Mahindra & Mahindra Ltd. (M&M Ltd.) reported a 14% year-on-year growth in overall sales, including exports, in its Trucks and Buses business (Commercial Vehicles above 3.5 tonnes) for October 2025, reaching 2,034 units compared to 1,791 units in October 2024.
The company’s Trucks & Buses business includes both Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited (SML).
Vinod Sahay, Executive Chairman – SML and President – Aerospace, Defence, Trucks, Buses & CE at M&M, said the commercial vehicle industry saw a modest recovery in October, supported by lower GST rates and festive demand. “We achieved 14% growth driven by increased sales in ILCV trucks and buses. However, the HCV segment continues to face challenges affecting demand,” he added.
Breaking down the numbers, the Cargo Vehicle segment sold 1,255 units, up 8% from last year, while Passenger Vehicles rose 24% to 779 units.
For the year-to-date (April–October 2025) period, total sales stood at 16,622 units, reflecting a 6% growth over 15,667 units in the same period last year.
Within the group, Mahindra Trucks & Buses (MTBD) recorded total sales of 975 units in October, a marginal 2% decline compared to last year. In contrast, SML Mahindra Limited (SML) showed a strong performance, with total sales jumping 32% to 1,059 units in October, led by robust demand for both cargo and passenger vehicles.
SML’s cargo vehicle sales rose 29% to 507 units, while passenger vehicle sales surged 36% to 552 units.
