loader2
Login Open ICICI 3-in-1 Account
  • Text Size
  • Text to Speech
  • Color Contrast
  • Pause Animations

Open ICICI
3-in-1 Account

Manage your Savings, Demat and Trading Account conveniently at one place

+91

BLOG

Mahindra & Mahindra expects combined volumes of the Thar and Thar Roxx to increase

ICICIdirect Research 23 Sep 2026 DISCLAIMER

News: According to media sources, Mahindra & Mahindra expects combined volumes of the Thar and Thar Roxx to increase by at least 10% over the next 12 months, taking annual volumes from roughly 1 lakh units to around 1.1 lakh or more. To support this, Mahindra has increased combined production capacity to about 11,000 units a month and has deliberately built inventory of more than 30 days ahead of the festive season. The company has also launched the refreshed three-door Thar OG at ₹10.32 lakh ex-showroom, with deliveries starting October 11. The updated Thar gets changes to its platform, suspension and damping, six airbags as standard, revised interiors and additional off-road features.

View: Mahindra expects the three-door Thar alone to contribute around 60,000 units annually, while keeping its monthly volume expectation at 4,500–5,000 units. The Thar brand has already crossed 4 lakh cumulative sales, with the five-door Roxx accounting for about 1.4 lakh units since its 2024 launch. The development is positive because Mahindra is trying to turn the Thar from a niche lifestyle SUV into a much larger-volume franchise, with the refreshed Thar addressing some of the everyday usability and feature gaps while the Roxx gives customers a more practical five-door option. in August 2026, the Thar/Roxx combination recorded strong volumes, with the Roxx at about 5,817 units and the three-door Thar at about 4,647 units.

Impact: Positive

Download
ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere

Download
ICICI Direct app

Invest, Track, and Manage your Portfolio Anytime, Anywhere