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Mahindra’s utility vehicles contributed 39,399 units in the domestic market as wholesale numbers were deliberately moderated to minimise dealer stock
Mahindra & Mahindra reported total vehicle sales of 75,901 units last month – a figure that indicates a flat growth compared to the same month last year when exports are included. However, within this tally, utility vehicles contributed 39,399 units in the domestic market – recording a nine per cent drop year-on-year. Counting overseas shipments, the UV business reached 40,846 units.
It is worth noting that on the commercial side 22,427 vehicles were sold in India. Mahindra said the demand at the retail end remained good, particularly in the SUV segment, where Vahan registrations rose 7.4 per cent over last year. In the commercial vehicles space, registrations in the sub-7.5-tonne LCV category also displayed healthy momentum with a 16 per cent annual increase.
However, management acknowledged that wholesale numbers were deliberately moderated in August to minimise dealer stock ahead of the anticipated GST rationalisation. Breaking down the passenger vehicle business further, Mahindra’s year-to-date UV sales for FY26 (April to August period) stood at 2,09,148 units versus 2,41,337 units a year earlier with a 15 per cent decline.
By contrast, the commercial vehicle portfolio delivered some interesting results. Light CVs under two tonnes slipped by one per cent in August with 2,925 units while the 2–3.5-tonne LCV range improved by 13 per cent with sales of 19,502 units. The three-wheeler category including electric options remained a bright spot for the homegrown manufacturer.
It grew by 13 per cent in August 2025 – tallying 10,527 units. From April to August this year, three-wheeler volumes touched 40,561 units, a sharp 33 per cent climb compared to the 30,570 units recorded in the same period of FY25. Exports also supported the company’s overall performance. At 3,548 units in August 2025, shipments were up 16 per cent on a year-on-year basis.
Cumulatively, overseas volumes in FY26 reached 15,989 units with a 37 per cent gain over the 11,700 vehicles shipped during the first five months of FY25. From the sales performance it is apparent that the utility vehicles faced headwinds domestically last month but commercial vehicles, three-wheelers and exports more than offset some of the weakness.
Mahindra believes that the festive season, together with potential GST reforms, will help unlock additional demand and stabilise wholesale volumes in the coming quarters. Last month, Mahindra hosted the Freedom_NU event and showcased four new concepts and a brand new platform which will enter production in a couple of years.
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