Mahindra & Mahindra Limited delivered impressive performance across all business segments in February 2026, demonstrating strong market demand and robust growth momentum. The company's diversified automotive portfolio showed consistent expansion, with total vehicle sales reaching 97,177 units and significant growth recorded in SUVs, tractors, and commercial vehicles.

Automotive Division Achieves Strong Growth

The automotive division recorded total vehicle sales of 97,177 units in February 2026, representing an 18% year-on-year growth including exports. SUV sales emerged as a key growth driver, with domestic sales reaching 60,018 units, marking a 19% increase compared to the previous year. Including exports, total utility vehicle sales stood at 60,685 units.

According to Nalinikanth Gollagunta, CEO, Automotive Division, M&M Ltd., "February saw SUV sales of 60,018 units, a growth of 19% reflecting robust customer demand across the portfolio. Total vehicle sales stood at 97,177 units, an 18% year-on-year growth."

Commercial Vehicles Show Steady Performance

The commercial vehicles segment demonstrated solid performance with domestic sales of 24,585 units, achieving 10% growth. The segment showed varied performance across categories, with LCV 2T-3.5T vehicles leading growth at 12% with 21,416 units sold. Three-wheelers, including electric variants, showed exceptional growth of 44% with 9,190 units sold.

Farm Equipment Business Delivers Exceptional Growth

The farm equipment business reported outstanding performance with domestic tractor sales of 32,153 units in February 2026, reflecting a robust 35% year-on-year growth compared to 23,880 units in February 2025. Total tractor sales including exports reached 34,133 units, while export sales stood at 1,980 units with 20% growth.

Veejay Nakra, President – Farm Equipment Business, commented, "We have sold 32,153 tractors in the domestic market during February 2026 registering a robust growth of 35% over last year. Robust growth in the rabi sowing area, healthy reservoir levels, favourable kharif harvest is strengthening cash flows in rural markets."

Trucks and Buses Business Maintains Growth Trajectory

The trucks and buses business, comprising Mahindra Trucks & Buses division (MTBD) and SML Mahindra Limited (SML), achieved total sales of 3,018 vehicles in February 2026, marking 13% year-on-year growth. Cargo vehicles recorded 1,521 units with 12% growth, while passenger vehicles reached 1,497 units with 15% growth.

Vinod Sahay, Executive Chairman – SML, President – Aerospace, Defence, Trucks, Buses & CE, noted, "Commercial vehicle industry continues to show strong momentum since last quarter reinforcing confidence in the sector's trajectory. Looking ahead the outlook remains robust, underpinned by ongoing government investments, accelerated fleet modernization, and steady freight movement."

Export Performance Strengthens Overall Results

The company's export performance contributed significantly to overall growth, with total exports reaching 3,384 units in February 2026, representing 11% growth compared to 3,059 units in the previous year. This export growth complemented strong domestic performance across all business segments, reinforcing Mahindra's comprehensive market presence.

Mahindra & Mahindra Limited has completed the transfer of equity shares from its Employees' Stock Option Trust to eligible employees under the company's Employee Stock Option Plan (ESOP) scheme. The transfer, executed on February 23, 2026, involved 17,903 equity shares distributed among 42 stock option grantees.

ESOP Share Transfer Details

The Mahindra & Mahindra Employees' Stock Option Trust transferred the shares following the exercise of stock options by eligible employees. The company has formally notified multiple stock exchanges about this transaction, including the National Stock Exchange of India, BSE Limited, The Luxembourg Stock Exchange, and London Stock Exchange Plc.

Employee Participation and Allocation

The share allocation varied significantly among the 42 employees, reflecting different levels of participation in the ESOP scheme. The largest individual allocation went to Nalinikanth Gollagunta with 2,500 shares, followed by Abhay Kulkarni with 2,000 shares and Ritesh Agrawal with 1,700 shares.

Key Allocations

• Highest allocation: Nalinikanth Gollagunta received 2,500 shares
• Second largest: Abhay Kulkarni was allocated 2,000 shares
• Third largest: Ritesh Agrawal received 1,700 shares
• Minimum allocation: Several employees received 50 shares each

Compliance and Regulatory Notification

Company Secretary Sailesh Kumar Daga signed the notification letter, ensuring compliance with the undertaking given to exchanges at the time of listing shares that were allotted to the Mahindra & Mahindra Employees' Stock Option Trust. The comprehensive list of all 42 beneficiaries and their respective share allocations has been provided to the exchanges as Annexure I.

ESOP Scheme Implementation

This transfer represents the practical implementation of Mahindra & Mahindra's employee incentive program, allowing eligible staff members to convert their stock options into actual equity shares. The exercise of options by 42 employees demonstrates active participation in the company's long-term incentive structure, with allocations ranging from 50 shares to 2,500 shares per individual.