Mahindra & Mahindra, which registered its best-ever monthly wholesales of 56,233 units in September 2025, up 10% YoY (September 2024: 51,062 units), saw factory dispatches of the Scorpio and Thar, its top two current best-selling SUVs, grow their share of total monthly sales to over 50 percent.
As per the model-wise wholesales split for last month (see data table below), the Scorpio brand sold 18,372 units (Scorpio N and Scorpio Classic), an increase of 27% YoY and a 33% share of M&M’s record wholesales. The sales last month comprised 17,182 diesel and 1,190 petrol Scorpio variants, making for a 93:7 split in favour of diesel. The previous highest monthly number for the Scorpio twins was in April 2025 (15,534 units) when they accounted for a 30% share of the 52,330 SUVs sold.
With combined factory dispatches of 30,218 units, the Scorpio and Thar brands accounted for 53.73% of M&M’s best-ever monthly wholesales of 56,233 units in September 2025.
Ranked No. 2 in the Mahindra model-wise sales ladder is the Thar brand, which comprises the 3-door Thar and the more mainstream five-door Thar Roxx. At 11,846 units and strong 34% YoY growth, combined sales of the Thar and Thar Roxx in September 2025 are also estimated to be the best-ever monthly numbers. Last month, the two Thar SUVs contributed 21% to M&M’s total SUV sales – an increase of 4% from the 17% share a year ago (September 2024: 8,843 Thars of Mahindra 51,062 SUVs). With Mahindra having launched the new face-lifted 3-door Thar, which has a number of cosmetic changes inside and out, on October 3, expect a fair number of the September dispatches to be of this model albeit the Thar Roxx currently accounts for the bulk of the Thar brand’s sales at over 65 percent each month.
The flagship XUV700, with 9,764 units (up 1% YoY), contributed 17% to the company’s wholesales last month, down 2% from the 19% a year ago (9,646 units of 51,062 SUVs). The fuel-wise split was 7,683 diesel and 2,081 petrol which makes for a 79:21 diesel:petrol ratio.
September was also a red-letter month for the zero-emission BE 6 and XEV 9e. At 4,320 units, sales were the best since the two new Born Electric SUVs went on sale in January this year. This translates into an 8% share of M&M’s sales last month. An estimated 149 XUV400s, the only other electric SUV in the company’s portfolio, were also sold last month.
Although 6,825 units of the Bolero, sold only with a diesel engine, were produced in September 2025, M&M dispatched 2,747 units last month, down 66% YoY (September 2024: 8,180 units). This sharp decline can be attributed to optimization of dealer inventory because M&M launched the MY2025 refreshed Bolero and Bolero Neo on October 3, which comes with updated styling, new features and better equipped variants. Prices for the standard Bolero now start at Rs 799,000, while the Bolero Neo begins at Rs 849,000 (ex-showroom, India).
M&M headed for record 600,000 SUV sales in CY2025 and FY2026
Mahindra & Mahindra 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.
In the current calendar year’s first nine months, M&M has sold 446,697 SUVs, up 16% YoY (January-September 2024: 386,310 SUVs) and already 85% of its CY2024 wholesales, which means it needs to sell another 81,763 units to surpass that total.
Having already achieved 85% of its CY2024 sales and 54% of its FY2025 dispatches, M&M is well set to set new records in both CY2025 and FY2026.
Given the current strong sales momentum, particularly after the GST 2.0-driven price reductions and three months left to go this year, expect M&M to register record wholesales of around 610,000 SUVs (up 15% YoY) in CY2025.
Given the current growth trend, 600,000-plus sales should also be for the asking in FY2026. Furthermore, halfway into the current fiscal year (April-September 2025), the company has dispatched 297,570 units, up 14% YoY (April-September 2024: 260,210 units). This is 54% of its record FY2025 sales of 551,487 SUVs and 253,917 units away from the 600,000-unit mark. Given the monthly sales average of 49,595 units in the past six months, which is likely to increase in the coming months, M&M will go on to the surpass the 600,000 milestone for the first time in a fiscal in FY2026.
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