In my experience tracking the automotive market, Mahindra has shown a strong overall performance in February 2026, with remarkable growth across its key segments. Passenger Vehicles (PVs) and Commercial Vehicles (CVs) have been led by SUVs and tractors, while select CV categories and three-wheelers also delivered healthy gains. The Farm Equipment Business (FEB) has continued to contribute to the company’s success, showing that Mahindra maintains a balanced approach across both consumer and commercial markets. Observing these trends firsthand, it’s clear that strategic focus on high-demand segments is driving consistent results.
Mahindra Sales Performance and Trends
Looking at PV sales from my observations in the industry, Mahindra moved 60,018 passenger vehicles in February 2026, marking a 19.04% increase from 50,420 units in February 2025, which is a year-on-year growth of 9,598 units. On a month-on-month basis, sales were slightly down 5.5% from January 2026 (63,510 units), but the newly launched XUV 7XO has been well received, and the order book remains strong. For FY26 year-to-date, domestic PV sales reached 6,00,004 units, compared to 5,03,439 in the same period last year, reflecting a 19.18% growth or 96,565 additional units, showing that despite minor monthly fluctuations, overall momentum is robust and sustained.
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| Segment | Time Period | Units Sold | Comparison Period | Change (%) | Additional Info |
|---|---|---|---|---|---|
| Passenger Vehicles (PVs) | February 2026 | 60,018 | February 2025 (50,420) | +19.04% | YoY growth: 9,598 units |
| Passenger Vehicles (PVs) | January 2026 | 63,510 | February 2026 (60,018) | -5.5% | Month-on-month comparison |
| Passenger Vehicles (PVs) | FY26 YTD | 6,00,004 | FY25 YTD (5,03,439) | +19.18% | Growth of 96,565 units, domestic |
Commercial Vehicle Performance
In observing Mahindra’s CV numbers, the LCV under 2T moved 3,169 units in February 2026, slightly down 4% from 3,290 last year, while YTD volumes were 34,594, marginally lower by 2%. The 2T – 3.5T segment performed strongly, with 21,416 sold units in February 2026, marking an up 12% increase from 19,155 units last year, and YTD volumes reached 2,30,075, up 16%.
| Segment | Time Period | Units Sold | Comparison Period | Change (%) | YTD Units | YTD Change (%) | Additional Info |
|---|---|---|---|---|---|---|---|
| LCV under 2T | February 2026 | 3,169 | February 2025 (3,290) | -4% | 34,594 | -2% | Domestic |
| 2T – 3.5T CVs | February 2026 | 21,416 | February 2025 (19,155) | +12% | 2,30,075 | +16% | Segment performed strongly |
| 3-Wheelers (including Electric) | February 2026 | 9,190 | February 2025 (6,395) | +44% | 1,01,202 | +30% | Domestic sales |
| Total CV Exports | February 2026 | 3,384 | February 2025 | +11% | 37,022 | +21% | Export units |
In the 3-Wheelers, including Electric, Mahindra sold 9,190 units in February 2026, registering a sharp 44% growth over 6,395 units in 2025, with YTD totals at 1,01,202, up 30%. On the Exports front, Total CV 3,384 units were shipped in February 2026, up 11% YoY, while YTD exports rose 21% to 37,022 units, showing a solid mix of domestic and international demand.
Farm Equipment Business – Domestic and Export Growth
In February 2026, Mahindra’s Farm Equipment Business recorded strong domestic tractor sales of 32,153 units, up 35% from 23,880 in February 2025, while total tractor sales including Exports reached 34,133, compared to 25,527 last year, showing 34% growth. Exports for the month stood at 1,980 units YoY, contributing to the overall robust performance. For FY26 YTD, domestic volumes were 4,62,527, up from 3,74,512, with total sales, including exports, at 4,81,368, reflecting 24% growth.
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Commenting on the trends, Veejay Nakra, President of Farm Equipment Business, highlighted strong rabi sowing, healthy reservoir levels, and a favourable kharif harvest, which have strengthened rural cash flows. Positive rural sentiment and seasonal demand factors are expected to continue to support tractor demand, showing resilience and sustained momentum in both domestic and export markets.
Market Performance Highlights
In February 2026, Mahindra showed balanced growth across urban and rural markets, with strong SUV demand that boosted PV numbers. Higher-tonnage LCVs and three-wheelers supported CV performance, while tractor sales reflected healthy momentum. Across double-digit verticals, the company continues to strengthen its position in mobility and farm mechanisation segments, highlighting a well-rounded approach that combines both urban mobility and rural equipment leadership.
