Mahindra and Mahindra Ltd. (M&M Ltd.) announced that its Trucks and Buses Business, comprising Mahindra Trucks and Buses Division (MTBD) and SML Mahindra Limited (SML) sold 2,034 vehicles in October 2025, a healthy 14 percent increase over 1,791 vehicles sold in October 2024. The expansion was primarily fuelled by high demand in the intermediate and light commercial vehicle (ILCV) and bus markets.
Vinod Sahay, Executive Chairman – SML, and President – Aerospace, Defence, Trucks, Buses and CE, M&M, said,
“The CV industry marked a modest recovery in October supported by lower GST and festival season. In October, we achieved a 14% growth driven by growth in ILCV trucks and buses. The HCV segment continues to face headwinds, with persistent challenges impacting growth and demand.”
The company sold 1,255 units in the cargo vehicle category in October 2025, which is an increase of 8 percent compared to 1,163 units in the same month last year. In the meantime, passenger vehicle sales, including buses, increased by 24 percent, 628 units in October 2024 to 779 units in October 2025.
For the year-to-date (YTD) performance, Mahindra Trucks and Buses Business (MTBD + SML) has recorded total sales of 16,622 vehicles in FY26 to date, as compared to 15,667 units in the same period last year, which is a consistent growth of 6 percent.
Disaggregating the numbers, Mahindra Trucks and Buses Division (MTBD) sold 975 vehicles in October 2025 compared to 990 vehicles in October 2024, which is a slight decrease of 2 percent. In this, the cargo vehicle sales declined marginally by 769 units last year to 748 units this year whereas passenger vehicles increased marginally by 221 to 227 units, by 3 percent. MTBD registered 7,418 vehicles on a YTD basis, compared to 7,239 vehicles last year, marking a 2 percent improvement.
SML Mahindra Limited (SML), however, performed well. In October 2025, the brand sold 1,059 vehicles, which is a good 32 percent increase over the 801 units sold a year prior. The sales of cargo vehicles grew by 29 percent to 507 units, whereas passenger vehicles by 36 percent to 552 units. SML recorded 9,204 vehicles on a YTD basis, compared to 8,428 units in the same period last year, which is an increase of 9 percent.
The Mahindra Trucks and Buses Business has been gaining momentum with steady growth in all segments and a promising festive demand. The company is still committed to innovation, reliability of its services and diversification of its products to suit the changing demands of the commercial transport industry in India.