Mahindra Trucks & Buses Sales Grow 13% in March 2026 to 4,267 Units

Mahindra & Mahindra has reported a steady performance for its commercial vehicles (CV) division, with the Trucks and Buses business posting healthy growth in March 2026. The company sold a total of 4,267 vehicles during the month, marking a year-on-year increase of 13 percent, including exports.

The Trucks & Buses vertical, which includes operations of Mahindra Trucks & Buses Division (MTBD) and SML Mahindra, continues to benefit from sustained demand across both cargo and passenger segments. Cargo vehicle sales stood at 1,692 units in March 2026, up 10 percent compared to 1,540 units in the same period last year. Meanwhile, passenger vehicle sales registered stronger momentum, rising 15 percent to 2,575 units from 2,238 units.

On a year-to-date (YTD) basis up to March 2026, total sales for the business reached 31,464 units, reflecting a 15 percent growth over 27,308 units recorded in the previous financial year. Cargo vehicles grew by 20 percent YTD, while passenger vehicles saw an 11 percent increase.

Breaking it down further, the MTBD arm reported sales of 1,810 units in March 2026, a significant 24 percent jump over 1,463 units in March 2025. This growth was largely driven by a sharp 40 percent rise in passenger vehicle sales, while cargo vehicles grew 15 percent. On a YTD basis, MTBD recorded sales of 14,832 units, up 13 percent.

SML Mahindra, on the other hand, sold 2,457 units in March 2026, registering a modest 6 percent growth compared to 2,315 units last year. The cargo segment remained relatively flat with a 2 percent increase, while passenger vehicles grew 8 percent. However, the company posted a stronger YTD performance with total sales rising 17 percent to 16,632 units.

Commenting on the performance, Vinod Sahay highlighted that despite global geopolitical challenges, rising input costs and supply chain constraints, the commercial vehicle industry has maintained its momentum. He added that while replacement demand and government-led infrastructure spending are expected to support volumes going forward, fluctuations in fuel prices and macroeconomic uncertainties could impact sentiment.

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