Mahindra & Mahindra Ltd. (M&M) has reported a robust 57% year-on-year growth in its Trucks and Buses business for November 2025, with total sales—including exports—touching 2,232 units in the CV segment above 3.5 tonnes.
The performance reflects a strong revival in the commercial vehicle (CV) market, boosted by improved buyer sentiment after the recent GST cut, which has enhanced affordability across segments.
Mahindra’s Trucks & Buses business includes the Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited (SML).
GST Cut Boosts Market Confidence
Vinod Sahay, Executive Chairman – SML and President – Aerospace, Defence, Trucks, Buses & CE, M&M, said: The CV industry marked a robust recovery in November buoyed by the GST cut, leading to improved customer sentiment and increased affordability. Mahindra Truck & Bus business clocked a 57% growth over last year with improvements across all segments. We expect the industry to maintain this momentum.
🔹 Segment Highlights — November 2025
Combined MTBD + SML Performance
| Category | Nov F26 | Nov F25 | Growth | YTD F26 | YTD F25 | Growth |
|---|---|---|---|---|---|---|
| Cargo Vehicles | 1,284 | 868 | 48% | 9,423 | 8,039 | 17% |
| Passenger Vehicles | 948 | 552 | 72% | 9,431 | 9,048 | 4% |
| Total | 2,232 | 1,420 | 57% | 18,854 | 17,087 | 10% |
Mahindra Trucks & Buses Division (MTBD)
- Total sales: 1,145 units (up 30%)
- Cargo segment grew 35%
- Passenger segment grew 17%
SML Mahindra
- Total sales doubled to 1,087 units (102% growth)
- Cargo segment surged 83%
- Passenger vehicles jumped 116%
