Mahindra’s Heavy-Duty September: Trucks Shift Gears… in Reverse (Slightly)

Mumbai — Mahindra & Mahindra Ltd. (M&M Ltd.) has announced that its overall sales, including exports, in the Trucks and Buses business (CV > 3.5T) for September 2025 stood at 1,904 vehicles, marking a modest 8% dip year-on-year. Think of it as a short pit stop rather than a breakdown.

This is Mahindra’s first monthly sales update after its acquisition of a majority stake in SML Isuzu Ltd. (SML), a move that brings the venerable SML name under the larger Mahindra Trucks & Buses canopy — essentially turning the convoy into a bigger, more diverse fleet.

Vinod Sahay, Executive Chairman – SML and President – Aerospace, Defence, Trucks, Buses & CE, M&M, addressed the short-term turbulence with clarity:

“The CV industry is navigating a transition period marked by both opportunities from lower GST and ongoing industry challenges. The month of September was partially impacted by deferment of purchase by customers till introduction of GST 2.0. We have passed the full benefit of GST and expect the demand to gradually ramp up.”

Industry watchers note that the new GST 2.0 regime has encouraged many fleet operators to wait for post-implementation pricing before signing the cheque. So, while September’s numbers took a light brake tap, the festive and fiscal road ahead looks promising.

With SML now on board, Mahindra’s commercial vehicle fleet resembles a well-loaded highway convoy — a mix of muscle, legacy, and strategy — poised to accelerate once the GST dust settles.