Mahindra & Mahindra Ltd. (M&M Ltd.), today announced that its overall sales including exports in the Trucks and Buses business (CV > 3.5T) for the month of January 2026 stood at 3065 vehicles, a y-o-y growth of 40%. Mahindra's Trucks & Buses business comprises of Mahindra Trucks & Buses division (MTBD) and SML Mahindra Limited (SML).
According to Vinod Sahay, Executive Chairman - SML, President - Aerospace, Defence, Trucks, Buses & CE, M&M, "Demand trends across the Indian CV industry have remained healthy, with supportive factors such as infrastructure spending, replacement demand, and strong rural activity driving growth since last quarter. The overall trajectory for FY26 appears robust, underpinned by continued government investments, fleet modernization, and resilient freight movement."
| Category | January | YTD January | ||||
|---|---|---|---|---|---|---|
| F26 | F25 | % Change | F26 | F25 | % Change | |
| Cargo Vehicles | 1,642 | 1,101 | 49% | 12,411 | 10,102 | 23% |
| Passenger Vehicles | 1,423 | 1,091 | 30% | 11,768 | 10,757 | 9% |
| MTBD + SML Total | 3,065 | 2,192 | 40% | 24,179 | 20,859 | 16% |
Mahindra Trucks and Buses Division reported sales of 1,728 vehicles in January 2026, marking a healthy increase over the same month last year. Within this, cargo vehicles accounted for 1,142 units, reflecting steady demand, while passenger vehicles contributed 586 units. On a year-to-date basis, the division has sold 11,507 vehicles, showing consistent growth compared to the previous year.
| Category | January | YTD January | ||||
|---|---|---|---|---|---|---|
| F26 | F25 | % Change | F26 | F25 | % Change | |
| Cargo Vehicles | 1,142 | 718 | 59% | 8,091 | 6,949 | 16% |
| Passenger Vehicles | 586 | 449 | 31% | 3,416 | 3,292 | 4% |
| MTBD Total | 1,728 | 1,167 | 48% | 11,507 | 10,241 | 12% |
SML Mahindra Limited also recorded positive momentum, with 1,337 vehicles sold in January 2026. The company's performance was balanced across segments, with 500 cargo vehicles and 837 passenger vehicles delivered during the month. Year-to-date sales stood at 12,672 units, indicating sustained demand across both categories.
| Category | January | YTD January | ||||
|---|---|---|---|---|---|---|
| F26 | F25 | % Change | F26 | F25 | % Change | |
| Cargo Vehicles | 500 | 383 | 31% | 4,320 | 3,153 | 37% |
| Passenger Vehicles | 837 | 642 | 30% | 8,352 | 7,465 | 12% |
| SML Total | 1,337 | 1,025 | 30% | 12,672 | 10,618 | 19% |