sales
October marked a major milestone for Mahindra’s automotive business.
The company sold 1,31,109 vehicles across its automotive portfolio, including exports, representing a 9% increase compared with October 2025.
The record covers utility vehicles, light commercial vehicles, three-wheelers and exports.
| Sales category | October 2026 | October 2025 | YoY change |
|---|---|---|---|
| Domestic utility vehicles | 73,338 | 71,624 | +2% |
| LCV below 2 tonnes | 4,383 | 4,559 | -4% |
| LCV 2–3.5 tonnes | 28,654 | 27,182 | +5% |
| Three-wheelers | 17,632 | 12,762 | +38% |
| Exports | 7,102 | 4,015 | +77% |
| Total automotive sales | 1,31,109 | — | +9% |
Source: Mahindra & Mahindra’s October 2026 monthly sales announcement. Category figures are reported under the company’s sales classifications.
Mahindra Automotive Business President Dr. Velusamy R said October was a landmark month, with both SUV sales and total vehicle sales reaching their highest-ever monthly levels.
The company attributed the performance to festive-season demand and a refreshed product portfolio that supported sales across SUVs, pick-ups and three-wheelers.
SUV Sales Reach a Record 73,338 Units
The utility vehicle segment remained the largest contributor to Mahindra’s domestic automotive sales.
The company sold 73,338 utility vehicles in India during October, up 2% from 71,624 units in the corresponding month last year.
Including exports, overall utility vehicle sales reached 74,904 units.
The performance is significant because SUVs have become a central part of India’s passenger vehicle market. Mahindra has built a strong presence in the segment through products such as the Scorpio, Thar, XUV700, XUV 3XO and Bolero.
The company has also been expanding and refreshing its portfolio to address different customer segments, from compact SUVs to larger utility vehicles.
Mahindra’s first CNG vehicle, the XUV 3XO ZNG, has also received positive customer interest, according to the company’s automotive business leadership.
However, the company did not disclose individual model-wise October sales in its monthly announcement.
Exports Jump 77% to 7,102 Units
Exports were the fastest-growing component of Mahindra’s October automotive performance.
The company shipped 7,102 vehicles during the month, compared with 4,015 units in October 2025. This represents a 77% year-on-year increase.
The export performance also remained strong during the first seven months of FY27.
| Export performance | FY27 | FY26 | Growth |
|---|---|---|---|
| October exports | 7,102 | 4,015 | +77% |
| April–October exports | 37,133 | 24,318 | +53% |
The growth indicates that overseas markets are becoming an increasingly important contributor to Mahindra’s automotive volumes.
Export growth can help manufacturers diversify demand beyond India and improve the utilisation of domestic manufacturing facilities.
However, monthly export figures can fluctuate depending on shipment schedules, market demand and the timing of vehicle deliveries.
Three-Wheeler Sales Increase 38%
Mahindra’s three-wheeler business also delivered strong growth.
Sales, including electric three-wheelers, increased 38% to 17,632 units in October, compared with 12,762 units a year earlier.
The segment includes vehicles used for passenger transportation and last-mile commercial mobility.
Three-wheelers are an important part of India’s urban and semi-urban transport network. Demand is influenced by vehicle replacement cycles, passenger mobility, small-business activity and the adoption of electric vehicles.
Mahindra’s Last Mile Mobility business operates across electric and conventional three-wheeler categories.
During April–October FY27, three-wheeler sales increased 50% to 99,690 units, compared with 66,340 units in the corresponding period of the previous financial year.
This makes three-wheelers one of the company’s strongest growth categories in the current financial year.
Commercial Vehicle Sales Rise 4%
Mahindra’s domestic commercial vehicle sales reached 33,037 units in October, representing 4% year-on-year growth.
Performance differed across the two reported light commercial vehicle categories.
| Commercial vehicle category | October 2026 | October 2025 | Change |
|---|---|---|---|
| LCV below 2 tonnes | 4,383 | 4,559 | -4% |
| LCV 2–3.5 tonnes | 28,654 | 27,182 | +5% |
The smaller light commercial vehicle category recorded a decline, while the 2–3.5-tonne segment grew.
Commercial vehicle demand is closely connected to freight movement, construction, agricultural activity, small businesses and infrastructure development.
Mahindra’s performance therefore reflects different demand conditions across its commercial vehicle categories rather than uniform growth across the entire segment.
Tractor Sales Decline 13% as Diwali Moves to November
While the automotive business recorded a sales milestone, Mahindra’s farm equipment business reported a decline in October tractor sales.
Domestic tractor sales fell 13% to 62,626 units, compared with 72,071 units in October 2025.
