Largest export order takes Mahindra & Mahindra shares higher in a volatile market on Wednesday

Mahindra & Mahindra Ltd. emerged as one of the key gainers supporting in keeping the Nifty 50 losses in check on Wednesday, February 4 amidst a broad sell-off in IT stocks. The gains are after the automaker announced its biggest-ever export order.

The company said it has secured an order to supply 35,000 units of Scorpio Pik-Up light commercial vehicles to Indonesia’s state-owned Agrinas Pangan Nusantara in 2026. Mahindra said the order exceeds its total export volumes for FY25, marking a significant milestone for its overseas operations.

The vehicles will be deployed under Indonesia’s Koperasi Desa/Kelurahan Merah Putih (KDKMP) programme to strengthen rural logistics and support the country’s national food security initiative by improving farm-to-market connectivity.

Manufactured at Mahindra’s Nashik plant, the Scorpio Pik-Ups will be used for first-mile aggregation and intra-village logistics across cooperatives, reinforcing the brand’s positioning in durable, utility-focused exports.

For January, M&M reported total auto sales of 1,04,309 vehicles

, up 24% year-on-year, including exports. Domestic utility vehicle sales grew 25% to 63,510, and domestic commercial vehicle sales rose 22% to 27,656 units.

Exports for the month increased 5%, totaling to 3,577 units, compared with 3,404 units last year. The total vehicle sales figure includes SUVs, LCVs (under 3.5 tonnes), three-wheelers and exports.

Shares of Mahindra & Mahindra had gained as much as 2.6% after the order win, but are now trading 1.5% higher so far at ₹3,581. The stock is up 12% in the last 12 months.