Mahindra Trucks & Buses Posts 53% Sales Growth in September 2026; Cargo Volumes Jump 84%

Mumbai: Mahindra & Mahindra Ltd. reported a sharp rise in its trucks and buses business in September 2026, with overall sales, including exports, increasing 53% year-on-year to 2,912 vehicles, compared with 1,904 units in the same month last year.

The figures cover Mahindra’s commercial vehicle business above 3.5 tonnes and combine sales from the Mahindra Truck & Bus Division (MTBD) and SML Mahindra Limited (SML).

Cargo vehicles were the strongest contributor during the month. Combined cargo vehicle sales rose 84% to 2,043 units, up from 1,112 units in September last year. Passenger vehicle sales increased a more moderate 10% to 869 units, against 792 units a year earlier.

For the year to September, the combined MTBD and SML business sold 17,805 vehicles, a 22% increase from 14,588 units in the corresponding period of the previous year.

Year-to-date cargo vehicle volumes stood at 8,499 units, up 23% from 6,884 units, while passenger vehicle sales increased 21% to 9,306 units from 7,704 units.

Mahindra Truck & Bus Division sales jump 87%

The Mahindra Truck & Bus Division delivered particularly strong growth during September, selling 1,788 vehicles, compared with 954 units a year earlier — an increase of 87%.

MTBD’s cargo vehicle sales more than doubled, rising 106% to 1,527 units from 742 units. Passenger vehicle sales increased 23% to 261 units, compared with 212 units in September last year.

For the year to September, MTBD sales reached 8,465 units, up 31% from 6,443 units. Cargo vehicle sales increased 34% to 5,965 units, while passenger vehicle sales grew 26% to 2,500 units.

SML Mahindra sales rise 18%

SML Mahindra Limited also recorded growth during the month, with total sales rising 18% to 1,124 vehicles, compared with 950 units in September last year.

Its cargo vehicle business grew 39% to 516 units from 370 units, while passenger vehicle volumes increased 5% to 608 units from 580 units.

SML’s year-to-date sales stood at 9,340 units, 15% higher than the 8,145 units recorded during the corresponding period last year. Passenger vehicles accounted for much of that growth, rising 19% to 6,806 units, while cargo vehicle sales increased 5% to 2,534 units.

Commenting on the performance, Vinod Sahay, Executive Chairman – SML, President – Aerospace, Advanced Technologies, Trucks, Buses & CE, M&M, said:

“September marked a strong month for the truck and bus segment, helped by early festive buying, continued infrastructure activity and steady freight movement. Growth was further aided by the lower base of the previous year, when buying sentiment was impacted by anticipated regulatory changes. We enter the festive period with measured confidence even as fuel and input cost pressures persist.”

The company therefore enters the festive period with substantially higher monthly volumes, although management’s comments also underline the role of last year’s lower comparison base. With fuel and input costs continuing to exert pressure, the coming months will show whether September’s acceleration develops into sustained commercial vehicle demand or remains partly a festive-season boost.