Mahindra Reports 17% Increase in Sales for May, Fuelled by 21% Surge in SUV Sales
Mahindra & Mahindra is capitalising on strong SUV demand in India, reporting a 17% overall growth in May 2025. With 52,431 sales of domestic SUVs and rising exports, the automotive giant reinforces its position as a leader in the utility vehicle segment.
Summary:
Mahindra & Mahindra (M&M), a significant player in India’s automotive industry, announced a 17% rise in vehicle sales for May 2025, with 84,110 units sold in domestic and export markets. The domestic SUV sector experienced a significant 21% year-on-year growth, with 52,431 units sold, fuelled by high demand for popular models such as the Scorpio-N, XUV700, and Thar.
M&M’s May Surge: Robust Sales Fuelled by SUVs
Mahindra & Mahindra Ltd. (M&M) continues to ride the wave of India’s growing appetite for SUVs, reporting a 17% increase in total vehicle sales for May 2025, with 84,110 units sold, up from 71,082 units in May 2024. The bulk of this surge came from its domestic SUV business, which clocked 52,431 unit sales, marking a 21% year-on-year increase over the same month last year.
The robust numbers highlight M&M’s strong product positioning in the utility vehicle segment, backed by compelling designs, aggressive pricing, and continued demand across urban and rural markets. The automaker also sold 54,819 utility vehicles globally, including exports, showcasing its growing international footprint.
Breaking Down the Numbers
Here is a closer look at Mahindra’s segment-wise performance in May 2025:
| Segment | May 2025 Sales | May 2024 Sales | YoY Growth |
| Utility Vehicles (Domestic) | 52,431 | 43,080 | +21% |
| Total Automotive (incl. CVs) | 70,217 | 60,648 | +16% |
| Tractors (Domestic + Export) | 13,893 | 10,434 | +33% |
| Total Vehicles (All Segments) | 84,110 | 71,082 | +17% |
M&M’s growth wasn’t limited to the passenger segment. The farm equipment sector, particularly tractors, also reported a healthy uptick of 33% YoY, reaffirming the company’s dual strength in mobility and agriculture.
Revenue Highlights (Consolidated)
- Total Revenue from Operations (FY24): ₹1,39,078 crore
(Up from ₹1,21,362 crore in FY23, showing a growth of 14.6%) - Profit Before Tax (PBT): ₹14,856 crore
(Up from ₹11,305 crore in FY23 – a 31.4% increase) - Profit After Tax (PAT): ₹11,269 crore
(Compared to ₹10,282 crore in FY23 – a 9.6% rise)
Revenue Ratios & Financial Indicators (Standalone)
| Ratio | FY24 | FY23 | Change / Comment |
| Operating Profit Margin | 14.9% | 13.9% | Improved due to higher operational efficiency |
| Net Profit Margin | 10.6% | 7.6% | Significant improvement, reflecting stronger profitability |
| Return on Net Worth (RoNW) | 22.4% | 16.1% | Enhanced due to higher net income |
| Debt Equity Ratio | 0.03 | 0.11 | Deleveraged balance sheet owing to repayment of borrowings |
| Interest Coverage Ratio | 66.6x | 28.5x | Stronger due to lower finance costs |
| Inventory Turnover Ratio | 8.1 | 8.7 | Slightly lower, possibly due to inventory build-up amid rising sales |
| Debtors Turnover Ratio | 22.6 | 23.5 | Stable receivables management |
| Current Ratio | 1.4 | 1.3 | Marginally improved liquidity position |
Segment-wise Revenue Contribution (Standalone)
| Segment | Revenue (₹ crore) | % Share of Revenue |
| Automotive | ₹63,999 | 72.57% |
| Farm Equipment | ₹22,500 | 25.00% |
| Auto Investments | ₹211 | 0.24% |
| Farm Investments | ₹247 | 0.29% |
| Industrial & Consumer Services | ₹1,667 | 1.89% |
SUV Segment: M&M’s Powerhouse
M&M’s achievements in May are primarily linked to its strong performance in the SUV segment, where the company has established a significant stronghold. The following models are key players:
– Scorpio-N and Scorpio Classic continue excelling in urban areas and Tier-II markets.
– XUV700, with its advanced technology and ADAS features, remains a favourite among premium SUV buyers.
– The Thar, recognized as Mahindra’s off-road lifestyle vehicle, consistently draws the attention of passionate enthusiasts and adventure seekers.
The company has successfully capitalized on the current SUV surge in India, where utility vehicles account for more than 50% of total passenger vehicle sales. This trend has been driven by shifting consumer preferences, enhanced road infrastructure, and increasing aspirational spending.
Export and Commercial Vehicle Performance
On the global front, Mahindra’s export performance remained steady, helping it reach a total utility vehicle tally of 54,819 units. While the company is still a relatively small player in developed markets, its presence in Africa, South Asia, and Latin America is gaining momentum through affordable, rugged utility models tailored for developing nations.
In the commercial vehicle space, M&M continues to perform consistently in the light commercial vehicle (LCV) segment, particularly under 3.5 tons, with strong demand from logistics, MSMEs, and rural transportation.
Tractor Division Shines: Strong Rural Sentiment
The Mahindra Farm Equipment Sector (Mahindra’s tractor division S) reported 13,893 units sold in May 2025, including domestic and export markets. This reflects a robust 33% year-on-year growth, buoyed by favourable monsoon forecasts, rising crop prices, and government support for mechanization in agriculture.
As the world’s largest tractor manufacturer by volume, Mahindra’s dominance in this segment continues to give it a competitive edge, even when passenger vehicle markets face supply-chain disruptions or demand fluctuations.
Strategic Investments & Future Outlook
M&M’s strong May performance comes at a time when the company is investing aggressively in future-ready platforms, including:
- EVs (Electric Vehicles): The Born Electric range of SUVs is under development, expected to launch in phases from late 2025
- Digital transformation: Strengthening its after-sales and service infrastructure through connected car features and mobile servicing
- Global manufacturing: Considering new overseas assembly facilities to tap into emerging markets
While M&M faces increasing competition from Tata Motors, Hyundai, and newer entrants like MG Motor and BYD, its brand strength in rural and semi-urban India and consistent product innovation positions it well for sustained growth.
Challenges and Competitive Landscape
Despite the positive growth story, Mahindra faces some challenges ahead:
- EV transition pace: While competitors like Tata Motors lead in electric passenger vehicle sales, Mahindra’s EV portfolio remains limited.
- Chip supply volatility: Though easing, global semiconductor shortages could still impact production.
- Global headwinds: Export performance could be hindered by geopolitical disruptions, logistics costs, and foreign exchange risks; Mahindra’s strong brand recall, product pipeline, and diversified presence across automotive and agricultural sectors make it one of the most balanced companies in the Indian auto space.
Conclusion
Mahindra & Mahindra’s overall vehicle sales saw a remarkable 17% increase in May 2025, highlighting its resilience and the loyalty of its customers. The 21% surge in domestic SUV sales shows that M&M continues to thrive in India’s fast-evolving automotive landscape. With robust tractor sales and growing global reach, Mahindra is not just riding the SUV wave—it’s helping shape it.
As the company gears up for the EV era while defending its legacy markets, investors, analysts, and consumers watch closely to see how Mahindra navigates the next leg of India’s mobility revolution.
The image added is for representation purposes only
