The SUV manufacturer, which is riding a wave of surging demand, sells 518,321 units in the first 10 months of this year and registers strong 18% YoY growth. While the Scorpio twins remain the largest sellers, the Thar Roxx and the two Born Electric SUVs have turned out to be growth accelerators.
15 Nov 2025 | 2274 Views | By Ajit Dalvi
Mahindra & Mahindra, which registered its highest-ever monthly wholesales of 71,624 SUVs in October 2025, has driven past the half-a-million mark in the first 10 months of the current calendar year. Between January and December 2025, M&M has dispatched 518,321 units (up 18% YoY) to its dealers across India, marking ...
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Mahindra & Mahindra, which registered its highest-ever monthly wholesales of 71,624 SUVs in October 2025, has driven past the half-a-million mark in the first 10 months of the current calendar year. Between January and December 2025, M&M has dispatched 518,321 units (up 18% YoY) to its dealers across India, marking strong 18% YoY growth (January-October 2024: 440,814 units).
M&M, which sold over half-a-million SUVs (528,460 units) for the first time in a calendar year in CY2024 and also in FY2025 (551,487 units) is now headed towards breaking both these records. After the first 10 months of CY2025, the company needs to sell just 10,140 SUVs more to drive past the CY2024 total. And for FY2026, total wholesales for the first seven months at 369,194 units (up 17% YoY) are already 67% of the FY2025 total, with another five months to be counted in the current fiscal year.
Given the current strong sales momentum, particularly after the GST 2.0-driven price reductions and two months left to go this year, expect M&M to register record wholesales of around 620,000 SUVs (up 17% YoY) in CY2025.
SCORPIO, THAR COMMAND 47% SHARE OF M&M SALES IN APRIL-OCTOBER
New models, which prove successful in the market, always make a mark both within their own stable as well as in the overall segment. That’s just what the Thar Roxx and the two Born Electric SUVs (BE 6 and XEV 9e) have done for M&M.
A deep dive into model-wise wholesales numbers for the company’s SUVs reveals that though the Scorpio twins (Classic and N) sold 102,514 units with 6% YoY growth, their share of total SUV sales of 369,194 units in the first seven months of FY2026 has reduced to 27.76% from 30.81% a year ago (see data table above).
The Thar brand, comprising the 3-door Thar and 5-door Thar Roxx, has moved up three ranks in M&M’s model line-up to take No. 2 position in the current fiscal. With combined sales of 71,351 units (up 67% YoY), the Thar’s share of M&M’s sales has jumped to 19% from 13% in the year-ago period. Between the two models, the Thar Roxx with an estimated share of over 65% accounts for the bulk of the Thar brand’s sales. October 3 saw the launch of the new face-lifted 3-door Thar, which has a number of cosmetic changes inside and out.
October also saw the launch of the new Bolero and Bolero Neo – factory dispatches of 14,343 Bolero SUVs last month are likely to be the highest monthly wholesales for this indefatigable SUV. The last time when Bolero sales had crossed the 10,000 mark was in February 2024 (10,113 units) and March 2024 (10,347 units). Cumulative seven-month Bolero sales of 57,512 units (up 2%) give it a 15% share of M&M SUV dispatches, albeit this is down from the 18% they had a year ago.
The XUV 3XO compact SUV, with 56,637 units (down 9% YoY)), is ranked model No. 4 for the company with a share of 15% versus nearly 20% a year ago.
Flagship model XUV700 is next with 51,357 units (down 5% YoY) which results in its share of M&M sales reducing to 14% from 17% a year ago.
M&M has received a growth accelerator in the form the two new zero-emission SUV launched early this year. While the BE 6 and XEV 9e’s 10-month calendar-year sales of 36,104 units in India translate into a 7% share of the 518,321 M&M SUVs sold, their share of the first seven months of FY2026 improves to 8% of the 369,194 SUVs M&M has dispatched to its showrooms across the country. In October, these two Born Electric SUVs clocked best-ever monthly sales of 4,842 units and contributed 7% to M&M’s record SUV sales of 71,624 units last month.
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