Tractor Sales Q4 FY 2023-24: Mahindra Tractors Leads, 2,47,916 Units, Up 8.6% YoY
Every tractor registered in India over Q4 FY 2023-24 — January 2024 to March 2024. Q4 of the financial year, January to March. Month-by-month volumes, the manufacturer leaderboard, how the segment moved against the rest of the market, and the same window in every earlier year on record.
Tractor sales month by month, Q4 FY 2023-24
India's tractor market registered 2,47,916 tractors in Q4 FY 2023-24. Volumes improved 8.6% against the 2,28,244 logged over the same 3 months of Q4 FY 2022-23.
January was the strongest month of the period at 90,173 tractors and February the quietest at 78,149, an average of 82,639 a month. 2 of those 3 months grew on the same month a year earlier.
January carries the new-year registration rush — buyers who took delivery in late December often register in the first week.
Q4 FY 2023-24 ran from January 2024 to March 2024 and is closed. Every month in the table below is final, and every comparison on this page is against the matching month of Q4 FY 2022-23.
Tractors accounted for 3.7% of everything registered in India over the period, down from 3.8% in Q4 FY 2022-23. The whole market ran to 66,26,145 vehicles over the same window, up 11.1% year on year.
Tractor registrations by month — Q4 FY 2023-24 vs Q4 FY 2022-23
Vahan retail registrations, each month set against the same month a year earlier.
Every completed month of Q4 FY 2023-24, with the matching month of Q4 FY 2022-23 beside it.
| Month | Q4 FY 2023-24 units | Q4 FY 2022-23 units | YoY | Share of period |
|---|---|---|---|---|
| January 2024 | 90,173 | 74,581 | +20.9% | 36.4% |
| February 2024 | 78,149 | 70,836 | +10.3% | 31.5% |
| March 2024 | 79,594 | 82,827 | −3.9% | 32.1% |
Each month links through to its own full report.
Which manufacturer sold the most, Q4 FY 2023-24
Mahindra Tractors led the period with 55,873 registrations, up 10.6% on Q4 FY 2022-23. Swaraj (M&M) follows on 45,055, 10,818 behind — a gap of 1.24x.
The fastest riser in the top 15 was Captain Tractors, up 154.4% to 1,608, while Force Motors was down 37.5% at 737.
Volumes here are registrations inside the segment only, counted with Vahan's own vehicle-class filter, so each is the manufacturer's tractor volume over Q4 FY 2023-24. Companies that file electric models under a maker of their own appear as separate rows.
Top manufacturers by registrations — Q4 FY 2023-24
Registrations inside the segment (tractors only).
Exact registrations over January 2024 to March 2024, with the change against Q4 FY 2022-23.
| # | Manufacturer | Q4 FY 2023-24 units | Share of tractors | vs Q4 FY 2022-23 |
|---|---|---|---|---|
| 1 | Mahindra Tractors | 55,873 | 22.54% | +10.6% |
| 2 | Swaraj (M&M) | 45,055 | 18.17% | +15.7% |
| 3 | Sonalika (ITL) | 32,365 | 13.05% | +15.0% |
| 4 | TAFE | 28,593 | 11.53% | +20.4% |
| 5 | Escorts Kubota | 23,202 | 9.36% | −3.4% |
| 6 | Eicher (VECV) | 17,232 | 6.95% | +20.0% |
| 7 | John Deere | 17,038 | 6.87% | −6.7% |
| 8 | CNH Industrial | 9,857 | 3.98% | +11.3% |
| 9 | Kubota | 5,347 | 2.16% | −18.9% |
| 10 | Mahindra | 3,176 | 1.28% | −19.1% |
| 11 | John Deere | 2,384 | 0.96% | −19.3% |
| 12 | Captain Tractors | 1,608 | 0.65% | +154.4% |
| 13 | V.S.T. Tillers Tractors | 1,142 | 0.46% | −21.7% |
| 14 | Gromax Agri Equipment | 975 | 0.39% | +15.9% |
| 15 | Force Motors | 737 | 0.30% | −37.5% |
Tractor sales against the rest of the market
Set against the rest of the market, tractors lagged the national picture over Q4 FY 2023-24: +8.6% against +11.1% for every vehicle registered in India.
The table covers every segment Vahan reports over the same 3-month window, so the comparison is like for like — the same months, the same source, on both sides.
Tractor share of the Indian market, month by month
Tractors as a percentage of every vehicle registered that month.
Exact segment volumes over January 2024 to March 2024.
| Segment | Q4 FY 2023-24 units | Share | vs Q4 FY 2022-23 |
|---|---|---|---|
| Two-Wheelers | 46,29,534 | 69.87% | +11.7% |
| Cars & UVs | 10,22,952 | 15.44% | +5.0% |
| Three-Wheelers | 3,10,408 | 4.68% | +25.2% |
| Tractors | 2,47,916 | 3.74% | +8.6% |
| Goods Carriers | 2,39,859 | 3.62% | −3.6% |
| Taxis & Cabs | 88,782 | 1.34% | +76.3% |
| Other classes | 61,350 | 0.93% | +11.0% |
| Buses | 25,344 | 0.38% | +52.2% |
What tractors run on
Vahan splits a segment by fuel only across a whole calendar year, so this table covers full-year 2024 rather than Q4 FY 2023-24 alone — it is exact for that window.
Diesel accounts for 99.98% of tractor registrations over full-year 2024, with battery-electric at 0.0%.
Tractor registrations by fuel — full-year 2024
The full-year 2024 mix.
| Fuel | 2024 units | Share | vs full-year 2023 |
|---|---|---|---|
| Diesel | 9,10,765 | 99.98% | 0.00pp |
| Petrol | 115 | 0.01% | 0.00pp |
| Other | 49 | 0.01% | 0.00pp |
| Electric | 20 | 0.00% | 0.00pp |
| CNG / LPG | 2 | 0.00% | 0.00pp |
Every Q4 on record
Across the 3 completed windows in our Vahan record, tractor registrations went from 2,47,916 in Q4 FY 2023-24 to 2,91,424 in Q4 FY 2025-26, up 17.5% over the stretch.
Tractor registrations by quarter
* window still in progress.
| Period | Months | Units | YoY |
|---|---|---|---|
| Q4 FY 2025-26 | 3 | 2,91,424 | +23.5% |
| Q4 FY 2024-25 | 3 | 2,35,878 | −4.9% |
| Q4 FY 2023-24 | 3 | 2,47,916 | +8.6% |
Each row compares only the months that window holds, so a part period is never set against a full one.
Frequently asked questions
How many tractors were sold in India in Q4 FY 2023-24?
What period does Q4 FY 2023-24 cover?
Which manufacturer sold the most tractors in Q4 FY 2023-24?
Which was the strongest month for tractor sales in Q4 FY 2023-24?
What share of the Indian market were tractors in Q4 FY 2023-24?
Which quarter had the highest tractor sales?
Are these retail sales or factory dispatches?
Tractor sales, other periods
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.
Using these numbers? Cite "Flash Finance (Vahan data)" with a link to this page. This report's chart card is free to republish with the same credit.
