BSE Auto Sector Regulatory Filings — March 09, 2026

Total sales +18% YoY to 96,718 units despite UV declines, outperforming implied sector averages

Production +13% YoY to 94,550 units, driven by Thar Diesel +27% YoY, Bolero +14%, Scorpio Diesel +13%

Commercial vehicles sales +10% YoY to 27,510 units, steady demand in non-passenger segment

Exports +11% YoY to 3,477 units, strong international traction amid domestic volatility

New XUV7XO launches contributing to overall growth, signaling successful product pipeline

Subsidiaries (Mahindra Electric, Last Mile Mobility, SML Isuzu) boosting consolidated sales volumes

XUV700 series sales -99% YoY to 27 units combined, potential inventory or demand disruption

Scorpio Petrol -62% YoY to 390 units, Thar Petrol -33% to 1,079 units, petrol UV weakness

XUV3XO Petrol -12% YoY to 5,406 units, broadening petrol variant underperformance

KUV100 Diesel discontinued (0 units), Marazzo to 0 from 17 YoY, model pruning risks volume gaps

Overall YoY growth masks sharp model declines, mixed conviction in UV portfolio

XUV700 series -99% YoY to 27 units, critical UV flagship facing severe demand or supply issues

Scorpio Petrol -62% YoY to 390 units, Thar Petrol -33% YoY, signaling shift away from petrol engines

XUV3XO Petrol -12% YoY to 5,406 units, contributing to mixed sales sentiment

KUV100 Diesel at 0 units (discontinued), Marazzo 0 from 17 YoY, potential revenue shortfall

Utility vehicles show sharp underperformance in key models despite overall growth

Sales include subsidiaries, but core M&M models mixed, watch for consolidated weakness

+11% YoY exports help offset domestic declines, but forex/geopolitical risks loom

Thar Diesel +27% YoY, Bolero/Scorpio Diesel +14/+13%, capitalize on diesel preference in SUVs

XUV7XO driving growth, potential for ramp-up in March sales and market share gains

Commercial vehicles +10% YoY to 27,510 units, undervalued segment for rural recovery play

+11% YoY to 3,477 units, leverage global demand for margin expansion

Discontinuations (KUV100, Marazzo) free capex for high-growth models like Thar

Contributions from Electric/Last Mile Mobility/SML Isuzu position for EV/LCV upside

18% YoY sales growth despite declines, relative outperformance vs weaker peers

Production +13% YoY sets stage for Q4 FY26 beat if March sustains

M&M diesel models +13-27% YoY growth vs petrol -12-99% declines, BSE AUTO sector shifting to diesel amid fuel price dynamics [IMPLICATION: Favor diesel-heavy players]

Overall UV sales mixed but Thar/Bolero/Scorpio drive +18% total sales, sector trend toward rugged SUVs [IMPLICATION: Sector growth hinges on diesel SUVs]

+11% YoY exports in M&M (major constituent), suggesting BSE AUTO export recovery post-supply chain issues [IMPLICATION: Currency tailwinds for exporters]

KUV100/Marazzo at 0 units, portfolio cleanup across auto majors to focus on winners [IMPLICATION: Short-term volume dip, long-term margin gains]

+10% YoY in commercial vehicles, stabilizing BSE AUTO non-PV segment amid passenger volatility [IMPLICATION: Defensive play in cyclical sector]

Monitor if Feb +18% YoY momentum sustains or XUV700 petrol declines worsen, release ~April 1 2026

Track sales rebound from 27 units low, potential Q4 guidance impact

Watch Scorpio/Thar/XUV3XO petrol variants for demand shift or new incentives

XUV7XO ramp-up post-Feb contribution, key for FY26 growth target

Monthly export trends vs +11% YoY, forex sensitivity in upcoming filings

Electric/Last Mile Mobility volumes for EV policy catalysts

Any replacement launches for KUV100/Marazzo volume gaps