As accurately forecast by Autocar Professional two months ago, M&M has clocked best-ever domestic market sales of over 550,000 units in FY2025, selling more SUVs than ever before. The robust 20% YoY growth is a result of the sustained and strong demand for most of its SUVs. While the Scorpio twins, 3XO, XUV700 and Bolero are the main growth drivers, the five-door Thar Roxx has revved up volumes even as the two new born-electric BE 6 and XEV 9e have recently joined the party.
01 Apr 2025 | 2870 Views | By Ajit Dalvi
Mahindra & Mahindra, which surpassed the 500,000 or half-a-million annual sales milestone for the first time in CY2024, has bettered that score in FY2025 with a total of 551,487 units. Autocar Professional had accurately forecast this rapid growth in its February 2, 2025 M&M sales analysis.
Interestingly, ...
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Mahindra & Mahindra, which surpassed the 500,000 or half-a-million annual sales milestone for the first time in CY2024, has bettered that score in FY2025 with a total of 551,487 units. Autocar Professional had accurately forecast this rapid growth in its February 2, 2025 M&M sales analysis.
Interestingly, the hard-charging M&M is just 2,098 units behind Tata Motors, the third-ranked passenger vehicle OEM in India, after Maruti Suzuki and Hyundai Motor India, in FY2025. As the 12-month data table (given below) reveals, the SUV manufacturer registered 50,000-plus sales in four months of FY2025. March 2025 saw wholesales of 48,048 SUVs, up 18% YoY.
The company, which has been riding a wave of surging demand for its SUVs, clocked 50,000 monthly sales for the first time in September 2024 (51,062 units, up 24%) and followed it up best-ever 54,504 units in the festival-laden October (up 25%). The recent rollout of the two new born-electric EVs – the BE 6 and XEV 9e – will serve to rev up demand further.
With the utility vehicle segment’s share of passenger vehicle sales rising to 65% from 59% a year ago, it’s no surprise that M&M with its portfolio of 12 SUVs (Bolero, Bolero Neo, Bolero Neo+, Scorpio N, Scorpio Classic, Thar, Thar Roxx, XUV3XO, XUV700, XUV400, BE 6 and XEV 9e) has benefitted handsomely. The 551,487 SUVs it has sold in FY2025 constitute an additional 91,610 units, year on year, and reflect just how strong the demand has been for the company.
While the model-wise sales split for the Mahindra SUV portfolio for March 2025 is not yet available, the wholesales numbers for the first 11 months of the fiscal (April 2024- February 2025) give a good indication of the key growth drivers. The Mahindra Scorpio, available as the Scorpio N and Scorpio Classic, tops with 150,929 units, followed by the XUV 3XO (93,851 units), Bolero (86,719 units), XUV700 (86,231 units), Thar and Thar Roxx (75,898 units). The BE 6 and XE9e’s combined sales in January-February 2025 were 5,033 units.
The Mahindra Scorpio, available as the Scorpio N and Scorpio Classic, is the best-selling model for the company in FY2025 and sold 150,929 units in the first 11 months of the fiscal.
The XUV300 / 3XO is ranked No. 2 amongst the Mahindra SUVs. Launched in April this year at an aggressive Rs 749,000, the XUV 3XO – the facelifted version of the XUV300 – has given a fresh charge to sales and clocked total sales of 93,851 units in the April 2024-February 2025 period. The indefatigable sturdy workhorse Bolero (Bolero and Bolero Neo Plus) with 86,719 units is only a few units ahead of the flagship XUV700 (86,231 units). Then there’s the Thar-Thar Roxx combine (75,898 units). The new five-door Thar Roxx has helped accelerate sales since its launch on August 14 with aggressive pricing ranging from Rs 12.99 lakh through to Rs 20.49 lakh. Given its market potential as more of a mainstream model than the three-door Thar, the Thar Roxx would have understandably begun taking away sales from its sibling. The BE 6 and XE9e’s combined sales in January-February 2025 were 5,033 units.
MAHINDRA SEES ACCELERATED GROWTH SINCE FY2023
A look at M&M’s decadal wholesales numbers reveals the SUV manufacturer has more than doubled its 2016 sales of 236,307 units 10 years later to 551,487 units. Between FY2016 and FY2019, the company averaged annual sales of 243,911 units and then, as a result of the Covid-19 pandemic, hit lows of 186,942 units in FY2020 and 157,215 units in FY2021.
However, since then, M&M's rise and market performance has been stratospheric. FY2022’s 225,895 units were a 44% YoY increase and were followed by 359,253 units in FY2023, up 59% YoY. FY2024 saw M&M hit a new high of 459,877 units, up 28% YoY. FY2025 now sets a new benchmark, with the company having surpassed the 500,000 or half-a-million units wholesales milestone for the first time.
Is 600,000 and beyond for the asking for the company in FY2026? In a market hungry for SUVs, Mahindra & Mahindra is extremely well placed to scale the higher sales bar.