SML Mahindra Limited, the commercial vehicle manufacturer formerly known as SML Isuzu, indicated on February 1, 2026, that demand for trucks and buses remained resilient despite signs of cooling in the broader market.
The company reported a 30% year-on-year increase in total sales for January 2026, selling 1,337 units compared with 1,025 units in the same month last year.
Sales in the cargo segment rose 31% to 500 units, up from 383 units in January 2025. On a financial year-to-date basis (April–January), the cargo segment recorded growth of 37%.
The passenger carrier segment, which primarily includes school buses and staff transportation vehicles, registered sales of 837 units, reflecting a 30% increase year-on-year. However, growth in this segment stood at a relatively modest 12% on a year-to-date basis.
The performance stands out at a time when peers such as Tata Motors, Ashok Leyland and VE Commercial Vehicles (VECV) reported muted demand for passenger carriers in January 2026 compared with the same period last year.