Mahindra grew SUV sales 26% while Maruti and Hyundai profits fell on metal costs

What's going on here?

On 5 November 2026, Mahindra & Mahindra Ltd became the first major Indian carmaker in the September quarter to report higher net profit while peers struggled with commodity bills. Consolidated profit after tax rose 30% year on year to ₹5,167 crore. Revenue from operations grew 25% to ₹57,553 crore. Passenger vehicle sales reached 183,000 units, up 26%, spanning petrol, diesel, and electric SUVs that have long waiting lists on models such as Scorpio and XUV lines. Tractor volumes declined 6% to 116,000 units as monsoon deficits and a later festive season weighed on rural demand. Group chief executive Anish Shah said the company used pricing, hedging, mix, and supplier changes to offset steel and copper inflation linked to West Asia conflict over the past nine months.

What does this mean?

Urban buyers are still paying for large SUVs and fresh launches when financing is available, even as entry-level carmakers absorb metal costs. Mahindra’s profit rise contrasts with Maruti Suzuki and Hyundai Motor India, which reported steep profit drops in the same quarter on commodity pressure. That divergence is about portfolio mix and pricing power, not a uniform auto boom. Weak tractors show rural income stress persists, and Mahindra now expects flat tractor sales for the full year versus an earlier 5% growth hope. Capacity additions of about 27% planned by exit FY27 signal confidence in passenger demand if metals ease, as Shah noted after the recent oil price drop.

Why should I care?

If you are waiting on a Mahindra SUV, check whether revised delivery timelines slip as new models launch through 2027 and compare on-road quotes against Tata or Hyundai alternatives. Farmers and rural dealers should plan inventory against flat tractor guidance rather than last year’s growth assumptions. Investors should weigh passenger vehicle margins against the farm segment drag. Watch November and December wholesale numbers, competitor discounting, metal cost pass-through, and booking trends after the wedding season.