Mahindra & Mahindra Ltd. (M&M Ltd.) reported a 14% year-on-year growth in overall sales (including exports) for its Trucks and Buses business (CV > 3.5T) in October 2025, with 2,034 vehicles sold. The growth was primarily driven by increased demand in the ILCV trucks and passenger bus segments, boosted by festive demand and the impact of GST rate reductions.
The Trucks & Buses business comprises Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited (SML).
According to Vinod Sahay, Executive Chairman – SML, President – Aerospace, Defense, Trucks, Buses & CE, M&M, “The CV industry marked a modest recovery in October, supported by lower GST and the festive season. We achieved a 14% growth led by ILCV trucks and buses. However, the HCV segment continues to face headwinds with ongoing challenges impacting growth and demand.”
Performance Highlights:
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Total Trucks & Buses (MTBD + SML):
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October 2025: 2,034 units (↑14% YoY)
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YTD October FY26: 16,622 units (↑6%)
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Mahindra Trucks & Buses (MTBD):
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Cargo Vehicles: 748 units (↓3%)
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Passenger Vehicles: 227 units (↑3%)
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Total: 975 units (↓2%)
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SML Mahindra Limited (SML):
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Cargo Vehicles: 507 units (↑29%)
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Passenger Vehicles: 552 units (↑36%)
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Total: 1,059 units (↑32%)
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While SML Mahindra delivered strong double-digit growth in both cargo and passenger categories, MTBD maintained stable performance, reflecting gradual recovery across commercial vehicle segments.
The company expects sustained momentum in the coming months, supported by post-festive demand, improved economic activity, and infrastructure spending.
Also Read: Mahindra Achieves Record SUV Sales in October 2025
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