Stories
Mahindra Tractor Sales Dip 21% in September, Trucks & Buses Soar 53%
- •Mahindra & Mahindra reported a 21% year-on-year decline in total tractor sales in September 2026, while its Trucks & Buses Business saw a 53% increase.
- •Domestic tractor sales fell 23% to 50,208 units, attributed primarily to the shift in the festive season and a higher base in September 2025.
- •Despite the monthly decline, cumulative tractor sales to September rose 7% to 2,74,068 units, with domestic sales up 6% and exports up 16%.
- •Mahindra's Trucks & Buses Business sold 2,912 vehicles above 3.5 tonnes in September 2026, a 53% increase from the previous year.
- •The strong performance in trucks and buses was driven by early festive buying, continued infrastructure activity, steady freight movement, and a lower base from the previous year.
Key Questions Answered
Mahindra attributed the drop in domestic tractor sales primarily to a shift in the festive season, which commenced in October 2026 compared to September in the previous year. Additionally, the comparison was affected by a higher base from September 2025, which had benefited from the implementation of a GST rate cut.
Mahindra's Trucks and Buses Business recorded a 53% increase in sales, selling 2,912 vehicles above 3.5 tonnes in September 2026 compared to 1,904 vehicles in September 2025. Cargo vehicle sales grew by 84% to 2,043 units, while passenger vehicle sales rose by 10% to 869 units.
Cumulative tractor sales up to September 2026 rose 7% to 2,74,068 units, up from 2,57,025 units during the same period in the previous year. Domestic sales increased by 6% to 2,62,872 units, while exports experienced a 16% rise to reach 11,196 units.
