Mahindra & Mahindra reported a robust performance in May 2026, with total vehicle sales reaching 99,636 units, marking a 20% year-on-year growth. The company’s Farm Equipment Business also posted strong numbers, with total tractor sales growing 22% to 49,695 units. The growth was driven by sustained demand across utility vehicles and commercial segments, despite supply chain constraints and industry headwinds.

Automotive Sales Performance

The automotive division sold 58,021 utility vehicles in the domestic market, an 11% increase from the previous year. Overall utility vehicle sales, including exports, stood at 59,573 units. Commercial vehicle domestic sales reached 24,079 units, growing 19% year-on-year. Total exports for the month rose 37% to 5,000 units.

Tractor Sales Growth

The Farm Equipment Business recorded domestic sales of 47,845 tractors in May 2026, a 23% jump compared to 38,914 units in the same period last year. Total tractor sales, including exports, stood at 49,695 units against 40,643 units in May 2025. Exports grew 7% to 1,850 units.

Trucks and Buses Update

The Trucks and Buses business sold 3,129 vehicles in May 2026, an 18% year-on-year growth. This segment includes the Mahindra Trucks & Buses division (MTBD) and SML Mahindra Limited (SML). While the industry faces near-term headwinds due to elevated input costs, the company maintained growth in both cargo and passenger vehicle categories.

Mahindra & Mahindra Limited and Manulife Holdings (Bermuda) Limited have incorporated their joint venture entity, Mahindra Manulife Insurance Limited (MMIL), to enter the life insurance sector. The company received the Certificate of Incorporation from the Ministry of Corporate Affairs on May 29, 2026, at 5.10 p.m. This incorporation follows the necessary no objection certificate from the Insurance Regulatory and Development Authority of India (IRDAI) and marks the execution of the partnership agreement announced on November 12, 2025.

The joint venture is structured as a 50:50 partnership between mahindra & mahindra and Manulife Holdings (Bermuda) Limited. MMIL has been incorporated with an authorized and paid-up capital of ₹1 crore, divided into 10,00,000 equity shares of ₹10 each. Both partners have subscribed to 5,00,000 equity shares each, aggregating to ₹50 lakh per entity, resulting in equal shareholding and control.

MMIL will focus on the life insurance business, including the provision of administrative services as defined under the Insurance Act, 1938. The venture aims to leverage Mahindra's extensive distribution reach in India and Manulife's global expertise in product innovation and underwriting. The company intends to address India's protection gap by offering long-term savings and protection products, with a specific focus on rural and semi-urban markets.

The registered office of the newly incorporated entity is located in Mumbai, Maharashtra. The consideration for the subscription of shares was made in cash. The integration of Mahindra's local presence with Manulife's digital and AI-native capabilities is intended to establish MMIL as a technology-driven insurer aligned with the vision of "Insurance for All."

Joint Venture Structure