Mahindra & Mahindra Ltd. (M&M Ltd.) reported a strong performance in its Trucks and Buses business (CV > 3.5T) for December 2025, with overall sales including exports reaching 2,260 vehicles. This marks a year-on-year growth of 43%, compared with 1,580 units sold in December 2024.
The Trucks and Buses business includes Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited. Growth was visible across both cargo and passenger vehicle segments, reflecting steady demand conditions in the commercial vehicle industry.
In the cargo vehicles segment, combined MTBD and SML sales stood at 1,346 units in December 2025, up 40% from 962 units a year ago. Passenger vehicle sales for the same period rose 48% year-on-year to 914 units, compared with 618 units in December 2024. On a year-to-date basis up to December, total Trucks and Buses sales increased 13% to 21,114 units, from 18,667 units in the corresponding period last year.
Mahindra Trucks & Buses Division (MTBD) reported December 2025 sales of 1,216 vehicles, registering a 27% year-on-year increase. Cargo vehicle sales under MTBD rose 26% to 884 units, while passenger vehicle sales increased 31% to 332 units. For the year-to-date period, MTBD’s total sales grew 8% to 9,779 units, compared with 9,074 units in the previous year.
SML Mahindra Limited delivered a sharper growth trend in December. Total sales stood at 1,044 vehicles, up 67% year-on-year from 626 units. Cargo vehicle sales jumped 76% to 462 units, while passenger vehicle sales increased 60% to 582 units. On a year-to-date basis, SML Mahindra’s total sales rose 18% to 11,335 units, compared with 9,593 units in the same period last year.
Commenting on the performance, Vinod Sahay, Executive Chairman – SML and President – Aerospace, Defence, Trucks, Buses & CE at M&M, stated that the commercial vehicle industry maintained its momentum in December across segments, supported by favourable policy changes and steady demand drivers. He added that early signs of an industry upcycle are visible, with expectations of further acceleration in the fourth quarter.
