Mahindra Tractor Sales Decline 23% in September 2026, Exports Rise 62%

Mahindra & Mahindra Ltd.'s Farm Equipment Business reported a 23% year-on-year decline in domestic tractor sales for September 2026. The company sold 50,208 tractors in the domestic market, down from 64,946 units in September 2025. However, Mahindra's exports rose 62% year-on-year, reaching 1,892 tractors in September 2026 compared to 1,165 units a year earlier.

Key Highlights

• Mahindra sold 50,208 tractors in India in September 2026 a 23 percent year-on-year decline
• Exports rose 62 percent year-on-year to 1,892 tractors in September 2026
• Cumulative domestic sales through September 2026 reached 2,62,872 units up 6 percent
• Total cumulative tractor sales including exports stood at 2,74,068 units up 7 percent
• Sales decline attributed to festive season shift and higher base in September 2025

September 2026 Sales Performance

Sales Performance

Mahindra attributed the decline in domestic sales to a shift in the festive season. In 2025, the festive season began in September, while in 2026 it is starting in October. This change affected the year-on-year comparison for September. The company also noted that the higher base in September 2025, due to the GST rate cut, impacted the comparison.

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Including both domestic sales and exports, Mahindra sold a total of 52,100 tractors in September 2026. This figure is lower than the 66,111 tractors sold in September 2025, resulting in a 21% year-on-year decrease in total tractor sales for the month.

Despite the decline in domestic sales, Mahindra recorded strong growth in exports. The company exported 1,892 tractors in September 2026, up from 1,165 units in the same month last year. This 62% increase includes Completely Knocked Down (CKD) units. The growth in exports helped offset part of the decline in domestic volumes.

Cumulative Sales Through September 2026

On a cumulative basis, Mahindra's domestic tractor sales through September 2026 reached 2,62,872 units. This represents a 6% increase compared to 2,47,336 units sold in the same period last year. The cumulative total for domestic and export sales combined stood at 2,74,068 units, up 7% from 2,57,025 units a year earlier.

Cumulative exports also showed growth. Mahindra exported 11,196 tractors through September 2026, compared with 9,689 units in the corresponding period of the previous year. This marks a 16% year-on-year increase in cumulative exports.

The cumulative sales figures provide a broader perspective on Mahindra's performance. While September 2026 saw a decline in monthly sales, the overall trend for the year remained positive.

Company Background and Outlook

Mahindra & Mahindra Ltd.'s Farm Equipment Business is part of the Mahindra Group. The group was founded in 1945 and operates in more than 100 countries with 3,24,000 employees. Mahindra holds leadership positions in farm equipment, utility vehicles, information technology, and financial services in India. The group is also active in renewable energy, agriculture, logistics, hospitality, and real estate.

Mahindra has identified rural prosperity and community impact as key focus areas in its business and ESG initiatives. The company continues to monitor market trends and seasonal factors affecting tractor sales.

In summary, Mahindra's domestic tractor sales declined in September 2026 due to a festive season shift and a higher base in the previous year. However, export growth and cumulative sales figures indicate continued strength in the company's overall performance.