Mahindra & Mahindra Limited (M&M Ltd.) reported that its overall sales, including exports, in the Trucks and Buses segment (CV > 3.5T) stood at 3,018 vehicles in February 2026, marking a 13% year-on-year (YoY) increase compared with 2,671 units in February 2025.
The company’s Trucks & Buses business includes the Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited (SML).
Trucks & Buses Business (MTBD + SML) Performance
In February 2026, total cargo vehicle sales rose to 1,521 units from 1,364 units in the same month last year, reflecting a 12% increase. Passenger vehicle sales increased to 1,497 units from 1,307 units, up 15%.
On a year-to-date (YTD) basis for FY26, total sales reached 27,197 units compared to 23,530 units in the corresponding period of FY25, registering a 16% growth. Cargo vehicle sales during the period rose 22% to 13,932 units, while passenger vehicle sales grew 10% to 13,265 units.
Mahindra Trucks & Buses Division (MTBD)
MTBD reported total sales of 1,515 units in February 2026, up 10% from 1,383 units in February 2025.
Cargo vehicle sales for the month increased 16% to 1,035 units compared to 896 units a year earlier. Passenger vehicle sales stood at 480 units, slightly lower than 487 units in the previous year, reflecting a 1% decline.
For FY26 YTD, MTBD recorded total sales of 13,022 units against 11,624 units in FY25, an increase of 12%. Cargo vehicle sales rose 16% to 9,126 units, while passenger vehicle sales increased 3% to 3,896 units.
SML Mahindra Limited (SML)
SML reported total sales of 1,503 units in February 2026, compared to 1,288 units in February 2025, registering a 17% YoY growth.
Cargo vehicle sales increased 4% to 486 units from 468 units in the same month last year. Passenger vehicle sales rose 24% to 1,017 units compared with 820 units in February 2025.
On a YTD basis for FY26, SML’s total sales stood at 14,175 units, up 19% from 11,906 units in FY25. Cargo vehicle sales increased 33% to 4,806 units, while passenger vehicle sales grew 13% to 9,369 units.