Mahindra posts robust September sales across auto and farm segments; trucks and buses witness slowdown

MUMBAI: Mahindra & Mahindra Ltd. (M&M), one of India’s leading automotive and farm equipment players, reported strong sales momentum in September 2025 across its passenger vehicle and tractor businesses, even as its trucks and buses division saw muted demand.

In the auto business, M&M clocked total vehicle sales of 1,00,298 units, including exports, registering a 16 per cent year-on year growth. Utility vehicle (UV) sales in the domestic market stood at 56,233 units, up 10 per cent, while overall UV sales including exports touched 58,714 units. The company sold 26,728 commercial vehicles in the domestic market, a growth of 18 per cent.

The company highlighted record Navratri sales at the retail level, with customer purchases of SUVs growing over 60 per cent and commercial vehicles by over 70 per cent compared to the same festive period last year.

“Thanks to the impetus from GST 2.0 and the preceding weeks’ pent-up demand, we have seen robust growth in dealer reported customer retails during the first nine days of Navratri, with over 60% growth in the SUV segment and over 70% growth in the CV segment compared to the first nine days of Navratri last year”, said Nalinikanth Gollagunta, CEO, automotive division, M&M.

Exports during the month rose 43 per cent to 4,320 units. The company, however, flagged supply chain constraints, particularly availability of trailers, in the last 10 days of September. “The surge in festive demand has placed significant constraints on availability of trailers. We are working to improve dispatches to our dealer network within the constraints”, added Nalinikanth

Meanwhile, the farm equipment business (FEB) recorded 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, stood at 66,111 units, up 49 per cent year-on-year. Exports accounted for 1,165 units during the month.

“Honourable Prime Minister’s decision on the GST rate cut, has increased offtake in the first 9 days of Navratri which is in the month of September this year compared to October last year. This has been further supported by factors like a positive Kharif outlook, increase in the area sown this season and an above-normal monsoon”, noted Veejay Nakra, president, farm equipment business, M&M.

On the commercial vehicles front, Mahindra’s trucks and buses business reported sales of 1,904 units in September 2025, down 8 per cent from 2,072 units a year ago. Cargo vehicle sales fell 9 per cent, while passenger vehicle sales declined 7 per cent.

This segment now includes SML Isuzu Ltd., in which M&M has acquired a majority stake. Combined sales of Mahindra trucks and buses and SML Isuzu stood at 1,904 units. Within SML, cargo vehicle sales dropped 9 per cent and passenger vehicles 10 per cent.

“The CV industry is navigating a transition period marked by both opportunities from lower GST and ongoing industry challenges. The month of September was partially impacted by deferment of purchase by customers till introduction of GST 2.0. We have passed the full benefit of GST and expect the demand to gradually ramp up”, noted Vinod Sahay, executive chairman, SML and president, Aerospace, Defence, Trucks, Buses & CE, M&M. (ANI)