Mahindra & Mahindra, which registered record wholesales of 660,276 SUVs in FY2026 (up 20% YoY) to take No. 2 rank after Maruti Suzuki (1.8 million PVs, up 4%) and drive ahead of Tata Motors (631,387 PVs, up 14%) and Hyundai Motor India (584,906 units, down 6%), has reaped the benefits that accrue from customer-friendly new models.
Mahindra & Mahindra’s stellar market performance in FY2026 is the result of surging demand for some of its models, particularly the Thar Roxx, Scorpio twins, 3XO and the three Born Electric SUVs. Of M&M’s portfolio, four brands – Scorpio, Thar, Bolero and 3XO – sold over 100,000 units each in FY2026 as compared to two (Scorpio and 3XO) in FY2025.
In terms of model-wise share, the Scorpio N and Classic, with 178,800 units (up 8% YoY) and a 27% share, remained the best-selling model for the SUV manufacturer last fiscal. However, as the model-wise splits (see data table below) reveal, the Scorpio twins’ share of M&M’s factory dispatches fell 3% from the 30% they had in FY2025.
The rise of the Thar brand (the five-door Thar Roxx and three-door Thar) is evident from its growing share of M&M’s sales and, resultantly, its ranking in the company’s portfolio. In FY2026, the two Thars sold a record 126,261 units, up 49% YoY (FY2025: 84,834 units), which sees its model-wise share rise to 19% from 15% in FY2025 and 14% in FY2024. What’s more, the Thar brand has taken the No. 2 ranking, rising three positions from No. 5 in FY2025.
Meanwhile, in the overall Indian utility vehicle market, the Mahindra Thar brand, which is one of the big growth stories in the past fiscal year, sees it jump seven ranks to No. 8 in FY2026 from No. 15 a year ago. . The Thar Roxx, which is more of a mainstream model than its three-door sibling, is estimated to account for 65% of the Thar brand’s sales.
The Bolero brand, which comprises the Bolero and Bolero Neo Plus, had a 17% model-wise share with 110,136 units (up 16% YoY) in FY2026, similar to FY2025 and retains its No. 3 ranking. The 3XO compact SUV (103,341 units, up 2% YoY), which was ranked No. 2 in FY2025 has dropped two positions to No. 4 in the M&M SUV stable and has a 16% share, down on the 18% in FY2025.
Sales of the flagship XUV700 (87,412 units), which was replaced by the recently launched 7XO were down 6% YoY (FY2025: 93,082 units), which gives it a 13% share, down from the 17% share the XUV700 in FY2025.
M&M received a boost from the introduction of the two new BEVs – the BE 6 and the XEV 9e – in early CY2025, which were joined by the XEV 9S in November 2025. Total dispatches of these three Born Electric SUVs units at 43,649 units are a 442% YoY increase on a low year-ago base of 8,047 units, giving them a 7% share of M&M’s total ICE and e-SUV sales, which is a notable achievement and a marked rise from the 1.45% share in FY2025. The two remaining models are the XUV400 e-SUV (2,40 units, 0.36% share) and the Marazzo MPV (381 units, 0.05% share).