Mahindra & Mahindra Ltd. (M&M Ltd.) reported a strong performance in its Trucks and Buses business, with total sales, including exports, reaching 3,065 vehicles in January 2026, registering a 40 per cent year-on-year growth.
The Commercial Vehicles segment (CV > 3.5 tonnes), which includes Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited (SML), witnessed healthy demand across cargo and passenger vehicle categories during the month.
According to company data, cargo vehicle sales rose 49 per cent year-on-year to 1,642 units, while passenger vehicle sales increased 30 per cent to 1,423 units in January 2026. On a year-to-date basis till January, total sales for the Trucks & Buses business stood at 24,179 vehicles, reflecting a 16 per cent growth compared to the same period last year.
Commenting on the performance, Vinod Sahay, Executive Chairman – SML and President – Aerospace, Defence, Trucks, Buses & Construction Equipment, M&M, said demand trends across the Indian commercial vehicle industry remain positive. He attributed the growth to infrastructure spending, replacement demand, and strong rural activity, adding that the outlook for FY26 continues to be robust, supported by government investments, fleet modernisation and steady freight movement.
Within the Mahindra Trucks & Buses Division (MTBD), January sales stood at 1,728 vehicles, marking a 48 per cent year-on-year increase. Cargo vehicle sales surged 59 per cent to 1,142 units, while passenger vehicle sales grew 31 per cent to 586 units. MTBD’s year-to-date sales reached 11,507 vehicles, up 12 per cent from the previous year.
SML Mahindra Limited also reported solid growth, with total January sales rising 30 per cent year-on-year to 1,337 vehicles. Cargo vehicle sales increased 31 per cent to 500 units, while passenger vehicle sales grew 30 per cent to 837 units. On a year-to-date basis, SML Mahindra sold 12,672 vehicles, registering a 19 per cent growth.
