Mahindra & Mahindra’s Farm Equipment Business sold 26,990 tractors in the domestic market during July 2025, registering a 5% year-on-year growth compared to 25,587 units sold in July 2024. The growth rate represented a deceleration from the 13% increase recorded in June 2025, when the company sold 51,769 units.
Total sales including exports reached 28,708 units in July 2025, up from 27,209 units in the corresponding period last year. Export volumes stood at 1,718 units during the month, reflecting a 6% increase over July 2024.
Rural Market Dynamics Support Sales
According to Veejay Nakra, President of Farm Equipment Business at Mahindra & Mahindra, the July performance was driven by sustained land preparation activities supported by cash flows in rural markets following the completion of Rabi crop harvesting.
The company also benefited from normal monsoon progression across most regions, which contributed to demand during the onset of Kharif season sowing.
The tractor manufacturer has maintained growth momentum despite seasonal variations in demand patterns. In June 2025, domestic sales had reached 51,769 units with a 13% growth rate, indicating stronger demand during the peak agricultural season.
Year-to-Date Performance Shows Double-Digit Growth
For the April-July period of fiscal year 2026, Mahindra’s domestic tractor sales totaled 156,189 units, representing a 10% increase compared to 142,517 units in the same period of the previous year. Export sales during the four-month period reached 6,608 units, up 7% from 6,159 units in the year-ago period.
The company’s total sales including exports for the year-to-date period stood at 162,797 units, marking a 9% improvement over 148,676 units sold in April-July 2024.
Market Context and Industry Position
Mahindra Group, founded in 1945, operates as a multinational federation with 260,000 employees across over 100 countries. The company holds a leadership position in farm equipment and maintains its status as the world’s largest tractor company by volume.
The Farm Equipment Business forms a key component of Mahindra’s diversified portfolio, which includes utility vehicles, information technology, and financial services.
The Indian tractor industry operates within seasonal demand cycles, with sales patterns typically influenced by monsoon conditions, crop harvesting periods, and government agricultural policies. Rural cash flows from crop sales and access to credit facilities remain key factors determining purchase decisions among farmers.
Export Performance Maintains Steady Growth
The export segment showed consistent performance with 1,718 units shipped in July 2025, compared to 1,622 units in July 2024. This represented a 6% growth rate, slightly lower than the 13% export growth achieved in June 2025 when 1,623 units were shipped.
Export figures include completely knocked down (CKD) kits, which are assembled in destination markets. The company’s international operations contribute to its overall sales volume while diversifying geographic revenue sources.