Mahindra & Mahindra sales rise 16% to 1.13 lakh units in September 2026
- Total sales reached 1,13,705 units in September 2026, up 16% YoY
- Utility vehicle sales grew 23.4% to 64,235 units, led by Scorpio and Bolero
- Commercial vehicle volumes rose 16.8% to 33,270 units
- Exports declined 8.5% to 4,081 units despite higher production
*this image is generated using AI for illustrative purposes only.
Mahindra & Mahindra reported total sales of 1,13,705 units for September 2026, marking a 16% year-on-year increase from the 97,744 units sold in the corresponding period last year.
The growth was primarily fueled by robust demand in the Utility Vehicle segment and a significant surge in Commercial Vehicle volumes. Production figures also reflected this upward trajectory, rising to 1,21,722 units from 1,02,092 units in September 2025.
Segment-wise performance
The Utility Vehicle category continued to dominate the company's sales mix. The Scorpio series remained a key contributor, with combined diesel and petrol sales reaching 17,313 units. The Bolero saw a substantial jump, with domestic sales climbing to 9,710 units from 2,747 units in the previous year.
Newer models also contributed to the volume growth. The XUV7XO, which had zero sales in September 2025, recorded 9,097 units in domestic sales this month. The Electric Origin SUV segment witnessed a notable expansion, with sales more than doubling to 8,128 units from 4,320 units in the same period last year.
Commercial vehicles and exports
Commercial Vehicle sales expanded significantly, rising to 33,270 units from 28,494 units in September 2025. This segment's production also saw a healthy increase to 38,563 units. Export figures for the total company stood at 4,081 units, a slight decline from the 4,458 units exported in September 2025.
| Category | Sep-26 Sales | Sep-25 Sales | Change |
|---|---|---|---|
| Utility Vehicles (Total) | 64,235 | 52,053 | +23.4% |
| Commercial Vehicles | 33,270 | 28,494 | +16.8% |
| Total Sales | 1,13,705 | 97,744 | +16.3% |
Note: Utility Vehicle totals include sales by subsidiary Mahindra Electric Automobile Limited. Commercial Vehicle totals include sales by Mahindra Last Mile Mobility Limited and SML Isuzu Ltd.
What the numbers show
A divergence is visible between production and export trends. While total production rose 19.2% YoY, exports declined by 8.5%. This suggests that the incremental production capacity was largely absorbed by the domestic market, particularly in the high-demand SUV and commercial vehicle segments, rather than being directed toward international markets.
Historical Stock Returns for Mahindra & Mahindra
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.64% | -2.23% | -11.51% | -12.89% | -18.39% | +218.55% |
How will Mahindra's decision to prioritize domestic absorption over exports impact its long-term international market share and revenue diversification?
What specific supply chain or component constraints might limit Mahindra's ability to sustain this 19% production growth rate in the upcoming quarters?
Can the Electric Origin SUV segment maintain its doubling growth trajectory as competitors launch more aggressive EV pricing and feature sets?
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