Mahindra Q3 Updates: Production, Sales Jump Over 20% As GST 2.0 Momentum Sustains

Mahindra & Mahindra Ltd. reported over 20% growth in both production and sales in the third quarter of the current financial year, as reduction in GST rates sustained demand even after the festive season.

Total production increased by 25% year-on-year to 68,992 units in the October-December quarter, according to provisional business updates disclosed to stock exchanges on Friday.

Sales jumped 27% to 85,501 units while exports declined 9% to 2,849 units.

The government in September implement revised rates under the GST 2.0 reforms which significantly reduced tax on cars.

The revised GST structure brought notable changes across several Mahindra models. The company had announced it will pass on the full GST benefits to customers across its entire ICE SUV portfolio. 

For the Bolero/Neo, the total indirect tax burden dropped from 31% GST plus cess to a new uniform rate of 18%. The XUV3XO saw similar revisions: the petrol variant moved from 29% to 18%, while the diesel variant fell from 31% to 18%.

The Thar lineup reflected mixed adjustments — the Thar 2WD (diesel) shifted from 31% to 18%, whereas the Thar 4WD (diesel) saw a reduction from 48% to 40%.

Other models with 48% GST plus cess, including the Scorpio Classic, Scorpio‑N, Thar Roxx, and the XUV700, also transitioned to a lower consolidated rate of 40% under the updated GST framework.