Mahindra & Mahindra Limited has demonstrated strong operational performance in February 2026, reporting significant growth across production, sales, and export metrics. The company filed its monthly report on March 9, 2026, showcasing robust demand for its diverse vehicle portfolio.

Overall Performance Highlights

The company achieved impressive year-on-year growth across key operational metrics in February 2026:

Utility Vehicles Drive Growth

The utility vehicles segment emerged as the primary growth driver, with several models showing exceptional performance. The Thar+Thar Roxx diesel variant led the charge with sales of 9,968 units in February 2026, compared to 7,633 units in February 2025. The Scorpio diesel variant also maintained strong momentum with 14,275 units sold versus 12,601 units in the previous year.

Key utility vehicle performance included:

• XUV300 and XUV400 (Diesel and Electric): Sales increased to 3,393 units from 2,063 units
• Boleto Diesel: Strong performance with 9,863 units sold compared to 8,690 units
• XUV700: Combined diesel and petrol variants achieved 9,106 units in sales

Electric Vehicle Segment Shows Promise

The electric vehicle portfolio demonstrated significant growth potential. The Electric Origin SUV achieved remarkable sales of 6,532 units in February 2026, substantially higher than 3,196 units in February 2025. This represents the company's commitment to expanding its electric vehicle offerings.

The three-wheeler electric segment also showed positive trends:

Commercial Vehicles and Export Performance

The commercial vehicles segment, which includes sales from subsidiary companies Mahindra Last Mile Mobility Limited and SML Isuzu Ltd, contributed significantly with 27,510 units in sales compared to 25,055 units in February 2025.

Export operations showed steady growth with 3,477 units exported in February 2026 versus 3,120 units in the previous year. The export portfolio primarily consisted of utility vehicles including XUV300 petrol variants and Scorpio diesel models.

Production Efficiency and Market Response

The company's production capacity utilization reflected strong market demand, with total production reaching 94,550 units in February 2026. This production increase of 13.1% year-on-year demonstrates the company's ability to scale operations effectively to meet growing market demand across its diverse product portfolio.

The monthly report, signed by Company Secretary Sailesh Kumar Daga, was filed with major stock exchanges including NSE, BSE, Luxembourg Stock Exchange, and London Stock Exchange, maintaining transparency with stakeholders across multiple markets.

Mahindra & Mahindra Limited has issued a comprehensive clarification addressing media reports regarding Indonesia's alleged suspension of vehicle imports from the company. The company has firmly reiterated that it has not received any message from Indonesia regarding order suspension, reinforcing its earlier position on the matter.

Company's Official Response

In its communication to stock exchanges, Mahindra & Mahindra provided detailed clarifications on the Indonesia export situation. The company has consistently maintained its position that it has not received any communication from Indonesia about suspension of order for supply of vehicles. The company emphasized that as of the clarification date, it has not received any communication from Indonesia regarding suspension of vehicle supply orders.

Major Export Order Details

The clarification references Mahindra's landmark export order involving supplying 35,000 units of Single-Cab Scorpio Pik Up vehicles to Agrinas Pangan Nusantara, an Indonesian state-owned enterprise, for delivery in 2026. This represents the company's biggest ever export order.

Strategic Significance of the Order

According to the original press release, this export order surpasses Mahindra's total export volumes achieved in FY 25, significantly boosting the company's International Operations. The Scorpio Pik Up vehicles are designated for Indonesia's cooperative project, aimed at enhancing village-level commerce and supporting the country's national food security transformation.

Nalinikanth Gollagunta, CEO of Automotive Division at Mahindra & Mahindra Limited, had highlighted the partnership's importance in strengthening Indonesia's logistics backbone connecting farmers to markets. The vehicles will facilitate first-mile aggregation from farms to cooperatives and enable efficient intra-village logistics within the cooperative network.

Regulatory Compliance and Market Impact

Mahindra & Mahindra confirmed in its clarification that the export order information was not considered material as per thresholds prescribed in Regulation 30 of the SEBI Listing Regulations. The company has already received advance payment for the order delivery and maintains that there is no pending information requiring disclosure under SEBI regulations.

The company specifically addressed market concerns by stating that stock price movements are purely market driven and reiterated its continued compliance with all relevant disclosure norms under SEBI Listing Regulations. This clarification aims to address any investor concerns arising from the media reports about potential order suspensions.