Tractor Sales

Geopolitical uncertainties and concerns over a below-average monsoon remain overhang for FY27

Mahindra & Mahindra Ltd on Wednesday reported a 29 per cent year-on-year growth in total tractor sales, including exports, at 45,035 units in March. The company had sold 34,934 tractors in March, 2025, M&M Ltd said in a statement. Domestic sales in March 2026 stood at 43,403 units, up 33 per cent year-on-year from 32,582 units in March 2025. However, exports declined 31 per cent to 1,632 units during the month, compared with 2,352 tractors sold in March 2025, it said. A significant part of this high growth was driven by the full Navratri season falling entirely in March, unlike last year when it was split between March and April, said Veejay Nakra, President, Farm Equipment Business, Mahindra & Mahindra Ltd. On a full financial year basis, the company said, the total tractor sales spiked 24 per cent at 5,26,403 units in FY26 against 4,24,641 tractors.

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Tractor sales touch nearly a million in 2025 calendar

Maruti Suzuki's volumes dipped marginally by 0.6 per cent Y-o-Y to 181,000 units, with export growth of 40.5 per cent Y-o-Y offset by a 7.5 per cent drop in domestic sales.

The company said the favorable and well distributed rainfall has provided a strong momentum to agricultural operations.

Tractors emerged as the lone outperformer, posting a robust 10 per cent Y-o-Y rise, ahead of Nomura's 6 per cent projection.

Tractor sales in India are likely to see a moderate growth of 4-7 per cent in 2025-26 on the back of a favourable monsoon forecast, which is expected to support agricultural production, ratings agency ICRA said on Wednesday. Pre-buying ahead of the TREM V emission norms, proposed to take effect from April 1, 2026, could further aid volume growth, ICRA said in a statement. "The industry wholesale volumes grew at 7 per cent in FY2025, aided by steady demand amid adequate rainfall. In FY2026, the industry is expected to report a growth of 4-7 per cent supported by a favourable monsoon forecast," it said. Citing IMD (India Meteorological Department) forecast of an above-normal precipitation at 105 per cent of the long period average (LPA) during the current monsoon season as per first long-range forecast, ICRA said, favourable monsoon and increased crop production will support industry volumes. "Further, the third advance estimates, released in May 2025, indicate a YoY increase of 7.9

Pre-buying ahead of TREM V norms, rising construction activity to fuel demand; margins remain stable

Higher minimum support prices for key cash crops, better replacement and construction demand amid hopes of above-normal monsoon are likely to drive domestic tractor sales to hit an all-time high of around 9.75 lakh units in 2025-26, growing at 3-5 per cent, according to Crisil Ratings. A strategic capex cycle worth Rs 4,000 crore is around the corner in the Indian tractor industry with capacity utilisation nearing optimal levels of 75-80 per cent and the push for cleaner technologies under TREM V, the analytics firm said in a statement. The emission norm of 'TREM V' is expected from April 1, 2026, pre-buying towards fiscal-end may also provide a fillip to volume, it added. "As a result, tractor sales this fiscal year are expected to surpass the peak of 9.45 lakh units achieved in fiscal 2023, sustaining the back-to-back volume growth seen during fiscal 2019," it noted. There was a healthy 7 per cent increase in sales in FY25, Crisil Ratings said. The Indian Meteorological Departme

According to analysts at Nuvama, the tractor industry volumes are expected to grow in double digits, with an approximately 16 per cent Y-o-Y increase in the domestic market

The US tractor market has been witnessing a decline for the last 12-13 quarters, and as a result, the market size has become almost 50-60 per cent of what it was two years back, the company said

M&M is expected to report strong performance for Q3FY25, driven by solid growth across its automotive and tractor segments

2024-25 financial year growth pegged at 6-7 per cent

On the bourses, M&M has gained about 6% over the past month, while Uno Minda has surged more than 6%. On the flipside, TVS Motor dropped over 1%. In comparison, BSE Auto index declined nearly 2.5%

Companies report a buoyant sentiment among farmers with the onset of the monsoon

May auto sales preview: Nomura analysts expect passenger vehicle (PV) wholesales to grow by 6 per cent on a year-on-year (Y-o-Y) basis to 355,000 units.

Volumes in the tractor segment for the last three quarters of the current financial year (9MFY24) have remained weak

Italian-American off-road construction and agriculture firm CNH is planning to invest up to USD 50 million in the farm machinery segment in India this year and launch a 105HP tractor in May, according to a top CNH India official. CNH, which produces and sells farm machinery and equipment under the New Holland brand, will focus on the compact range of tractors of below 30-40 horsepower (HP), besides targeting to sell 1,000 baler machines (used for managing stubble) this year. Currently, CNH India has a four per cent market share in the tractor business in India and has a considerable presence in the 45-50 HP range of tractors. Speaking to PTI, CNH India and SAARC Country Manager and Managing Director Narinder Mittal said there is a huge potential in India's agriculture sector, and the company intends to double its market share to 8 per cent in the next four years. "We plan to invest about USD 40-50 million in the current calendar year in the agriculture segment, including the progra

Rating agency ICRA pointed out that the domestic tractor industry volumes remained healthy and represented a 12 percent YoY growth in FY2023, touching an all-time high of 9.45 lakh units