Mahindra & Mahindra has crossed half-a-million wholesales in the first nine months of CY2026. Between January and September 2026, the Mumbai-based SUV manufacturer dispatched 541,942 SUVs including 50,835 Electric Origin SUVS (BE 6, XEV 9e and XEV 9S) to register 21% YoY growth (January-September 2025: 446,697 units).
This strong showing has the company 83,662 SUVs short from surpassing its record 625,603 units in CY2025 which was the first time M&M crossed annual sales of 600,000 units. With Q4 (October-December 2026) still to be counted, expect the company to register a new calendar-year high of 725,000 units and to breach the 700,000 milestone for the first time.
September 2026 sales (64,092 units, up 14% YoY) are the highest monthly wholesales in CY2026 YTD and the second highest monthly total for M&M after the 71,624 units in October 2025, which was the first full month of GST 2.0-fuelled price cuts. Will October 2026 which has Dussehra on the 20th beat last October’s score?
Mahindra CY2026 Sales Forecast and Quarterly Performance
Of the first three quarters of CY2026, Q1 (January-March: 183,800 units, up 23%) was the best. While Q2 (April-June: 174,745 units) was down 5% on Q1, Q3 (July-September: 183,397 units) improved upon Q2 by 5 percent. Q4 (October-December) which has Durga Punja, Dussehra and Diwali could deliver the best three-month sales this year for M&M. October-November could also see a surge in demand for another reason and should see potential SUV buyers make a beeline for Mahindra showrooms.
Mahindra Price Increase 2026: Fourth Hike Under Review
Thar’s because M&M is exploring a fourth price increase this year – after the previous ones in January, April and July – due to rising commodity costs. Speaking to PTI on September 27, Nalinikanth Gollagunta, CEO of Mahindra & Mahindra’s automotive division, said: "We're watching it very closely. As you know, we've already taken three increases – one in January, one in April, and a fairly significant one in July, about 2.7 percent on SUVs.” He added, “We'll probably take a call in the next couple of weeks on whether we need a price increase. I can't say we will or we won't, but it's something we're looking at closely, given the recent price increases on commodities."
Scorpio, Thar twins have 43% model-wise market share in January-August, XUV 7XO shines
As model-wise September wholesales numbers have yet to be released, the statistics for M&M’s SUV portfolio in the first eight months of this year are a good indicator of the overall sales trend. Of the 477,850 SUVs the company sold in January-August 2026, the Scorpio N and Scorpio Classic account for 120,960 units (up 11% YoY) and have the largest share of 25 percent. The Thar twins – Thar and Thar Roxx – are ranked second with 88,274 units (up 21% YoY) and an 18% model-wise share. Combined Scorpio and Thar model-wise share at 43% is up by two percentage basis points on the 41% share (182,452 units) they had in the January-August 2025 period.
The indefatigable Bolero along with the Bolero Neo Plus sold 75,952 units (up 15% YoY) get a 16% share. The XUV 7XO, launched on January 5 this year, is a big draw with 72,265 units in the first eight months of this year and is M&M brand No. 4 with a 15% share and close behind the Bolero. The XUV 3XO (68,709 units, up 17% YoY) has a 14% share and is ranked fifth.
Mahindra Electric SUV Sales: BE 6, XEV 9e and XEV 9S
The three Electric Origin SUVs (BE 6, XUV 9e and XUV 9S) have sold 50,835 units in the January-August 2026 period which gives them an 11% share of M&M’s total SUV sales of 477,850 units. This marks handsome 89% YoY growth (January-August 2025: 26,942 units). The fourth e-SUV, the XUV400 sold 679 units and the now-discontinued XUV700 176 units.
Tata Motors vs Mahindra: Battle for No. 2 PV Maker
While Maruti Suzuki remains the unassailable passenger vehicle market leader, the intense battle for supremacy continues between Mahindra and Tata Motors. In CY2024, Hyundai Motor India (605,429 units) had held onto its longstanding No. 2 OEM position, followed by Tata Motors (562,468 units) and M&M (528,460 units). In CY2025, Mahindra (625,603 units) jumped two ranks to be the new No. 2 PV maker, going ahead of third-ranked Tata Motors (578,771 units) and Hyundai (571,878 units).
Now, after the first nine months of CY2026 (January-September), Tata Motors, with 576,732 units and 41% YoY growth, has a lead of 34,790 units over M&M (541,942 units, up 21%). This means Tata Motors has further increased the lead of 20,364 units it had over Mahindra in first-half CY2026. Meanwhile, Hyundai (471,724 units, up 11%) remains No. 4, while Maruti Suzuki (1.58 million PVs, up 24%) remains a yawning distance away from other car and SUV manufacturers.
Will Q4 CY2026, with the festival season in full earnest, spring a surprise in the ongoing battle for No. 2 rank? That remains to be seen but what’s clear is that both Mahindra and Tata are going all out to win new buyers.