Mahindra has reported strong overall performance in passenger vehicles (PV), commercial vehicles (CV) and its farm equipment business (FEB) in February 2026. Growth was led by SUVs and tractors, while select CV categories and three-wheelers also delivered good profits.
Passenger vehicles – 60,018 units (+19% yy)
Mahindra sold 60,018 passenger vehicles in February 2026, up 19.04% from 50,420 units in February 2025. This shows an increase of 9,598 units on year-on-year basis. On a month-on-month basis, PV sales were down 5.5% compared to January 2026 (63,510 units). The newly launched XUV 7XO has received a good response and the order book is also strong.
For FY26 so far (till 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% (96,565 units more).
commercial vehicle
lcv under 2t Sales in February 2026 stood at 3,169 units, down 4% from 3,290 units last year. YTD sales stood at 34,594 units, down marginally by 2%. LCV 2T – 3.5T Segment It performed strongly in February 2026 with sales of 21,416 units, up 12% from 19,155 units last year. YTD volume rose 16% to 2,30,075 units.
3-wheeler (including electric) – Mahindra sold 9,190 three-wheelers in February 2026, registering a sharp growth of 44% compared to 6,395 units in February 2025. YTD sales stood at 1,01,202 units, up 30% from last year.
export – Total CV exports in February 2026 were 3,384 units, up 11% year-on-year. YTD exports grew 21% to 37,022 units.
Agricultural Equipment Business – 35% Domestic Growth
Mahindra’s farm equipment business recorded strong 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, as against 25,527 units last year – showing a growth of 34%. Exports for the month stood at 1,980 units, up 20% year-on-year.
For FY26 YTD (till 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, up 24%. Commenting on the performance, Vijay Nakra, president, farm equipment business, said strong Rabi sowing, healthy reservoir levels and favorable Kharif crop 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 in many segments, Mahindra continues to strengthen its position in both mobility and farm mechanization sectors.