Total tractor sales, including exports, declined 12% to 64,846 units.
| Tractor sales category | October 2026 | October 2025 | Change |
|---|---|---|---|
| Domestic sales | 62,626 | 72,071 | -13% |
| Exports | 2,220 | 1,589 | +40% |
| Total sales | 64,846 | 73,660 | -12% |
Mahindra attributed the domestic decline primarily to a shift in the festive calendar. Diwali fell in November in 2026, compared with October in 2025.
The timing of Diwali can influence tractor purchases because farmers and rural customers often make vehicle-buying decisions around the festive period.
The export side of the tractor business performed better, with shipments rising 40% to 2,220 units.
Despite the October decline, domestic tractor sales for April–October FY27 increased 2% to 3,25,498 units.
This suggests that the monthly decline should be viewed alongside the festive-calendar shift and cumulative financial-year performance.
April–October FY27: SUVs and Three-Wheelers Lead Growth
Mahindra’s cumulative sales figures provide a broader view of the company’s performance beyond the October monthly record.
Domestic utility vehicle sales increased 17% during April–October FY27, while three-wheeler sales grew 50%.
| Business category | April–October FY27 | April–October FY26 | Growth |
|---|---|---|---|
| Domestic utility vehicles | 4,31,480 | 3,69,194 | +17% |
| LCV below 2 tonnes | 26,278 | 21,441 | +23% |
| LCV 2–3.5 tonnes | 1,63,380 | 1,41,358 | +16% |
| Three-wheelers | 99,690 | 66,340 | +50% |
| Exports | 37,133 | 24,318 | +53% |
| Domestic tractors | 3,25,498 | 3,19,407 | +2% |
The figures show that Mahindra’s growth is spread across several automotive and farm equipment categories, although monthly performance differs between segments.
The Bigger Picture
Mahindra’s October sales highlight the importance of SUVs, exports and last-mile mobility in its growth strategy. The company achieved record monthly automotive volumes even though domestic SUV growth was relatively modest, with exports and three-wheelers contributing significantly to the overall increase.
The contrasting performance of the tractor business also shows why monthly sales numbers need context. The shift in Diwali timing affected the comparison with October 2025, while cumulative tractor sales remained higher during the first seven months of FY27. Mahindra’s ability to sustain demand across automotive, commercial vehicle and farm equipment businesses will determine how the current momentum develops.
Looking Ahead
Mahindra will look to maintain its automotive momentum through the remaining months of FY27, with SUV demand, refreshed products, exports and electric last-mile mobility remaining important areas to watch. The XUV 3XO ZNG’s customer response and the company’s broader utility vehicle portfolio could support domestic volumes, while export growth will depend on overseas demand and shipment schedules.
Investors and industry observers will also monitor tractor sales as the festive season progresses into November. The next monthly sales reports should help clarify whether the October tractor decline was largely a calendar-related shift or reflected broader changes in rural demand. For now, Mahindra has established a new monthly automotive sales record, supported by growth across several vehicle categories.
Frequently Asked Questions
1. How many vehicles did Mahindra sell in October 2026?
Mahindra & Mahindra recorded total automotive sales of 1,31,109 vehicles in October 2026, including exports. This was its highest-ever monthly automotive sales figure.
2. How much did Mahindra’s exports grow in October?
Mahindra’s vehicle exports increased 77% year-on-year to 7,102 units in October 2026, compared with 4,015 units in October 2025.
3. How many SUVs did Mahindra sell in October 2026?
Mahindra sold 73,338 utility vehicles in the domestic market, including SUVs, setting a new monthly record. Overall utility vehicle sales, including exports, reached 74,904 units.
4. Why did Mahindra’s tractor sales decline in October?
Domestic tractor sales fell 13% to 62,626 units. The company attributed the decline primarily to the festive-calendar shift, as Diwali moved from October in 2025 to November in 2026.
5. How did Mahindra’s three-wheeler sales perform?
Three-wheeler sales, including electric models, increased 38% to 17,632 units in October 2026.
6. What were Mahindra’s commercial vehicle sales in October?
Domestic commercial vehicle sales reached 33,037 units, up 4% year-on-year. The 2–3.5-tonne LCV category grew 5%, while the below-2-tonne category declined 4%.
7. Which Mahindra business segment recorded the highest growth in October?
Among the reported automotive categories, exports recorded the highest percentage growth at 77%, followed by three-wheelers at 38%.
8. How did Mahindra’s utility vehicle sales perform during April–October FY27?
Domestic utility vehicle sales increased 17% to 4,31,480 units during April–October FY27, compared with 3,69,194 units in the same period of FY26.
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