Mahindra & Mahindra Ltd. (M&M) reported a strong performance in its Trucks and Buses business, with total sales, including exports, rising 43 per cent year-on-year to 2,260 vehicles in December 2025.
The Trucks and Buses business comprises Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited (SML). Growth during the month was driven by healthy demand across both cargo and passenger vehicle segments, supported by favourable policy measures and early signs of an industry upcycle.
Cargo vehicle sales under the combined MTBD and SML operations stood at 1,346 units in December, registering a 40 per cent increase over the same month last year. Passenger vehicle sales rose 48 per cent year-on-year to 914 units. On a year-to-date basis till December FY26, total sales for the Trucks and Buses business grew 13 per cent to 21,114 units.
Within Mahindra Trucks & Buses Division, December sales increased 27 per cent to 1,216 units. Cargo vehicle volumes rose 26 per cent to 884 units, while passenger vehicle sales grew 31 per cent to 332 units. Year-to-date sales for MTBD stood at 9,779 units, up 8 per cent over the previous year.
SML Mahindra Limited delivered a particularly strong performance, with December sales surging 67 per cent to 1,044 units. Cargo vehicle sales climbed 76 per cent to 462 units, while passenger vehicle volumes increased 60 per cent to 582 units. On a cumulative basis, SML’s year-to-date sales grew 18 per cent to 11,335 units.
Commenting on the outlook, Vinod Sahay, Executive Chairman – SML and President – Aerospace, Defence, Trucks, Buses & Construction Equipment, Mahindra & Mahindra Ltd., said the commercial vehicle industry continued its positive momentum in December across segments. He added that with the industry showing early signs of an upcycle, further acceleration is expected in the fourth quarter.
