Mahindra & Mahindra Limited has delivered a strong performance in March 2026, reporting significant growth across key operational metrics. The automotive manufacturer's latest monthly report shows robust demand across multiple vehicle categories, particularly in the utility vehicles segment.

Overall Performance Highlights

The company achieved impressive growth across its core business metrics for March 2026:

Utility Vehicles Drive Growth

The utility vehicles segment demonstrated exceptional performance, with several models showing substantial year-over-year improvements. The Thar+Thar Roxx diesel variant led the charge with production increasing from 8,433 units to 10,523 units, while sales surged from 7,375 units to 10,212 units.

Key utility vehicle performance included:

• Bolero: Sales grew from 8,031 units to 9,788 units
• Scorpio diesel: Sales increased from 13,665 units to 14,059 units
• XUV3XO petrol: Sales rose from 5,399 units to 6,562 units
• New XUV7XO models: Launched with 6,640 units diesel and 2,773 units petrol production

Electric Vehicle Momentum

The company's electric vehicle portfolio showed strong momentum, particularly the Electric Origin SUV, which more than doubled its sales from 3,014 units in March 2025 to 6,508 units in March 2026. Production for this model also increased significantly from 2,963 units to 6,604 units.

Commercial Vehicles and Three-Wheelers

The commercial vehicles segment, which includes sales from subsidiary companies, reported total sales of 29,121 units in March 2026 compared to 26,080 units in March 2025. The three-wheeler electric passenger segment, led by the Treo model, showed remarkable growth with sales increasing from 5,705 units to 9,078 units.

Export Performance

While domestic sales showed strong growth, export performance declined by 6.6% to 4,042 units from 4,328 units in March 2025. The XUV3XO petrol variant contributed 1,595 units to exports, up from 1,198 units in the previous year, while Scorpio diesel exports increased from 124 units to 241 units.

The company noted that the figures reported have not been independently verified or audited, and final figures after audit may vary. The data includes sales from subsidiary companies Mahindra Electric Automobile Limited, Mahindra Last Mile Mobility Limited, and SML Mahindra Limited.

Mahindra & Mahindra Limited has submitted its quarterly compliance certificate to the National Stock Exchange of India Limited and BSE Limited, fulfilling regulatory requirements under SEBI (Depositories and Participants) Regulations, 2018. The certificate covers the company's adherence to dematerialization procedures for the period from 1st January 2026 to 31st March 2026.

Regulatory Filing Details

The compliance certificate was filed on 9th April 2026 by Company Secretary Sailesh Kumar Daga. The submission was made to both major Indian stock exchanges as well as international exchanges including Luxembourg Stock Exchange and London Stock Exchange Plc.

Registrar Confirmation

KFin Technologies Limited, serving as the company's Registrar and Share Transfer Agent, provided the compliance confirmation on 6th April 2026. The registrar confirmed completion of all required dematerialization procedures within the stipulated timeframes.

Compliance Activities Confirmed

KFin Technologies confirmed the following activities were completed during the reporting period:

• Demat Request Processing: All dematerialization requests were confirmed (approved or rejected) within 15 days of receipt from depository participants
• Securities Verification: Confirmation provided to depositories that securities in the certificates were listed on stock exchanges where previously issued securities are traded
• Certificate Cancellation: Physical security certificates were immediately mutilated and cancelled after proper verification
• Register Updates: Depository names were substituted in the register of members as registered owners for approved demat requests

Operational Framework

The certificate demonstrates Mahindra & Mahindra's continued compliance with SEBI's regulatory framework governing depositories and participants. KFin Technologies, operating from its centers in Hyderabad and Mumbai, manages the technical aspects of share transfer and dematerialization processes for the company.

The filing represents routine quarterly compliance reporting, ensuring transparency in the company's share transfer and dematerialization operations while maintaining adherence to SEBI's regulatory requirements for listed companies.