Mahindra & Mahindra Ltd. (M&M) delivered a strong performance in March 2025, reporting a 23% year-on-year (YoY) growth in total auto sales to 83,894 units compared to 68,413 units in March 2024. This impressive figure also beat CNBC-TV18's poll estimate of 79,366 units.

SUV Segment Posts Record-Breaking Sales

M&M's SUV segment continued its strong momentum, registering a 18% YoY growth with 48,048 SUVs sold in March. The company closed the financial year with an all-time high of 5,51,487 SUVs sold, marking a 20% annual growth.

Veejay Nakra, President of M&M's Automotive Division, emphasized the growing demand for Electric Origin SUVs, stating,
"We see a strong continued demand momentum, and FY25 ended positively with us selling over 5 lakh SUVs in the domestic market for the first time ever."

Tractor Sales Beat Estimates with 34% Growth

M&M’s tractor segment also outperformed expectations, with March sales rising 34% YoY to 34,934 units against 26,024 units last year. This figure also exceeded the market estimate of 30,012 units.

According to Hemant Sikka, President – Farm Equipment Sector, the tractor industry is experiencing strong tailwinds, driven by:

• Favorable weather conditions

• Good reservoir levels

• A robust Rabi crop outlook

• Positive terms of trade for farmers

Sikka added that festivities and the onset of harvest season further boosted demand, and momentum is expected to remain strong in Q1 FY26 due to an anticipated strong Rabi harvest and improved farmer cash flows.

"We have achieved our highest-ever tractor sales in FY25 with a 12% YoY growth, supported by strong retail sales and the lowest-ever dealer channel inventory," Sikka added.

Stock Market Reaction

Despite these impressive sales figures, M&M’s stock remains under pressure, currently trading flat at ₹2,669, with a 14% decline in 2025 so far.

Key Takeaways:

• M&M’s March auto sales grew 23% YoY, surpassing analyst expectations.

• The company posted record-high SUV sales of 5.5 lakh units in FY25.

• Tractor sales surged 34% YoY, supported by strong rural demand and positive agriculture trends.

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