Combined business sells 2,034 vehicles as festival demand and GST reductions support modest recovery in commercial vehicle segment
01 Nov 2025 | 3813 Views | By Angitha Suresh
Mahindra & Mahindra's Trucks and Buses business recorded sales of 2,034 vehicles in October 2025, marking a 14 percent increase compared to 1,791 vehicles sold in the same month last year. The combined business includes Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited, following the company's acquisition of ...
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Mahindra & Mahindra's Trucks and Buses business recorded sales of 2,034 vehicles in October 2025, marking a 14 percent increase compared to 1,791 vehicles sold in the same month last year. The combined business includes Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited, following the company's acquisition of a majority stake in SML Isuzu.
The October performance represents a turnaround from the previous month, when the business reported an 8 percent decline with 1,904 units sold in September. September sales were impacted by customers deferring purchases in anticipation of GST 2.0 implementation, which reduced the goods and services tax on commercial vehicles from 28 percent to 18 percent effective September 22, 2025.
Segment Performance
Cargo vehicles drove growth in October, with sales reaching 1,255 units, an 8 percent increase from 1,163 units in October 2024. Passenger vehicles showed stronger momentum, rising 24 percent to 779 units from 628 units the previous year.
Within the combined business, MTBD recorded a 2 percent decline in October with 975 vehicles sold, down from 990 units last year. Cargo vehicle sales at MTBD fell 3 percent to 748 units, while passenger vehicles rose 3 percent to 227 units.
SML Mahindra demonstrated stronger growth, with total sales jumping 32 percent to 1,059 vehicles from 801 units in October 2024. The division's cargo vehicles surged 29 percent to 507 units, while passenger vehicles increased 36 percent to 552 units.
Year-to-Date Performance
For the seven-month period ending October, the combined Trucks and Buses business sold 16,622 vehicles, a 6 percent increase from 15,667 units in the corresponding period last year. Cargo vehicles grew 13 percent year-to-date to 8,139 units, while passenger vehicles remained nearly flat at 8,483 units, down 0.2 percent.
Industry Context
Vinod Sahay, Executive Chairman of SML and President of Aerospace, Defence, Trucks, Buses and Construction Equipment at Mahindra & Mahindra, attributed the October growth to festival season demand and the recent GST reduction. He noted that the heavy commercial vehicle segment continues to face challenges despite the modest recovery in intermediate light commercial vehicles and buses.
The GST reduction on commercial vehicles, part of the government's GST 2.0 reform that took effect September 22, brought buses, trucks and ambulances under a uniform 18 percent rate. The reform coincided with the festival season, creating what industry executives described as favorable conditions for vehicle purchases.
However, the commercial vehicle industry had faced pressure in August and September due to uncertainty surrounding the proposed GST revisions, heavy rainfall and flooding in northern regions, which affected dealer and retail sales.
Founded in 1945, the Mahindra Group employs 324,000 people across over 100 countries and holds leadership positions in farm equipment, utility vehicles, information technology and financial services in India. The company is the world's largest tractor manufacturer by volume.