Highlights

• Mahindra recorded total vehicle sales of 99,636 units in May 2026.
• Domestic SUV sales increased 11% year-on-year to 58,021 units.
• Tractor sales rose 23% while truck and bus sales grew 18%.

Mahindra & Mahindra Limited (NSE:M&M) reported total vehicle sales of 99,636 units in May 2026, representing a 20% year-on-year increase, including exports. The performance was driven by growth across utility vehicles, commercial vehicles, three-wheelers, tractors, and the trucks and buses business.

The company's automotive division sold 58,021 utility vehicles in the domestic market during May, compared with 52,431 units in the corresponding period last year. Including exports, total utility vehicle sales reached 59,573 units. Domestic commercial vehicle sales stood at 24,079 units, reflecting a 19% increase from the previous year.

According to Nalinikanth Gollagunta, CEO, Automotive Division, M&M Ltd., “In May, we achieved SUV sales of 58,021 units, a growth of 11% and total vehicle sales stood at 99,636, a 20% YoY growth. The sustained demand across our portfolio continues, constrained by supply chain challenges due to manpower shortages at select suppliers.”

Source: Analysis by Kalkine 

Utility Vehicles and Three-Wheelers Support Growth

Mahindra's utility vehicle segment remained the largest contributor to domestic passenger vehicle sales. Total passenger vehicle sales stood at 58,021 units, up 11% year-on-year.

The company's three-wheeler business recorded notable growth during the month. Domestic three-wheeler sales, including electric three-wheelers, rose 89% to 12,536 units compared with 6,635 units a year earlier. Light commercial vehicle sales below 2 tonnes increased 35%, while the 2-tonne to 3.5-tonne category recorded 16% growth.

Exports also increased during the month, with total export volumes rising 37% year-on-year to 5,000 units.

Tractor Business Delivers Double-Digit Growth

Mahindra's Farm Equipment Business reported domestic tractor sales of 47,845 units in May 2026, compared with 38,914 units in May 2025, representing a 23% increase.

Total tractor sales, including exports, stood at 49,695 units, up 22% from 40,643 units in the previous year. Tractor exports rose 7% to 1,850 units during the month.

Commenting on the performance, Veejay Nakra, President – Farm Equipment Business, Mahindra & Mahindra Ltd., said, “We have sold 47,845 tractors in the domestic market during May 2026 registering a growth of 23% over last year. This high growth was driven by timely completion of Rabi harvesting & favorable terms of trade for farmers. In the export markets, we have sold 1,850 tractors, a growth of 7% over last year.”

Trucks and Buses Business Posts Growth

Mahindra's Trucks and Buses business reported total sales of 3,129 vehicles in May 2026, up 18% year-on-year from 2,643 units in the corresponding month last year.

The Mahindra Trucks & Buses Division (MTBD) recorded sales of 1,362 vehicles, an increase of 24%, while SML Mahindra reported sales of 1,767 vehicles, up 15%.

According to Vinod Sahay, Executive Chairman – SML, President – Aerospace, Advanced Technologies, Trucks, Buses & CE, M&M, “The CV industry continues to face near-term headwinds, driven by elevated input costs and higher diesel prices amid ongoing geopolitical uncertainties, putting pressure on fleet operators’ profitability. The industry is showing signs of short to medium term moderation even though structural drivers such as infrastructure spending and replacement demand remain supportive for long term growth.”

Share Performance

Mahindra & Mahindra (NSE:M&M) shares traded at INR 3,003.20 on June 1, 2026, down 1.39% from the previous close of INR 3,045.60. The stock opened at INR 3,050.00 and touched an intraday high of INR 3,068.90 before declining to a low of INR 2,990.50. The VWAP stood at INR 3,014.26.

Source: Trading View

Key Risks

• Supply chain disruptions may affect vehicle production.
• Higher input costs could impact profitability.
• Diesel price volatility may influence commercial vehicle demand.
• Weak rural demand could affect tractor sales growth.

Summary

Mahindra & Mahindra (NSE:M&M) reported total vehicle sales of 99,636 units in May 2026, representing a 20% year-on-year increase. Domestic SUV sales rose 11% to 58,021 units, while tractor sales increased 23% to 47,845 units. The trucks and buses business also reported 18% growth to 3,129 units. Despite higher sales across segments, the stock traded lower by 1.20% on June 1.

FAQs

Q: How many vehicles did Mahindra sell in May 2026?
A: Mahindra reported total vehicle sales of 99,636 units in May 2026, including exports.

Q: What was Mahindra's SUV sales performance in May 2026?
A: Domestic SUV sales stood at 58,021 units, representing an 11% year-on-year increase.

Q: How did Mahindra's tractor business perform during May 2026?
A: Domestic tractor sales increased 23% year-on-year to 47,845 units, while total tractor sales reached 49,695 units.