Mahindra & Mahindra Ltd. (M&M) reported an 18% year-on-year increase in sales for its Trucks and Buses business in May 2026, highlighting resilient demand in the commercial vehicle segment despite ongoing industry challenges.
The company sold a total of 3,129 commercial vehicles, including exports, during the month, compared with 2,643 units in May 2025. The performance was driven by strong growth in the passenger vehicle segment, which surged 32% year-on-year to 1,976 units, while cargo vehicle sales remained largely stable at 1,153 units.
Mahindra’s Trucks and Buses business includes the Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited (SML).
MTBD recorded total sales of 1,362 vehicles in May, up 24% from 1,100 units a year earlier. Passenger vehicle sales rose sharply by 52% to 553 units, while cargo vehicle sales increased 10% to 809 units.
SML Mahindra Limited reported total sales of 1,767 vehicles, registering 15% growth over the 1,543 units sold in May 2025. Passenger vehicle sales climbed 26% to 1,423 units, although cargo vehicle sales declined 17% to 344 units.
For the year-to-date period ending May 2026, Mahindra’s combined Trucks and Buses business sold 6,140 vehicles, representing a 15% increase over the 5,351 units recorded during the same period last year. Passenger vehicle sales grew 22%, while cargo vehicle sales rose 4%.
Commenting on the industry outlook, Vinod Sahay, Executive Chairman of SML and President of Aerospace, Advanced Technologies, Trucks, Buses and Construction Equipment at Mahindra & Mahindra, said the commercial vehicle sector continues to face near-term challenges. He cited elevated input costs, higher diesel prices, and geopolitical uncertainties as key factors affecting fleet operators’ profitability.
Sahay noted that while the industry is showing signs of moderation in the short to medium term, long-term growth drivers such as infrastructure development and replacement demand remain intact. However, he emphasized that the company maintains a cautious outlook amid persistent cost pressures and macroeconomic uncertainties.
Founded in 1945, Mahindra Group is one of India’s largest multinational business conglomerates, operating across more than 100 countries with over 324,000 employees. The group holds leadership positions in sectors including farm equipment, utility vehicles, information technology, and financial services, while also maintaining a significant presence in renewable energy, logistics, hospitality, and real estate.
The latest sales figures underscore Mahindra’s ability to sustain growth in a challenging market environment, supported by strong demand in the passenger transport segment and its diversified commercial vehicle portfolio.
