SML Mahindra Sales January 2026: 927 Units, +29.3% YoY
Full Vahan registration report for SML Mahindra in January 2026 — total volume, year-on-year and month-on-month change, where it ranks against every other manufacturer, and the segment and fuel mix behind the number.
SML Mahindra in January 2026
SML Mahindra registered 927 vehicles in India in January 2026. Volume jumped 29.3% against January 2025 and was broadly flat (−0.7%) against December. Its best month on record remains June 2026 at 1,860.
That put SML Mahindra 57th among every manufacturer registering vehicles in India in January 2026, behind Mini Metro EV on 1,008 and ahead of Big Bull Trader on 889.
Measured against every vehicle registered in India that month — all segments, all fuels — that is 0.0% of the market, 0.00pp against January 2025.
Across 2026 to date — the 1 months of the year that have closed — the company has registered 927 vehicles, +29.3% on the same months of 2025.
SML Mahindra monthly registrations
Every calendar year on record, month by month. The running month is left off the line until it closes.
What SML Mahindra sells
64.8% of everything SML Mahindra has registered in 2026 is in buses, and the company holds 7.8% of that segment nationally. Goods carriers is next at 25.3%.
This split is the calendar year to date and cannot be cut to a single month: Vahan publishes a manufacturer's volume by month, and its volume by vehicle class, but never the two together. Multiplying them would be a guess, so the table stays on the axis where the number is exact.
SML Mahindra by segment, 2026
Calendar year to date — exact, but with no month axis.
| Segment | 2026 units | Share of company | Share of segment |
|---|---|---|---|
| Buses | 7,426 | 64.8% | 7.8% |
| Goods Carriers | 2,897 | 25.3% | 0.4% |
| Taxis & Cabs | 736 | 6.4% | 0.2% |
| Other | 399 | 3.5% | 0.3% |
| Cars & UVs | 2 | 0.0% | 0.0% |
"Share of segment" is this company against every other manufacturer in the same segment, over the same months.
Fuel mix
SML Mahindra has registered no battery-electric vehicles in 2026 in this data.
Fuel, like segment, is published against the manufacturer for the whole year rather than by month, so these shares are 2026 to date. Hybrids are counted separately from battery electrics.
| Fuel | 2026 units | Share | vs 2025 |
|---|---|---|---|
| Diesel | 10,348 | 90.3% | +4.24pp |
| CNG / LPG | 1,112 | 9.7% | −4.23pp |
Every manufacturer, January 2026
Ranked on total registrations across every vehicle type, which is the finest manufacturer split Vahan publishes with a month axis. Two-wheeler makers therefore sit above carmakers selling far more value — this is a count of vehicles, not of revenue.
| # | Manufacturer | Jan 2026 | Share of market |
|---|---|---|---|
| 1 | Hero MotoCorp | 5,01,560 | 17.6% |
| 2 | Honda 2W (HMSI) | 4,94,673 | 17.4% |
| 3 | TVS Motor | 3,84,618 | 13.5% |
| 4 | Bajaj Auto | 2,52,309 | 8.9% |
| 5 | Maruti Suzuki | 2,31,691 | 8.1% |
| 6 | Mahindra & Mahindra | 1,44,785 | 5.1% |
| 7 | Royal Enfield | 1,12,319 | 3.9% |
| 8 | Tata Motors | 1,06,760 | 3.8% |
| 9 | Suzuki 2W | 1,04,893 | 3.7% |
| 10 | Hyundai | 69,660 | 2.4% |
| 55 | Terra Motors India | 1,088 | 0.0% |
| 56 | Mini Metro EV | 1,008 | 0.0% |
| 57 | SML Mahindra | 927 | 0.0% |
| 58 | Big Bull Trader | 889 | 0.0% |
| 59 | Energy Electric Vehicles | 887 | 0.0% |
SML Mahindra month by month
The last 15 months on record. The year-on-year column compares each month against the same month a year earlier; the running month is left without one.
| Month | Registrations | YoY |
|---|---|---|
| September 2026 (live) | 207 | — |
| August 2026 | 1,246 | +15.5% |
| July 2026 | 1,769 | +26.2% |
| June 2026 | 1,860 | +17.3% |
| May 2026 | 1,472 | −6.2% |
| April 2026 | 1,570 | +25.6% |
| March 2026 | 1,309 | +21.5% |
| February 2026 | 1,100 | +31.6% |
| January 2026 | 927 | +29.3% |
| December 2025 | 934 | +73.6% |
| November 2025 | 822 | +8.7% |
| October 2025 | 872 | −4.7% |
| September 2025 | 764 | −19.0% |
| August 2025 | 1,079 | +15.5% |
| July 2025 | 1,402 | +6.4% |
Frequently asked questions
How many vehicles did SML Mahindra sell in January 2026?
Where does SML Mahindra rank in January 2026?
What does SML Mahindra mostly sell?
How many of SML Mahindra's vehicles are electric?
Are these retail sales or factory dispatches?
SML Mahindra sales, earlier months
More from the reports desk
Source. Every figure is a vehicle registration, taken daily from the Ministry of Road Transport & Highways' Vahan 4 dashboard (vahan.parivahan.gov.in) — the same source FADA and the industry use for retail data. Registrations are not the wholesale dispatch numbers manufacturers announce each month. "EV" means battery electric (Vahan fuels PURE EV and ELECTRIC(BOV)); hybrids are counted separately. Information only, not investment advice.
