Staff Writer
Mumbai: Mahindra & Mahindra Ltd on Wednesday announced strong sales performance for its Trucks and Buses business, reporting a 15% year-on-year growth in volumes for FY26. The combined Trucks & Buses business, comprising Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited (SML), sold 31,464 vehicles in FY26, up from 27,308 units in FY25.
For the month of March 2026, the business recorded 4,267 units sold, a 13% increase from 3,778 vehicles in March 2025, despite headwinds from global geopolitical tensions and elevated crude prices. Cargo vehicle sales for FY26 reached 15,624 units, up 20% from the previous year, while passenger vehicles grew 11% to 15,840 units, reflecting robust demand across segments.
Breaking down performance, Mahindra Trucks & Buses Division delivered 14,832 vehicles in FY26, registering a 13% increase, with cargo vehicles rising 16% to 10,212 units and passenger vehicles up 8% at 4,620 units. SML Mahindra Limited contributed 16,632 units, up 17% from FY25, including 5,412 cargo vehicles, a 28% jump, and 11,220 passenger vehicles, up 12%.
Vinod Sahay, Executive Chairman – SML and President – Aerospace, Defence, Trucks, Buses & CE, M&M, said, “Despite macroeconomic and geopolitical challenges, the commercial vehicle sector has demonstrated resilience. While replacement demand and government-led projects are expected to support volumes in FY27, volatility in fuel costs and supply chain constraints could temper sentiment.”
The company said the FY26 performance underscores the strength of its portfolio across cargo and passenger vehicles and positions Mahindra Trucks & Buses well to capture emerging market opportunities in the commercial vehicle segment.
