Mahindra Sales Feb 2026 – PVs Up 19%, CVs Strong, Farm Equipment Grows 35%

Mahindra Reports Strong February 2026 Sales

Mahindra recorded significant growth across its Passenger Vehicles (PVs), Commercial Vehicles (CVs), and Farm Equipment Business (FEB) in February 2026. The company sold 60,018 passenger vehicles, marking a 19.04% increase from 50,420 units in February 2025. This represents a year-on-year rise of 9,598 units. However, PV sales were down 5.5% from January 2026, when Mahindra sold 63,510 units.

Sales Summary

Key Highlights

• Mahindra recorded significant growth across its Passenger Vehicles (PVs), Commercial Vehicles (CVs), and Farm Equipment Business (FEB) in February 2026.
• The company sold 60,018 passenger vehicles, marking a 19.04% increase from 50,420 units in February 2025.
• This represents a year-on-year rise of 9,598 units.
• However, PV sales were down 5.5% from January 2026, when Mahindra sold 63,510 units.

The newly launched XUV 7XO contributed to the positive performance, with strong demand and a robust order book. For the fiscal year 2026 up to February, Mahindra's domestic PV sales reached 600,004 units, up 19.18% from 503,439 units in the same period last year. This is an increase of 96,565 units year-on-year.

Commercial and Farm Equipment Performance

In the commercial vehicle segment, Light Commercial Vehicles (LCVs) under 2 tonnes saw sales of 3,169 units in February 2026, a 4% decrease from 3,290 units last year. Year-to-date (YTD) sales for this category stood at 34,594 units, down 2%.

The 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 for this segment reached 230,075 units, reflecting a 16% increase.

Mahindra sold 9,190 three-wheelers, including electric models, in February 2026. This is a 44% jump from 6,395 units in February 2025. YTD three-wheeler sales reached 101,202 units, up 30% compared to the previous year.

CV exports also grew, with 3,384 units shipped in February 2026, an 11% increase year-on-year. YTD exports rose 21% to 37,022 units.

Tractor Sales and Rural Growth

Mahindra’s Farm Equipment Business reported robust growth. Domestic tractor sales reached 32,153 units in February 2026, up 35% from 23,880 units in February 2025. Total tractor sales, including exports, were 34,133 units, a 34% increase from 25,527 units last year. Tractor exports for the month stood at 1,980 units, up 20% year-on-year.

For FY26 YTD up to February, domestic tractor sales totaled 462,527 units, a 24% rise from 374,512 units last year. Total tractor sales, including exports, reached 481,368 units, also up 24%.

Market Drivers and Outlook

Veejay Nakra, President of the Farm Equipment Business, attributed the growth to strong rabi sowing, healthy reservoir levels, and a favorable kharif harvest. These factors have improved rural cash flows and sentiment, supporting demand for tractors.

February 2026 demonstrated Mahindra’s balanced growth in both urban and rural markets. High SUV demand boosted PV sales, while higher-tonnage LCVs and three-wheelers supported CV performance. Tractor sales reflected strong rural momentum. Mahindra continues to strengthen its position in mobility and farm mechanization with double-digit growth across several business segments.