Mahindra has reported a strong overall performance in February 2026 across Passenger Vehicles (PVs), Commercial Vehicles (CVs) and its Farm Equipment Business (FEB). Growth was led by SUVs and tractors, while select CV categories and three-wheelers also delivered healthy gains.
Passenger Vehicles – 60,018 Units (+19% YoY)
Mahindra sold 60,018 passenger vehicles in February 2026, up 19.04% from 50,420 units in February 2025. This marks an increase of 9,598 units on a year-on-year basis. On a month-on-month basis, PV sales were down 5.5% compared to January 2026 (63,510 units). Newly launched XUV 7XO has been well received, and the order book is strong.
For FY26 year-to-date (up to February), domestic PV sales stood at 6,00,004 units, compared to 5,03,439 units in the same period last year — a growth of 19.18% (up 96,565 units).
Commercial Vehicles
LCV under 2T Sales stood at 3,169 units in February 2026, down 4% from 3,290 units last year. YTD sales were at 34,594 units, marginally lower by 2%. LCV 2T – 3.5T segment performed strongly with 21,416 units sold in February 2026, up 12% from 19,155 units last year. YTD volumes reached 2,30,075 units, up 16%.
3-Wheelers (Including Electric) – Mahindra sold 9,190 three-wheelers in February 2026, registering a sharp 44% growth over 6,395 units in February 2025. YTD sales stood at 1,01,202 units, up 30% compared to last year.
Exports – Total CV exports in February 2026 were at 3,384 units, up 11% YoY. YTD exports rose 21% to 37,022 units.
Farm Equipment Business – 35% Domestic Growth
Mahindra’s Farm Equipment Business delivered robust growth in February 2026. Domestic tractor sales stood at 32,153 units, up 35% from 23,880 units in February 2025. Total tractor sales (Domestic + Exports) reached 34,133 units, compared to 25,527 units last year — reflecting 34% growth. Exports for the month were at 1,980 units, up 20% YoY.
For FY26 YTD (up to February), domestic tractor sales stood at 4,62,527 units, compared to 3,74,512 units last year — a growth of 24%. Total tractor sales (including exports) reached 4,81,368 units, also up 24%. Commenting on the performance, Veejay Nakra, President – Farm Equipment Business, said that strong rabi sowing, healthy reservoir levels and a favourable kharif harvest have strengthened rural cash flows. Positive rural sentiment and seasonal demand factors are expected to further support tractor demand.
Overall Outlook
February 2026 highlights Mahindra’s balanced growth across urban and rural markets. Strong SUV demand boosted PV numbers, higher-tonnage LCVs and three-wheelers supported CV performance, and tractor sales reflected healthy rural momentum. With double-digit growth across multiple verticals, Mahindra continues to strengthen its position in both mobility and farm mechanisation segments.
