Staff Writer
Mumbai: Mahindra and Mahindra Ltd. reported a robust performance in its trucks and buses business in January 2026, posting a 40% year-on-year rise in sales to 3,065 vehicles, underlining sustained momentum in the commercial vehicle segment amid steady infrastructure spending and replacement demand.
The company’s commercial vehicle operations, comprising the Mahindra Trucks and Buses Division and listed subsidiary SML Mahindra Limited, saw healthy traction across both cargo and passenger segments. Cargo vehicle sales rose sharply by 49% during the month to 1,642 units, while passenger vehicle volumes grew 30% to 1,423 units, reflecting broad-based demand from fleet operators and institutional buyers.
Cumulative sales for the trucks and buses business stood at 24,179 units for the period from April to January of the current financial year, marking a 16% increase over the corresponding period last year. Cargo vehicles continued to anchor growth, with year-to-date volumes rising 23% to 12,411 units, while passenger vehicle sales increased 9% to 11,768 units.
Within the portfolio, the Mahindra Trucks and Buses Division delivered a strong showing, selling 1,728 vehicles in January, up 48% year-on-year. Cargo vehicle sales in the division surged 59% to 1,142 units, driven by replacement demand and sustained freight movement, while passenger vehicle volumes rose 31% to 586 units. For the April to January period, cumulative sales reached 11,507 units, representing a 12% growth over the previous year.
SML Mahindra Limited, formerly known as SML Isuzu, also posted a solid performance, standing out at a time when parts of the broader commercial vehicle market showed signs of moderation. The company sold 1,337 vehicles in January, registering a 30% increase over the year-ago period. Growth was evenly supported by both cargo and passenger carrier segments.
Cargo vehicles emerged as a key driver for SML Mahindra, with January sales rising 31% to 500 units. On a cumulative basis, cargo volumes climbed 37% during the April to January period, reflecting consistent demand from regional logistics operators and small fleet owners. Passenger vehicle sales increased 30% in January to 837 units, supported by steady demand for school buses, staff transport and institutional fleets, although year-to-date growth in the segment moderated to 12%.
For the nine-month period ended January, SML Mahindra reported cumulative sales of 12,672 vehicles, up 19% from 10,618 units a year earlier, with cargo vehicles contributing the bulk of the expansion.
Commenting on industry trends, Vinod Sahay, Executive Chairman of SML Mahindra and President for Aerospace, Defence, Trucks, Buses and Construction Equipment at Mahindra and Mahindra, said demand conditions across the Indian commercial vehicle market remain healthy. He attributed the positive outlook to continued government-led infrastructure investment, fleet modernisation and resilient freight movement, adding that the growth trajectory for FY26 appears robust.
The strong January performance underscores Mahindra’s expanding presence in the medium and heavy commercial vehicle space, with its SML arm maintaining steady growth despite mixed market conditions and intensifying competition.
