Mahindra & Mahindra closed FY26 with record SUV sales of 6,60,276 units, up 20 per cent year-on-year, even as it came within touching distance of the 1 lakh monthly sales mark in March 2026 with total volumes of 99,969 units, reflecting a dual-engine growth trend led by SUVs and three-wheelers.
The company sold 60,272 utility vehicles in the domestic market during the month, marking a 25 per cent increase, while total SUV volumes, including exports, stood at 62,109 units. SUVs now account for roughly 60 per cent of Mahindra’s total volumes, highlighting the company’s increasing reliance on the segment.
“The financial year ended on a very positive note, with Mahindra clocking its highest-ever volumes in both SUVs and LCVs,” said Nalinikanth Gollagunta, CEO, Automotive Division, M&M Ltd., adding that March SUV sales stood at 60,272 units, up 25 per cent year-on-year.
SUVs hit record high; portfolio depth drives growth
Mahindra’s SUV business closed FY26 at an all-time high of 660,276 units, marking a 20 per cent year-on-year increase, with March volumes rising 25 per cent to 60,272 units, signalling sustained demand momentum across its core portfolio.
The growth was driven by strong traction across key models such as the Bolero, Scorpio-N, Thar and XUV700, which continue to anchor volumes across urban and rural markets. The company’s ability to scale across price points—from rugged entry SUVs to feature-rich premium offerings—has helped it sustain growth even as the broader market shows signs of moderation.
Mahindra’s electric SUV portfolio is also beginning to add to this momentum. The recently launched BE6 and XEV 9e have seen strong initial demand, contributing to a steady rise in the company’s passenger vehicle market share, which has climbed to 20.8 per cent from 7.5 per cent earlier, positioning Mahindra as a strong challenger to Tata Motors in the electric SUV space.
Three-wheelers emerged as the fastest-growing segment in the portfolio, with March volumes rising 39 per cent to 10,801 units, while full-year sales grew 30 per cent to 112,003 units, reflecting rising demand in last-mile mobility and the increasing role of electric three-wheelers in the mix.
“What we are seeing is Mahindra building a second growth engine beyond SUVs, with three-wheelers gaining scale on the back of last-mile and EV-led demand,” said an industry analyst.
Commercial vehicle performance remained mixed. While the LCV 2–3.5 tonne segment grew 13 per cent in March and 16 per cent for the full year, smaller LCVs below 2 tonnes remained flat during the month and declined 2 per cent over FY26, pointing to a gradual shift towards higher-tonnage vehicles and a broader premiumisation trend across the portfolio.
“The near-1 lakh monthly run-rate marks a significant scale milestone for Mahindra, which has traditionally relied on SUVs rather than entry-level passenger cars to drive volumes. With monthly sales now approaching levels typically associated with mass-market carmakers, the company’s growth reflects the strength of its SUV-led strategy” an analyst with a leading broking firm told Businessline.
Mahindra performance on the export front remained volatile, declining 4 per cent in March to 3,968 units, though rising 18 per cent for the full year to 40,990 units amid uneven global demand conditions.
The company said the financial year ended on a strong note, with record volumes in both SUVs and light commercial vehicles (<3.5T), with the combination of strong SUV demand and rising three-wheeler volumes marking a dual-engine growth model emerging for the company.