Mahindra Posts 24% Growth in Jan; XUV7XO and XEV 9S See Record Bookings Worth ₹20,500 Crore

Mahindra has started the calendar year (CY) 2026 with a robust performance, reporting total vehicle sales of 104,309 units in January, a year-on-year growth of 24 per cent, including exports, the company announced on Sunday. The strong sales highlights sustained demand across the company's core automotive segments, led by utility vehicles (UVs), while commercial vehicles (CVs) and three-wheelers also saw healthy growth.

SUVs Drive Core Volume Expansion

The SUV portfolio emerged as the key growth engine. Mahindra sold 63,510 utility vehicles in the domestic market during January, representing a 25 per cent increase over the same month last year. On a year-to-date basis, SUV sales stood at 5,39,986 units, up 19 per cent compared to the corresponding period of the previous financial year.

Light CVs Record Double-Digit Growth

Commercial vehicles also contributed meaningfully to the company's January performance. Domestic sales of light commercial vehicles below 3.5 tonnes stood at 27,656 units, marking a 22 per cent year-on-year growth. Within this segment, LCVs in the 2–3.5-tonne category recorded sales of 23,647 units, up 23 per cent, reflecting sustained demand from logistics, last-mile delivery and small business operators.

LCVs below 2 tonnes posted sales of 4,009 units, a growth of 13 per cent over January 2025, although year-to-date volumes in this sub-segment remained marginally lower than last year's levels.

Three-Wheeler Maintains Momentum

Mahindra's three-wheeler business continued its upward trajectory, benefiting from improving rural and urban demand as well as growing adoption of electric variants. Domestic three-wheeler sales, including electric models, rose 28 per cent year-on-year to 9,566 units in January. For the year so far, three-wheeler volumes stood at 92,012 units, also up 28 per cent compared to the same period last year, highlighting the segment's consistent momentum.

Exports Contribute to Overall Growth

Exports provided additional support to overall volumes. Mahindra shipped 3,577 vehicles overseas during January, registering a 5 per cent increase year-on-year. On a year-to-date basis, exports reached 33,638 units, up 23 per cent, underlining the growing role of international markets in the company's overall sales mix.

“Building on the strong momentum of last year's performance, we began the year on a strong note in January by achieving SUV sales of 63,510 units, a growth of 25 per cent and LCV< 3.5T sales of 27,656 units, a growth of 22 per cent. The total vehicle sales stand at 104,309 units, a 24 per cent year-on-year growth," Nalinikanth Gollagunta, CEO, Automotive Division, M&M Ltd., said in a statement.

New Launches See Record Bookings

Gollagunta also pointed to the strong market response to Mahindra's latest product offerings. Bookings for the XUV7XO and the XEV 9S opened on 14 January and saw 93,689 orders within just four hours.

The bookings translated into a cumulative value of ₹20,500 crore, marking one of the fastest and largest booking milestones achieved by the company to date. The response signals sustained consumer interest in Mahindra's newer-generation SUVs and electric vehicle strategy.