TAFE hits record FY26 sales on monsoon, GST boost

Chennai: Tractors and Farm Equipment (TAFE), India's second-largest tractor manufacturer, has reported its highest-ever total annual sales in FY26 at 214,951 units. The milestone comes a day after market leader Mahindra & Mahindra (M&M) announced record domestic tractor volumes of over half a million units (24% growth) for the first time in a fiscal year. TAFE said it ended FY26 on a strong note, clocking 37.4% growth in March—well ahead of the industry's 29% expansion for the month. Both its brands, Massey Ferguson and Eicher, recorded their highest-ever annual sales. The Chennai-headquartered company reported a 23% rise in total volumes for FY26, compared with 174,785 units in FY25. Exports (included in total volumes) stood at 12,584 units in FY26, as against 14,905 units in FY25. "This has been a very positive year for both the tractor market and for farmers across the country," said Lakshmi Venu, vice-chairman, TAFE. She attributed the strong performance to favourable monsoons and GST rate cuts, which provided relief to the farming sector. She noted rising mechanisation in rural India, with an increasing number of first-time users entering the market. "This marks a meaningful shift in access to mechanisation for small farmers and will help improve farm productivity and incomes," added Venu. Beating growth projections, the tractor industry is set to record its strongest growth in recent years in FY26, with total domestic volumes already crossing a new peak of over one million units during the first 11 months of the fiscal, driven by a combination of favourable factors.