MUMBAI: Mahindra and Mahindra's Farm Equipment Business sold 50,208 tractors in the domestic market in September, a 23 per cent fall from 64,946 in September last year. The company's release of 1 October puts the drop on the timing of the festive season and a high base.
Exports moved the other way. The business shipped 1,892 tractors, up 62 per cent from 1,165, taking total sales including exports to 52,100 units against 66,111, a fall of 21 per cent.
Why Mahindra says volumes fell
Veejay Nakra, President of the Farm Equipment Business, said the year-on-year decline "is primarily attributable to the festive season shift, commencing in October this year, as compared with September last year."
The release gives a second reason. The comparison is also affected by the higher base of September 2025, which benefited from the implementation of the GST rate cut during that period. In other words, last September had both an early festive pull and a tax-driven boost, and this September had neither.
The size of the gap is easy to state. September's domestic sales were 14,738 tractors lower than a year ago, while total sales including exports were 14,011 lower.
The half-year numbers hold up
The April to September figures are healthier. Domestic tractor sales were 2,62,872 units against 2,47,336 a year earlier, a rise of 6 per cent. Exports were 11,196 units against 9,689, up 16 per cent. Total sales for the six months were 2,74,068 units, up 7 per cent from 2,57,025.
The domestic lead over last year is 15,536 tractors for April to September, which is slightly larger than the September shortfall. Read together, the figures say the first half is still ahead of last year even after a weak month. Whether October recovers the gap depends on dispatches and retail demand, and the release makes no forecast.
Exports remain a small part of the business. The 1,892 tractors shipped in September were under 4 per cent of the month's total, and the six-month export figure of 11,196 is about 4 per cent of the 2,74,068 total. The footnote in the release says exports include completely knocked down kits.
The table also uses F27 and F26 as column labels, which are the company's shorthand for the current and previous financial years. The company has not said what it expects for October, which will be the first month to show whether the festive shift has brought the missing demand back.
What it means for farm buyers
For farmers weighing a purchase, the release changes no price and announces no scheme. It reports company sales and does not mention dealer stock, financing or waiting periods.
The figures count tractors sold by the company, which include supplies to its dealers, and are not the same as registrations.
Anyone planning a purchase should ask the dealer for the current ex-showroom price of the exact model, the finance terms on offer and the delivery date, and keep the invoice for warranty registration.
The company's passenger vehicle and commercial vehicle numbers for the same month were released on the same day, and they showed double-digit growth in SUVs and commercial vehicles.
