Mumbai, April 1, 2026: Mahindra & Mahindra Ltd. (M&M Ltd.), today announced that its overall sales including exports in the Trucks and Buses business (CV > 3.5T) for the month of March 2026 stood at 4267 vehicles, a y-o-y growth of 13%.
Mahindra’s Trucks & Buses business comprises of Mahindra Trucks & Buses division (MTBD) and SML Mahindra Limited (SML).
According to Vinod Sahay, Executive Chairman – SML, President – Aerospace, Defence, Trucks, Buses & CE, M&M, “Despite the headwinds faced from global geopolitical tensions and elevated crude prices, the commercial vehicle industry has sustained its strong momentum, underscoring the sector’s resilience. Looking ahead, the trajectory for F27 remains mixed – while replacement demand and government-led projects are expected to support volumes, volatility in fuel costs and supply chain constraints could temper sentiment.”
| Trucks & Buses Business (MTBD+SML) – March 2026 | ||||||
| Category | March | YTD March | ||||
| F26 | F25 | % Change | F26 | F25 | % Change | |
| Cargo Vehicles | 1692 | 1540 | 10% | 15624 | 13006 | 20% |
| Passenger Vehicles | 2575 | 2238 | 15% | 15840 | 14302 | 11% |
| MTBD + SML Total | 4267 | 3778 | 13% | 31464 | 27308 | 15% |
| Mahindra Trucks & Buses (MTBD) – March 2026 | ||||||
| Category | March | YTD March | ||||
| F26 | F25 | % Change | F26 | F25 | % Change | |
| Cargo Vehicles | 1086 | 946 | 15% | 10212 | 8791 | 16% |
| Passenger Vehicles | 724 | 517 | 40% | 4620 | 4296 | 8% |
| MTBD Total | 1810 | 1463 | 24% | 14832 | 13087 | 13% |
| SML Mahindra Limited (SML) – March 2026 | ||||||
| Category | March | YTD March | ||||
| F26 | F25 | % Change | F26 | F25 | % Change | |
| Cargo Vehicles | 606 | 594 | 2% | 5412 | 4215 | 28% |
| Passenger Vehicles | 1851 | 1721 | 8% | 11220 | 10006 | 12% |
| SML Total | 2457 | 2315 | 6% | 16632 | 14221 | 17% |
