Escorts’ domestic tractor volumes grew 15% year-on-year in FY26 to 1,26,994 units, while M&M’s grew by 24% to 5,05,930. In the March quarter (Q4FY26), Escorts’ domestic tractor volumes grew 23% versus 38% for M&M. So, despite being almost four times Escorts’ size in terms of volumes, M&M has reported a far higher growth rate. This means Escorts’ loss of market share in 9MFY26 likely continued in Q4 as well. While the tractor industry grew by 20.4% in 9MFY26, Escorts reported a growth rate of just 12.6%.
