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.

Mahindra & Mahindra has expanded its Battery-as-a-Service (BaaS) programme across its entire Electric Origin SUV portfolio. The initiative now covers the BE 6 SPORTEQ, XEV 9S, and XEV 9e models.

Mahindra & Mahindra announced the expansion on August 28, 2026, through a press note issued by its subsidiary, Mahindra Electric Automobile Limited. The move aims to lower entry barriers for electric vehicle adoption by offering flexible ownership options.

Programme Details

The BaaS model allows customers to finance the vehicle and battery separately through a dual-financing structure. This approach reduces the upfront purchase cost while providing flexibility in managing monthly outflows.

The programme is now available across all variants of the three SUV models. Pricing starts at ₹11.45 Lakh for the BE 6 SPORTEQ, ₹12.65 Lakh for the XEV 9S, and ₹13.90 Lakh for the XEV 9e.

Battery financing is offered at an effective usage cost of ₹3.75/km. This rate assumes a daily usage of 60 km and a specific down payment. The battery EMI starts at ₹6,975 under these conditions.

Key Terms

The company clarified that BaaS is a finance product offered by respective financiers and not a pay-per-use program. Finance approval remains at the discretion of the finance partner.

The stated prices exclude charger costs, road tax, insurance, TCS, and other statutory levies. The programme is intended for personal use only. Mahindra noted that the expansion follows an overwhelming customer response to the initial launch with the BE 6 SPORTEQ.