Mahindra & Mahindra’s Trucks and Buses division saw a 14 percent jump in sales during October 2025, selling 2,034 vehicles compared to 1,791 in the same month last year. The combined business includes Mahindra Trucks & Buses Division (MTBD) and SML Mahindra Limited, following Mahindra’s recent majority stake acquisition in SML Isuzu.
Strong Festival Demand and GST Relief
This growth came after a slowdown in September when sales dropped 8 percent due to customers waiting for GST 2.0 implementation. The new tax reform, which reduced GST on commercial vehicles from 28 percent to 18 percent from September 22, 2025, helped revive demand. The festival season also encouraged buyers, especially small businesses and transporters.
Segment-Wise Growth
Cargo vehicles led the recovery, selling 1,255 units in October, up 8 percent from last year’s 1,163. Passenger vehicle sales showed even stronger growth, rising 24 percent to 779 units from 628 last year.
Within the two divisions, MTBD’s performance remained modest with a 2 percent drop in total sales to 975 vehicles. Cargo vehicle sales declined by 3 percent to 748 units, but passenger vehicles grew 3 percent to 227 units.
SML Mahindra performed significantly better, posting a 32 percent jump in sales to 1,059 vehicles. Its cargo segment rose 29 percent to 507 units, while passenger vehicles surged 36 percent to 552 units, showing solid momentum in the market.
Year-to-Date Performance and Outlook
Between April and October 2025, the combined business sold 16,622 vehicles, marking a 6 percent year-on-year growth. Cargo vehicles grew 13 percent during this period, while passenger vehicle sales remained nearly unchanged.
Vinod Sahay, Executive Chairman of SML and President of Trucks, Buses, Defence and Construction Equipment at Mahindra & Mahindra, said the festive season and tax cuts supported recovery, though heavy commercial vehicles are still struggling. He added that better buyer sentiment and stable policies could drive steady growth in the coming months.
Mahindra Group, founded in 1945, operates in over 100 countries and is the world’s largest tractor manufacturer by volume.
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