Mahindra Trucks & Buses Sales Rise 13% in February 2026

Mahindra & Mahindra Ltd.'s Trucks and Buses business sold 3,018 vehicles in February 2026, including exports, marking a 13% increase year-on-year. The result covers vehicles above 3.5 tonnes and spans the company's two commercial vehicle arms — Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited (SML).

Cargo vehicles accounted for 1,521 units during the month, up 12% from 1,364 units in February 2025. Passenger vehicles, which include buses, rose 15% to 1,497 units from 1,307 units in the same period last year. On a year-to-date basis through February in FY2026, the combined division has sold 27,197 units, up 16% from 23,530 units in the corresponding period of FY2025.

Vinod Sahay, Executive Chairman of SML and President for Aerospace, Defence, Trucks, Buses and CE at M&M, attributed the growth to sustained sector momentum. "Commercial vehicle industry continues to show strong momentum since last quarter, reinforcing confidence in the sector's trajectory," he said.

"Looking ahead, the outlook remains robust, underpinned by ongoing government investments, accelerated fleet modernisation, and steady freight movement." Sahay also flagged external risks, noting the company remains "attentive to emerging challenges, including geopolitical developments, and other external factors."

Segment Breakdown

Within MTBD, total February sales reached 1,515 units, a 10% rise from 1,383 units in February 2025. Cargo volumes grew 16% to 1,035 units, while passenger vehicles saw a marginal decline of 1% to 480 units. On a year-to-date basis through February, MTBD has sold 13,022 units, 12% higher than the 11,624 units sold in the prior year period.

SML Mahindra posted a stronger monthly performance, with total sales of 1,503 units, up 17% from 1,288 units in February 2025. SML's passenger vehicle volumes rose 24% to 1,017 units, and its cargo segment grew 4% to 486 units. SML's YTD sales through February stand at 14,175 units, a 19% increase from 11,906 units in FY2025.

January Context and Broader M&M Performance

The February result follows a period of gains across Mahindra's wider vehicle portfolio. In January 2026, M&M reported total vehicle sales of 104,309 units across all segments, a 24% year-on-year increase. SUV sales in January reached 63,510 units, up 25%, while light commercial vehicle sales below 3.5 tonnes reached 27,656 units, a 22% rise. Three-wheeler sales grew 28% to 9,566 units that month. The January figures indicated demand holding across vehicle categories entering the final quarter of FY2026.

Industry Background

The commercial vehicle segment in India — particularly vehicles above 3.5 tonnes — is closely tied to infrastructure spending, freight activity, and fleet replacement cycles. Government investment in road and logistics infrastructure has been a key driver of demand in recent fiscal years.

Mahindra's trucks and buses business operates through MTBD, which focuses on medium and heavy commercial vehicles, and SML Mahindra Limited, in which M&M holds a controlling stake and which caters primarily to bus and light truck segments.

Mahindra & Mahindra, founded in 1945, operates across farm equipment, utility vehicles, information technology, financial services, and renewable energy, with approximately 324,000 employees across more than 100 countries.