Staff Writer
Mumbai: Mahindra & Mahindra Ltd. (M&M Ltd.) reported a strong start to the calendar year, posting total vehicle sales of 104,309 units in January 2026, including exports, marking a robust 24% year-on-year growth. The performance was driven by sustained demand in the SUV and light commercial vehicle segments, reaffirming the company’s strong position in India’s auto market.
In the utility vehicle segment, Mahindra recorded domestic sales of 63,510 units during the month, reflecting a 25% increase over January 2025. With this, overall passenger vehicle sales in the domestic market also stood at 63,510 units. On a year-to-date basis for FY26, Mahindra sold 5,39,986 utility vehicles, up 19% from 4,53,019 units in the corresponding period of the previous financial year.
Commercial vehicle sales in the domestic market remained firm, with total volumes reaching 27,656 units in January 2026, a growth of 22% year-on-year. Within this, sales of light commercial vehicles below 2 tonnes rose 13% to 4,009 units, while the LCV 2-tonne to 3.5-tonne category posted a strong 23% growth at 23,647 units. On a cumulative basis, LCV sales in the 2–3.5 tonne segment reached 2,08,659 units so far in FY26, registering a 17% increase over last year.
The company also reported healthy growth in the three-wheeler segment, including electric three-wheelers. Domestic sales in this category stood at 9,566 units in January, up 28% compared to the same month last year. Year-to-date sales of three-wheelers rose to 92,012 units, reflecting a similar 28% growth.
Exports added to the overall momentum, with overseas shipments rising 5% year-on-year to 3,577 units in January 2026. On a cumulative basis, exports during FY26 so far increased 23% to 33,638 units.
Commenting on the performance, Nalinikanth Gollagunta, CEO, Automotive Division, M&M Ltd., said the company had built on the strong momentum of last year to begin 2026 on a positive note. He highlighted that SUV sales touched 63,510 units, while LCV sales below 3.5 tonnes reached 27,656 units during the month. Gollagunta also pointed to strong customer response to Mahindra’s new launches, noting that bookings opened on January 14 for the XUV7XO and XEV 9S garnered 93,689 bookings within just four hours, translating into a booking value of Rs 20,500 crore, a record milestone for the company.
The January figures include sales from Mahindra’s subsidiaries, including Mahindra Electric Automobile Limited and Mahindra Last Mile Mobility Limited. Overall, the strong demand across SUVs, commercial vehicles and three-wheelers, supported by healthy export growth, underlines Mahindra’s confident start to 2026.
