As the Indian passenger vehicle industry gears up for the peak Dussehra–Diwali retail window, Mahindra & Mahindra (M&M) has posted a commanding wholesale performance for September 2026. The homegrown SUV manufacturer dispatched 64,092 units during the month, registering a solid 14% Year-on-Year (YoY) growth over the 56,233 units shipped in September 2025. On a sequential basis, dispatches grew 8% Month-on-Month (MoM) compared to 59,257 units in August 2026.
However, beneath the headline growth lies a fascinating story of portfolio rebalancing. While heavyweights like the Scorpio, XUV 7XO, and Thar witnessed mild-to-moderate YoY volume moderation, Mahindra’s festive billing surge was overwhelmingly driven by its compact SUV duo—the XUV 3XO and the evergreen Bolero—alongside steady incremental numbers from the 9S.
Electric SUVs Deliver a Mixed Performance
Mahindra’s electric SUV portfolio also presented a mixed picture.
The XEV 9S recorded 4,636 units, adding a meaningful volume contribution to the lineup. Meanwhile, the XEV 9e sold 1,975 units, down 25% year-on-year, while the BE 6 recorded 1,517 units, an 11% decline.
The XEV 9S figure is encouraging in terms of reported volume, but a new or recently introduced model should not be compared directly with established models without considering its launch timeline and availability.
Scorpio Remains Mahindra’s Biggest Seller
With 17,313 units, the Scorpio remained Mahindra’s highest-volume nameplate in September. However, sales declined 6% compared with September 2025. Its leadership is still significant, but the annual decline shows why overall growth figures should not be confused with uniform demand growth across the portfolio.
The Scorpio remains a key contributor to Mahindra’s volumes, while other models are increasingly important in determining the direction of incremental growth.
XUV 3XO Gains Momentum as Bolero Delivers a Surprise
The XUV 3XO sold 10,823 units, up 20% year-on-year. It also recorded a strong month-on-month improvement, making it one of the notable performers in Mahindra’s lineup. The bigger surprise came from the Bolero. Sales climbed from 2,747 units to 9,710 units, representing 253% growth. The low base in September 2025 is important when interpreting this increase. Nevertheless, the Bolero added nearly 7,000 units year-on-year, making its performance difficult to overlook.
Together, these models demonstrate that Mahindra’s growth is not dependent on a single product.
Thar Faces Pressure Despite Mahindra’s Overall Growth
The Thar recorded 9,008 units, down 24% year-on-year. This was one of the steepest declines among Mahindra’s major nameplates.
The XUV 7XO also declined, with sales falling 7% to 9,097 units.
These numbers do not, by themselves, establish why demand weakened. Pricing, competition, product availability and changes in customer preferences would need further investigation. Still, the contrasting performances of the XUV 3XO and Thar show why model-level analysis matters more than headline growth alone.
The 14% overall growth is encouraging, but the real test is whether Mahindra can maintain momentum across its portfolio in the months ahead.
For the Indian SUV market, September offers a useful reminder: a manufacturer can report strong growth even when several important models are losing volume.
The next few months will show whether Mahindra’s strongest performers can sustain their momentum beyond the festive buying season.
