Mahindra Records Impressive Growth: SUV Sales Up 18%, Tractor Sales Surge 34% in March 2025
Mahindra & Mahindra (M&M) has concluded March 2025 with remarkable sales performance across its diverse product portfolio. The Indian automotive giant reported substantial growth in its passenger vehicles, commercial vehicles, and farm equipment segments, reinforcing its position as a market leader in multiple sectors.
Strong Overall Performance
The company registered total sales of 83,894 units in March 2025, achieving an impressive year-over-year (YoY) growth of 23% when compared to the same period last year. This comprehensive figure encompasses both domestic sales and exports across all vehicle categories.
In the domestic market, Mahindra's performance was particularly noteworthy with 48,048 units sold. A distinctive achievement is that every single one of these vehicles was an SUV, a unique accomplishment not matched by any other automotive manufacturer in India.
SUV Segment: Continued Dominance
Mahindra's SUV lineup maintained its strong market presence with domestic sales of 48,048 units in March 2025, representing an 18% YoY growth compared to the 40,631 units sold in March 2024. This translates to a volume increase of 7,414 units year-over-year.
For the entire fiscal year 2024-25, Mahindra's SUV sales reached a milestone of 5,51,487 units, marking a 20% growth compared to the 4,59,864 units sold in the previous fiscal year. This achievement highlights the sustained popularity of Mahindra's SUV portfolio among Indian consumers.
When compared to February 2025's performance of 50,420 units, March witnessed a slight month-on-month decrease of 4.70% (2,372 fewer units). With exports included, Mahindra's total SUV sales for March 2025 stood at 50,835 units.
Commercial Vehicle Segment: Mixed Results
Mahindra's commercial vehicle division showed varied performance across different subcategories:
- Light Commercial Vehicles (LCV) in the 2T-3.5T capacity range maintained market leadership with 18,958 units sold, registering a robust 23% YoY growth
- LCVs with less than 2T capacity faced challenges, with sales of 3,530 units representing a 12% YoY decline
- The LCV >3.5T and Medium & Heavy Commercial Vehicles (MHCV) segment recorded 1,463 units sold, with a 4% YoY decrease
- Three-wheeler sales showed exceptional growth, with 7,752 units sold, achieving a 47% YoY increase compared to 5,279 units in March 2024
Export Performance
Mahindra's export numbers were particularly impressive in March 2025, with the company shipping 4,143 units, representing an extraordinary 163% YoY growth compared to the 1,573 units exported in March 2024.
Farm Equipment Sector: Exceptional Growth
Mahindra's Farm Equipment Sector (FES) demonstrated remarkable performance in March 2025:
- Domestic tractor sales reached 32,582 units, recording a 34% YoY growth
- Export figures stood at 2,352 units, showing a 35% YoY increase
- Total tractor sales (domestic + exports) amounted to 34,934 units, resulting in an overall 34% YoY growth
The company achieved its highest-ever annual tractor sales in FY 2024-25 with a growth of 12%, driven by strong retail performance nationwide and historically low dealer inventory levels.
Leadership Perspectives
Commenting on the impressive performance, Veejay Nakra, President of Automotive Division at M&M Ltd., stated: "In March, we sold a total of 48,048 SUVs, with a growth of 18% and 83,894 total vehicles, a 23% growth over last year. We also started the deliveries of our Electric Origin SUVs, where we see a strong continued demand momentum. The year ended on a very positive note with us selling over 5 lakh SUVs in the domestic market for the first time ever."
Hemant Sikka, President of the Farm Equipment Sector at Mahindra & Mahindra Ltd., attributed the strong tractor sales to "favorable weather conditions, good reservoir levels, strong rabi outlook and positive terms of trade for farmers." He noted that the harvest season has begun in northern regions and is expected to progress smoothly across the country, with delivery momentum picking up in late March due to festivities. This positive trend is anticipated to continue into Q1 FY26, supported by expectations of a good Rabi crop harvest and improved farmer cash flows.
Outlook
Mahindra's strong performance across multiple segments positions the company for continued growth in the new fiscal year. The successful launch of Electric Origin SUVs adds a new dimension to the company's product portfolio, while the record-breaking tractor sales indicate strong momentum in the agricultural sector.
For investors and market watchers, Mahindra's consistent growth trajectory and strategic expansion into electric vehicles present promising opportunities in both automotive and farm equipment sectors.
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