Mahindra & Mahindra Ltd. (M&M) has reported a 19 per cent year-on-year growth in its Trucks & Buses business, with total sales, including exports, reaching 3,009 vehicles in July 2026, compared to 2,534 units in the same month last year.
The company’s commercial vehicle business (above 3.5 tonnes) comprises the Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited (SML), both of which contributed to the overall growth during the month.
Industry Momentum Remains Strong
Commenting on the performance, Vinod Sahay, Executive Chairman – SML, President – Aerospace, Advanced Technologies, Trucks, Buses & Construction Equipment, Mahindra & Mahindra, said:“Despite some headwinds on the cost front, India’s truck and bus industry is witnessing healthy growth, driven by continued infrastructure investment, rising freight demand and an accelerating fleet replacement cycle. With these growth drivers converging, the sector is well positioned for sustained expansion going forward.”
Trucks & Buses Business Performance
Mahindra’s overall Trucks & Buses business recorded strong growth across both cargo and passenger vehicle segments.
- Cargo vehicle sales increased 15 per cent to 1,474 units, up from 1,281 units in July 2025.
- Passenger vehicle sales rose 23 per cent to 1,535 units, compared to 1,253 units a year earlier.
- Total sales stood at 3,009 units, registering 19 per cent growth over July 2025.
During the April–July FY27 period, the business sold 12,398 vehicles, representing 13 per cent year-on-year growth.
Mahindra Trucks & Buses Division (MTBD)
The Mahindra Trucks & Buses Division (MTBD) posted a strong performance in July 2026, with total sales rising 27 per cent to 1,406 units, compared to 1,107 units in the same month last year.
- Cargo vehicle sales climbed 27 per cent to 1,057 units.
- Passenger vehicle sales also grew 27 per cent to 349 units.
For the financial year to date (April–July FY27), MTBD recorded sales of 5,357 vehicles, up 16 per cent year-on-year.
SML Mahindra Limited (SML)
SML Mahindra Limited reported total sales of 1,603 units in July 2026, reflecting 12 per cent growth over 1,427 units sold in July 2025.
- Passenger vehicle sales grew 21 per cent to 1,186 units, continuing to drive the business.
- Cargo vehicle sales, however, declined 7 per cent to 417 units.
For the April–July FY27 period, SML Mahindra sold 7,041 vehicles, an increase of 11 per cent compared to the corresponding period last year.
Outlook
Mahindra expects India’s medium and heavy commercial vehicle market to remain on a growth trajectory, supported by sustained infrastructure development, improving freight activity and increasing fleet replacement demand. Despite ongoing cost pressures, the company remains optimistic about long-term growth prospects across both the truck and bus segments.
