Mahindra Trucks and Buses records 40% growth in January 2026 sales

Mahindra and Mahindra’s trucks and buses business reported total sales of 3,065 vehicles in January 2026, registering a year-on-year growth of 40 per cent. The numbers include domestic sales and exports for commercial vehicles above 3.5 tonnes and cover both Mahindra Trucks and Buses Division (MTBD) and SML Mahindra Limited (SML).

Cargo vehicles contributed 1,642 units during the month, reflecting a growth of 49 per cent compared to January last year. Passenger vehicle sales stood at 1,423 units, up 30 per cent year on year. On a year-to-date basis till January, combined sales across the trucks and buses business reached 24,179 vehicles, an increase of 16 per cent over the same period last financial year.

Mahindra Trucks and Buses Division sold 1,728 vehicles in January 2026, posting a growth of 48 per cent. Cargo vehicles formed the larger share with 1,142 units, marking a 59 per cent rise, while passenger vehicle volumes grew 31 per cent to 586 units. MTBD’s year-to-date sales stood at 11,507 units, up 12 per cent.

SML Mahindra Limited reported sales of 1,337 vehicles during the month, translating to a 30 per cent increase over January last year. Cargo vehicle volumes grew 31 per cent to 500 units, while passenger vehicle sales rose 30 per cent to 837 units. For the financial year so far, SML’s cumulative sales reached 12,672 units, a growth of 19 per cent.

Commenting on the market environment, Vinod Sahay, Executive Chairman of SML and President for Aerospace, Defence, Trucks, Buses and Construction Equipment at Mahindra and Mahindra, said demand trends across the Indian commercial vehicle industry have remained healthy. Infrastructure spending, replacement demand and rural activity have supported volumes in recent quarters, with the outlook for FY26 continuing to remain stable.

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