With 50,946 SUVs dispatched to dealers (wholesales) in December, Mahindra & Mahindra has capped a stellar year, surpassing wholesales of 600,000 vehicles for the first time in a calendar year. This achievement was accurately predicted by Autocar Professional in its mid-November report and previously in early October this year.
The SUV manufacturer will go on to achieve the 600,000 milestone in FY2026, which ends on March 31, 2026. In the first nine months of the current fiscal, M&M has registered wholesales of 476,476 units, up 18% YoY (April-December 2024: 402,360 units) That leaves the 600,000 milestone for FY2026 123,524 units away, with three months left to go in the current fiscal.
M&M’s show of strength in CY2025 sees it rise two ranks in the overall passenger vehicle segment to become the new No. 2 OEM after Maruti Suzuki (1.80 million PVs). As a result of Mahindra’s record sales, Tata Motors has lost its No. 2 PV ranking of CY2024 to be ranked third in CY2025, ahead of fourth-ranked Hyundai Motor India (571,878 units) by just 6,893 units.
CY2025 follows three years of rapid growth. The Mumbai-based Mahindra crossed the 400,000 milestone for the first time in CY2023 (433,172 units, up 29% YoY), surpassed 500,000 units in CY2024 (528,460 units, up 22% YoY) and has now set a new calendar year benchmark with 625,603 units in CY2025. Do the math for the past three years which translates into 1.58 million units (15,87,235).
Compared to CY2024, M&M dispatched an additional 97,143 SUVs in CY2025 and surpassed the 600,000 wholesales milestone for the first time in a calendar year.
As the 12-month data table above depicts, M&M sold a total of 625,603 SUVs in CY2025, which translates into 97,143 additional units sold year on year. The company had 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).
A closer look at M&M’s monthly wholesales reveals that barring August 2025 (39,399 units, down 9% YoY), the company has notched high double-digit increases in each of the other 11 months. The festive month of October, which had Diwali and was also the first full month of GST 2.0 fuelled price cuts, saw M&M hit its best-ever monthly sales of 71,624 units, up 31% YoY.
Thar the New No. 2 Mahindra Model After Scorpio Twins
M&M’s vigorous growth in CY2025 is the result of surging demand for some of its models, particularly the Thar Roxx, Scorpio twins, 3XO and the two Born Electric SUVs. In terms of model-wise share, the Scorpio N and Classic, with 161,103 units (up 4% YoY) and a 28% share, remain the best-selling SUV model per se in the January-November 2025 period when a total of 574,657 SUVs were sold.
While the December 2025 model-wise dispatch numbers have yet to be released, the wholesales data for the first 11 months of CY2025 mirrors the trend. Between January and November 2025 period, the two Thars (the five-door Thar Roxx and three-door Thar) jumped to No. 2 from No. 4 in the model ranking for the company. Combined Thar sales, at 107,326 units, are up 55% YoY (January–November 2024: 69,354 units) and account for a 19% share. The Thar Roxx is estimated to account for the bulk of the sales, at around 65%.
The Bolero brand, which comprises the Bolero and Bolero Neo, has a 16% model-wise share with 93,436 units, but saw flat sales (January–November 2024: 93,850 units). The 3XO compact SUV, with an estimated 90,608 units and 12% YoY growth, is ranked No. 4 in the M&M SUV stable and has a nearly 16% share. Sales of the flagship XUV700 (80,251 units) are down 4% YoY (January–November 2024: 83,390 units), which gives it a 14% share.
M&M has received a boost from the introduction of the two new BEVs – the BE 6 and the XEV 9e. The 38,841 units give the two zero-emission SUVs a 7% share of M&M’s total wholesales in the first 11 months of CY2025, which is a notable achievement. The two remaining models are the XUV400 e-SUV (2,764 units, 0.48% share) and the Marazzo MPV (328 units, 0.05% share).
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