Having sold 539,986 SUVs with 19% YoY growth in the past 10 months and averaged monthly sales of 56,930 units in the November 2025-January 2026 period, M&M is headed to achieve its highest sales in a fiscal year. While the Scorpio twins and the two Thars command a 47% share of current sales, the Bolero and 3X0 have a 32% share.
11 Feb 2026 | 1075 Views | By Ajit Dalvi
Having wrapped up CY2026 on a very strong note with its highest annual sales of 625,603 SUVs, up 18% YoY, Mahindra & Mahindra (M&M) is set to register an even better set of numbers in the current fiscal year. In the first 10 months of FY2026, the SUV manufacturer ...
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Having wrapped up CY2026 on a very strong note with its highest annual sales of 625,603 SUVs, up 18% YoY, Mahindra & Mahindra (M&M) is set to register an even better set of numbers in the current fiscal year. In the first 10 months of FY2026, the SUV manufacturer has clocked wholesales of 539,986 units, up 19% YoY (April 2024-January 2025: 453,019 units) which includes highest-ever monthly sales of 71,624 units in October.
Given the current robust growth trajectory and the fact that M&M has averaged monthly sales of 56,930 units between November 2025 and January 2026, it can be surmised that the SUV manufacturer is well placed to achieve record 650,000-plus sales in FY2026. This will constitute an 18% YoY increase (FY2025: 551,487 units) and mark the first time that M&M will surpass 600,000 sales in a single fiscal year.
Meanwhile, the two newest Mahindra models – XUV 7X0 and XEV 9S – have got off to a robust start, what with the company having received 93,689 bookings across both SUVs as of January 14, 2026.
In FY2025, M&M (551,487 units) was ranked third after Maruti Suzuki (1.76 million units) and Tata Motors (569,245 units). In FY2026 YTD, M&M with 539,986 units is the No. 2 OEM, behind Maruti Suzuki (1.49 million units, up 3%) and ahead of Tata Motors (502,866 units, up 10%), Hyundai Motor India (477,435 units, down 4%), Toyota Kirloskar Motor: (301,067 units, up 18%) and Kia India (232,313 units, up 14%).
M&M clocked its highest sales in October 2025 (71,624 units). While the Scorpio (149,557 units, up 9%) remains the best-seller, the Thar brand (104,342 units, up 57%) has been the key growth driver.
Scorpio and Thar command 47% share of M&M sales
M&M’s vigorous growth in CY2025 and the current fiscal is the result of surging demand for some of its models, particularly the Scorpio twins, Thar Roxx, 3XO and the Born Electric SUV portfolio (XEV 9e and BE 6) which now stands expanded with the new XEV 9S.
In terms of model-wise share, the Scorpio N and Classic, with 149,557 units (up 9% YoY) and a 28% share, remain the best-selling SUV model per se in the April 2025-January 2026 period for M&M.
The two Thars (5-door Thar Roxx and 3-door Thar) are ranked second on the M&M model ladder-board with 104,342 units (up 57% YoY) and a 19% share. The Thar Roxx is estimated to account for the bulk of the sales, at around 65 percent. Together, the two Scorpios and two Thars command a 47% share of the 539,986 SUVs Mahindra has sold in the past 10 months.
The Bolero brand, which comprises the Bolero and Bolero Neo, has a 17% model-wise share with 90,485 units (up 16%, 78,029). The 3XO compact SUV, with an estimated 85,505 units and a 16% model-wise share, is ranked fourth in the M&M SUV stable. Sales of the flagship XUV700 (58,108 units) are down 26% YoY (April 2024-January 2025: 78,763 units), which gives it a 14% share at present. Add the 10,982 units of the new XUV 7XO, which is the recently launched facelifted avatar of the XUV700, and the overall flagship SUV’s numbers improve to 69,090 units in the past 10 months.
The M&M e-SUV portfolio has also made a good contribution to overall wholesales. The first two new BEVs – the BE 6 and the XEV 9e – have been joined by the new XEV 9S. Combined sales of the three Born Electric SUVs at 38,505 units gives them a 7% share of M&M’s 10-month sales. Add the XUV400 (2,121 units) and the share of e-SUVs to total sales rises to 7.50 percent. The Marazzo MPV (328 units) has a 0.07% share.
Will M&M sell over 60,014 SUVs in February 2026 to surpass the 600,00 milestone in February 2026 itself? Watch this space for the latest sales numbers and analysis.
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