Mahindra & Mahindra Limited reported a 13% year-on-year growth in its Trucks and Buses business for March 2026, with total sales reaching 4,267 units. The performance reflects steady momentum in the commercial vehicle (CV) segment despite ongoing global economic challenges.
The company’s Trucks & Buses division, which includes the Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited, recorded consistent growth across both cargo and passenger vehicle categories.
Cargo vehicle sales rose by 10% to 1,692 units during the month, while passenger vehicle sales registered a stronger growth of 15%, reaching 2,575 units. On a year-to-date basis, total sales for FY 2025–26 stood at 31,464 units, marking a 15% increase compared to the previous financial year.
Within the segments, MTBD reported a notable 24% jump in March sales, driven largely by a 40% surge in passenger vehicle volumes. Meanwhile, SML Mahindra posted a modest 6% growth for the month, supported by steady gains in both cargo and passenger segments.
Commenting on the performance, Vinod Sahay highlighted the resilience of the commercial vehicle industry despite headwinds such as geopolitical tensions and high crude oil prices. He noted that while replacement demand and government infrastructure projects are expected to support growth in the coming financial year (F27), uncertainties around fuel costs and supply chain disruptions could impact overall sentiment.
Founded in 1945, Mahindra Group remains a major global player with operations in over 100 countries and a workforce exceeding 3,24,000 employees. The company holds leadership positions in sectors such as farm equipment, utility vehicles, IT services, and financial services, and continues to expand its footprint in renewable energy, logistics, and real estate.
Industry analysts view the March sales figures as a sign of sustained recovery in the CV segment, with Mahindra well-positioned to capitalize on infrastructure-led demand while navigating macroeconomic uncertainties.
