Mahindra & Mahindra Ltd. (M&M Ltd.) has posted a sharp surge in its Trucks and Buses business (CV > 3.5T) for November 2025, with total sales including exports touching 2,232 vehicles. This reflects a solid 57% year-on-year rise, signalling strong demand recovery in the commercial vehicle segment.
The company’s Trucks & Buses business—comprising Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited (SML)—showed improvement across both cargo and passenger vehicle categories. The combined performance highlights the growing appetite for commercial transportation solutions across industries.
Vinod Sahay, Executive Chairman of SML and President of Aerospace, Defence, Trucks, Buses & CE at M&M, expressed confidence in the sector’s upward trajectory. He noted that the recent GST reduction has positively influenced buyer sentiment and made ownership more affordable. Sahay added that the 57% growth in November is a result of broad-based improvement across segments, and he expects the industry’s positive momentum to continue in the coming months.
In the consolidated MTBD and SML performance, cargo vehicle sales for November reached 1,284 units compared to 868 units last year, marking a 48% jump. Passenger vehicle volumes also climbed from 552 units to 948 units, posting a robust 72% year-on-year rise. With total sales at 2,232 units versus 1,420 in the same month last year, the overall business registered a 57% increase. On a year-to-date basis, the Trucks & Buses business reported sales of 18,854 units against 17,087 units last year, reflecting 10% growth.
Within Mahindra Trucks & Buses (MTBD) specifically, November sales stood at 1,145 units compared to 881 units a year ago, translating to 30% growth. The cargo segment contributed 855 units, up 35% from last year, while passenger vehicles recorded a modest 17% rise with 290 units sold. The year-to-date MTBD tally reached 8,563 units, marking 5% growth over the previous year.
SML Mahindra delivered an exceptional performance in November, doubling its monthly sales. Total volumes jumped to 1,087 units from 539 units last year, reflecting a remarkable 102% growth. Cargo vehicle sales surged 83% with 429 units, and the passenger segment more than doubled to 658 units, recording a 116% rise. On a year-to-date basis, SML reported sales of 10,291 units, an improvement of 15% over last year.
