Mahindra Trucks & Buses (MTB), a part of Mahindra & Mahindra, demonstrating remarkable resilience in a challenging commercial vehicle market, achieved cash break-even and posted EBITDA-positive results for FY2025. This financial milestone comes as the company recorded flat growth in volumes, reaching 13,032 units, successfully limiting its de-growth to just 1% in an overall industry that saw a 5% decline, the company noted in its latest annual report.
The broader Indian automotive industry faced a mixed performance in FY25, with overall sales (excluding two-wheelers) growing by 2% to a record 6 million units. However, the Commercial Vehicle (CV) industry specifically experienced a de-growth of 1.2%. Within this segment, Light Commercial Vehicles (LCV) goods under 7.5 tonnes saw a 2.8% de-growth, and Medium and Heavy Commercial Vehicles (MHCV) goods declined by 4.0%.
In FY25, MTB launched the Furio 8 range of LCV trucks. The company also introduced the BS6 OBD II range of BLAZO X, FURIO, OPTIMO, and JAYO HCV, ICV & LCV trucks.
Looking to further expand its footprint, Mahindra & Mahindra Ltd. entered an agreement in April 2025 to acquire a 58.96% stake in SML Isuzu Ltd. This acquisition is aimed at establishing a strong presence in the >3.5T commercial vehicle segment and leveraging synergies across areas such as cost, network, brand, manufacturing, talent, and product complementarities.
The development should be seen in the context of Mahindra & Mahindra gearing up to transform its trucks and buses division into a multibillion-dollar business, projecting a valuation of $2–3 billion within the next few years.
The Mumbai-based auto major is placing its Mahindra Trucks & Buses (MT&B) division at the center of its long-term growth strategy. With the current market share hovering around 3%, M&M is targeting a fourfold increase to 10–12% by FY2031.
"We feel fairly confident that we can get to a 10 to 12% growth in F31 as we outline," said Dr. Anish Shah, Group CEO & Managing Director of M&M, during a post-results conference call in May.