Mahindra & Mahindra Ltd. (M&M), the Indian industrial giant known for its rugged off-roaders and global tractor dominance, kicked off 2026 by shattering internal records, signaling that the consumer appetite for larger vehicles remains white-hot despite years of sustained demand.
The company reported total vehicle sales of 104,309 units for January 2026, a 24% increase compared to the same month last year. This figure includes a mix of passenger SUVs, commercial trucks, and exports.
Nalinikanth Gollagunta, CEO, Automotive Division, M&M Ltd., said, “Building on the strong momentum of last year's performance, we began the year on a strong note in January by achieving SUV sales of 63,510 units, a growth of 25%, and LCV <3.5T sales of 27,656 units, a growth of 22%. The total vehicle sales stand at 104,309 units, a 24% year-on-year growth.”
The SUV Engine
Mahindra’s growth continues to be fueled by its Utility Vehicle (UV) segment, a category the industry uses to describe SUVs and crossovers designed for both city driving and off-road capability. The company sold 63,510 SUVs in the domestic market this January, a 25% jump from the 50,659 units sold in January 2025. Furthermore, Mahindra’s year-to-date (YTD) figures show it has moved 539,986 passenger vehicles so far this fiscal year, a 19% increase over the previous period.
Commercial and Export Strength
While SUVs grab the headlines, Mahindra’s workhorse division also posted gains. Commercial Vehicles (CVs) saw domestic sales of 27,656 units, up 22%.
Within this segment, Light Commercial Vehicles (LCVs), typically small delivery trucks weighing less than 3.5 tons, showed varied results: Small LCVs (under 2 tons): 4,009 units sold, a 13% increase. Mid-sized LCVs (2 to 3.5 tons): 23,647 units sold, a 23% increase.
Three-wheelers, which increasingly include electric rickshaws, grew by 28% to 9,566 units.