Mahindra & Mahindra delivered total vehicle sales of 86,090 units in December 2025, representing a robust 25% year-on-year growth compared to 68,872 units in December 2024. However, the figure reflects a 7.1% decline from November 2025's 92,670 units, following the typical post-festive period adjustment after strong October and November performance. According to regulatory filings, the company reported these figures on January 1, 2026, highlighting sustained demand across multiple vehicle categories. The month-on-month decline follows a pattern common in the Indian automotive sector, where October and November benefit from festive purchasing, with October 2025 being a record month featuring 71,624 SUV sales and 120,142 total vehicles sold. Domestic auto sales reached 83,270 units while exports totaled 2,820 units, showing a 9% year-on-year decline in export volumes despite 25% growth in year-to-date exports to 30,061 units. As noted by CEO Nalinikanth Gollagunta, "The calendar year 2025 ended on a positive note, with Mahindra clocking its highest-ever volumes in both SUVs and LCVs (over 3.5T) segments, a significant milestone for the company."
Domestic SUV sales reached 50,946 units in December, achieving 23% year-on-year growth but declining 9.6% from November's 56,336 units. For the April-December period, Mahindra sold 476,476 SUVs domestically, marking an 18% increase over the same period in the previous fiscal year. Overall domestic passenger vehicle sales mirrored SUV performance, as the category is entirely driven by utility vehicles for Mahindra. This year-to-date figure underscores sustained demand for the company's SUV portfolio, which includes models such as the Scorpio-N, XUV700, and Thar. According to Nalinikanth Gollagunta, CEO of the Automotive Division at M&M Ltd, "Calendar year 2025 concluded on a positive note for the company, with Mahindra recording its highest-ever volumes in both the SUV and LCV segments." He added that December SUV sales of 50,946 units reflected sustained customer demand across categories. Models like the BE 6 and XEV 9E have helped Mahindra gain market share in the electric PV segment, with the company hoping to expand its footprint further in 2026 with the newly-launched XEV 9S and future EV models.
The commercial vehicle segment demonstrated strong resilience with total domestic sales reaching 24,786 units in December, showing 34% year-on-year growth while remaining flat compared to November's 24,843 units. Light commercial vehicles in the 2-tonne to 3.5-tonne category recorded 22,066 units (37% YoY increase), emerging as a key contributor to growth, while year-to-date sales in this segment grew 16% to 185,012 units. LCVs under 2 tonnes contributed 2,720 units (13% growth), though year-to-date volumes showed a marginal decline of 4%. Three-wheeler sales totaled 7,538 units, reflecting 31% year-on-year growth but 12% decline from November's 8,568 units. Year-to-date three-wheeler sales reached 82,446 units, up 28% compared to the same period last year. Exports declined 9% year-on-year to 2,820 units in December, though year-to-date exports grew 25% to 30,061 units.
In the trucks and buses segment (CV >3.5 tonnes), Mahindra reported sales of 2,260 units in December 2025, marking a significant 43% year-on-year increase. The trucks and buses business includes Mahindra Trucks & Buses Division and SML Mahindra Limited. According to Vinod Sahay, Executive Chairman of SML Mahindra and President – Aerospace, Defence, Trucks, Buses and Construction Equipment at M&M, "The commercial vehicle industry continued to see momentum across segments in December, supported by favourable policy changes and improving demand conditions." He added that early signs of an industry upcycle point towards further acceleration in the fourth quarter.
The Farm Equipment Business achieved remarkable performance with domestic tractor sales reaching 30,210 units, reflecting a substantial 37% year-on-year growth from 22,019 units in December 2024. Total tractor sales including exports reached 31,859 units with 39% growth compared to 22,943 units in December 2024, while tractor exports surged 78% to 1,649 units. According to Veejay Nakra, President – Farm Equipment Business, "Cash flow availability in the market has improved, supported by favorable crop yields following the Kharif harvest. Additionally, conducive weather conditions and healthy reservoir levels have contributed to an increase in Rabi sowing acreage, which is expected to sustain tractor demand in the coming months." The year-to-date domestic tractor sales reached 3,91,890 units with 21% growth compared to 3,24,327 units in the previous year.
The Indian automotive market has benefited from supportive government measures that are contributing to the sales uptick. A significant tax reduction on SUVs with engines exceeding 1500 cc, implemented in September, lowered the tax rate from approximately 50% to 40%. This policy change is designed to stimulate demand, particularly benefiting manufacturers like Mahindra & Mahindra, whose SUV portfolio is significantly impacted by this tax adjustment. The policy support comes at a crucial time as the industry transitions toward sustainable mobility solutions. Management commentary from Nalinikanth Gollagunta emphasizes the strategic focus on key growth segments, highlighting the company's successful execution in capturing market demand for utility vehicles and light commercial vehicles. The strong December sales figures provide a positive outlook for the Indian auto industry as it steps into the new year, with continued demand for utility vehicles and light commercial vehicles, coupled with potential benefits from government policies, expected to sustain upward momentum.
