This article presents the vehicle and tractor sale statistics of Mahindra & Mahindra Limited or M&M Limited.
The presented Mahindra’s vehicle and tractor sale numbers are obtained from the company’s automotive and farm equipment sectors.
For your information, Mahindra & Mahindra Limited is one of the largest automakers in India and is a wholly-owned subsidiary of Mahindra Group, a multinational conglomerate company based in Mumbai, India.
Moreover, Mahindra & Mahindra Limited is publicly traded on the Bombay Stock Exchange and the National Stock Exchange of India.
Mahindra produces not only automotive products such as passenger and commercial vehicles but also farm equipment, including tractors and farming machinery.
The company plays an important role in India’s economy by employing hundreds of thousands of people and its product brand names are well-recognized across the country.
Let’s take a look!
Automotive Sector Overview
Mahindra’s vehicle sales are divided into 2 major categories and they are domestic and export sales as shown in the diagram above.
Domestic vehicle sales are further broken down into commercial and passenger vehicles.
Under the commercial vehicle segment, Mahindra’s vehicle sales consist of light commercial vehicles (LCV), medium and heavy commercial vehicles (MHCV), and 3-wheelers.
3 wheelers include the all-electric version and are a type of small vehicle that is similar to a motorbike but has 3 wheels instead of 2.
On the other hand, Mahindra’s passenger vehicle segment is made up mainly of utility vehicles, cars, and vans.
Vehicle Sales By Year
Mahindra’s total vehicle sales are made up of domestic and export sales but exclude tractor sales.
On a total and annual basis, the firm delivered a record figure of 698,000 vehicles in fiscal 2023, up nearly 50% over fiscal 2022 and a massive 98% over fiscal 2021.
The latest results show that the figure has even overtaken that of the pre-pandemic levels, illustrating the massive post-pandemic vehicle sales recovery that the company is enjoying.
Vehicle Sales By TTM
The TTM plot above shows that Mahindra has indeed been on a roll in post-pandemic times, with vehicle sales on the rise and reaching record figures as of fiscal 2024.
As seen in the plot above, as of 1Q 2024, Mahindra’s TTM total vehicle sales reached 731,000 units, a new high, and is up 37% over the same quarter in fiscal 2023.
Growth Rates Of Vehicle Sales By TTM
The growth rate plot above shows that Mahindra’s total vehicle sales growth rates have been on the rise in post-pandemic periods.
As seen, after fiscal 2022, growth rates have consistently been above 20% and the figures have even surpassed 30% after fiscal 2023.
The growth of Mahindra’s vehicle sales comes mostly from the domestic market of India as you will see in the next section.
Domestic And Export Vehicle Sales
Mahindra’s domestic vehicle sales are significantly higher than export sales.
As of fiscal 2023, Mahindra’s domestic vehicle sales reached 666,000 units compared to only 32,000 vehicles being exported in the same period.
Over the years, export vehicle sales don’t seem to change that much but domestic vehicle sales have been having a post-pandemic boost and the latest result is even beating all pre-pandemic levels.
With the rise of the domestic market, Mahindra has now relied less on the export market for growth.
Domestic And Export Vehicle Sales In Percentage
From the perspective of percentages, Mahindra’s domestic vehicle sales account for the majority of the company’s total vehicle volume while export sales take up less than 10%.
The latest ratio shows that domestic vehicle sales formed as much as 95.4% of the company’s total vehicle volume compared to only 4.6% for export vehicle sales.
An interesting trend is that the ratio for domestic vehicle sales has steadily been on the rise while that of export vehicle sales has slowly been on the fall, indicating the growing dominance of the domestic market of India to the company.
Therefore, Mahindra should focus more on the domestic market since the bulk of sales comes from within India.
Commercial And Passenger Vehicle Sales
Mahindra’s commercial vehicle sales were much higher than the passenger volume prior to FY22.
However, starting in fiscal 2022, the passenger vehicle volume has exceeded that of the commercial segment.
As of FY23, M&M’s commercial vehicle sales came in at 359,000 units compared to 307,000 units for passenger vehicles.
Since fiscal 2021, both commercial and passenger vehicle volumes have been on the rise in post-pandemic periods.
However, passenger vehicle sales have grown at a much faster pace than commercial vehicle sales, and thereby overtaken that of the commercial segment since fiscal 2022.
Commercial And Passenger Vehicle Sales In Percentage
Mahindra’s commercial vehicle segment has dipped below 50% of the domestic volume since fiscal 2022 and reached only 46% as of fiscal 2023.
On the other hand, Mahindra’s passenger vehicle volume has been much higher than the commercial segment and reached as much as 54% of the total domestic volume as of fiscal 2023.
LCV, MHCV And 3-Wheeler Sales
Mahindra’s commercial vehicles include light commercial vehicles such as pick-up trucks.
Popular brand names in this segment include Jeeto, Jayo, Bolero Maxitruck, Bolero Pickup, etc.
Moreover, Mahindra has recently produced an all-electric version of its cargo van which is called e-Supro.
Mahindra’s 3-wheelers include the Alfa line and also the electric version such as the Treo and e-Alfa.
According to the chart above, Mahindra shipped the majority of its commercial vehicles under the LCV segment smaller than 3.5 tonnes.
As of FY23, this segment contributed about 238,000 vehicles while the LCV larger than 3.5T together with MHCV contributed only 10,000 vehicles during the same period, a far lower number compared to LCV smaller than 3.5 tonnes.
