December Auto Sales: M&M growth led by tractors, CV; SML Mahindra, Escorts Kubota gain

Auto stocks are in focus on Thursday, January 1, as carmakers report their sales figures for December.

Here's a look at how they have fared in the final month of 2025:

Mahindra and Mahindra

M&M total sales of 86,090 units in December were in-line with estimates 85,067 units. They were also up 26% from last year's 68,814 units.

Its domestic passenger vehicle (PV) sales increased 23% to 50,946 units from 41,424 units last year, but its total exports declined 9% to 2,820 units from 3,092 units in the year-ago period.

M&M reported total tractor sales of 31,859 units in December, above CNBC-TV18's poll of 26,433 units. Its total tractor sales increased 39% from last year's 22,943 units.

M&M shares were up 1.2% at 3,752.9 apiece around 10.05 am on Thursday.

VST Tillers

Its total power tiller and tractor sales increased 30% to 4,376 units in December from 3,372 units last year.

The stock was up 0.7% at ₹6,304 apiece around 9.30 am on Thursday.

Escorts Kubota

The automaker's total sales in December increased 38.5% to 7,577 units from 5,472 units in the previous year.

"In the short run, the Construction Equipment industry continues to face challenges from slow project mobilization, and weak rental rates & elevated costs from CEV Stage V compliance, though government infrastructure spending and fund-flow initiatives are expected to support gradual recovery into 2026," the company said.

Shares of Escorts Kubota were up 2.3% at ₹3,805.5 apiece around 9.25 am.

SML Mahindra

SML Mahindra was the first automaker to report its December sales numbers, ahead of market open.

Its total sales increased to 1,044 units in December from 626 units in the year-ago period.

Of this, its cargo vehicle sales witnessed a 76% increase to 462 units from 262 units last year, and passenger vehicle sales increased 60% to 582 vehicles from 364 vehicles in the previous year.

The stock was up 3.7% at ₹4,123.4 apiece around 9.30 am on Thursday.

VAHAN data and new launches in January

Meanwhile, the VAHAN registration data for December last week, pointed to another month of broad-based strength across segments.

Registrations from December 1 to 28, 2028 increased 9% from the previous year, led by strong performance in passenger and commercial vehicle segments, and three-wheelers as well. Meanwhile, the two-wheelers segment continued to lag.

The divergence between four-wheelers and two-wheelers was more pronounced in December, as per the VAHAN data.

In the two-wheeler segment, Eicher Motors and TVS Motor outperformed the broader industry, while Hero MotoCorp was the biggest underperformer. The data suggested pressure in Bajaj Auto's two-wheeler portfolio as well.

On another note, in January, Maruti Suzuki is set to launch its first electric SUV -- the e-Vitara, Mahindra and Mahindra

will launch its Mahindra XUV 7XO next week, and Royal Enfield will launch its Bullet 650 motorcycle.

Auto stocks ended the previous session, also the last day of the calendar year 2025, on a positive note, up 1.1%. All 15 stocks in the Nifty Auto index reported gains, led by TVS Motor, Tube Investments of India, Eicher Motors, Bosch and Tata Motors PV. The index has gained 21.8% in 2025.

This story will continue to be updated as more numbers are reported.

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