Mahindra Trucks & Buses Sales Decline 8% in September 2025, Eyes Growth with SML

Mahindra & Mahindra Ltd. (M&M) reported an 8% year-on-year decline in its trucks and buses sales for September 2025, with total sales, including SML Mahindra, standing at 1,904 units.

The dip comes at a time when the commercial vehicle (CV) industry is navigating a complex transition, marked by regulatory changes, shifting demand patterns, and the anticipation of GST 2.0.

Impact of GST 2.0 and Market Conditions

Vinod Sahay, Executive Chairman – SML and President – Aerospace, Defence, Trucks, Buses & CE at Mahindra & Mahindra, said,
“The CV industry is navigating a transition period marked by both opportunities from lower GST and ongoing industry challenges. September was partially impacted by deferment of purchases by customers ahead of GST 2.0. We have passed the full benefit of GST to buyers and expect demand to gradually ramp up.”

According to industry insiders, many fleet operators postponed purchases in September to evaluate cost implications under the revised GST regime.

SML Acquisition Strengthens CV Portfolio

Mahindra’s recent acquisition of a 58.96% stake in SML Isuzu Ltd. in August 2025 has reshaped its commercial vehicle strategy. Following the acquisition, the company has rebranded the entity as SML Mahindra Ltd. (SML).

This move brings together the Mahindra Trucks & Buses division and SML, significantly broadening the company’s footprint across the intermediate and heavy commercial vehicle segments. Analysts say the merger is expected to create operational synergies, enhance manufacturing capabilities, and expand Mahindra’s presence in both passenger and goods transport solutions.

Focus on Long-Term Growth

Despite the September dip, Mahindra reaffirmed its commitment to the commercial vehicle market. In a company statement, it said, “Despite the short-term slowdown, Mahindra continues to focus on strengthening its commercial vehicle portfolio and leveraging synergies from the SML acquisition.”

Industry experts believe that with infrastructure projects driving freight demand and the government’s push for fleet modernisation, Mahindra is well-positioned to benefit from long-term growth in the CV segment.