On the other hand, Mahindra’s 3-wheeler (inclusive of the electric version) sales clocked 58,000 units as of FY23, about 93% higher than in FY22.
Similarly, M&M’s sales of LCV smaller than 3.5 tonnes grew 40% in FY23 while the sales of LCV greater than 3.5 tonnes together with MHCV grew 60% during the same period.
Overall, Mahindra’s commercial vehicle sales have been on recovery in all vehicle segments, including the popular 3-wheelers, since FY21 in a post-pandemic world.
LCV, MHCV And 3-Wheeler Sales In Percentage
In terms of the percentage, Mahindra’s sales of LCVs smaller than 3.5T account for more than 70% of the commercial vehicle volume on a consistent basis.
As of fiscal 2023, this ratio reached nearly 78% of the total commercial vehicle sales volume compared to 82% measured a year ago.
On the other hand, Mahindra’s sales of LCVs greater than 3.5T together with MHCVs account for less than 10% of the commercial vehicle volume, and this ratio declined to only 3.3% as of fiscal 2023.
Mahindra’s sales of the 3-wheelers, inclusive of the electric version, account for at least 10% of the commercial vehicle volume.
Since fiscal 2021, this ratio has been on the rise and reached a massive 19% as of fiscal 2023.
Utility Vehicle, Car And Van Sales
Over at the passenger vehicle segment, Mahindra’s passenger vehicle sales are primarily made up of utility vehicles.
Some popular utility vehicle models are Thar, XUV700, XUV300, Scorpio, Bolero, KUV100, and Marazzo.
On the other hand, Mahindra’s sales of cars and vans are insignificant, and the latest sales figure comes in at only 2,000 units for fiscal 2023.
In contrast, Mahindra’s sales of utility vehicle sales reached 357,000 units as of fiscal 2023, up 59% over fiscal 2022 and is much higher than the sales figure for cars and vans.
Utility Vehicle, Car And Van Sales In Percentage
Mahindra’s sales of utility vehicles make up more than 90% of the total passenger vehicle volume consistently.
This figure reached 99.4% as of fiscal 2023, a rise of 6 percentage points in the past 6 years.
On the other hand, Mahindra’s sales of cars and vans make up less than 10% of the total passenger vehicle volume.
This figure has been on the decline and reached only 0.6% as of fiscal 2023, illustrating the insignificance of cars and vans and the growing importance of utility vehicles to the company, especially during the post-pandemic periods.
Farm Equipment Sector Overview
There are only 2 categories under the farm equipment segment and they are domestic and export sales.
Well-known tractor brand names under the domestic category include Mahindra, Swaraj, and Trakstar.
Additionally, Mahindra ships some of its tractors internationally through brand names such as Mahindra, Mitsubishi, and Erkunt.
Tractor Sales By Year
Mahindra’s sales of farming tractors have been steadily on the rise over the years as shown in the chart above.
As of fiscal 2023, Mahindra’s farming tractor sales reached a staggering figure of 407,000 units, a record high since fiscal 2018, and was up 14% over fiscal 2022.
The latest result shows that Mahindra’s growing sales of tractors are not majorly impacted by any obstacles or disruptions, including the COVID-19 pandemic, the ongoing war in Ukraine, as well as the high inflationary environment triggered by materials shortages.
After all, people still need to eat no matter what is happening, be it a COVID outbreak or a chip crisis.
Tractor Sales By TTM
The TTM plot above shows that Mahindra’s tractor sales have indeed been on the rise since fiscal 2018 and reached record figures as of fiscal 2024.
As seen, Mahindra’s sales of tractors topped more than 400,000 units as of fiscal 1Q 2024, up 8% year-on-year.
The growth is particularly obvious during post-pandemic times.
Growth Rates Of Tractor Sales By TTM
Mahindra’s growth in tractor sales is the most apparent between fiscal 2021 and 2022, with figures reaching nearly 40%.
However, tractor sales growth stalled at the start of fiscal 2023 and it came back for the rest of fiscal 2023 and 2024.
As of 1Q 2024, Mahindra registered a growth rate of 8.2% in tractor sales compared to a growth rate of -4% measured in the same quarter a year ago.
Domestic And Export Tractor Sales
Mahindra sells most of its tractors in the domestic market of India and exports only a handful to overseas markets.
As seen in the plot above, Mahindra’s sales of tractors in the domestic market totaled 389,000 units in fiscal 2023 compared to only 18,000 units for the export market in the same period.
An interesting trend is that tractors sold domestically have been on a significant rise while those for export have remained roughly unchanged over the years.
Since domestic shipment makes up the bulk of the sales, Mahindra should rely on the Indian market for growth and put its focus on the domestic market.
Domestic And Export Tractor Sales In Percentage
From the perspective of percentages, Mahindra’s domestic tractor shipments have consistently represented 95% of its total tractor volume in all fiscal years.
As of fiscal 2023, the ratio clocked 95.6% compared to 4.4% for export shipments.
Again, Mahindra sells the bulk of its farming tractors in India while only exporting a low percentage overseas.
Mahindra’s vehicle and tractor sales in fiscal 2023 hit record figures and 2023 seemed to be the best year for the company.
Credits And References
1. All financial data presented in this article was obtained and referenced from Mahindra’s earnings releases, annual reports, investors letters, presentations, news releases, etc., which are available in M&M’s Investor Relation.
References and examples such as tables, charts, and diagrams are constantly reviewed to avoid errors, but we cannot warrant the full correctness of all content.
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