SML Mahindra delivered robust domestic performance in September 2026, with commercial vehicle sales rising 31.90% year-on-year to 1,071 units compared with 812 units sold in the same month last year, according to reports from CNBC TV18. The company's total sales grew 18% year-on-year to 1,124 vehicles in September, up from 950 vehicles in September 2025, with production also increasing 19.83% year-on-year to 1,257 units from 1,049 units in the previous year. This strong domestic performance aligns with the broader electric three-wheeler market growth, where FADA retail sales rose 40.03% YoY to 86,024 units in September 2026, with Mahindra Group recording 14,716 units and leading the segment alongside Bajaj Auto.
Despite strong domestic growth, SML Mahindra faced significant challenges in export markets, with exports declining sharply by 61.59% to 53 units from 138 units in September 2025, as reported by CNBC TV18. This substantial decline in export performance contrasted sharply with the company's robust domestic sales performance, highlighting the challenging international market conditions facing the commercial vehicle manufacturer. The export challenges reflect broader industry trends, as the Others category in the electric three-wheeler market also recorded 19.83% YoY growth from 32,132 units in September 2025, indicating increased competition and market fragmentation.
The company's diversified vehicle portfolio showed mixed results across segments, with cargo vehicle sales increasing 39% to 516 units from 370 units in September 2025, while passenger vehicle sales rose 5% to 608 units from 580 units in the same period, according to CNBC TV18. For the first six months of FY27, SML Mahindra sold 9,340 vehicles, up 15% from 8,145 units in the corresponding period of FY26, with passenger vehicle sales increasing 19% to 6,806 units from 5,723 units. This performance mirrors the broader electric three-wheeler market, where cargo vehicle sales increased 22.25% YoY to 1.33 lakh units in September 2026, demonstrating strong demand across commercial vehicle segments.
Despite the positive sales performance, shares of SML Mahindra closed 3.68% lower at ₹5,871 on October 8, as reported by CNBC TV18. The stock decline occurred despite the company's strong domestic sales growth and improved six-month performance, suggesting that market participants may have focused on the significant export challenges facing the commercial vehicle manufacturer. The market reaction reflects broader industry challenges, as the Others category in electric three-wheelers also recorded 26.59% YoY decline, indicating that while some segments showed strong growth, overall market conditions remain mixed.
