Mahindra & Mahindra concluded its participation in the Ashwamedh – Elara India Dialogue 2026 on September 2, 2026. The event took place in Mumbai and ended at 1:00 pm IST.

The company disclosed the interaction under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Management engaged with funds and investors during the session.

Event Details

The meeting was conducted in a physical mode. It included both one-on-one and group sessions with institutional participants. The Company Secretary, Sailesh Kumar Daga, signed the disclosure filed on September 2, 2026.

The company confirmed that no unpublished price-sensitive information was shared during the event. Discussions were based on publicly available documents. The presentation submitted to stock exchanges on July 30, 2026, was used during the dialogue.

The schedule may change due to exigencies on the part of the investors or the company.

Mahindra & Mahindra reported total vehicle sales of 107,648 units in August 2026, marking a 42% year-on-year increase from 75,901 units. The result beat the analyst estimate of 107,400 units.

The company’s performance across its automotive, farm equipment, and trucks and buses divisions reflects broad-based momentum heading into the festive season. Dr Velusamy R, President of the Automotive Business, noted that the updated Scorpio-N and BE 6 SPORTEQ received strong market response.

Auto Sales Breakdown

Domestic utility vehicle sales reached 59,257 units, up from 39,399 units in August 2025. Including exports, total utility vehicle sales stood at 61,167 units. Commercial vehicle domestic sales were 27,415 units, a 22% increase from the previous year.

*Derived from disclosed growth rate and current volume.

Exports surged 71% to 6,054 units, significantly contributing to the overall top-line growth. Year-to-date exports as of August 2026 reached 26,012 units, up 63% from 15,983 units in the same period last year.

Farm Equipment and Trucks

The Farm Equipment Business sold 27,595 tractors domestically, a 5% growth over August 2025. Total tractor sales, including exports, reached 29,507 units, compared to 28,117 units in August 2025. This figure missed the analyst estimate of 29,800 units. Veejay Nakra, President of Farm Equipment Business, attributed the steady improvement to near-normal Kharif sowing supported by rainfall.

In the Trucks and Buses business (CV > 3.5T), sales rose 47% to 2,495 units. Vinod Sahay, Executive Chairman of SML, cited higher infrastructure spending and replacement demand as key drivers, while noting that August 2025 volumes were muted due to anticipated GST changes.

What the Numbers Show

The divergence between domestic utility vehicle growth (50%) and export growth (71%) highlights an accelerating international footprint alongside robust home-market demand. While domestic SUV volumes nearly doubled, export volumes more than doubled, suggesting that global channels are scaling faster than domestic ones in absolute percentage terms during this period.

Year-to-date data further supports this breadth: utility vehicle YTD sales grew 22%, while 3-wheelers saw a 62% YTD growth, indicating strength across both passenger and commercial mobility segments.