Mahindra Trucks & Buses Reports 8% Sales Decline in September Amid Industry Transition

Mahindra & Mahindra Ltd. has reported sales of 1,904 vehicles in its Trucks and Buses business for September 2025, representing an 8% decline compared to the same month last year.

The commercial vehicle manufacturer's business now includes both its Mahindra Trucks & Buses division (MTBD) and SML Isuzu Ltd., following Mahindra's acquisition of a majority stake in SML.

The combined Trucks & Buses business saw sales drop from 2,072 vehicles in September 2024 to 1,904 vehicles last month. Cargo vehicles declined 9% to 1,112 units, while passenger vehicles fell 7% to 792 units.

Breaking down the two divisions separately, MTBD recorded a 6% decrease with 954 vehicles sold, down from 1,017 in the previous year. SML experienced a steeper 10% decline, selling 950 vehicles compared to 1,055 in September 2024.

Year-to-Date Growth Continues

Despite the September setback, the combined business maintained positive momentum for the fiscal year-to-date period ending September, with total sales reaching 14,588 vehicles — a 5% increase over the 13,876 vehicles sold in the same period last year.

Cargo vehicles showed particularly strong year-to-date performance, up 15% to 6,884 units, while passenger vehicles declined 2% to 7,704 units.

Vinod Sahay, Executive Chairman of SML and President of Aerospace, Defence, Trucks, Buses & Commercial Equipment at M&M, attributed the September performance to temporary market conditions.

"The CV industry is navigating a transition period marked by both opportunities from lower GST and ongoing industry challenges," Sahay stated. He noted that September sales were partially affected by customers deferring purchases in anticipation of GST 2.0 implementation.

The company has passed the full benefit of GST reductions to customers and expects demand to gradually recover in the coming months.