M&M gains after reporting 21% YoY production growth in March 2026

In the Utility Vehicles segment, Mahindra sold 60,272 vehicles in the domestic market, reflecting 25% growth, while exports fell 4% YoY to 3,968 units in March 2026. Domestic sales for commercial vehicles grew 11% to 24,928 units.

For the financial year, M&M recorded all-time-high volumes of 6,60,276 SUVs and 2,89,597 LCVs (<3.5T), marking robust YoY growth of 20% and 13%, respectively, across both segments.

Meanwhile, the company?s farm equipment business domestic sales in March 2026 rose to 43,403 units, up from 32,582 units in March 2025, marking a 33% year-on-year growth.

Total tractor sales (domestic + exports) during March 2026 stood at 45,035 units, up 29% YoY from 34,934 units a year ago. However, tractor exports for the month fell 31% YoY to 1,632 units.

Veejay Nakra, President ? Farm Equipment Business, Mahindra & Mahindra, said, ?We have sold 43,403 tractors in the domestic market during March 2026 registering a robust growth of 33% over last year. A significant part of this high growth was driven by the full Navratri season falling entirely in March?26, unlike last year when it was split between March and April. We ended FY26 with the highest ever sales of 5,05,930 registering growth of 24%. In the exports market, we have sold 1,632 tractors.?

Mahindra & Mahindra (M&M) Group enjoys a leadership position in farm equipment, utility vehicles, information technology, and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.

On a standalone basis, the company?s net profit surged 17.7% to Rs 4,520.52 crore on a 21.3% rise in revenue from operations to Rs 33,421.60 crore in Q2 FY26 over Q2 FY25, reflecting broad-based growth across the auto and farm segments.