Mahindra Trucks and Buses Business Posts 40% Volume Growth in October

Mahindra’s combined Trucks and Buses business, comprising the Mahindra Truck & Bus Division (MTBD) and SML Mahindra, recorded a 40 percent year-on-year growth in total sales for October 2026, delivering 2,838 vehicles across domestic and export markets compared to 2,034 units in October 2025.

The growth was primarily driven by the cargo vehicle segment, which rose 62 percent to 2,036 units from 1,255 units in the year-ago period. Commercial passenger vehicle sales grew 3 percent to 802 units.

Standout growth was recorded by the Mahindra Truck & Bus Division alone, which saw total sales surge by 82 percent to 1,773 units in October 2026 from 975 units in October 2025. Cargo vehicle sales for MTBD doubled year-on-year, rising 101 percent to 1,504 units, while its passenger vehicle volumes grew 19 percent to 269 units. Meanwhile, SML Mahindra reported flat total sales of 1,065 units compared to 1,059 units in October 2025, with cargo sales increasing 5 percent to 532 units and passenger vehicle sales declining 3 percent to 533 units.

"While rising commodity and input costs warrant close monitoring, the underlying demand drivers, including infrastructure investments, replacement demand and economic activity, provide confidence in the outlook for the months ahead," Vinod Sahay, Executive Chairman SML, said.