Production numbers hit 1.22 lakh units in September, a 19.23% leap from the 1.02 lakh figure recorded a year ago. Sales followed suit, jumping 16.33% to 1.14 lakh units from 97,744, according to the company’s Friday disclosure. Exports remained a smaller slice of the pie, ticking up 9.24% to 4,458 units.
The real signal for investors lies in the forward guidance. Rajesh Jejurikar, Executive Director and CEO of Auto and Farm sectors, confirmed the company is sticking to its initial playbook. “On SUVs, beginning of the year, we said that we would grow mid-to-high teens, and we stay with that number,” Jejurikar stated. Light commercial vehicles (LCVs) are projected to see high single-digit growth, specifically in the 9–10% range.
Tractors tell a different story. Growth for this segment is expected to moderate to around 5% for the full financial year. Jejurikar attributed the softening to a tough comparison base, delayed monsoons, and reservoir pressure. “Tractors will see a softening as a percentage of growth on account of the reasons we just spoke about,” he noted. Management plans to closely monitor festival season demand to gauge underlying market strength.
On the trading floor, sentiment remained positive. M&M shares closed at ₹2,792 on the NSE on October 9, gaining ₹40.80 or 1.48% from the previous close.