Mahindra & Mahindra reported a varied sales performance for November 2025, with its tractor business exceeding expectations while the automotive division delivered growth but fell short of industry estimates.
Automotive Sales Grow but Miss Projections
The company recorded 92,670 vehicle sales in the automotive segment during November 2025, an increase of 17.20% over the 79,083 units sold in the same month last year. Despite the year-on-year growth, the figure remained below the projected 96,060 units, signalling softer-than-anticipated momentum in the auto market.
Strong Demand Drives Tractor Segment
The company’s tractor business delivered a notable performance, supported by healthy rural sentiment and seasonal agricultural demand. Tractor sales stood at 44,048 units, marking a 32.00% increase compared to 33,378 units in November 2024. The division also outperformed estimates, which were pegged at 36,450 units.
Segment-Wise Performance Snapshot
| Category | November 2025 | November 2024 | YoY Growth | Market Estimate | Performance |
| Automotive | 92,670 units | 79,083 units | 17.20% | 96,060 units | Below Estimate |
| Tractors | 44,048 units | 33,378 units | 32.00% | 36,450 units | Above Estimate |
Summary
Mahindra & Mahindra reported a mixed sales outcome for November 2025, with the automotive business delivering double-digit growth but falling short of expectations. The tractor segment, however, registered strong sales and exceeded estimates, driven by firm rural demand.
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