Mahindra & Mahindra has reported strong tractor sales performance for January, with the company achieving significant growth compared to the previous year. The automotive manufacturer's tractor division demonstrated robust market performance, exceeding both historical figures and analyst projections.

Sales Performance Overview

The company's January tractor sales reached 38,484 units, marking a substantial increase from the 27,557 units sold in January of the previous year. This performance also surpassed market estimates, which had projected sales of 33,600 units for the month.

Market Performance Analysis

The year-on-year growth of 39.6% reflects strong demand in the tractor segment, with M&M successfully capturing market opportunities. The company's ability to exceed analyst estimates by 14.5% indicates robust operational execution and favorable market conditions.

Key Highlights

The January performance showcases several positive indicators:

• Strong YoY Growth: 39.6% increase demonstrates sustained market demand
• Beat Estimates: Actual sales exceeded projections by 4,884 units
• Market Leadership: Continued strong presence in the tractor segment

This performance positions M&M favorably in the agricultural equipment sector, reflecting the company's ability to meet growing market demand while maintaining operational efficiency in its tractor manufacturing and distribution operations.

Mahindra & Mahindra has delivered exceptional January 2026 performance, reporting total vehicle sales of 104,309 units, marking a robust 24% year-over-year growth. The automotive and farm equipment manufacturer demonstrated strong momentum across all business segments, with particularly impressive performance in SUVs and tractors.

Automotive Division Performance

The company's automotive division achieved significant milestones in January 2026. SUV sales reached 63,510 units in the domestic market, representing a strong 25% growth compared to the previous year. Commercial vehicle sales also performed well, with LCV sales under 3.5T reaching 27,656 units, a growth of 22%.

According to NaliniKanth Gollagunta, CEO, Automotive Division, M&M Ltd., the company began the year on a strong note by achieving SUV sales of 63,510 units and LCV sales of 27,656 units. A significant highlight was the opening of bookings for XUV7XO and XEV 9S on January 14th, which clocked 93,689 bookings worth Rs. 20,500 crore in just 4 hours.

Farm Equipment Business Excellence

The Farm Equipment Business delivered outstanding results with domestic tractor sales of 38,484 units, reflecting a remarkable 46% year-over-year growth. Total tractor sales including exports reached 40,643 units, compared to 27,557 units in the previous year. Export performance was particularly strong with 2,159 units sold, representing 72% growth.

Veejay Nakra, President – Farm Equipment Business, attributed the robust growth to high reservoir levels supporting record Rabi sowing and expectations of government support in rural development.

Trucks & Buses Division Growth

The Trucks & Buses business, comprising Mahindra Trucks & Buses division and SML Mahindra Limited, sold 3,065 vehicles in January 2026, achieving 40% year-over-year growth. Cargo vehicles led the performance with 1,642 units sold, showing 49% growth, while passenger vehicles reached 1,423 units with 30% growth.

Vinod Sahay, Executive Chairman – SML, President – Aerospace, Defence, Trucks, Buses & CE, highlighted that demand trends across the Indian commercial vehicle industry remained healthy, supported by infrastructure spending, replacement demand, and strong rural activity.